September 23, 2025 • 36 mins
Buying your first home can feel overwhelming, especially with today’s housing market and financial considerations. In this episode of The Jon Sanchez Show, we outline the practical steps every first-time buyer should know. From understanding credit and saving for a down payment to navigating loan options and setting realistic expectations, we discuss what it really takes to move from renting to owning. Along the way, we also connect the process of homeownership to long-term financial planning. Whether you’re in the early stages of budgeting or weighing the impact of a mortgage on your retirement planning goals, these insights are designed to help you think strategically about your next move.
👉 Watch this episode on YouTube: www.youtube.com/@thejonsanchezshow
👉 To learn more about retirement planning and wealth management in Reno, visit: sanchezgaunt.com
Compliance Disclosure: This program is for informational purposes only and should not be considered investment, tax, or legal advice. The views expressed are those of the participants and may not reflect the views of Sanchez Gaunt Capital Management. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Always consult with a qualified financial professional regarding your individual situation before making financial decisions.
👉 Watch this episode on YouTube: www.youtube.com/@thejonsanchezshow
👉 To learn more about retirement planning and wealth management in Reno, visit: sanchezgaunt.com
Compliance Disclosure: This program is for informational purposes only and should not be considered investment, tax, or legal advice. The views expressed are those of the participants and may not reflect the views of Sanchez Gaunt Capital Management. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Always consult with a qualified financial professional regarding your individual situation before making financial decisions.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Good Tuesday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven eighty kit. It's a pleasure
to be with you. One out of the two omigos
are here, mister Corey, Edge of Agrility.
Speaker 2 (00:12):
How you doing, big Sea, I'm doing awesome now, are
you good? Good Man? Good? Yeah?
Speaker 1 (00:16):
That means mister Millard is off Gallibantinebardine, Shoulders, hal An Nobles.
Speaker 2 (00:23):
I don't know, some big event he had to go to.
Speaker 1 (00:25):
So yes, he is not here with us, and we
needed him tonight to talk about our topic, Corey, So
you and I are gonna have to just fake it.
Speaker 2 (00:31):
I think we can do it. I think we can
do it.
Speaker 3 (00:33):
Yes, I've been through it enough.
Speaker 2 (00:35):
Yeah, just a few few thousand times. Right Yeah.
Speaker 1 (00:38):
Our topic, speaking of which, after we get the stock
market side of things going, how to turn the dream
of home ownership into reality. I wish Corey, I'm sure
you would agree with me on this one. I wish
we had a dollar for every time a person, a
young person, especially not always young, but usually says I
feel the the the goal of obtaining my first home
(01:04):
is out of reach.
Speaker 2 (01:05):
I just I don't know how to do it. I
can't figure this out.
Speaker 1 (01:08):
I read all these stories that prices keep going up
and up and my rent keeps going up and up.
I can't get ahead. I can't save up the down payment.
I can't, can't, can't, can't, And we're here to tell
you you can. But once again, this is going to
be a situation where you've got to follow a plan.
And Corey, that's exactly what you've lined out for us
this evening is how.
Speaker 2 (01:28):
Do we do this right?
Speaker 1 (01:28):
How do we go from point A to point and
Z to make that dream of home ownership? Because folks,
we all know, you know, we don't need to cover
this again. From the standpoint, one of the best ways
that you can ever start to build your net worth
is buying a home. Sure, you're gonna have up years,
you're going to have down years, but there you know,
over time real estate tends to go up in value,
kind of like the stock market. And once again, it's
(01:50):
time for you to start building equity. It's time for
you to quit kind of throwing your money away in rent.
Although renting does work for a few people, but overall,
you want to buy a house. Builders want to sell
you the house. Mortgage lenders like d White want to
give you a loan, but how do you do it?
Speaker 3 (02:05):
Yeah? And I think the one of the biggest things
I see, especially with young people, is the emotional part
of it, right, and the commitment part of it. So
when you're a renter, you're like, oh, well, if this
doesn't work out, I can go back to mom and
dad and give my thirty day notice. And I'm out, Well,
when you get a thirty year mortgage and you own something,
that's a much harder thing to do. So specifically for
(02:26):
young people, that's always the first hurdle will get over.
And I remember, I mean you probably remember the same thing.
Like my first mortgage like nine hundred and ninety bucks
a month. I was like, oh my god, what this
is never gonna work. But you just you kind of
get that. I wish I had that same mortgage. Trade. Yeah,
so you get through the emotion part. But then yes,
(02:47):
once you're through that, then you can sit down and
start going through the steps. The budgets, the credit, the
down payments, the meat with Dwight, the kind of all
the minutia stuff that that isn't it's not super difficult.
It may not work the first time, and that's where
something like Dwight's awesome because he'll say, hey, here's where
you're at, here's where you need to be. You're just
a little bit off. Do this for the next six
months or twelve or whatever, and you're right on your way.
Speaker 2 (03:10):
So yeah, no, you're absolutely right.
Speaker 1 (03:12):
And you know, speaking of Dwight, you know again he's
always made this offwer to all of you as our listeners,
and that is he'll do a free credit report.
Speaker 2 (03:18):
Right.
Speaker 1 (03:19):
It doesn't it's not a it's called a soft hit.
It doesn't affect your credit. It doesn't show as an
inquirer or something. But he'll take a look, and I've
had him do it with clients. He'll take a look
and go, okay, like to Cory's point, here's where you are,
here's where you need to be from a from a
score a Fycal score standpoint. And most importantly, he's got
the software that says, look at you need to I
don't know, let's do hypothetical you need to raise your
(03:39):
Fycal score by thirty points. Well you may think, oh geez,
I got to pay off every credit card, I got
to do this. It's not always the case, right, I've
seen this with my own eyes with clients where he'll go, no, no, no, no, no, no,
you don't need to pay off that, you know, seven
thousand dollars visa bill. You need to bring it down
to three and twenty dollars. I mean really literally, they
can get it down to the penny and here goes
(04:00):
the score going up. So there are so many things
that can be done. But again, you have to have
the right team. You got to have the Corey.
Speaker 2 (04:07):
Edges of the world, the Dwight Mallars of the world.
Speaker 1 (04:09):
Us, you know, because we're we're very involved in the
whole home ownership. Also because we've got strategies to help
people find that capital. Right, if you aren't fortunate enough
to be able to borrow money or get a gift
from mom, dad, grandma and grandpa, go fund me whatever
you want to get the gift. We've got a lot
of strategies we've used over the years that that can
really open your eyes and help you get that. I mean,
(04:32):
you know, Corey again, going back to my first home wornership,
I've shared this story a million times. I had to
go into partnership with my father and my brother in
law and my sister. But you know I borrowed from
a four oh one k I did you know? You
kind of do whatever you need to do, right, because
it's like, I got to get in here. I can't
keep throwing away this rent. I got to get in here.
And you know that was back in the early eighties,
(04:53):
I mean or mid eighties. There's now so many more
ways that you can do it. I mean, folks, you
may not even know this, but if you have a
Okridge account, a taxable brokerage account the old days, where
you'd have to go in and do a margin, which
again has a lot of risk associated with it, that
we now do what's called asset back lending, and if
you have a taxable brokerage account with us, you could
(05:14):
both potentially qualify. You gotta have good credit scores, et cetera,
that you can actually borrow in many cases fifty percent
or sometimes more of your taxable portfolio account and use it,
you know, for real estate or whatever you want to do.
Those those weren't around core, these asset back loans, those
weren't around, you know, back in the early days when
you and I bought houses together, our first ones and
(05:35):
so on and so forth. So that's my point. You
can go against the four to one k and so
on and so forth. But bottom line is, if there's a will,
there's a way, and we just want to say, look
at listen to what we're gonna have to say this afternoon.
And again you have to have the will, we'll show
you the way to do it.
Speaker 3 (05:50):
Absolutely yeah. And it's just again, once you get through
those first hurdles, and it's it's always going to be scary.
I don't care what time. I mean, when you bought
your house a long time ago, and it was scary,
it's and it's you just kind of.
Speaker 1 (06:00):
Get through the time I've bought, right, I mean, you
know when I bought my ranch in twenty ten, I
was terrified. Right, It's like every time I've ever bought
real estate, commercial or residential, it's like, oh boy, yeah,
because it's a big commitment that, like you said earlier,
it's thirty year or whatever your term may be, commitment,
and and yeah, it's it's amazing, it's amazing.
Speaker 3 (06:22):
Usually over time it typically works out. You got to
give it time.
Speaker 1 (06:26):
I always tell my young friends or young clients that
it's it's like having a kid, right.
Speaker 2 (06:32):
I don't know about you, but none of my kids
were planned. It was all a surprise.
Speaker 1 (06:37):
And I remember looking and to my wife and I go,
oh my god, how are we going to financially do this?
Speaker 2 (06:42):
How we how are we going to figure this out? Bailey?
My daughter just pops up on the screen.
Speaker 3 (06:48):
That was a surprise too.
Speaker 1 (06:49):
Yeah, yeah, she was a surprise.
Speaker 2 (06:52):
And and you know, how am I going to afford this?
How I'm going to do it? And just do it
for God, etcetera.
Speaker 1 (06:57):
You find a way and that's you know again, it's
we sound like old men, because you know, at least
I am. You look back and go, yep, yeah, I
worried about it, Kyl, could you say, Corey, don't worry
about the things you can't control.
Speaker 2 (07:09):
You worry about so many things.
Speaker 1 (07:10):
When you buy your first home, have your first kid,
these major life milestones, getting married, I mean, right.
Speaker 2 (07:15):
Another major milestone.
Speaker 1 (07:17):
But somehow, someway, it's it's always worked out for most people.
Speaker 3 (07:21):
Yes, yeah, so interesting?
Speaker 2 (07:24):
All right? We why can't wait to get to that?
Speaker 1 (07:25):
We got a what about seven points I think you
put together for us, Corey, on how to make this
set this dream of home ownership become a reality. All right,
let's get to the stock market Sete. I've got some
interesting things to talk about. Corey, And obviously you were
not on the show yesterday, but for those of you
that may have missed up, please go back and listen
to our podcast because Jason and I and my brother,
(07:46):
doctor Dennis Sanchez, we talked about it. Because Monday's are
always our AI segment. We talked a lot about the
big news of yesterday, which was the surprise announcement that
na Video was going to invest one hundred billion dollars
there an open AI again, the parent of chat gpt
one hundred billion dollar investment to help build out a
(08:07):
ten gigawatt data center. Right, and again if you missed it,
one of the highlights we did the calculations. Ten gigawatt
data center. That amount of power is equivalent to four
Hoover dams.
Speaker 2 (08:19):
Right.
Speaker 1 (08:20):
One gigawatt power is about seven hundred and eighty thousand homes,
So you're talking seven point eight million homes roughly that
ten gigawatts would would power.
Speaker 2 (08:28):
Right.
Speaker 1 (08:28):
It's a substantial amount of electricity and substantial undertaking. And
I made the comment yesterday and we didn't get a
chance to go into it. We made the comment that
there's Corey, there's there's kind of some and I hate
to say this because I love Navidia kind of aggressive accounting,
at least from my standpoint.
Speaker 2 (08:47):
I'm not a CPA.
Speaker 1 (08:48):
Maybe U CPA's out there listening, Maybe you're going, John,
this is done all the time. But I've been around
this block and I've seen how kind of aggressive accounting
ends up coming out in the wash at some point.
Speaker 2 (09:00):
So here's what I'm talking about. Why did Navidia do this?
Speaker 1 (09:03):
So we talked about the term yesterday of circular accounting.
I want a circular accounting. Well, I'm going to tell
you what Navidia did. And my concerns yesterday when I
shared this story with you have come true today because
now all of a sudden, you're getting a bunch of
people on Wall Street coming out and going, hmmm.
Speaker 2 (09:21):
This doesn't sound quite right. So what a circular accounting?
Speaker 1 (09:24):
Okay, So in Navidia's situation, we're gonna give you know,
quote invest give whatever you want to phrase it, one
hundred billion dollars.
Speaker 2 (09:33):
Right.
Speaker 1 (09:33):
But what open AI had to do, or has to do,
is they've got to turn around Corey, and they've got
to buy one hundred billion dollars worth of Navidia GPUs
and and chips and so on and so forth. Right,
In other words, that hundred billion is going to go
to open Ai, but they got to turn around and
invest it back to.
Speaker 2 (09:51):
Navidia through GPUs. So it sounds kind of strange.
Speaker 1 (09:56):
It's like, well, wait a minute, here, I'm finance, I'm financing.
If I'm Nvidia, I'm financing this entire one hundred billion
dollar transaction. Well, sure enough. Today CNBC reported that several
senior investors, I don't know what that means, but several
senior investors have raised concerns to clients that the deal
resembles a vendor financing agreement. A separate CNBC report raised
(10:21):
doubts around the feasibility of meeting the energy demands of
a ten gig awat factory or plant, citing political and
economic constraints. Whoa Corey, What a difference? And so when
this news started to come out today, we gained very substantially. Yesterday.
Let's see what was our gain in the video yesterday?
(10:41):
Yesterday was Bear with me one second, I want to
bring up my notes. Let's see yesterday.
Speaker 2 (10:48):
Come on, here we go.
Speaker 1 (10:49):
Yeah, yesterday Nvidia gained seven dollars in a pinnon on
that news that broke about this this whole deal, three
point ninety seven percent. Today Navidia fell five dollars in
eighteen cent. It's two point eight two percent to one
seventy eight forty three, all on what I just talked about,
and again my concern yesterday.
Speaker 2 (11:07):
So I went a little bit deeper. So early this morning.
Speaker 1 (11:11):
In like the Corey Edge hours of four o'clock hour,
I started digging into this, and I came across a
really fascinating story in the Wall Street Journal and it
went through this Corey in much more detail. And when
we come back, I want to read some highlights to
you about this because it raises these same concerns, but
(11:33):
there's even more to it. That the hundred billion really
can be worth about three hundred billion, And I'll tell
you why that those numbers can make sense. And it's
the way that the industry now is financing all these
Navidia chips and GPUs and so on and so forth.
So it's really really fascinating that. Well, like I said,
we'll take care of that when we come back, and
(11:56):
then we'll get into our real estate topic once again,
how to turn the dream of home ownership into real
Let us turn it over to the wonderful Christmas know
in the right now traffic center. Hello, Kristen, Welcome back
to the John Sanchez Show on News Talk seven eighty
koa's with Corey Ine visuility to.
Speaker 2 (12:10):
White Mollard of Highlands Mortgage.
Speaker 1 (12:12):
Has the afternoon off all right, It was a bit
of a tough session today, worst level. We were down
well over two hundred on the Dow. Rebounded a few times,
but all that matters is where we close. At one
o'clock we finished with a loss of eighty nine points
on the Dow finished at forty six ninety two as
that gave up two hundred and sixteen points point ninety
five percent and the SMP down thirty seven points er
(12:33):
point five to five percent. Turning things over to the
commodity side of things, Corey. Matter of fact, if you
want to save me some time here, Corey, I forgot
to bring up the if you go to mortgage News daily,
let's see what the thirty year day, let's you report
on that oil was a strong win today dollar nineteen
gain sixty three forty four a barrel. Another substantial day
in gold yesterday, I remember it shot up over seventy
(12:54):
was it seventy five?
Speaker 2 (12:54):
Seventy seven bucks somewhere around there? Today?
Speaker 1 (12:56):
Tack on another thirty six dollars, closing at three thousand,
five hundred and thirteen dollars and eighty cents, and fairly
quiet in the bond market, with a ten year closing
down two basis points that he yield to four point
one two. We did have a chairman Palal today speaking.
I don't know what the event was, but miss Street
picked up a little bit on this. His speech largely
(13:18):
echoed his sentiments from last week's FOMC meeting. Market paid
particular focus to his acknowledgment that quote, by many measures,
for example, equity prices are fairly highly valued.
Speaker 2 (13:32):
I tell you what, Corey.
Speaker 1 (13:33):
As soon as that those words came out of his mouth,
I'm like, oh, no, no, no, no, this is like
a repeat of green Span back in two thousand, right,
irrational exuberance, meaning market's overvalued. Luckily, the market did not
react in a real negative fashion to that. We already
kind of down for the day on that one. But
that's something we've got to pay attention to if the
chairman thinks the market's getting overvalued. You know again, equity
(13:55):
prices are fairly I don't even know how you put
those two words together. Fairly and highly fairly highly valued.
Those are some comments, Those are some hints that we
need to pay attention to there.
Speaker 3 (14:07):
But what is he You know you've got You've got
stable inflation, stable employment. That two they he always talks
about two mandates, two men and two mandates. So so
where at what point does the stock market level come
into his purview? As far as.
Speaker 1 (14:21):
It's not supposed to write those are the two mandates
that you talked about. He's not supposed to be paying
attention to the stock market, but of course they do. Sure,
So what I've seen in the past with other chairman,
he's never really gone through a you know, a dramatic
strong bull market like we are in right now, you
know again, similar back to the dot com era, where.
Speaker 2 (14:39):
It's his record after record after record. So I don't know.
Speaker 1 (14:43):
All I can go off is what other FED chairmen
have done, and when they start, I'll use the analogy,
you know, firing the bullet across the bow of the boat.
It makes everybody kind of sit up and go, wait
a minute. The FED is watching the stock market, even
though they say they don't, and they're concerned about valuation
because if the market gets richly valued, then again everyone
their presumption is everybody is making money. Everybody's if you
(15:05):
feel good about your four oh one K, feel good
about your brokerage accounts, what are you gonna do.
Speaker 2 (15:08):
You're gonna go out and you're gonna spend. You go
out and you spend. What does that do?
Speaker 1 (15:11):
It enhances inflation, right, So that's kind of their way
to learn at it. If the market's richly value and
people just keep throwing money in and money in day
after day, and we keep setting records, that could lead
to higher inflation. So I think that was his gist
of saying that today, Like I said, this could have
been a great excuse for the market to really sell
off on those comments. But we'll see if this is
(15:31):
the beginning of something, and see if you get a
nothing too, see if you start getting other FED members
talking about the same type of thing.
Speaker 3 (15:38):
Sure, yeah, I know that makes sense. And from the
inflation standpoint, I see your point where if they feel
everybody feels like they're rich. Even if it's just on paper,
then you're not gonna slow things down. And they're already
sitting on and their mind high inflation to begin with.
Speaker 1 (15:54):
Yes, yes, yes, absolutely absolutely, all right, let's go to
this in the video story again that was in the
Wall Street Journal today and once again, the stock finished
down five dollars and eighteen cents after a big run
up yesterday after announcing the one hundred.
Speaker 2 (16:08):
Billion dollar deal with open Ai.
Speaker 1 (16:10):
But as I said on the show yesterday, there's more
to this, and instead of me trying to just summarize it,
this is not a real long article. So let me
let me share this with all of you because it's
absolutely fascinating and it's a great learning lesson because we're
going to hear more and more of these deals, i think,
in my opinion, from Nvidia and maybe some other companies
to get these chip sales going and so on and
(16:31):
so forth. And what you're going to find out is
a lot of these companies they're losing a significant sum
of money. And so Navidia is kind of their night
and shining armor. So listen to this. Navidia, you know,
again invested one hundred billion dollars into open Ai to
help finance a historic data center build out that has
helped reset market expectations about the startups shaky finances. Now
(16:55):
they're saying shaky finances about open Ai. It's a familiar
play by the chip giant. CEO Jensen Wong has repeatedly
sought to leverage the enormous confidence investors have in Navidia's
future to help strengthen the company's supply chain partners. It
has used its balance sheet cloud to keep the AI
boom humming through deals, partnerships, and investments and companies that
(17:16):
are among its top customers, including cloud competing provider core Weave,
rival chip designer Intel, and Xai. The deal highlights an
issue that some investors are calling circularity in Navidia's prospect,
where the company takes steps to boost or shore up
demand for its AI chips by supporting startups and other companies.
(17:38):
Those companies can then use those funds or new liquidity
to do it by Navidia chips. So Corey listened to this,
you're a math guy. For every ten billion dollars that
Navidia invest in open Ai, the startup will spend thirty
five billion dollars on Navidia chips, So it's a three
point five x returned for Navidia. Okay, again, every ten
(18:04):
billion Navidia invests in open Ai, the startup spends thirty
five billion on Navidia chips. That's according to analysis from
New Street Research. That arrangement reduces Navidia's typical margins for
cutting its chips, but insures continued demand and offers a
lifeline to cash strapped AI companies. It effectively amounts to
a discount for open Ai. New Street Analysis said they
(18:25):
expect Navidia to offer similar deals to Xai, another quote
cash constrained players. The open Ai announcement alone on Monday
added nearly one hundred and sixty billion dollars to Navidia's
market value, not a bad return right submitting its ties
to the leading software company of the artificial intelligence era.
It also helped to silence those skeptical of how open
(18:46):
ai would pay for the mini multi billion dollar commitments
it is made in recent months. Sam Maltman, open AI's
co founder and CEO, told investors last fall that the
company is set to lose ready for those folks, forty
four billion dollars through the year twenty twenty nine, the
year expects to turn a first profit. That was before
open ai signed policy or excuse me, that was before
(19:09):
open ai signed pricey commitments to buy chips and rent
data center capacity from the likes of Broadcom and Oracle.
What all these deals have in common is that Navidia,
the world's most valuable public company. Remember, as I said yesterday, folks,
what four point three trillion in market cap is lending
its name and financial firepower to smaller partners. AI executives
(19:30):
expect the crucial development to give open ai access to
much cheaper sources of capital than it had before in
the past.
Speaker 2 (19:37):
Listen closely.
Speaker 1 (19:38):
In the past, when open ai has needed access to
thousands of Navidia chips, it has done so through cloud
service providers and companies known as neo clouds, which act
as middleman paying for the development of data center clusters,
buying the chips and then renting them out for a premium,
so ringing them back to open Ai. The debt used
(19:58):
to underwrite deals for data thatta centers often depends in
part on the perceived credit worthiness of money losing AI
companies such as open ai. Listen to this quory. Interest
rates on data centers closely linked to such startups have
come in as high as fifteen percent. The talk see
in the debt market. For the risk investors see in
AI business models. According to people familiar with the financing
(20:21):
of such deals last paragraph or last couple of paragraphs,
interest rates for project backed by the likes of Microsoft,
for example, can range from six to nine percent, the
people said. Last week, credit rating agency Now this didn't
make the news cory. Last week, credit rating agency Moodi's
noted risk to Oracle's balance sheet due to how much
of its future AI data centers rely on open Ai.
(20:44):
The agency moved oracles outlook from stable to negative in July. Navidia,
on the other hand, enjoys nearly unshakeable faith from the market,
which I sent it shares prices skyrocketing. The market confidence
allows it to finance those infrastructure costs from its balance sheet,
issuing new equity to pay for them, a much less
expensive financiing option than open AI. Executives in the AI
(21:06):
infrastructure space say that Monday's deal will likely reduce their
credit risk of lending to the company, giving the firms
access to lower interest rate loans.
Speaker 2 (21:14):
In addition, to open Ai.
Speaker 1 (21:15):
Nvidia has made strategic investments in a number of large
tech companies over the past year, often in the ways
to strengthen its edge. Navidia owns a seven percent stake
in core Weave, a cloud service provider that rents out
its massive data clusters to users like open Ai, Microsoft
than others. Earlier this month, the two companies signed a
six point three billion dollars pack for Navidia to buy
buy back any unused cloud capacity core Weave has through
(21:39):
April twenty thirty two. See how these are all entertaining
core and Last week, Navidia announced that would invest five
billion dollars in Intel, a rival chip designer and manufacture
that has fallen badly behind in the global AI race.
The partnership involves developing new products that will allow Navidia
to more easily connect its gpuse to processors designed by Intel,
(21:59):
giving the video a deeper footing in the personal computer market.
So that's the reason and tell me that investment. In December,
Elon musk XI said in the video was a strategic
investor and Mark's and the Video also joined the Global
AI partnership that includes Xai and plans to spend billions
on AI data centers and energy infrastructures.
Speaker 2 (22:17):
So there it is, my friend, that's how this whole
thing is shaping up.
Speaker 1 (22:23):
So what I don't old God? Let me run, Let
me run. Let's start it over to Jack Saban, He's
got news traffick weather. Jack, Welcome back to the John
Sanchez Show on News Talk seven eighty koh with Corey
Edge once again. We finished down eighty nine on the Data,
lost two sixteen on the Nasdaq, and a decline of
thirty seven on the SMB. All right, so Corey, real
quick before we get to our topic again, how to
(22:44):
make that dream of home ownership become a reality? The
seven great points that you put together for us. You
want to make a comment on that AI story the video.
Speaker 3 (22:52):
Well, like you and I were talking about, it's just
when I'm trying to figure out the math of it. Right,
So you have a cashtrap company. I need to give
you one hundred billion so that you can buy one
hundred billion dollars worth of my stuff. But somehow, magically,
I'm going to give you a hundred billion and you're
gonna buy three hundred and fifty billion worth of my stuff.
Even though you have no cash of your own anyway,
(23:12):
So I guess you and I are both like, well.
Speaker 4 (23:15):
What exactly happened? They sure, this is my point in
bringing the whole story. I mean, my guy, so we
can speculate for hours. You know, you can get into
inventory financing. I mean, there's gotta be some way.
Speaker 1 (23:29):
But essentially, you know, it's kind of like, uh, kind
of like people always go, well, you know, how can
X y Z brokerage firm charge zero commission? You know
some of these online firms, it's called deal flow, Right,
there's things behind the scenes that you the public do
you'll never see, You'll never know because let me tell you,
these online brokerage firms, they make the money. Go look
(23:49):
at the financials. They make a lot of money. And
there you're going, well, I pay zero percent commission. You're
paying just on the back end, right deal.
Speaker 3 (23:56):
Flow, and they're selling your information.
Speaker 1 (23:58):
Selling your information. There's, like I said, there's a number
of different ways you can do it. But yeah, the
accry to your point, there's got to be yeah, the
delta between. Yeah, for every ten billion, they got to
buy a thirty five billion.
Speaker 3 (24:12):
Yeah, so let me between And I'm not making a
direct comparison. And I was not around when this happened,
but this scent, but I read the books on it,
like this sounds very enron Esque, like all these yeah,
we're making a ton of money, but when they dug
up everything like no, actually you're booking a bunch of
stuff that never actually really took place or.
Speaker 2 (24:33):
Two thousand and eight, two thousand and nine.
Speaker 1 (24:35):
I mean, that's yeah, that's true because the crisis, right,
And again we're not making comparisons, but you know, my
job is to always be looking out for our clients
and our listeners. Is kind of questioned things because to me,
I don't know, And like I said, when I saw
this article in the Wall Street Journal, after bringing this
up to the audience yesterday, I'm like, Okay, I'm not
the only one that's that's kind of questioning this whole deal, right,
(24:57):
And there's always something more behind the scenes, you know,
when Wall Street and major corporations are involved, there's always
something more behind the scenes than what you're able to read.
Speaker 2 (25:06):
So who knows.
Speaker 1 (25:08):
Hopefully my worries are of nothing, but my fear is
as I shared with somebody today, I said, I just
hope that unlike you, know, unlike eight when we woke
up one day and you know, I've shared the story
a million times, and the SEC changed the accounting rules, right,
you had to do this thing called mark to market,
and overnight, you know, companies went from making x dollars
(25:28):
per earnings per share to negative x numbers of dollars,
and that started the whole cascading effect of the stock
market selling off, and then real estate and so on
and so forth. I just hope something like that is
not lurking with all of this big surge and AI
and again this very aggressive accounting that's going on out there.
So only time will tell. Only time we'll tell. All right,
(25:50):
let's get to our topic this afternoon, which again is
how do we make a home ownership become reality? And
you know, I want to say one thing too, Corey.
We pinched ahole ourselves into saying, oh, this is just
for the young people. But we've got to remember there's
a whole bunch of people out there that maybe owned
a home years ago, maybe they had to short sell
or close whatever, and they're just getting the credit rebuilt, right,
They're just getting back.
Speaker 2 (26:10):
In the game.
Speaker 1 (26:11):
I know, it's you know, typically ten years and you know,
we're well past the real estate crisis. But you know,
don't think that this is only for the young people, right,
This is for anybody that wants to get into the
home ownership game. So I just want to clarify that. Okay, Core,
you put together seven points how to turn this dream
into reality. Let's start with point number one.
Speaker 5 (26:30):
Start with the budget, and it's it's such a key
even before you meet with the lender, Like the lender
is going to be the first step typically, but you
need to sit down with your spouse, with your partner,
with whoever you're going to be buying this with, or
just with yourself if it's just you, and figure out
how much can I afford on a monthly basis.
Speaker 3 (26:49):
And then one of the downside of home ownership is
when something breaks, guess who gets to fix it? You
You can call yourself to come over and unclog your toilet.
So you have to somehow, and it's hard for anybody
young or old to budget and say, well, I don't
know how much it's gonna cost to fix a broken
pipe because I don't know if the pipe's going to break.
But you have to have some kind of an emergency
(27:12):
fund or some kind of account.
Speaker 2 (27:16):
Of the of the home. I mean, that's a lot
of money.
Speaker 3 (27:19):
But that's a lot of money. But yeah, I mean
it's hard. I guess I don't have a tried and
true percentage number. But I was just talking to somebody
this morning who luckily is a renter, but his pipe broke,
his house was flooding. I'm like, you need to call
your landlord and keep calling him. But if he would
have owned that house, that would have been a huge expense.
And then it goes back to, well, I'm gonna call
the insurance company. Well guess what they're gonna do. As
(27:40):
soon as they fix it, they're canceling you. And now
your next insurance company is going to quadruple your rate.
So you have to if and do I would say
the same thing. If you can afford two thousand dollars
a month mortgage because it's all you make, don't strap
yourself to just the mortgage, because you have to have
extra funds to take care of the property.
Speaker 2 (27:59):
And that's hard to do.
Speaker 1 (28:00):
Because again, as we'll touch on here in a second,
you get the pre approval letter right and you go, oh,
I'm pre approved for whatever seven hundred thousand. So I'm
going to go right to the seven hundred thousand mark. No, no, no, no,
you don't need to do that. You shouldn't do that
because of exactly what you said. You've got to have
money for reserves. I mean, and another factor that you
have to look at is what is the age of
the home that you're buying?
Speaker 2 (28:19):
What is the condition?
Speaker 1 (28:20):
I mean, it may be a two year old home,
but if it's been thrashed, you better factor for that.
If it's an old home, you a better factor for that.
So I think it's you know, we're good to professional.
Speaker 3 (28:30):
And to the point that we have been talking about
so far about this new A, I think throw it
in chat GBT, throw it somewhere and say, new homeowner,
what's my perspective budget? Because it's going to have Now
you get to pay real estate taxes. Now you get
to pay the garbage, Now, you get to pay the
sewer fee. All these things that as a tenant you've
never even knew existed, Well, now they exist, so you
need the budget for them.
Speaker 1 (28:49):
Budget is absolutely critical. Let's go to number two. Corey,
check your credit YEP.
Speaker 3 (28:54):
So this is where if you've got your budget together
and everything feels good. Now you're going to go meet
with Dwight or the lender of your choice and let
them check your credit. So don't go to I said
this on hundred times, don't go to the car dealership.
Don't go here and there and check your credit. Have
the lender check it because for whatever reason, they're all different,
and then they can sit down with you and say, hey,
your credit is amazing, you can get along tomorrow. Or
(29:16):
here's where your FYCAL score is, here's all your accounts.
We need to work on these two to get this down.
So I can get the FCO score up and they
can work with you. But the credit will the credit
will tell you. And it's the scary part for people
is it's not a yes.
Speaker 5 (29:29):
No.
Speaker 3 (29:30):
It's not like, oh my credit's bad now I'm out. No, no, no,
it's always a work in progress. If it's not the
best right now, it's it's easily taken care of.
Speaker 1 (29:38):
Over time for a smaller amount because you got some
on there or something correct. Absolutely, But also I tell
this to a lot of young people.
Speaker 2 (29:45):
Don't think.
Speaker 1 (29:46):
I had somebody come to me years ago and he
was all excited because his credit Karma score was like
shot up like fifty points. Like I'm gonna go out
and buy a house and I these lenders, to your point,
they use a different scoring system. Even Fiico's not really
the predominant one. They all have their own scoring systems
and algorithms and things like that. So go to to
the lender, like Cory said, go to the lender, let
(30:07):
them pull it under their system, under their credit criteria,
and they will be the ones to be able to
tell you what to get. All right, when we come back,
we'll talk about how to save for the down payment.
Let's turn it over to Kristen Snow right now traffic center. Kristen,
welcome back to the John Sanchez Show on Newstalk seven
to eighty k which mister Andel phone.
Speaker 3 (30:24):
Number six seven three six seven zero zero beautiful.
Speaker 1 (30:28):
All right, Our topic how to turn the dream of
homeownership into reality. Right, this can happen. You start with
the budget. How much can I really afford? Don't just
go off of what the pre qualified pre call letter
is telling you. Again, like Corey said, you got a
lot of additional expenses you've not been used to if
you've been a renter for a long time. Secondly, have
the mortgage lender check your credit. Don't just go off
of you know, some of the credit bureaus that you
(30:49):
can get online, check it with the lender. Next, saving
for the down payment. I mean, there's a lot of
options there. You can set up a separate, you know,
savings accounts, kind of a budget account where you go, hey,
I'm going to set aside whatever two hundred dollars of
every paycheck and it's going to go into You don't
want to invest it, you want to keep it safe
and secure, so you're going to go into some interest
bearing type of an account and save up right, you
(31:10):
have that target of what that down payment that the
lenders told you they're going to need, let's say it's.
Speaker 2 (31:14):
A year from now.
Speaker 1 (31:17):
There's again many ways, and we'll do a show specifically
on our podcast specifically on saving for the down payment
and in the different options you have, like what are
the rules to borrow against your four oh one K?
What are the rules to borrow or take money out
of your IRA. There's a lot of different strategies that
I can share with everybody. Again, just know that there's,
(31:37):
like I said, many many options there.
Speaker 2 (31:40):
Corey.
Speaker 1 (31:40):
Let's go to our fourth point, which is exploring the
first time buyer programs. Right, Dwight's mentioned this many times.
There's a lot of different programs out.
Speaker 3 (31:47):
There, and that's always worth the question. And a lot
of them are geographically located, so different parts, you know,
they don't blanket everything, but different parts of let's just
call it Washoe County may have different programs. Some of
them have more than one, some of them just have one.
But if when you're in talking to your lender, make
sure you ask the question, because sometimes a good lender
will bring it up to you. Sometimes they don't bring
(32:10):
it up to you. And again to your point, I
think I'm right, Douy can correct us on Thursday. First
time home buyer means not having owned a home for
the last two years doesn't mean it has to be
your first home. So always ask the question, no matter what.
Speaker 1 (32:23):
And he just I'm sure you got the email too.
They just bumped up the conforming limit.
Speaker 3 (32:28):
Yeah, eight hundred and thirty Yeah.
Speaker 2 (32:31):
Yeah, yeah, big, big, big numbers.
Speaker 1 (32:33):
So that opened up you know a lot of conforming
loans two other people, So all right, get pre approved,
not pre qualified. Right, you, as the real real estate
professional there's a difference between those two.
Speaker 2 (32:46):
Explain it.
Speaker 3 (32:47):
Yeah, so I think I maybe getting some of this wrong.
So hopefully Duyight, you know, isn't listening in his car
because he'll crash. But I think the prequalified is a
simple I don't even know if they pull credit at
that point or if it's just the lender looking over
stuff saying everything looks good versus the pre approved is
pull the credit, maybe they verify the income on or
(33:08):
maybe they don't go to that step yet. But it's
it's a it's a much harder in core, if you will. Yeah,
it's kind of very a little bit.
Speaker 1 (33:16):
And but from your standpoint again, if you're taking if
you're let's say you're representing the seller, you want that
buyer to have that pre approved letter, not just pre qualified,
because again, now you've got a serious buyer, one that
financially is serious and able to commit to what a
deal you Finally.
Speaker 3 (33:34):
I'll tell you what I do as a listing agent.
If I get a pre call or pre approval letter
from a local lender and it's somebody like Dwight or
some other people I know, then I'm good with it.
If I get one from out of state. Then I'm
calling that lender. I'm going to ask them questions. So
I don't care what the top of it says. If
if it's not somebody I know that, I'm going to
call and ask questions anyway, And that's from a listing side,
that's what you should be doing.
Speaker 2 (33:54):
If it's out of state, what are you gonna do?
Speaker 3 (33:56):
That's what I'm I call and ask the lender questions.
And they can't tell you all the financial stuff, but
I make sure you've pulled the credit, You've done this stuff.
I'm not just gonna take They spent out those letters
by the thousands, and so regardless of what.
Speaker 2 (34:07):
It's it's pretty easy to create a fake litter.
Speaker 3 (34:10):
I would imagine that, Yes it is, yeah, yeah, yeah.
Speaker 2 (34:12):
All right.
Speaker 1 (34:13):
Final two, work with an experienced realtor. I mean that's
what you are, Cory. I mean, that's why you need
that experience there. And then don't skip the inspection. That's
one of your favorite ones.
Speaker 3 (34:23):
Don't ever skip the inspection. You're gonna you're biting off
a big chunk you're committing to this property. You got
thirty years. Everything we've talked about the whole show, the inspection,
for three hundred or four hundred dollars. Some people want
to skip there. That is the best three four hundred
dollars that you're going to spend because there will be
something wrong with that house that nobody realizes until the
inspector finds it. A lot of times the sellers will
take care of it as long as they know it's there.
(34:44):
So it's worth every penny.
Speaker 1 (34:46):
And remember as the as a seller, you have the
obligation to disclose everything.
Speaker 3 (34:50):
Right, you've done everything, you know, if you know about it,
you have to disclose it absolutely.
Speaker 1 (34:55):
Yeah, all right there it is, folks, how to turn
the dream of home ownership into reality bottom line, and
get the great team together, Corey, Dwight, et cetera, and
make this dream become a reality because it can be.
And there's all kinds of great programs like we said,
So if you want more information, give ustray As a
phone call and I'm sure he'll step right in and
make this happen for you. God bless everybody. Thanks Corey,
this's a lot of fun. We'll do to you tomorrow
on the John Sanchez Show. Have a great afternoon. Dwight
(35:17):
Millard n MLSID Number two four one, two five nine,
a license mortgage Loan officer with Highlands Residential Mortgage Limited
and Equal Housing Lender n MLSID number one three four
eight seven one. The information shared on this live broadcast
is for general information purposes only and does not constitute
financial or mortgage advice. Listeners should consult directly with a
licensed mortgage professional for guidance tailored to their specific situation.
(35:41):
All loans are subject to credit approval and program guidelines.
Speaker 2 (35:45):
Not all applicants will qualify.
Speaker 1 (35:47):
Loan terms and availability may vary by state and are
subject to change without notice. Highland's Residential Mortgage Limited is
licensed in multiple states. For a full list of state
licenses and disclosures, please visit https slash slab www dot
Highlandsmortgage dot com backslash licenses backslash.
Speaker 2 (36:05):
The views expressed
Speaker 1 (36:06):
During this program are their own and do not necessarily
reflect those of Highland's Residential Mortgage Limited.
Good Tuesday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven eighty kit. It's a pleasure
to be with you. One out of the two omigos
are here, mister Corey, Edge of Agrility.
Speaker 2 (00:12):
How you doing, big Sea, I'm doing awesome now, are
you good? Good Man? Good? Yeah?
Speaker 1 (00:16):
That means mister Millard is off Gallibantinebardine, Shoulders, hal An Nobles.
Speaker 2 (00:23):
I don't know, some big event he had to go to.
Speaker 1 (00:25):
So yes, he is not here with us, and we
needed him tonight to talk about our topic, Corey, So
you and I are gonna have to just fake it.
Speaker 2 (00:31):
I think we can do it. I think we can
do it.
Speaker 3 (00:33):
Yes, I've been through it enough.
Speaker 2 (00:35):
Yeah, just a few few thousand times. Right Yeah.
Speaker 1 (00:38):
Our topic, speaking of which, after we get the stock
market side of things going, how to turn the dream
of home ownership into reality. I wish Corey, I'm sure
you would agree with me on this one. I wish
we had a dollar for every time a person, a
young person, especially not always young, but usually says I
feel the the the goal of obtaining my first home
(01:04):
is out of reach.
Speaker 2 (01:05):
I just I don't know how to do it. I
can't figure this out.
Speaker 1 (01:08):
I read all these stories that prices keep going up
and up and my rent keeps going up and up.
I can't get ahead. I can't save up the down payment.
I can't, can't, can't, can't, And we're here to tell
you you can. But once again, this is going to
be a situation where you've got to follow a plan.
And Corey, that's exactly what you've lined out for us
this evening is how.
Speaker 2 (01:28):
Do we do this right?
Speaker 1 (01:28):
How do we go from point A to point and
Z to make that dream of home ownership? Because folks,
we all know, you know, we don't need to cover
this again. From the standpoint, one of the best ways
that you can ever start to build your net worth
is buying a home. Sure, you're gonna have up years,
you're going to have down years, but there you know,
over time real estate tends to go up in value,
kind of like the stock market. And once again, it's
(01:50):
time for you to start building equity. It's time for
you to quit kind of throwing your money away in rent.
Although renting does work for a few people, but overall,
you want to buy a house. Builders want to sell
you the house. Mortgage lenders like d White want to
give you a loan, but how do you do it?
Speaker 3 (02:05):
Yeah? And I think the one of the biggest things
I see, especially with young people, is the emotional part
of it, right, and the commitment part of it. So
when you're a renter, you're like, oh, well, if this
doesn't work out, I can go back to mom and
dad and give my thirty day notice. And I'm out, Well,
when you get a thirty year mortgage and you own something,
that's a much harder thing to do. So specifically for
(02:26):
young people, that's always the first hurdle will get over.
And I remember, I mean you probably remember the same thing.
Like my first mortgage like nine hundred and ninety bucks
a month. I was like, oh my god, what this
is never gonna work. But you just you kind of
get that. I wish I had that same mortgage. Trade. Yeah,
so you get through the emotion part. But then yes,
(02:47):
once you're through that, then you can sit down and
start going through the steps. The budgets, the credit, the
down payments, the meat with Dwight, the kind of all
the minutia stuff that that isn't it's not super difficult.
It may not work the first time, and that's where
something like Dwight's awesome because he'll say, hey, here's where
you're at, here's where you need to be. You're just
a little bit off. Do this for the next six
months or twelve or whatever, and you're right on your way.
Speaker 2 (03:10):
So yeah, no, you're absolutely right.
Speaker 1 (03:12):
And you know, speaking of Dwight, you know again he's
always made this offwer to all of you as our listeners,
and that is he'll do a free credit report.
Speaker 2 (03:18):
Right.
Speaker 1 (03:19):
It doesn't it's not a it's called a soft hit.
It doesn't affect your credit. It doesn't show as an
inquirer or something. But he'll take a look, and I've
had him do it with clients. He'll take a look
and go, okay, like to Cory's point, here's where you are,
here's where you need to be from a from a
score a Fycal score standpoint. And most importantly, he's got
the software that says, look at you need to I
don't know, let's do hypothetical you need to raise your
(03:39):
Fycal score by thirty points. Well you may think, oh geez,
I got to pay off every credit card, I got
to do this. It's not always the case, right, I've
seen this with my own eyes with clients where he'll go, no, no, no, no, no, no,
you don't need to pay off that, you know, seven
thousand dollars visa bill. You need to bring it down
to three and twenty dollars. I mean really literally, they
can get it down to the penny and here goes
(04:00):
the score going up. So there are so many things
that can be done. But again, you have to have
the right team. You got to have the Corey.
Speaker 2 (04:07):
Edges of the world, the Dwight Mallars of the world.
Speaker 1 (04:09):
Us, you know, because we're we're very involved in the
whole home ownership. Also because we've got strategies to help
people find that capital. Right, if you aren't fortunate enough
to be able to borrow money or get a gift
from mom, dad, grandma and grandpa, go fund me whatever
you want to get the gift. We've got a lot
of strategies we've used over the years that that can
really open your eyes and help you get that. I mean,
(04:32):
you know, Corey again, going back to my first home wornership,
I've shared this story a million times. I had to
go into partnership with my father and my brother in
law and my sister. But you know I borrowed from
a four oh one k I did you know? You
kind of do whatever you need to do, right, because
it's like, I got to get in here. I can't
keep throwing away this rent. I got to get in here.
And you know that was back in the early eighties,
(04:53):
I mean or mid eighties. There's now so many more
ways that you can do it. I mean, folks, you
may not even know this, but if you have a
Okridge account, a taxable brokerage account the old days, where
you'd have to go in and do a margin, which
again has a lot of risk associated with it, that
we now do what's called asset back lending, and if
you have a taxable brokerage account with us, you could
(05:14):
both potentially qualify. You gotta have good credit scores, et cetera,
that you can actually borrow in many cases fifty percent
or sometimes more of your taxable portfolio account and use it,
you know, for real estate or whatever you want to do.
Those those weren't around core, these asset back loans, those
weren't around, you know, back in the early days when
you and I bought houses together, our first ones and
(05:35):
so on and so forth. So that's my point. You
can go against the four to one k and so
on and so forth. But bottom line is, if there's a will,
there's a way, and we just want to say, look
at listen to what we're gonna have to say this afternoon.
And again you have to have the will, we'll show
you the way to do it.
Speaker 3 (05:50):
Absolutely yeah. And it's just again, once you get through
those first hurdles, and it's it's always going to be scary.
I don't care what time. I mean, when you bought
your house a long time ago, and it was scary,
it's and it's you just kind of.
Speaker 1 (06:00):
Get through the time I've bought, right, I mean, you
know when I bought my ranch in twenty ten, I
was terrified. Right, It's like every time I've ever bought
real estate, commercial or residential, it's like, oh boy, yeah,
because it's a big commitment that, like you said earlier,
it's thirty year or whatever your term may be, commitment,
and and yeah, it's it's amazing, it's amazing.
Speaker 3 (06:22):
Usually over time it typically works out. You got to
give it time.
Speaker 1 (06:26):
I always tell my young friends or young clients that
it's it's like having a kid, right.
Speaker 2 (06:32):
I don't know about you, but none of my kids
were planned. It was all a surprise.
Speaker 1 (06:37):
And I remember looking and to my wife and I go,
oh my god, how are we going to financially do this?
Speaker 2 (06:42):
How we how are we going to figure this out? Bailey?
My daughter just pops up on the screen.
Speaker 3 (06:48):
That was a surprise too.
Speaker 1 (06:49):
Yeah, yeah, she was a surprise.
Speaker 2 (06:52):
And and you know, how am I going to afford this?
How I'm going to do it? And just do it
for God, etcetera.
Speaker 1 (06:57):
You find a way and that's you know again, it's
we sound like old men, because you know, at least
I am. You look back and go, yep, yeah, I
worried about it, Kyl, could you say, Corey, don't worry
about the things you can't control.
Speaker 2 (07:09):
You worry about so many things.
Speaker 1 (07:10):
When you buy your first home, have your first kid,
these major life milestones, getting married, I mean, right.
Speaker 2 (07:15):
Another major milestone.
Speaker 1 (07:17):
But somehow, someway, it's it's always worked out for most people.
Speaker 3 (07:21):
Yes, yeah, so interesting?
Speaker 2 (07:24):
All right? We why can't wait to get to that?
Speaker 1 (07:25):
We got a what about seven points I think you
put together for us, Corey, on how to make this
set this dream of home ownership become a reality. All right,
let's get to the stock market Sete. I've got some
interesting things to talk about. Corey, And obviously you were
not on the show yesterday, but for those of you
that may have missed up, please go back and listen
to our podcast because Jason and I and my brother,
(07:46):
doctor Dennis Sanchez, we talked about it. Because Monday's are
always our AI segment. We talked a lot about the
big news of yesterday, which was the surprise announcement that
na Video was going to invest one hundred billion dollars
there an open AI again, the parent of chat gpt
one hundred billion dollar investment to help build out a
(08:07):
ten gigawatt data center. Right, and again if you missed it,
one of the highlights we did the calculations. Ten gigawatt
data center. That amount of power is equivalent to four
Hoover dams.
Speaker 2 (08:19):
Right.
Speaker 1 (08:20):
One gigawatt power is about seven hundred and eighty thousand homes,
So you're talking seven point eight million homes roughly that
ten gigawatts would would power.
Speaker 2 (08:28):
Right.
Speaker 1 (08:28):
It's a substantial amount of electricity and substantial undertaking. And
I made the comment yesterday and we didn't get a
chance to go into it. We made the comment that
there's Corey, there's there's kind of some and I hate
to say this because I love Navidia kind of aggressive accounting,
at least from my standpoint.
Speaker 2 (08:47):
I'm not a CPA.
Speaker 1 (08:48):
Maybe U CPA's out there listening, Maybe you're going, John,
this is done all the time. But I've been around
this block and I've seen how kind of aggressive accounting
ends up coming out in the wash at some point.
Speaker 2 (09:00):
So here's what I'm talking about. Why did Navidia do this?
Speaker 1 (09:03):
So we talked about the term yesterday of circular accounting.
I want a circular accounting. Well, I'm going to tell
you what Navidia did. And my concerns yesterday when I
shared this story with you have come true today because
now all of a sudden, you're getting a bunch of
people on Wall Street coming out and going, hmmm.
Speaker 2 (09:21):
This doesn't sound quite right. So what a circular accounting?
Speaker 1 (09:24):
Okay, So in Navidia's situation, we're gonna give you know,
quote invest give whatever you want to phrase it, one
hundred billion dollars.
Speaker 2 (09:33):
Right.
Speaker 1 (09:33):
But what open AI had to do, or has to do,
is they've got to turn around Corey, and they've got
to buy one hundred billion dollars worth of Navidia GPUs
and and chips and so on and so forth. Right,
In other words, that hundred billion is going to go
to open Ai, but they got to turn around and
invest it back to.
Speaker 2 (09:51):
Navidia through GPUs. So it sounds kind of strange.
Speaker 1 (09:56):
It's like, well, wait a minute, here, I'm finance, I'm financing.
If I'm Nvidia, I'm financing this entire one hundred billion
dollar transaction. Well, sure enough. Today CNBC reported that several
senior investors, I don't know what that means, but several
senior investors have raised concerns to clients that the deal
resembles a vendor financing agreement. A separate CNBC report raised
(10:21):
doubts around the feasibility of meeting the energy demands of
a ten gig awat factory or plant, citing political and
economic constraints. Whoa Corey, What a difference? And so when
this news started to come out today, we gained very substantially. Yesterday.
Let's see what was our gain in the video yesterday?
(10:41):
Yesterday was Bear with me one second, I want to
bring up my notes. Let's see yesterday.
Speaker 2 (10:48):
Come on, here we go.
Speaker 1 (10:49):
Yeah, yesterday Nvidia gained seven dollars in a pinnon on
that news that broke about this this whole deal, three
point ninety seven percent. Today Navidia fell five dollars in
eighteen cent. It's two point eight two percent to one
seventy eight forty three, all on what I just talked about,
and again my concern yesterday.
Speaker 2 (11:07):
So I went a little bit deeper. So early this morning.
Speaker 1 (11:11):
In like the Corey Edge hours of four o'clock hour,
I started digging into this, and I came across a
really fascinating story in the Wall Street Journal and it
went through this Corey in much more detail. And when
we come back, I want to read some highlights to
you about this because it raises these same concerns, but
(11:33):
there's even more to it. That the hundred billion really
can be worth about three hundred billion, And I'll tell
you why that those numbers can make sense. And it's
the way that the industry now is financing all these
Navidia chips and GPUs and so on and so forth.
So it's really really fascinating that. Well, like I said,
we'll take care of that when we come back, and
(11:56):
then we'll get into our real estate topic once again,
how to turn the dream of home ownership into real
Let us turn it over to the wonderful Christmas know
in the right now traffic center. Hello, Kristen, Welcome back
to the John Sanchez Show on News Talk seven eighty
koa's with Corey Ine visuility to.
Speaker 2 (12:10):
White Mollard of Highlands Mortgage.
Speaker 1 (12:12):
Has the afternoon off all right, It was a bit
of a tough session today, worst level. We were down
well over two hundred on the Dow. Rebounded a few times,
but all that matters is where we close. At one
o'clock we finished with a loss of eighty nine points
on the Dow finished at forty six ninety two as
that gave up two hundred and sixteen points point ninety
five percent and the SMP down thirty seven points er
(12:33):
point five to five percent. Turning things over to the
commodity side of things, Corey. Matter of fact, if you
want to save me some time here, Corey, I forgot
to bring up the if you go to mortgage News daily,
let's see what the thirty year day, let's you report
on that oil was a strong win today dollar nineteen
gain sixty three forty four a barrel. Another substantial day
in gold yesterday, I remember it shot up over seventy
(12:54):
was it seventy five?
Speaker 2 (12:54):
Seventy seven bucks somewhere around there? Today?
Speaker 1 (12:56):
Tack on another thirty six dollars, closing at three thousand,
five hundred and thirteen dollars and eighty cents, and fairly
quiet in the bond market, with a ten year closing
down two basis points that he yield to four point
one two. We did have a chairman Palal today speaking.
I don't know what the event was, but miss Street
picked up a little bit on this. His speech largely
(13:18):
echoed his sentiments from last week's FOMC meeting. Market paid
particular focus to his acknowledgment that quote, by many measures,
for example, equity prices are fairly highly valued.
Speaker 2 (13:32):
I tell you what, Corey.
Speaker 1 (13:33):
As soon as that those words came out of his mouth,
I'm like, oh, no, no, no, no, this is like
a repeat of green Span back in two thousand, right,
irrational exuberance, meaning market's overvalued. Luckily, the market did not
react in a real negative fashion to that. We already
kind of down for the day on that one. But
that's something we've got to pay attention to if the
chairman thinks the market's getting overvalued. You know again, equity
(13:55):
prices are fairly I don't even know how you put
those two words together. Fairly and highly fairly highly valued.
Those are some comments, Those are some hints that we
need to pay attention to there.
Speaker 3 (14:07):
But what is he You know you've got You've got
stable inflation, stable employment. That two they he always talks
about two mandates, two men and two mandates. So so
where at what point does the stock market level come
into his purview? As far as.
Speaker 1 (14:21):
It's not supposed to write those are the two mandates
that you talked about. He's not supposed to be paying
attention to the stock market, but of course they do. Sure,
So what I've seen in the past with other chairman,
he's never really gone through a you know, a dramatic
strong bull market like we are in right now, you
know again, similar back to the dot com era, where.
Speaker 2 (14:39):
It's his record after record after record. So I don't know.
Speaker 1 (14:43):
All I can go off is what other FED chairmen
have done, and when they start, I'll use the analogy,
you know, firing the bullet across the bow of the boat.
It makes everybody kind of sit up and go, wait
a minute. The FED is watching the stock market, even
though they say they don't, and they're concerned about valuation
because if the market gets richly valued, then again everyone
their presumption is everybody is making money. Everybody's if you
(15:05):
feel good about your four oh one K, feel good
about your brokerage accounts, what are you gonna do.
Speaker 2 (15:08):
You're gonna go out and you're gonna spend. You go
out and you spend. What does that do?
Speaker 1 (15:11):
It enhances inflation, right, So that's kind of their way
to learn at it. If the market's richly value and
people just keep throwing money in and money in day
after day, and we keep setting records, that could lead
to higher inflation. So I think that was his gist
of saying that today, Like I said, this could have
been a great excuse for the market to really sell
off on those comments. But we'll see if this is
(15:31):
the beginning of something, and see if you get a
nothing too, see if you start getting other FED members
talking about the same type of thing.
Speaker 3 (15:38):
Sure, yeah, I know that makes sense. And from the
inflation standpoint, I see your point where if they feel
everybody feels like they're rich. Even if it's just on paper,
then you're not gonna slow things down. And they're already
sitting on and their mind high inflation to begin with.
Speaker 1 (15:54):
Yes, yes, yes, absolutely absolutely, all right, let's go to
this in the video story again that was in the
Wall Street Journal today and once again, the stock finished
down five dollars and eighteen cents after a big run
up yesterday after announcing the one hundred.
Speaker 2 (16:08):
Billion dollar deal with open Ai.
Speaker 1 (16:10):
But as I said on the show yesterday, there's more
to this, and instead of me trying to just summarize it,
this is not a real long article. So let me
let me share this with all of you because it's
absolutely fascinating and it's a great learning lesson because we're
going to hear more and more of these deals, i think,
in my opinion, from Nvidia and maybe some other companies
to get these chip sales going and so on and
(16:31):
so forth. And what you're going to find out is
a lot of these companies they're losing a significant sum
of money. And so Navidia is kind of their night
and shining armor. So listen to this. Navidia, you know,
again invested one hundred billion dollars into open Ai to
help finance a historic data center build out that has
helped reset market expectations about the startups shaky finances. Now
(16:55):
they're saying shaky finances about open Ai. It's a familiar
play by the chip giant. CEO Jensen Wong has repeatedly
sought to leverage the enormous confidence investors have in Navidia's
future to help strengthen the company's supply chain partners. It
has used its balance sheet cloud to keep the AI
boom humming through deals, partnerships, and investments and companies that
(17:16):
are among its top customers, including cloud competing provider core Weave,
rival chip designer Intel, and Xai. The deal highlights an
issue that some investors are calling circularity in Navidia's prospect,
where the company takes steps to boost or shore up
demand for its AI chips by supporting startups and other companies.
(17:38):
Those companies can then use those funds or new liquidity
to do it by Navidia chips. So Corey listened to this,
you're a math guy. For every ten billion dollars that
Navidia invest in open Ai, the startup will spend thirty
five billion dollars on Navidia chips, So it's a three
point five x returned for Navidia. Okay, again, every ten
(18:04):
billion Navidia invests in open Ai, the startup spends thirty
five billion on Navidia chips. That's according to analysis from
New Street Research. That arrangement reduces Navidia's typical margins for
cutting its chips, but insures continued demand and offers a
lifeline to cash strapped AI companies. It effectively amounts to
a discount for open Ai. New Street Analysis said they
(18:25):
expect Navidia to offer similar deals to Xai, another quote
cash constrained players. The open Ai announcement alone on Monday
added nearly one hundred and sixty billion dollars to Navidia's
market value, not a bad return right submitting its ties
to the leading software company of the artificial intelligence era.
It also helped to silence those skeptical of how open
(18:46):
ai would pay for the mini multi billion dollar commitments
it is made in recent months. Sam Maltman, open AI's
co founder and CEO, told investors last fall that the
company is set to lose ready for those folks, forty
four billion dollars through the year twenty twenty nine, the
year expects to turn a first profit. That was before
open ai signed policy or excuse me, that was before
(19:09):
open ai signed pricey commitments to buy chips and rent
data center capacity from the likes of Broadcom and Oracle.
What all these deals have in common is that Navidia,
the world's most valuable public company. Remember, as I said yesterday, folks,
what four point three trillion in market cap is lending
its name and financial firepower to smaller partners. AI executives
(19:30):
expect the crucial development to give open ai access to
much cheaper sources of capital than it had before in
the past.
Speaker 2 (19:37):
Listen closely.
Speaker 1 (19:38):
In the past, when open ai has needed access to
thousands of Navidia chips, it has done so through cloud
service providers and companies known as neo clouds, which act
as middleman paying for the development of data center clusters,
buying the chips and then renting them out for a premium,
so ringing them back to open Ai. The debt used
(19:58):
to underwrite deals for data thatta centers often depends in
part on the perceived credit worthiness of money losing AI
companies such as open ai. Listen to this quory. Interest
rates on data centers closely linked to such startups have
come in as high as fifteen percent. The talk see
in the debt market. For the risk investors see in
AI business models. According to people familiar with the financing
(20:21):
of such deals last paragraph or last couple of paragraphs,
interest rates for project backed by the likes of Microsoft,
for example, can range from six to nine percent, the
people said. Last week, credit rating agency Now this didn't
make the news cory. Last week, credit rating agency Moodi's
noted risk to Oracle's balance sheet due to how much
of its future AI data centers rely on open Ai.
(20:44):
The agency moved oracles outlook from stable to negative in July. Navidia,
on the other hand, enjoys nearly unshakeable faith from the market,
which I sent it shares prices skyrocketing. The market confidence
allows it to finance those infrastructure costs from its balance sheet,
issuing new equity to pay for them, a much less
expensive financiing option than open AI. Executives in the AI
(21:06):
infrastructure space say that Monday's deal will likely reduce their
credit risk of lending to the company, giving the firms
access to lower interest rate loans.
Speaker 2 (21:14):
In addition, to open Ai.
Speaker 1 (21:15):
Nvidia has made strategic investments in a number of large
tech companies over the past year, often in the ways
to strengthen its edge. Navidia owns a seven percent stake
in core Weave, a cloud service provider that rents out
its massive data clusters to users like open Ai, Microsoft
than others. Earlier this month, the two companies signed a
six point three billion dollars pack for Navidia to buy
buy back any unused cloud capacity core Weave has through
(21:39):
April twenty thirty two. See how these are all entertaining
core and Last week, Navidia announced that would invest five
billion dollars in Intel, a rival chip designer and manufacture
that has fallen badly behind in the global AI race.
The partnership involves developing new products that will allow Navidia
to more easily connect its gpuse to processors designed by Intel,
(21:59):
giving the video a deeper footing in the personal computer market.
So that's the reason and tell me that investment. In December,
Elon musk XI said in the video was a strategic
investor and Mark's and the Video also joined the Global
AI partnership that includes Xai and plans to spend billions
on AI data centers and energy infrastructures.
Speaker 2 (22:17):
So there it is, my friend, that's how this whole
thing is shaping up.
Speaker 1 (22:23):
So what I don't old God? Let me run, Let
me run. Let's start it over to Jack Saban, He's
got news traffick weather. Jack, Welcome back to the John
Sanchez Show on News Talk seven eighty koh with Corey
Edge once again. We finished down eighty nine on the Data,
lost two sixteen on the Nasdaq, and a decline of
thirty seven on the SMB. All right, so Corey, real
quick before we get to our topic again, how to
(22:44):
make that dream of home ownership become a reality? The
seven great points that you put together for us. You
want to make a comment on that AI story the video.
Speaker 3 (22:52):
Well, like you and I were talking about, it's just
when I'm trying to figure out the math of it. Right,
So you have a cashtrap company. I need to give
you one hundred billion so that you can buy one
hundred billion dollars worth of my stuff. But somehow, magically,
I'm going to give you a hundred billion and you're
gonna buy three hundred and fifty billion worth of my stuff.
Even though you have no cash of your own anyway,
(23:12):
So I guess you and I are both like, well.
Speaker 4 (23:15):
What exactly happened? They sure, this is my point in
bringing the whole story. I mean, my guy, so we
can speculate for hours. You know, you can get into
inventory financing. I mean, there's gotta be some way.
Speaker 1 (23:29):
But essentially, you know, it's kind of like, uh, kind
of like people always go, well, you know, how can
X y Z brokerage firm charge zero commission? You know
some of these online firms, it's called deal flow, Right,
there's things behind the scenes that you the public do
you'll never see, You'll never know because let me tell you,
these online brokerage firms, they make the money. Go look
(23:49):
at the financials. They make a lot of money. And
there you're going, well, I pay zero percent commission. You're
paying just on the back end, right deal.
Speaker 3 (23:56):
Flow, and they're selling your information.
Speaker 1 (23:58):
Selling your information. There's, like I said, there's a number
of different ways you can do it. But yeah, the
accry to your point, there's got to be yeah, the
delta between. Yeah, for every ten billion, they got to
buy a thirty five billion.
Speaker 3 (24:12):
Yeah, so let me between And I'm not making a
direct comparison. And I was not around when this happened,
but this scent, but I read the books on it,
like this sounds very enron Esque, like all these yeah,
we're making a ton of money, but when they dug
up everything like no, actually you're booking a bunch of
stuff that never actually really took place or.
Speaker 2 (24:33):
Two thousand and eight, two thousand and nine.
Speaker 1 (24:35):
I mean, that's yeah, that's true because the crisis, right,
And again we're not making comparisons, but you know, my
job is to always be looking out for our clients
and our listeners. Is kind of questioned things because to me,
I don't know, And like I said, when I saw
this article in the Wall Street Journal, after bringing this
up to the audience yesterday, I'm like, Okay, I'm not
the only one that's that's kind of questioning this whole deal, right,
(24:57):
And there's always something more behind the scenes, you know,
when Wall Street and major corporations are involved, there's always
something more behind the scenes than what you're able to read.
Speaker 2 (25:06):
So who knows.
Speaker 1 (25:08):
Hopefully my worries are of nothing, but my fear is
as I shared with somebody today, I said, I just
hope that unlike you, know, unlike eight when we woke
up one day and you know, I've shared the story
a million times, and the SEC changed the accounting rules, right,
you had to do this thing called mark to market,
and overnight, you know, companies went from making x dollars
(25:28):
per earnings per share to negative x numbers of dollars,
and that started the whole cascading effect of the stock
market selling off, and then real estate and so on
and so forth. I just hope something like that is
not lurking with all of this big surge and AI
and again this very aggressive accounting that's going on out there.
So only time will tell. Only time we'll tell. All right,
(25:50):
let's get to our topic this afternoon, which again is
how do we make a home ownership become reality? And
you know, I want to say one thing too, Corey.
We pinched ahole ourselves into saying, oh, this is just
for the young people. But we've got to remember there's
a whole bunch of people out there that maybe owned
a home years ago, maybe they had to short sell
or close whatever, and they're just getting the credit rebuilt, right,
They're just getting back.
Speaker 2 (26:10):
In the game.
Speaker 1 (26:11):
I know, it's you know, typically ten years and you know,
we're well past the real estate crisis. But you know,
don't think that this is only for the young people, right,
This is for anybody that wants to get into the
home ownership game. So I just want to clarify that. Okay, Core,
you put together seven points how to turn this dream
into reality. Let's start with point number one.
Speaker 5 (26:30):
Start with the budget, and it's it's such a key
even before you meet with the lender, Like the lender
is going to be the first step typically, but you
need to sit down with your spouse, with your partner,
with whoever you're going to be buying this with, or
just with yourself if it's just you, and figure out
how much can I afford on a monthly basis.
Speaker 3 (26:49):
And then one of the downside of home ownership is
when something breaks, guess who gets to fix it? You
You can call yourself to come over and unclog your toilet.
So you have to somehow, and it's hard for anybody
young or old to budget and say, well, I don't
know how much it's gonna cost to fix a broken
pipe because I don't know if the pipe's going to break.
But you have to have some kind of an emergency
(27:12):
fund or some kind of account.
Speaker 2 (27:16):
Of the of the home. I mean, that's a lot
of money.
Speaker 3 (27:19):
But that's a lot of money. But yeah, I mean
it's hard. I guess I don't have a tried and
true percentage number. But I was just talking to somebody
this morning who luckily is a renter, but his pipe broke,
his house was flooding. I'm like, you need to call
your landlord and keep calling him. But if he would
have owned that house, that would have been a huge expense.
And then it goes back to, well, I'm gonna call
the insurance company. Well guess what they're gonna do. As
(27:40):
soon as they fix it, they're canceling you. And now
your next insurance company is going to quadruple your rate.
So you have to if and do I would say
the same thing. If you can afford two thousand dollars
a month mortgage because it's all you make, don't strap
yourself to just the mortgage, because you have to have
extra funds to take care of the property.
Speaker 2 (27:59):
And that's hard to do.
Speaker 1 (28:00):
Because again, as we'll touch on here in a second,
you get the pre approval letter right and you go, oh,
I'm pre approved for whatever seven hundred thousand. So I'm
going to go right to the seven hundred thousand mark. No, no, no, no,
you don't need to do that. You shouldn't do that
because of exactly what you said. You've got to have
money for reserves. I mean, and another factor that you
have to look at is what is the age of
the home that you're buying?
Speaker 2 (28:19):
What is the condition?
Speaker 1 (28:20):
I mean, it may be a two year old home,
but if it's been thrashed, you better factor for that.
If it's an old home, you a better factor for that.
So I think it's you know, we're good to professional.
Speaker 3 (28:30):
And to the point that we have been talking about
so far about this new A, I think throw it
in chat GBT, throw it somewhere and say, new homeowner,
what's my perspective budget? Because it's going to have Now
you get to pay real estate taxes. Now you get
to pay the garbage, Now, you get to pay the
sewer fee. All these things that as a tenant you've
never even knew existed, Well, now they exist, so you
need the budget for them.
Speaker 1 (28:49):
Budget is absolutely critical. Let's go to number two. Corey,
check your credit YEP.
Speaker 3 (28:54):
So this is where if you've got your budget together
and everything feels good. Now you're going to go meet
with Dwight or the lender of your choice and let
them check your credit. So don't go to I said
this on hundred times, don't go to the car dealership.
Don't go here and there and check your credit. Have
the lender check it because for whatever reason, they're all different,
and then they can sit down with you and say, hey,
your credit is amazing, you can get along tomorrow. Or
(29:16):
here's where your FYCAL score is, here's all your accounts.
We need to work on these two to get this down.
So I can get the FCO score up and they
can work with you. But the credit will the credit
will tell you. And it's the scary part for people
is it's not a yes.
Speaker 5 (29:29):
No.
Speaker 3 (29:30):
It's not like, oh my credit's bad now I'm out. No, no, no,
it's always a work in progress. If it's not the
best right now, it's it's easily taken care of.
Speaker 1 (29:38):
Over time for a smaller amount because you got some
on there or something correct. Absolutely, But also I tell
this to a lot of young people.
Speaker 2 (29:45):
Don't think.
Speaker 1 (29:46):
I had somebody come to me years ago and he
was all excited because his credit Karma score was like
shot up like fifty points. Like I'm gonna go out
and buy a house and I these lenders, to your point,
they use a different scoring system. Even Fiico's not really
the predominant one. They all have their own scoring systems
and algorithms and things like that. So go to to
the lender, like Cory said, go to the lender, let
(30:07):
them pull it under their system, under their credit criteria,
and they will be the ones to be able to
tell you what to get. All right, when we come back,
we'll talk about how to save for the down payment.
Let's turn it over to Kristen Snow right now traffic center. Kristen,
welcome back to the John Sanchez Show on Newstalk seven
to eighty k which mister Andel phone.
Speaker 3 (30:24):
Number six seven three six seven zero zero beautiful.
Speaker 1 (30:28):
All right, Our topic how to turn the dream of
homeownership into reality. Right, this can happen. You start with
the budget. How much can I really afford? Don't just
go off of what the pre qualified pre call letter
is telling you. Again, like Corey said, you got a
lot of additional expenses you've not been used to if
you've been a renter for a long time. Secondly, have
the mortgage lender check your credit. Don't just go off
of you know, some of the credit bureaus that you
(30:49):
can get online, check it with the lender. Next, saving
for the down payment. I mean, there's a lot of
options there. You can set up a separate, you know,
savings accounts, kind of a budget account where you go, hey,
I'm going to set aside whatever two hundred dollars of
every paycheck and it's going to go into You don't
want to invest it, you want to keep it safe
and secure, so you're going to go into some interest
bearing type of an account and save up right, you
(31:10):
have that target of what that down payment that the
lenders told you they're going to need, let's say it's.
Speaker 2 (31:14):
A year from now.
Speaker 1 (31:17):
There's again many ways, and we'll do a show specifically
on our podcast specifically on saving for the down payment
and in the different options you have, like what are
the rules to borrow against your four oh one K?
What are the rules to borrow or take money out
of your IRA. There's a lot of different strategies that
I can share with everybody. Again, just know that there's,
(31:37):
like I said, many many options there.
Speaker 2 (31:40):
Corey.
Speaker 1 (31:40):
Let's go to our fourth point, which is exploring the
first time buyer programs. Right, Dwight's mentioned this many times.
There's a lot of different programs out.
Speaker 3 (31:47):
There, and that's always worth the question. And a lot
of them are geographically located, so different parts, you know,
they don't blanket everything, but different parts of let's just
call it Washoe County may have different programs. Some of
them have more than one, some of them just have one.
But if when you're in talking to your lender, make
sure you ask the question, because sometimes a good lender
will bring it up to you. Sometimes they don't bring
(32:10):
it up to you. And again to your point, I
think I'm right, Douy can correct us on Thursday. First
time home buyer means not having owned a home for
the last two years doesn't mean it has to be
your first home. So always ask the question, no matter what.
Speaker 1 (32:23):
And he just I'm sure you got the email too.
They just bumped up the conforming limit.
Speaker 3 (32:28):
Yeah, eight hundred and thirty Yeah.
Speaker 2 (32:31):
Yeah, yeah, big, big, big numbers.
Speaker 1 (32:33):
So that opened up you know a lot of conforming
loans two other people, So all right, get pre approved,
not pre qualified. Right, you, as the real real estate
professional there's a difference between those two.
Speaker 2 (32:46):
Explain it.
Speaker 3 (32:47):
Yeah, so I think I maybe getting some of this wrong.
So hopefully Duyight, you know, isn't listening in his car
because he'll crash. But I think the prequalified is a
simple I don't even know if they pull credit at
that point or if it's just the lender looking over
stuff saying everything looks good versus the pre approved is
pull the credit, maybe they verify the income on or
(33:08):
maybe they don't go to that step yet. But it's
it's a it's a much harder in core, if you will. Yeah,
it's kind of very a little bit.
Speaker 1 (33:16):
And but from your standpoint again, if you're taking if
you're let's say you're representing the seller, you want that
buyer to have that pre approved letter, not just pre qualified,
because again, now you've got a serious buyer, one that
financially is serious and able to commit to what a
deal you Finally.
Speaker 3 (33:34):
I'll tell you what I do as a listing agent.
If I get a pre call or pre approval letter
from a local lender and it's somebody like Dwight or
some other people I know, then I'm good with it.
If I get one from out of state. Then I'm
calling that lender. I'm going to ask them questions. So
I don't care what the top of it says. If
if it's not somebody I know that, I'm going to
call and ask questions anyway, And that's from a listing side,
that's what you should be doing.
Speaker 2 (33:54):
If it's out of state, what are you gonna do?
Speaker 3 (33:56):
That's what I'm I call and ask the lender questions.
And they can't tell you all the financial stuff, but
I make sure you've pulled the credit, You've done this stuff.
I'm not just gonna take They spent out those letters
by the thousands, and so regardless of what.
Speaker 2 (34:07):
It's it's pretty easy to create a fake litter.
Speaker 3 (34:10):
I would imagine that, Yes it is, yeah, yeah, yeah.
Speaker 2 (34:12):
All right.
Speaker 1 (34:13):
Final two, work with an experienced realtor. I mean that's
what you are, Cory. I mean, that's why you need
that experience there. And then don't skip the inspection. That's
one of your favorite ones.
Speaker 3 (34:23):
Don't ever skip the inspection. You're gonna you're biting off
a big chunk you're committing to this property. You got
thirty years. Everything we've talked about the whole show, the inspection,
for three hundred or four hundred dollars. Some people want
to skip there. That is the best three four hundred
dollars that you're going to spend because there will be
something wrong with that house that nobody realizes until the
inspector finds it. A lot of times the sellers will
take care of it as long as they know it's there.
(34:44):
So it's worth every penny.
Speaker 1 (34:46):
And remember as the as a seller, you have the
obligation to disclose everything.
Speaker 3 (34:50):
Right, you've done everything, you know, if you know about it,
you have to disclose it absolutely.
Speaker 1 (34:55):
Yeah, all right there it is, folks, how to turn
the dream of home ownership into reality bottom line, and
get the great team together, Corey, Dwight, et cetera, and
make this dream become a reality because it can be.
And there's all kinds of great programs like we said,
So if you want more information, give ustray As a
phone call and I'm sure he'll step right in and
make this happen for you. God bless everybody. Thanks Corey,
this's a lot of fun. We'll do to you tomorrow
on the John Sanchez Show. Have a great afternoon. Dwight
(35:17):
Millard n MLSID Number two four one, two five nine,
a license mortgage Loan officer with Highlands Residential Mortgage Limited
and Equal Housing Lender n MLSID number one three four
eight seven one. The information shared on this live broadcast
is for general information purposes only and does not constitute
financial or mortgage advice. Listeners should consult directly with a
licensed mortgage professional for guidance tailored to their specific situation.
(35:41):
All loans are subject to credit approval and program guidelines.
Speaker 2 (35:45):
Not all applicants will qualify.
Speaker 1 (35:47):
Loan terms and availability may vary by state and are
subject to change without notice. Highland's Residential Mortgage Limited is
licensed in multiple states. For a full list of state
licenses and disclosures, please visit https slash slab www dot
Highlandsmortgage dot com backslash licenses backslash.
Speaker 2 (36:05):
The views expressed
Speaker 1 (36:06):
During this program are their own and do not necessarily
reflect those of Highland's Residential Mortgage Limited.
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