November 7, 2025 • 34 mins
In this conversation, the Jon Sanchez, Dwight Millard of Highlands Mortgage and Cory Edge of Edge Realty discuss the rapid evolution of technology, particularly AI, and its implications for the mortgage and real estate industries. They explore how AI is transforming processes, the current market trends, and the importance of protecting wealth and equity in real estate investments. The discussion also covers strategies for homeowners and investors to safeguard their assets against potential risks.
Chapters
00:00 Introduction and AI in Real Estate
02:35 The Evolution of Technology and Its Impact
05:27 AI's Role in the Mortgage Process
08:18 Market Trends and Economic Indicators
10:42 Wealth Protection Strategies for Homeowners
19:06 Protecting Equity in Investment Properties
👉 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.
Chapters
00:00 Introduction and AI in Real Estate
02:35 The Evolution of Technology and Its Impact
05:27 AI's Role in the Mortgage Process
08:18 Market Trends and Economic Indicators
10:42 Wealth Protection Strategies for Homeowners
19:06 Protecting Equity in Investment Properties
👉 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.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Good Thursday afternoon to you.
Speaker 2 (00:06):
Welcome to the John Sanchez Show on News Talk seven
eighty k which it's a pleasure to be with you
and a pleasure to be with my co host around
the horns. We shall trouble mister Dwight Millardside side, I
got h is going on Highlands Mortgage.
Speaker 1 (00:22):
How are you, my friend?
Speaker 3 (00:23):
I'm doing fantastic. God I don't have another employer again
in the mortgage world. So yeah, I thought you knew
something I didn't know. But I'm doing well. How are you? John? Good?
Speaker 1 (00:31):
Good, my friend? Good good? Corey. Really never never, I
never screwed that one up.
Speaker 4 (00:35):
It's nice and sure, No, it's never changed.
Speaker 1 (00:38):
It with the same company for a long time. What
do you know.
Speaker 4 (00:40):
Yeah, that's why it's got that same name. I can't
get away from it. Trademark exactly.
Speaker 1 (00:46):
Did you get a website created yet?
Speaker 3 (00:48):
No?
Speaker 4 (00:48):
But now you and Bailey with your big AI talked
the other night. I'm like, oh, now I can have
this done pretty quick. I suppose Corey.
Speaker 2 (00:55):
I will go on public radio just so everybody can
hold me to it. I will have Bailey create your
website for you for absolutely free.
Speaker 3 (01:04):
All right, And we're being recorded.
Speaker 2 (01:06):
You don't need It's really you don't need AI. I mean,
she may use it a little bit to design it,
but you don't need to worry about it. She will
create the Edge Reality Team website.
Speaker 4 (01:16):
You just as long as I don't have to respond
to anything on it. I need, I need a chat.
But one of those guys you were talking about this
morning exactly take care of all that stuff.
Speaker 1 (01:27):
Yeah, that's the truth.
Speaker 2 (01:28):
Yeah, it's a it's amazing, you know, before we get
into what the what the show is gonna be about.
Corey's referring to a message that I sent both of
them this morning. There was a gentleman on CNBC and
interview and I mean, this guy's just got like a
pedrogree like you can't imagine as far as technology. I mean,
he created the like button on what Facebook? I mean,
(01:51):
just crazy things that we use technology wise. This guy
seemed to have a hand in so many of them.
And this company that he he I guess founded and
has evolved with. And he's also on the board of
open Ai of course, the parent of chat GPT. And
he was talking about that, Corey, we're talking about websites,
and he said in a few years, you really won't
(02:13):
even have a website anymore because everything is going to
be operated off of AI agents, right, and the technology
that they've already deployed again with a number of Fortune
five hundred companies is mind boggling.
Speaker 1 (02:29):
And you know, I tease Dwight.
Speaker 2 (02:31):
They they partnered with Rocket Mortgage, and Dwight, I mean,
how can this be? I was trying to figure this
out after I send it to you where he They
said that essentially, an AI bought will take a client
all the way through a customer, all the way through
the mortgage process. It will not have any human intervention
from the original call or email or whatever all the
(02:53):
way through to closing.
Speaker 3 (02:54):
Yeah, but it doesn't have a personality like me, So I
don't know how people along, you know, I mean you
got to laugh along the way sometimes. So maybe maybe
I'll just be a comedian, right, you know, just go
do your loan over there when you know, when you
want to jump off the fifth floor, call me. We'll
work it out. But John, we've talked about this, We've
talked about it off.
Speaker 1 (03:12):
Air on air.
Speaker 3 (03:13):
I mean, I'm an easy target, you know, the very
easy target. So it does make you nervous, but you
know the problem is that you'd want to know the
percentage of the cookie cutters that will flood you go.
Speaker 1 (03:25):
Right through for the cookie cutter mortgage buyer.
Speaker 2 (03:27):
Yeah, I could see what would work, but again where
your expertise comes in at the you know, out of
the box, right Nonoki, Yeah, yeah.
Speaker 4 (03:35):
Yeah, And just I know you like to give me
a hard time about not having a website, but really
what I've been doing is playing the long game because
I knew this would come. I didn't want to. I
don't want to resources. Yeah, yeah, I mean think about that.
We're going to sound super old here, but like when
my first year in college, I remember one of my
professors being like, you can do these crazy things called emails,
(03:55):
and you can send them to the White House and
the White House and then the Internet. And now you're
saying that in a couple of years, you don't even
need the internet anymore. Like we've lived through you want
to need a website, our website, but you've kind of
lived through that whole cycle almost. That's crazy.
Speaker 2 (04:09):
Well, I'll date myself also, Corey, when I started in
radio in nineteen ninety seven in Bakersfield, when I went
independent in nineteen ninety nine. I remember, so that was
when I went independent. That was Valentine's Day of nineteen
ninety nine, when I left Smith Barney and the I remember,
you know, of course, that was in the just just
almost the peak of the dot com era, right, and
(04:32):
I remember, and I don't remember which company it was,
if they're even around, but they'd come out and they
had said, look at pretty soon, you're gonna be able
to have a cell phone that you can take pictures,
you can watch video, you can videotape things, and you
may even get some news coming in on it. And
I remember telling my audience, I can I can see
it like it was yesterday, about how exciting that was.
(04:54):
And now obviously look at what we have in our
pockets now with the cell phones and things.
Speaker 4 (04:59):
And it's so we're getting away off track here. I
don't know if you had a chance to play with
that new open AI thing that I told you about
last week, the video thing. But I was with an
agent last night, a very good friend, and I hadn't
seen her in a long time, and she's kind of
like air and she's into all that stuff. So with
this new technology now, she used to have a videographer
and all these production things. Now she's taken I she
(05:20):
was explained to me a five second snap of herself,
her picture, said a few words. Now she just types in,
I want a thirty second video that shows me in
the mountains driving my truck, talking about and it's done
in sense and she's.
Speaker 3 (05:32):
Like, I don't.
Speaker 4 (05:33):
She feels bad. I don't have a video for I
don't have any of those people. I don't need them anymore.
It's just instant and it's free.
Speaker 1 (05:39):
It's crazy and it's free real quickly. I mean, it's
an important point.
Speaker 2 (05:42):
Yeah, we Corey nin to, I'd had a long discussion
after the show off air obviously on Tuesday, But tell
the audience that was what was the name of that
webs or that it was a sor SOA.
Speaker 1 (05:52):
It's A.
Speaker 4 (05:53):
It's A. It's a. It's a piece of open AI.
It's owned by open A, so it's just a new
app from but it is. It's very fascinating and scary,
but they can take And again we're gonna sound super
old because there's people listening going off court. Yeah, yeah,
that's been out for two weeks. That's all technology. But
we could take a snapshot of Dwight for five seconds,
(06:14):
have him say a few words, and he could just
create any video I once. And the video is not
like you create it. You type in with words what
you wanted to do, or you can have AI. You
can tell a little bit about what you want, then
it'll create it. But then the video is generated based
on what she wrote. And she showed me all these
videos she's using and they were fantastic. I mean, it
(06:34):
was incredible. It was really cool and scary.
Speaker 2 (06:38):
Yeah, and like I said, I know we're probably sounding
behind the times, but it is changing so fast. I
have made it a point every night when I sit
down and eat dinner, when I turn on my YouTube
TV to watch a segment on chat GPT. This is
an example like a tutorial because there are so many
features that I mean, I use it each and every day,
(06:58):
but there are so many feature is that we have
no idea and that's I saw that on one of
the one of the tutorials the other day. Corey, uh,
after you told me about that and yeah, you're up. Sorry,
well I watched one. Matter of fact, it was that
same night. This is hilarious, folks. If you want to
do this again. Go into YouTube and and search AI
generated videos of Donald Trump.
Speaker 1 (07:20):
And there are these.
Speaker 2 (07:21):
I there's a whole series of them that this one
company has made.
Speaker 1 (07:26):
And I swear, guys, you you would never know.
Speaker 2 (07:28):
It's like it's his face, his voice on like a
muscular body. Like there was one in a like a
western town. It was with him and Putin and Milania
Trump and I mean, and it's there's you know, like
country music to it.
Speaker 1 (07:43):
Unreal.
Speaker 2 (07:44):
Just if you did not know that it was, you know,
AI generator, you thought, oh, you know, this is the
fun side of Donald Trump video.
Speaker 1 (07:51):
But that's that's where the technology is.
Speaker 4 (07:53):
So well, just wait till the next I know, we
just had an election a couple of nights ago, but
wait till the next presidential election went people you're right,
who don't know about all this stuff, and they're seeing
videos and believing, Oh, Donald Trump is in Montana with
Putin there up in the mountains like a minute.
Speaker 3 (08:10):
Autely, you know, John, if Corey holds out long enough,
we'll be back to the rotary phone.
Speaker 4 (08:15):
Yeah, we are going backwards. I do think all of
this the human brain is being used less and less,
which means we're all kind.
Speaker 1 (08:24):
Of yeah, that is true, regurgion. But look how look
how we fish in our time has become corys. That's
hopefully the extra time that AI has created for all
of us. We're making it up and doing something productive.
Speaker 4 (08:35):
We're all sitting on YouTube watching the video.
Speaker 1 (08:38):
At least.
Speaker 3 (08:40):
It would be interesting to know, John, the college students today,
how much AI. You know, we didn't have that in college, right.
I had to go to the library reluctantly and find that.
Speaker 2 (08:50):
You know, I drove by one the other day. I
told my wife, is does anybody even go to a
library any more?
Speaker 1 (08:54):
Yeah?
Speaker 3 (08:56):
I mean, but but I would be a doctor today
if I had AI back when I in college.
Speaker 1 (09:00):
Yeah, you know, absolutely, So you can be whatever you want.
And that's this one tutorial that I was watched estort
last night.
Speaker 2 (09:09):
The guy wrapped it up by saying, picture, you know this,
this power of AI, it is having.
Speaker 1 (09:15):
It's like having the.
Speaker 2 (09:16):
World's smartest person working for you twenty four hours a day,
seven days a week, and it doesn't cost you a pinny.
Speaker 1 (09:22):
Yeah. Nice, it's so true. So true.
Speaker 2 (09:26):
Anyways, all right, guys, let's let's tell everyone what we
have in store wild ride today.
Speaker 1 (09:33):
First of all, in the market, you can't wait to
tell you everything that happened.
Speaker 2 (09:36):
But then we're going to go back to our topic
that we discussed on Tuesday that we just really kind
of scratched the surface on.
Speaker 1 (09:42):
We have a long to go.
Speaker 2 (09:43):
How to protect the wealth that you have built. So
we started our segment last Tuesday, or started the show
by describing some very important wealth protection strategies for the
equity in your home. We got through I think two
or three of our I don't know what there is
seven or so, and then we didn't get to the
investment real estate se So we're going to continue on
that and really again enlighten you on some pretty basic strategies,
(10:05):
some advanced strategies, but things that most of you can do.
Again if you are concerned about someone coming after the
wealth in your real estate, so you don't want to
miss that. We'll be getting to that momentarily, but first
let's turn it over to Christen Snow. She's gonna take
us to the right now traffics and then we'll come
back and start talking to some stock market. Hello, my dear,
(10:31):
Welcome back to the John Sancho Show on News talk
seven eighty koh alright, let's get down to our topic
of course. Joan by Dwight Mallard, Highlands Mortgan's Corey edge
of Edge Reality.
Speaker 1 (10:39):
All right, Like I said, it was.
Speaker 2 (10:41):
An absolute wild ride today. We had more of the
concerns of AI valuations. I know, I saw like a
broken record, but that is all we're talking about these days, folks.
As far as what's moving this market worst level, we're
down over five hundred points. Clout our way back a
little bit, but we were doing much better and got
some pretty good selling pressure going in the last thirty
minutes of the session. Finished down three to ninety nine
(11:04):
on the dial, point eight four percent loss to a
close of forty six thousand excuse me, forty six thousand
nine to twelve nazdaka four hundred and forty six point
decline one point nine percent. SMP down seventy six points
or one point one two percent. On the commodity side,
we lost sixteen cents on oil to fifty nine ninety
four barrel goald down twenty four cents. Excuse me, yeah,
twenty four cents is all parting two dollars and forty cents.
(11:26):
Can't read Moone writing three thousand, nine ninety one ten
and boy Dwight six bases point decline on the ten
year treasury today you'll close of four point zero nine percent.
Let me peak real quick before you give us your dialogue.
I want to see how the major home builders did,
and they're real quiet. Take us into the world of mortgages,
because these yields were down across the board today.
Speaker 3 (11:47):
Well, yeah, and it was a little bumpy. They'd drop
and they'd come up dropped me. So it was just
like the stock market. But so you've gained a little bit.
I mean last Thursday we were at I think six
point three three or six point two nine right now,
so you've got a little bit of a break. You know,
your fifteen year five point eight and your thirty year
governments are right just inside of the six. So six
(12:09):
point oh two, six point oh three. So if we
can get a couple of days of this, John and
I don't you know, it was just I'm trying to
figure out what the bomb market reacted to. Was it
just the opposite of the stock market today?
Speaker 4 (12:22):
Was there a challenging It was a challenger.
Speaker 2 (12:24):
Yeah, we had the yeah, exactly had the Yeah, the
Challenger Gray, which is a layoff report. Usually you know,
in most conditions do it doesn't get a lot of attention.
I'm trying to go through my nose. Yeah, here's the number,
one hundred and fifty three thousand, seventy four job losses.
That is the highest number going all the way back
to October of two thousand and three, two thousand and three.
Speaker 3 (12:50):
Well, we've known this job market's a problem, and so I.
Speaker 1 (12:53):
Mean to play the beginning.
Speaker 3 (12:54):
This is what No, you've said that, You've been saying that,
you and Corey been saying that for a long time now.
So I, I mean it's now here, and I don't
think a quarter basis points here, a quarter basis point there,
e I E I oh, I mean I ain't gonna work.
Speaker 1 (13:07):
No, no, it's not.
Speaker 2 (13:08):
Yeah, well, you sent a great article and unfortunately we
don't have time to go through it today. You sent
a great article in the Wall Street Journal just talking
about how home builders are suffering. That was you know,
some staggering data, dight, and you were saying this again.
This is the joy of this show, guys, is everybody
you know, we're all in the trenches where you know,
you'll read about it a couple of weeks after we've
(13:29):
told you about it, because you know, we live and
eat and breathe it every single day. But you know
the articles is America's biggest builders are struggling to sell
homes even when they offer a four percent mortgage number
of complete This I just want to give this one statistic.
Then we'll move on the number of completed. So listen
to this, folks. The number of completed but unsold new
homes has reached levels last last seen in the summer
(13:50):
of two thousand and nine, according to NATA from the
Funeral Reserve Bank of Saint Louis. At the end of
last year, builders were confident that sales would recover this
year and built tens of thousands of units to have
enough supply for the spring buying season. But demand didn't
pick up, and more homes have set profit margins have
taken a hit. D or Horton only started building fourteen thousand,
(14:11):
six hundred homes over the three months through September. That
is down twenty one percent from a year ago. Sales
of new homes are roughly a fifth of all US
housing transactions, so they aren't the full picture. Yeah, but
the bottom line, and this is going to be scary guys,
you know, a getting these builders they were conservative, but
they did build a bunch of homes. And Dwight you
said this, I think two weeks ago, long before this
(14:33):
article came out, that you know, in Texas you've seen
housing tracks that like tumbleweeds are blown through.
Speaker 3 (14:39):
We've seen and you see it everywhere. John, and these
builders and you know, Corey and I both are you know,
have some good you as well, and and Reno some
great relationships. The problem in northern event you still got
the same thing. I mean, they're just not on a massive,
you know level. But when you you take a d R. Horton,
it's down twenty one percent. I mean, this is a
home build that builds, you know, ninety two thousand closes,
(15:01):
ninety two thousand a year, you know, I mean that's
that's big numbers. But these six percent they're given six
percent concession John on these fahs and people are still
not taking them.
Speaker 2 (15:11):
Hey, Corey, maybe Dwight's gonna be right make you and
I look stupid. Remember when he said a couple of
years ago that rates don't matter.
Speaker 1 (15:17):
We bought that.
Speaker 2 (15:18):
Maybe you're right, maybe that would be the one that's
laughing all the way because yeah, obviously get down to
the like they're saying a four percent mortgage and people
still mind.
Speaker 4 (15:28):
But when you when you lose your job or think
you're going to look you yeah, nothing.
Speaker 1 (15:33):
Matters, Yes matters. You can say one per.
Speaker 3 (15:36):
Hold on, just holding on.
Speaker 2 (15:37):
Yeah, And that's the way it is, you know. And
again this article touched on it. We all know this.
You've got this government lay off the longest in history.
I think a lot of people still are not sure
even even if tomorrow the government shut down is is
you know, if it's announced that it's ending. I think
a lot of people are very nervous if they work
for the federal government that they're even going to have
a job.
Speaker 1 (15:57):
Right.
Speaker 2 (15:57):
There's so many threats of course that Trump's trying to
eliminate a lot of government jobs, you know, right or wrong.
So that has an impact on people. And I don't
care if you you're a government worker or not. If
you hear a friend a family member that works for
the government going, hey, I don't know if I'm gonna
have a job when I go back, that starts screwing
with your psyche a little bit and your confidence, right.
Speaker 4 (16:16):
You know the other thing, I was listening to one
of the administrators talking maybe it was Duffy the other
day saying, he goes, if we restart tomorrow, they don't
get paid for two months.
Speaker 1 (16:24):
Yes it was yes, Yeah, it was Deffe eating and.
Speaker 4 (16:26):
It doesn't start right away.
Speaker 1 (16:27):
And then he was talking to area traffic controllers. Yeah,
that's Secretary Transport.
Speaker 4 (16:31):
Get way off track. But you see on the news
these lines, these food lines, you can where the hell
are we living? This is crazy?
Speaker 2 (16:37):
Yeah, it really is, It really is, and it's uh,
it's challenging. And then back to our original you know
again you throw in AI whether you want to admit
it or not, it is taking jobs. Cory, you you'd
mentioned something very interesting we were chatting on during the break.
I want you to mention that about the higher degree people.
Speaker 4 (16:54):
Yeah, there was a I was listening to a gentleman
talking about the report today and he's said, going through
who in the workforce is having the hardest time finding jobs?
And he said it laid out to the people.
Speaker 2 (17:09):
Oh, I think we lost Corey. Sorry, yeah, Corey frows
up on us here. But anyway, what Corey was gonna say,
is those with the highest level of degrees doctorates, uh,
you know, the doctors, yeah, nbas et cetera. Those are
the ones that are having a hard time finding a job.
Because again, like I said at the beginning of the show,
(17:33):
and I didn't even know Corey was going to say this, Uh,
you know again, you've got the smartest person in the
world sitting running your at your computer that doesn't cost
you anything. So it's it's scary, guys, and I and
I'm gonna come out and I'm gonna say it again
not you know, I'm again a very very optimistic person,
but I think we have got to start to realize
(17:53):
that we're gonna be We're gonna get to a point,
i'd say, Dwight within the next couple of years where
we're going to be sitting at a five to six
percent unemployment rate. And I think that's this where we're
going to be historically, as long as technology keeps doing,
because folks, we're not even in the first inning of technology.
You know, when I saw this interview this morning on
(18:15):
The Gentleman regarding the AI agents and we're we're playing
around with some of them ourselves, you know, within our firm.
It's mind boggling, Dwight. I mean, you know, my brother,
doctor Denisanchez, he said. He says, brother says, listen, the
way this is going to be in the future, he goes,
You'll sit down and not directing it to us. But
let's say a typical office work where you're sitting around
(18:36):
with you know whatever, five to ten other people in
your office. You're not going to see all those other
people sitting there. Instead, you're going to sit down and
your personal AI agent is going to say, Dwight, good morning.
All right, let me tell you what I have lined
up for you today. You got three meetings, one at nine,
ten and eleven, and then you have a lunch meeting
with a you know, a brand new client blah blah. Now, Dwight,
(18:57):
I've prepared everything you need for that nine ten and
eleven meeting. I've already made the lunch reservations for you
at your favorite restaurant. For that twelve o'clock meeting, You've
got to pick up the kids from school at three,
and then you have dinner with your wife tonight at
six thirty. I've already laid out what the menu is
and boom, you know, I mean literally, Dwight, that's.
Speaker 1 (19:19):
The way it's gonna be.
Speaker 2 (19:20):
There's you know, I feel bad if if someone makes
their living being a personal assistant. I mean, I mean,
we're a little bit of ways away, but we're not
that far away, and it terrifies me. I was telling
Jason yesterday we were open and honest. After I watched
that video Corey about you know what you were talking
about about the part of uh chat GPT that that
(19:41):
does the videos, and then I started moving deeper and
deeper and I got into a bunch of great YouTube
videos about uh uh these data centers and how fast
they're built, and what they're comprised of, and just again
what they're they're they're planning for the future.
Speaker 1 (19:56):
Folks.
Speaker 2 (19:56):
You think that we have a lot of data centers
now there's about eighteen hundred. It ain't nothing, as the
saying goes, compared to what's going to be there and
what these things are capable of. But you get down
to that point where you go, where does this stop?
And I tell you what, you let your mind start
to wonder, and you go, it's scary where the future
is heading. You know, it's exciting from a business perspective,
(20:18):
but it's scary as far as mankind is concerned, and
the amount of people that are going to be unemployed,
and you know, you think the snap lines are long now, Corey,
as you were saying, I'm terrified to see where those
may be when we're at a five six percent permanent unemployment.
Speaker 4 (20:30):
Yeah, we're not ready for it yet, yes, hopefully, Hey,
I can tell us how to get ready for it.
Speaker 1 (20:35):
Yes, yeah, definite.
Speaker 2 (20:38):
All right, we're gonna head to break when we come back.
We're gonna get into our real estate topic once again.
Protect what you have built, your home equity. Do you
got to tell you real quickly? The board of directors
for Tesla did approve Elon Musk one trillion dollar pay plan.
Seventy five percent of the voting approved of that. So yeah,
he has to hit certain bogies and things like that.
(20:58):
But yeah, yeah, Tarlion dollars he's going to make if
he hits these bogies. Stock finished down sixteen to sixteen
to share four forty five ninety one right now and
after hours up eighty five cents four forty six seventy six.
Jack Saban taking away in news trafficking weather. Welcome back
(21:18):
to the John Sanchez Show on News Talk seven eighty
koh to the Corey individuality to White Mallard of Highlands
Mortgage once again, a three to ninety nine decline on
the down Nasdack down four to forty six s and
b lower by seventy six. All right, like I said,
Rocky road in the street today. But how about this,
let's talk about your home equity. Right, what are you doing?
What are your strategies, your defensive strategies to protect that
(21:39):
equity in the event of whatever the case may be, lawsuit,
unexpected death, you name it. Anything in the world can
come after that home equity. Well, we're trying to help
you out with this. And again we start this subject
on Tuesday. We're gonna try to run through quickly the
primary home and then we're going to get into the
rental side of things. So let's recap what we discussed
on Tuesday. Guys number one, we said the homestead exits
(22:00):
very simple form. You can file with your local countery
qorder stay in Avata protects the equity in your home
up to six hundred and two thousand dollars catched about
thirty bucks or so to file.
Speaker 1 (22:08):
It can't beat it. Everyone needs it. Only in your
primary home.
Speaker 2 (22:11):
Though, have the proper title in As Corey said, yeap,
make sure you got joint tenants, community property, living trust,
whatever it may be. Whatever your attorney feels is the
best way to do that. Umbrella insurance, I've covered this
subject again. You buy Umbrella in a million dollar increments.
It's very inexpensive four or five six hundred bucks a
million dollars. And again it provides excess liability protection above
(22:31):
and beyond your auto and your home and for what
I call crazy things in life that could result in
you getting sue. Talk to your homeowner's agent and they
will require most cases your homeowners and auto be with
the same insurance company. Have adequate homeowners coverage. Right, we
all fall victim at this one. Make sure you meet
with your agent at least once a year. Make sure
(22:53):
your home is properly insured, your belonging, so on and
so forth. Again read visit that coverage on an annual basis.
One of my I have the proper estate plan in place.
This is another great way, of course, make sure you've
got the living trust if it's appropriate. Use a revocable
living trust transfer on death deed to protect the property whatever. Again,
your advisors recommend that you have please do that. There's
(23:15):
no protection just having joint tennants rights or survivorship. Debt
shield strategy. Well, Dwight, this is where we left off,
and this is kind of an interesting one. But all
of us know a lot of wealthy people, and especially you, Corey,
they do this a lot. They will use a debt
shield strategy, meaning they will strategically refinance a property to
pull out as much equity as they can.
Speaker 1 (23:36):
They may or may not have a use for it,
but they do.
Speaker 2 (23:38):
It so that if they are sued, there's like no
equity in there for the planet's attorney to get.
Speaker 3 (23:45):
I love that one, John, I'm ready. Yeah, let's everybody
do the debt shield strategy. No, but it makes sense,
I mean because I mean, if you've got a ton
of equity and it's public for the most part, its
public record, you can figure out what somebody typically owes
or doesn't know, you know. Yeah, that's a it's another
way to just protect.
Speaker 1 (24:04):
Yourself, yeap, Corey. Yeah.
Speaker 4 (24:08):
And then we talked about a little bit on Tuesday
that in Nevada, your equities protected with the homestead up
to six hundred and five thousand. But I'm sorry, yeah,
six o five. But if you have seven hundred thousand inequity,
I've seen it before, they will make you sell that property.
You get to keep the six so five, but they're
keeping the ninety five thousand. So that's where the equity
strategy comes in play if you need.
Speaker 2 (24:27):
It, so you you literally, yeah, could could take out
a line of credit even if you don't use it.
Speaker 1 (24:33):
Right to Wight.
Speaker 2 (24:33):
Yeah, let's use Corey's example. Let's let's make the number simple.
Let's say the homestead was six hundred instead of six
o five. You again, you lose a lawsuit. You're protect
it for six, but the house is worth seven. As
Corey said, they'll make you sell that. But if you
had a line of credit, that checkbook just sitting there,
But it looks like you're gonna have a lawsuit, write
yourself a check for as much equity as you can
get it out, and okay, now try to take the house.
Speaker 3 (24:56):
Yeah, and real quick, John, we're seeing an increase in
home echer lying interest. Yeah, so I mean it's all
over the board. It's like we were just talking true.
Talking about the economy, people just need a little bit
of safety net. But here you go again in house,
you're only gonna pay what you borrow, right, so if
you can, you can pay it back. So very convenient,
all right.
Speaker 2 (25:14):
Our final strategy on protecting the equity in your primary
home is asset documentation. Keep very very clear records of
ownership improvements. Insurance to supporting the illegal defense. Also as
far as insurance claims. Great idea. At least once a year,
get your phone, go around, videotape the entire house so
that you can see because very few of us have
(25:36):
all the receipts of different things we bought. But once again,
very good records, right, Corey, You've talked about this many times,
especially when they're trying to determine the capital gains. You know,
if you have those improvements, those receipts for the improvements,
that again is going to increase your cost basis therefore
lower your taxable capital gains.
Speaker 1 (25:55):
Issue.
Speaker 4 (25:55):
Yeah, and where I see a lot of this is
and it's really not the end of the world. But
people will have trust or they'll have wills. One spouse
dies and sometimes that spouse is the one that handled
all those arrangements. So now everybody's got to figure it out.
I was helping somebody a couple months ago, and I
think their living trust had been restated like six times,
and I'm like, we need one two through, Like, we
need all this because if we're going to sell, the
(26:17):
title company needs to know where this chain is coming from.
So keep it all there. And you know myself included
you too as well, But don't be scared to put
all that in the PDF and keep it somewhere in
the cloud to where it's easily accessible for people you
don't like my mom still prints out all this thing,
Like Mom, you don't need to print these every month.
Speaker 1 (26:36):
Keep anymore exactly.
Speaker 2 (26:38):
There's a lot of secured sites that you can do
that with great advice. All right, So that's it. That's
our seven points on protecting the equity in your primary home.
Let's move on for those of you that have commercial
property or investment property, first and foremost on our eight
points here, form an LLC. Place each rental property into
its own LLC to isolate the liability and keep your
(26:59):
personal life separate. Now's you always give draw big circle
right now, while your assets, your home, your rental property.
Everything's inside that big circle you get sued.
Speaker 1 (27:08):
Guess what.
Speaker 2 (27:08):
Everything inside the big circle is subjective to the lawsuit.
As we always talk about, if you have one rental
property form an LLC, it's a small circle outside that
big circle in and of itself. But Corey, I love
how you always describe this. Make sure you operate it
as a business because if not, they'll pierce it.
Speaker 4 (27:25):
Yes, absolutely, and it's the easiest piece of advice. They're
not that expensive. You can get them done relatively easily now.
But put in the LLC because not only does it
allow creditors to not get into that, but it also
allows if an accident happens in that property, it doesn't
let the creditors get out of it, if that makes sense,
So it keeps it in its own nice little bubble.
(27:47):
God forbid, something happens. I mean, maybe you have five
or ten grand in that operating bank account to keep
the property going that they might try to look at.
But other than that, they're not going to get to
your personal assets. But if you have crappy records, or
if you're down at the grocery store using the debit
card from the rental property, forget it, they're going to
pierce it.
Speaker 1 (28:07):
Mingle.
Speaker 2 (28:08):
That's the number one issue that allow the corporate bail
to be pierced in this example. Absolutely, all right, Cord,
real quick before we go to break. Let's throw in
a number two. Maintain adequate landlord insurance. This is so
very important.
Speaker 4 (28:19):
So you want to have the hazard policy. Let's assume
you've got a single family rental house. You want to
have the same hazard policy with a rental writer so
that they know it's rental. You can also talk to
them about vacancy. Some of them will still cover you.
Let's say you have a vacancy in the last two
or three months. Some of them you'll have automatic coverage.
Some of them you won't. So make sure you understand
coverage for what what do you mean if the property
(28:41):
goes vacant, you're having a hard time re renting it
because when the property is vacant they look at it
different than when when somebody's living there.
Speaker 1 (28:46):
I did not know that.
Speaker 4 (28:47):
Oh yeah, absolutely. And then the umbrellas, I mean, the
umbrella crosses all the properties.
Speaker 1 (28:52):
I have the umbrella, and we're gonna mention this. And
that's our third point. This is throw it in real quick.
Speaker 2 (28:57):
Make sure when you get your umbrella policy and your
personal life right as we were just talking about, all
you have to do is ask for a writer for
that rental property and they will add a writer or
in some cases like what I do. I when I
bought a separate umbrella policy for rental properties and thinks,
so yeah, you just again, same same logic behind that.
(29:18):
So good stuff there. All right, when we come back,
we'll hustle three points four through eight on our how
to protect the equity now in your commercial property.
Speaker 1 (29:27):
Just wrap it up with that. Kristin's note right now
Traffic center.
Speaker 2 (29:29):
Hello, Kristin, Welcome back to the John Sanchez Show on
News Talk seven eighty koh with Dwight Mallard of Highlands Mortgage.
Speaker 1 (29:38):
Corey had to step out, mister Millard. Your phone number, sir.
Speaker 3 (29:42):
Yes, sir seven seven five two four zero two zero two.
Speaker 2 (29:45):
Two beautiful Christmaster Edge's phone number seven seven five six
seven three sixty seven hundred.
Speaker 1 (29:52):
All right.
Speaker 2 (29:52):
Once again, we were talking about protecting the equity in
your homes from lawsuits and all kinds of crazy things
to sap away all that harder in equity touched on
number one on the again, we're on the investment side
of it. Now form the LLC, and I want to
mention one other thing to White on the LLC. A
lot of people don't know this. A few years ago
and it's been quite a while, seven eight years, if
(30:14):
not longer, in the state of Nevada, they created what's
called a series LLC. And this was a design I
remember it was during one of our real estate booms.
So let's say you own five rentals, right, and your
attorney has said, okay, you need to have these protected
in an LLC. Well the old day, old days were
you would put each rental into its own LLC for
(30:34):
the maximum asset protection. Well, you can create a series LLC. Now,
cost a little bit more to file it initially, and
I think the ongoing fees a little bit higher than.
Speaker 1 (30:43):
A single LLC.
Speaker 2 (30:46):
But what it does, it's one LLC that gives you
the asset protection as if you had in this example
five LLCs.
Speaker 1 (30:53):
So again, very effective way to do it. Again, it's
called a series LLC.
Speaker 2 (30:57):
Touched on maintain adequate landlord insurance the Brella policy extension.
Now I'm going to combine points four and five to
White separate the bank accounts. We kind of touched on
that a minute ago. Do not co mingle your rental
income with your personal and the expenses and so on
and so forth. Keep everything separate, because that's the first
thing an attorney will do and they try to pierce
your your LLC corporate veil is, oh, we operating. This
(31:20):
is your personal bank account. Number Five asset segregation. Never never,
never co on multiple rentals under one entity. This avoids
the cross contamination risk between the two properties. Touched on
that as far as the series LLC. What about proper
lease agreements?
Speaker 3 (31:34):
Yeah, real quick, so you know, John, you're gonna buy
this great beautiful home, you're going to rent it out,
So don't fall down at the one yard line. You know,
make sure you got the best attorney reviewed, you know,
lease agreement with the proper insurance clauses. I mean, just
protect yourself. I mean, this is going to be an
easy target, especially if things get a little weird in
(31:55):
our environment. Always just make sure, just make sure you've
got the best lise agreement that's out there. Seven is
regular property inspections that you always want to do right
and never ignore a complaint or an issue that a
tenant brings up or one leaving even I mean, because
that's just going to be documentation for an attorney somewhere
(32:15):
down the line. So just make sure you are well
aware of how the condition.
Speaker 2 (32:20):
Of the property right, and on that subject, do I
as far as you like, you said the documentation for
attorneys down the road, also for various state and local regulators.
Speaker 1 (32:31):
Right if they find out.
Speaker 2 (32:33):
That you, as a landlord, let's say you left the
water heat or broken after your tenants, you know, notified
you X number of times.
Speaker 1 (32:39):
Guess what.
Speaker 2 (32:40):
There's all kinds of different landlord rules, and it depends,
especially if you have property in California that very much
favored the tenant. I had a client get caught in
a similar situation out in Dayton and did not adhere
to the to the landlord rules and so on and
so forth, and number one could not evict the tenant.
When he finally got evicted, the house was thrashed and
(33:02):
ended up costing about seventy thousand dollars to rehab the property.
Speaker 1 (33:05):
On top of I think you had to pay her.
Speaker 2 (33:07):
Thirty thousand dollars in damages, all because the lease wasn't proper.
So on and so forth, et cetera. But your property inspections. Yes,
I see this all the time with clients. Make sure
that you're stopping by and have it in your lease
that certain you know, was it twenty four to forty
eight hours. As long as you give a notice you
can stop by. But at least every six months to
a year, stop buying. Just place eyes on.
Speaker 3 (33:27):
It because yeah, document it and probably take pictures John too,
so that you've got more than yeah.
Speaker 1 (33:33):
All right, Dwight ten seconds, wrap us up.
Speaker 3 (33:35):
On yeah, equityview and refinancing. Keep that equity protected. If
you need refinancing, call me John. There's there's sixteen trillion
dollars in tap in equity out there, so protect it. Right,
There's lots of ways on that.
Speaker 2 (33:46):
Great no, my friend, excellent job as always. If we
can help you, give us a holler God bless. Have
a great afternoon to see tomorrow on the John Sanchez
Show and just tuk seven eighty k.
Speaker 5 (33:53):
H Dwage Millard and then 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
(34:14):
does not constitute financial or mortgage advice. Listeners should consult
directly with a license mortgage professional for guidance tailored to
their specific situation. All loans are subject to credit approval
and program guidelines. Not all applicants will qualify. Loan terms
and availability may vary by state and are subject to
change without notice. Highlands Residential Mortgage Limited is licensed in
(34:35):
multiple states. For a full list of state licenses and disclosures,
please visit https slash slash www dot Highlandsmortgage dot com
backslash licenses backslash. The views expressed during this program are
their own and do not necessarily reflect those of Highlands
Residential Mortgage Limited.
Good Thursday afternoon to you.
Speaker 2 (00:06):
Welcome to the John Sanchez Show on News Talk seven
eighty k which it's a pleasure to be with you
and a pleasure to be with my co host around
the horns. We shall trouble mister Dwight Millardside side, I
got h is going on Highlands Mortgage.
Speaker 1 (00:22):
How are you, my friend?
Speaker 3 (00:23):
I'm doing fantastic. God I don't have another employer again
in the mortgage world. So yeah, I thought you knew
something I didn't know. But I'm doing well. How are you? John? Good?
Speaker 1 (00:31):
Good, my friend? Good good? Corey. Really never never, I
never screwed that one up.
Speaker 4 (00:35):
It's nice and sure, No, it's never changed.
Speaker 1 (00:38):
It with the same company for a long time. What
do you know.
Speaker 4 (00:40):
Yeah, that's why it's got that same name. I can't
get away from it. Trademark exactly.
Speaker 1 (00:46):
Did you get a website created yet?
Speaker 3 (00:48):
No?
Speaker 4 (00:48):
But now you and Bailey with your big AI talked
the other night. I'm like, oh, now I can have
this done pretty quick. I suppose Corey.
Speaker 2 (00:55):
I will go on public radio just so everybody can
hold me to it. I will have Bailey create your
website for you for absolutely free.
Speaker 3 (01:04):
All right, And we're being recorded.
Speaker 2 (01:06):
You don't need It's really you don't need AI. I mean,
she may use it a little bit to design it,
but you don't need to worry about it. She will
create the Edge Reality Team website.
Speaker 4 (01:16):
You just as long as I don't have to respond
to anything on it. I need, I need a chat.
But one of those guys you were talking about this
morning exactly take care of all that stuff.
Speaker 1 (01:27):
Yeah, that's the truth.
Speaker 2 (01:28):
Yeah, it's a it's amazing, you know, before we get
into what the what the show is gonna be about.
Corey's referring to a message that I sent both of
them this morning. There was a gentleman on CNBC and
interview and I mean, this guy's just got like a
pedrogree like you can't imagine as far as technology. I mean,
he created the like button on what Facebook? I mean,
(01:51):
just crazy things that we use technology wise. This guy
seemed to have a hand in so many of them.
And this company that he he I guess founded and
has evolved with. And he's also on the board of
open Ai of course, the parent of chat GPT. And
he was talking about that, Corey, we're talking about websites,
and he said in a few years, you really won't
(02:13):
even have a website anymore because everything is going to
be operated off of AI agents, right, and the technology
that they've already deployed again with a number of Fortune
five hundred companies is mind boggling.
Speaker 1 (02:29):
And you know, I tease Dwight.
Speaker 2 (02:31):
They they partnered with Rocket Mortgage, and Dwight, I mean,
how can this be? I was trying to figure this
out after I send it to you where he They
said that essentially, an AI bought will take a client
all the way through a customer, all the way through
the mortgage process. It will not have any human intervention
from the original call or email or whatever all the
(02:53):
way through to closing.
Speaker 3 (02:54):
Yeah, but it doesn't have a personality like me, So I
don't know how people along, you know, I mean you
got to laugh along the way sometimes. So maybe maybe
I'll just be a comedian, right, you know, just go
do your loan over there when you know, when you
want to jump off the fifth floor, call me. We'll
work it out. But John, we've talked about this, We've
talked about it off.
Speaker 1 (03:12):
Air on air.
Speaker 3 (03:13):
I mean, I'm an easy target, you know, the very
easy target. So it does make you nervous, but you
know the problem is that you'd want to know the
percentage of the cookie cutters that will flood you go.
Speaker 1 (03:25):
Right through for the cookie cutter mortgage buyer.
Speaker 2 (03:27):
Yeah, I could see what would work, but again where
your expertise comes in at the you know, out of
the box, right Nonoki, Yeah, yeah.
Speaker 4 (03:35):
Yeah, And just I know you like to give me
a hard time about not having a website, but really
what I've been doing is playing the long game because
I knew this would come. I didn't want to. I
don't want to resources. Yeah, yeah, I mean think about that.
We're going to sound super old here, but like when
my first year in college, I remember one of my
professors being like, you can do these crazy things called emails,
(03:55):
and you can send them to the White House and
the White House and then the Internet. And now you're
saying that in a couple of years, you don't even
need the internet anymore. Like we've lived through you want
to need a website, our website, but you've kind of
lived through that whole cycle almost. That's crazy.
Speaker 2 (04:09):
Well, I'll date myself also, Corey, when I started in
radio in nineteen ninety seven in Bakersfield, when I went
independent in nineteen ninety nine. I remember, so that was
when I went independent. That was Valentine's Day of nineteen
ninety nine, when I left Smith Barney and the I remember,
you know, of course, that was in the just just
almost the peak of the dot com era, right, and
(04:32):
I remember, and I don't remember which company it was,
if they're even around, but they'd come out and they
had said, look at pretty soon, you're gonna be able
to have a cell phone that you can take pictures,
you can watch video, you can videotape things, and you
may even get some news coming in on it. And
I remember telling my audience, I can I can see
it like it was yesterday, about how exciting that was.
(04:54):
And now obviously look at what we have in our
pockets now with the cell phones and things.
Speaker 4 (04:59):
And it's so we're getting away off track here. I
don't know if you had a chance to play with
that new open AI thing that I told you about
last week, the video thing. But I was with an
agent last night, a very good friend, and I hadn't
seen her in a long time, and she's kind of
like air and she's into all that stuff. So with
this new technology now, she used to have a videographer
and all these production things. Now she's taken I she
(05:20):
was explained to me a five second snap of herself,
her picture, said a few words. Now she just types in,
I want a thirty second video that shows me in
the mountains driving my truck, talking about and it's done
in sense and she's.
Speaker 3 (05:32):
Like, I don't.
Speaker 4 (05:33):
She feels bad. I don't have a video for I
don't have any of those people. I don't need them anymore.
It's just instant and it's free.
Speaker 1 (05:39):
It's crazy and it's free real quickly. I mean, it's
an important point.
Speaker 2 (05:42):
Yeah, we Corey nin to, I'd had a long discussion
after the show off air obviously on Tuesday, But tell
the audience that was what was the name of that
webs or that it was a sor SOA.
Speaker 1 (05:52):
It's A.
Speaker 4 (05:53):
It's A. It's a. It's a piece of open AI.
It's owned by open A, so it's just a new
app from but it is. It's very fascinating and scary,
but they can take And again we're gonna sound super
old because there's people listening going off court. Yeah, yeah,
that's been out for two weeks. That's all technology. But
we could take a snapshot of Dwight for five seconds,
(06:14):
have him say a few words, and he could just
create any video I once. And the video is not
like you create it. You type in with words what
you wanted to do, or you can have AI. You
can tell a little bit about what you want, then
it'll create it. But then the video is generated based
on what she wrote. And she showed me all these
videos she's using and they were fantastic. I mean, it
(06:34):
was incredible. It was really cool and scary.
Speaker 2 (06:38):
Yeah, and like I said, I know we're probably sounding
behind the times, but it is changing so fast. I
have made it a point every night when I sit
down and eat dinner, when I turn on my YouTube
TV to watch a segment on chat GPT. This is
an example like a tutorial because there are so many
features that I mean, I use it each and every day,
(06:58):
but there are so many feature is that we have
no idea and that's I saw that on one of
the one of the tutorials the other day. Corey, uh,
after you told me about that and yeah, you're up. Sorry,
well I watched one. Matter of fact, it was that
same night. This is hilarious, folks. If you want to
do this again. Go into YouTube and and search AI
generated videos of Donald Trump.
Speaker 1 (07:20):
And there are these.
Speaker 2 (07:21):
I there's a whole series of them that this one
company has made.
Speaker 1 (07:26):
And I swear, guys, you you would never know.
Speaker 2 (07:28):
It's like it's his face, his voice on like a
muscular body. Like there was one in a like a
western town. It was with him and Putin and Milania
Trump and I mean, and it's there's you know, like
country music to it.
Speaker 1 (07:43):
Unreal.
Speaker 2 (07:44):
Just if you did not know that it was, you know,
AI generator, you thought, oh, you know, this is the
fun side of Donald Trump video.
Speaker 1 (07:51):
But that's that's where the technology is.
Speaker 4 (07:53):
So well, just wait till the next I know, we
just had an election a couple of nights ago, but
wait till the next presidential election went people you're right,
who don't know about all this stuff, and they're seeing
videos and believing, Oh, Donald Trump is in Montana with
Putin there up in the mountains like a minute.
Speaker 3 (08:10):
Autely, you know, John, if Corey holds out long enough,
we'll be back to the rotary phone.
Speaker 4 (08:15):
Yeah, we are going backwards. I do think all of
this the human brain is being used less and less,
which means we're all kind.
Speaker 1 (08:24):
Of yeah, that is true, regurgion. But look how look
how we fish in our time has become corys. That's
hopefully the extra time that AI has created for all
of us. We're making it up and doing something productive.
Speaker 4 (08:35):
We're all sitting on YouTube watching the video.
Speaker 1 (08:38):
At least.
Speaker 3 (08:40):
It would be interesting to know, John, the college students today,
how much AI. You know, we didn't have that in college, right.
I had to go to the library reluctantly and find that.
Speaker 2 (08:50):
You know, I drove by one the other day. I
told my wife, is does anybody even go to a
library any more?
Speaker 1 (08:54):
Yeah?
Speaker 3 (08:56):
I mean, but but I would be a doctor today
if I had AI back when I in college.
Speaker 1 (09:00):
Yeah, you know, absolutely, So you can be whatever you want.
And that's this one tutorial that I was watched estort
last night.
Speaker 2 (09:09):
The guy wrapped it up by saying, picture, you know this,
this power of AI, it is having.
Speaker 1 (09:15):
It's like having the.
Speaker 2 (09:16):
World's smartest person working for you twenty four hours a day,
seven days a week, and it doesn't cost you a pinny.
Speaker 1 (09:22):
Yeah. Nice, it's so true. So true.
Speaker 2 (09:26):
Anyways, all right, guys, let's let's tell everyone what we
have in store wild ride today.
Speaker 1 (09:33):
First of all, in the market, you can't wait to
tell you everything that happened.
Speaker 2 (09:36):
But then we're going to go back to our topic
that we discussed on Tuesday that we just really kind
of scratched the surface on.
Speaker 1 (09:42):
We have a long to go.
Speaker 2 (09:43):
How to protect the wealth that you have built. So
we started our segment last Tuesday, or started the show
by describing some very important wealth protection strategies for the
equity in your home. We got through I think two
or three of our I don't know what there is
seven or so, and then we didn't get to the
investment real estate se So we're going to continue on
that and really again enlighten you on some pretty basic strategies,
(10:05):
some advanced strategies, but things that most of you can do.
Again if you are concerned about someone coming after the
wealth in your real estate, so you don't want to
miss that. We'll be getting to that momentarily, but first
let's turn it over to Christen Snow. She's gonna take
us to the right now traffics and then we'll come
back and start talking to some stock market. Hello, my dear,
(10:31):
Welcome back to the John Sancho Show on News talk
seven eighty koh alright, let's get down to our topic
of course. Joan by Dwight Mallard, Highlands Mortgan's Corey edge
of Edge Reality.
Speaker 1 (10:39):
All right, Like I said, it was.
Speaker 2 (10:41):
An absolute wild ride today. We had more of the
concerns of AI valuations. I know, I saw like a
broken record, but that is all we're talking about these days, folks.
As far as what's moving this market worst level, we're
down over five hundred points. Clout our way back a
little bit, but we were doing much better and got
some pretty good selling pressure going in the last thirty
minutes of the session. Finished down three to ninety nine
(11:04):
on the dial, point eight four percent loss to a
close of forty six thousand excuse me, forty six thousand
nine to twelve nazdaka four hundred and forty six point
decline one point nine percent. SMP down seventy six points
or one point one two percent. On the commodity side,
we lost sixteen cents on oil to fifty nine ninety
four barrel goald down twenty four cents. Excuse me, yeah,
twenty four cents is all parting two dollars and forty cents.
(11:26):
Can't read Moone writing three thousand, nine ninety one ten
and boy Dwight six bases point decline on the ten
year treasury today you'll close of four point zero nine percent.
Let me peak real quick before you give us your dialogue.
I want to see how the major home builders did,
and they're real quiet. Take us into the world of mortgages,
because these yields were down across the board today.
Speaker 3 (11:47):
Well, yeah, and it was a little bumpy. They'd drop
and they'd come up dropped me. So it was just
like the stock market. But so you've gained a little bit.
I mean last Thursday we were at I think six
point three three or six point two nine right now,
so you've got a little bit of a break. You know,
your fifteen year five point eight and your thirty year
governments are right just inside of the six. So six
(12:09):
point oh two, six point oh three. So if we
can get a couple of days of this, John and
I don't you know, it was just I'm trying to
figure out what the bomb market reacted to. Was it
just the opposite of the stock market today?
Speaker 4 (12:22):
Was there a challenging It was a challenger.
Speaker 2 (12:24):
Yeah, we had the yeah, exactly had the Yeah, the
Challenger Gray, which is a layoff report. Usually you know,
in most conditions do it doesn't get a lot of attention.
I'm trying to go through my nose. Yeah, here's the number,
one hundred and fifty three thousand, seventy four job losses.
That is the highest number going all the way back
to October of two thousand and three, two thousand and three.
Speaker 3 (12:50):
Well, we've known this job market's a problem, and so I.
Speaker 1 (12:53):
Mean to play the beginning.
Speaker 3 (12:54):
This is what No, you've said that, You've been saying that,
you and Corey been saying that for a long time now.
So I, I mean it's now here, and I don't
think a quarter basis points here, a quarter basis point there,
e I E I oh, I mean I ain't gonna work.
Speaker 1 (13:07):
No, no, it's not.
Speaker 2 (13:08):
Yeah, well, you sent a great article and unfortunately we
don't have time to go through it today. You sent
a great article in the Wall Street Journal just talking
about how home builders are suffering. That was you know,
some staggering data, dight, and you were saying this again.
This is the joy of this show, guys, is everybody
you know, we're all in the trenches where you know,
you'll read about it a couple of weeks after we've
(13:29):
told you about it, because you know, we live and
eat and breathe it every single day. But you know
the articles is America's biggest builders are struggling to sell
homes even when they offer a four percent mortgage number
of complete This I just want to give this one statistic.
Then we'll move on the number of completed. So listen
to this, folks. The number of completed but unsold new
homes has reached levels last last seen in the summer
(13:50):
of two thousand and nine, according to NATA from the
Funeral Reserve Bank of Saint Louis. At the end of
last year, builders were confident that sales would recover this
year and built tens of thousands of units to have
enough supply for the spring buying season. But demand didn't
pick up, and more homes have set profit margins have
taken a hit. D or Horton only started building fourteen thousand,
(14:11):
six hundred homes over the three months through September. That
is down twenty one percent from a year ago. Sales
of new homes are roughly a fifth of all US
housing transactions, so they aren't the full picture. Yeah, but
the bottom line, and this is going to be scary guys,
you know, a getting these builders they were conservative, but
they did build a bunch of homes. And Dwight you
said this, I think two weeks ago, long before this
(14:33):
article came out, that you know, in Texas you've seen
housing tracks that like tumbleweeds are blown through.
Speaker 3 (14:39):
We've seen and you see it everywhere. John, and these
builders and you know, Corey and I both are you know,
have some good you as well, and and Reno some
great relationships. The problem in northern event you still got
the same thing. I mean, they're just not on a massive,
you know level. But when you you take a d R. Horton,
it's down twenty one percent. I mean, this is a
home build that builds, you know, ninety two thousand closes,
(15:01):
ninety two thousand a year, you know, I mean that's
that's big numbers. But these six percent they're given six
percent concession John on these fahs and people are still
not taking them.
Speaker 2 (15:11):
Hey, Corey, maybe Dwight's gonna be right make you and
I look stupid. Remember when he said a couple of
years ago that rates don't matter.
Speaker 1 (15:17):
We bought that.
Speaker 2 (15:18):
Maybe you're right, maybe that would be the one that's
laughing all the way because yeah, obviously get down to
the like they're saying a four percent mortgage and people
still mind.
Speaker 4 (15:28):
But when you when you lose your job or think
you're going to look you yeah, nothing.
Speaker 1 (15:33):
Matters, Yes matters. You can say one per.
Speaker 3 (15:36):
Hold on, just holding on.
Speaker 2 (15:37):
Yeah, And that's the way it is, you know. And
again this article touched on it. We all know this.
You've got this government lay off the longest in history.
I think a lot of people still are not sure
even even if tomorrow the government shut down is is
you know, if it's announced that it's ending. I think
a lot of people are very nervous if they work
for the federal government that they're even going to have
a job.
Speaker 1 (15:57):
Right.
Speaker 2 (15:57):
There's so many threats of course that Trump's trying to
eliminate a lot of government jobs, you know, right or wrong.
So that has an impact on people. And I don't
care if you you're a government worker or not. If
you hear a friend a family member that works for
the government going, hey, I don't know if I'm gonna
have a job when I go back, that starts screwing
with your psyche a little bit and your confidence, right.
Speaker 4 (16:16):
You know the other thing, I was listening to one
of the administrators talking maybe it was Duffy the other
day saying, he goes, if we restart tomorrow, they don't
get paid for two months.
Speaker 1 (16:24):
Yes it was yes, Yeah, it was Deffe eating and.
Speaker 4 (16:26):
It doesn't start right away.
Speaker 1 (16:27):
And then he was talking to area traffic controllers. Yeah,
that's Secretary Transport.
Speaker 4 (16:31):
Get way off track. But you see on the news
these lines, these food lines, you can where the hell
are we living? This is crazy?
Speaker 2 (16:37):
Yeah, it really is, It really is, and it's uh,
it's challenging. And then back to our original you know
again you throw in AI whether you want to admit
it or not, it is taking jobs. Cory, you you'd
mentioned something very interesting we were chatting on during the break.
I want you to mention that about the higher degree people.
Speaker 4 (16:54):
Yeah, there was a I was listening to a gentleman
talking about the report today and he's said, going through
who in the workforce is having the hardest time finding jobs?
And he said it laid out to the people.
Speaker 2 (17:09):
Oh, I think we lost Corey. Sorry, yeah, Corey frows
up on us here. But anyway, what Corey was gonna say,
is those with the highest level of degrees doctorates, uh,
you know, the doctors, yeah, nbas et cetera. Those are
the ones that are having a hard time finding a job.
Because again, like I said at the beginning of the show,
(17:33):
and I didn't even know Corey was going to say this, Uh,
you know again, you've got the smartest person in the
world sitting running your at your computer that doesn't cost
you anything. So it's it's scary, guys, and I and
I'm gonna come out and I'm gonna say it again
not you know, I'm again a very very optimistic person,
but I think we have got to start to realize
(17:53):
that we're gonna be We're gonna get to a point,
i'd say, Dwight within the next couple of years where
we're going to be sitting at a five to six
percent unemployment rate. And I think that's this where we're
going to be historically, as long as technology keeps doing,
because folks, we're not even in the first inning of technology.
You know, when I saw this interview this morning on
(18:15):
The Gentleman regarding the AI agents and we're we're playing
around with some of them ourselves, you know, within our firm.
It's mind boggling, Dwight. I mean, you know, my brother,
doctor Denisanchez, he said. He says, brother says, listen, the
way this is going to be in the future, he goes,
You'll sit down and not directing it to us. But
let's say a typical office work where you're sitting around
(18:36):
with you know whatever, five to ten other people in
your office. You're not going to see all those other
people sitting there. Instead, you're going to sit down and
your personal AI agent is going to say, Dwight, good morning.
All right, let me tell you what I have lined
up for you today. You got three meetings, one at nine,
ten and eleven, and then you have a lunch meeting
with a you know, a brand new client blah blah. Now, Dwight,
(18:57):
I've prepared everything you need for that nine ten and
eleven meeting. I've already made the lunch reservations for you
at your favorite restaurant. For that twelve o'clock meeting, You've
got to pick up the kids from school at three,
and then you have dinner with your wife tonight at
six thirty. I've already laid out what the menu is
and boom, you know, I mean literally, Dwight, that's.
Speaker 1 (19:19):
The way it's gonna be.
Speaker 2 (19:20):
There's you know, I feel bad if if someone makes
their living being a personal assistant. I mean, I mean,
we're a little bit of ways away, but we're not
that far away, and it terrifies me. I was telling
Jason yesterday we were open and honest. After I watched
that video Corey about you know what you were talking
about about the part of uh chat GPT that that
(19:41):
does the videos, and then I started moving deeper and
deeper and I got into a bunch of great YouTube
videos about uh uh these data centers and how fast
they're built, and what they're comprised of, and just again
what they're they're they're planning for the future.
Speaker 1 (19:56):
Folks.
Speaker 2 (19:56):
You think that we have a lot of data centers
now there's about eighteen hundred. It ain't nothing, as the
saying goes, compared to what's going to be there and
what these things are capable of. But you get down
to that point where you go, where does this stop?
And I tell you what, you let your mind start
to wonder, and you go, it's scary where the future
is heading. You know, it's exciting from a business perspective,
(20:18):
but it's scary as far as mankind is concerned, and
the amount of people that are going to be unemployed,
and you know, you think the snap lines are long now, Corey,
as you were saying, I'm terrified to see where those
may be when we're at a five six percent permanent unemployment.
Speaker 4 (20:30):
Yeah, we're not ready for it yet, yes, hopefully, Hey,
I can tell us how to get ready for it.
Speaker 1 (20:35):
Yes, yeah, definite.
Speaker 2 (20:38):
All right, we're gonna head to break when we come back.
We're gonna get into our real estate topic once again.
Protect what you have built, your home equity. Do you
got to tell you real quickly? The board of directors
for Tesla did approve Elon Musk one trillion dollar pay plan.
Seventy five percent of the voting approved of that. So yeah,
he has to hit certain bogies and things like that.
(20:58):
But yeah, yeah, Tarlion dollars he's going to make if
he hits these bogies. Stock finished down sixteen to sixteen
to share four forty five ninety one right now and
after hours up eighty five cents four forty six seventy six.
Jack Saban taking away in news trafficking weather. Welcome back
(21:18):
to the John Sanchez Show on News Talk seven eighty
koh to the Corey individuality to White Mallard of Highlands
Mortgage once again, a three to ninety nine decline on
the down Nasdack down four to forty six s and
b lower by seventy six. All right, like I said,
Rocky road in the street today. But how about this,
let's talk about your home equity. Right, what are you doing?
What are your strategies, your defensive strategies to protect that
(21:39):
equity in the event of whatever the case may be, lawsuit,
unexpected death, you name it. Anything in the world can
come after that home equity. Well, we're trying to help
you out with this. And again we start this subject
on Tuesday. We're gonna try to run through quickly the
primary home and then we're going to get into the
rental side of things. So let's recap what we discussed
on Tuesday. Guys number one, we said the homestead exits
(22:00):
very simple form. You can file with your local countery
qorder stay in Avata protects the equity in your home
up to six hundred and two thousand dollars catched about
thirty bucks or so to file.
Speaker 1 (22:08):
It can't beat it. Everyone needs it. Only in your
primary home.
Speaker 2 (22:11):
Though, have the proper title in As Corey said, yeap,
make sure you got joint tenants, community property, living trust,
whatever it may be. Whatever your attorney feels is the
best way to do that. Umbrella insurance, I've covered this
subject again. You buy Umbrella in a million dollar increments.
It's very inexpensive four or five six hundred bucks a
million dollars. And again it provides excess liability protection above
(22:31):
and beyond your auto and your home and for what
I call crazy things in life that could result in
you getting sue. Talk to your homeowner's agent and they
will require most cases your homeowners and auto be with
the same insurance company. Have adequate homeowners coverage. Right, we
all fall victim at this one. Make sure you meet
with your agent at least once a year. Make sure
(22:53):
your home is properly insured, your belonging, so on and
so forth. Again read visit that coverage on an annual basis.
One of my I have the proper estate plan in place.
This is another great way, of course, make sure you've
got the living trust if it's appropriate. Use a revocable
living trust transfer on death deed to protect the property whatever. Again,
your advisors recommend that you have please do that. There's
(23:15):
no protection just having joint tennants rights or survivorship. Debt
shield strategy. Well, Dwight, this is where we left off,
and this is kind of an interesting one. But all
of us know a lot of wealthy people, and especially you, Corey,
they do this a lot. They will use a debt
shield strategy, meaning they will strategically refinance a property to
pull out as much equity as they can.
Speaker 1 (23:36):
They may or may not have a use for it,
but they do.
Speaker 2 (23:38):
It so that if they are sued, there's like no
equity in there for the planet's attorney to get.
Speaker 3 (23:45):
I love that one, John, I'm ready. Yeah, let's everybody
do the debt shield strategy. No, but it makes sense,
I mean because I mean, if you've got a ton
of equity and it's public for the most part, its
public record, you can figure out what somebody typically owes
or doesn't know, you know. Yeah, that's a it's another
way to just protect.
Speaker 1 (24:04):
Yourself, yeap, Corey. Yeah.
Speaker 4 (24:08):
And then we talked about a little bit on Tuesday
that in Nevada, your equities protected with the homestead up
to six hundred and five thousand. But I'm sorry, yeah,
six o five. But if you have seven hundred thousand inequity,
I've seen it before, they will make you sell that property.
You get to keep the six so five, but they're
keeping the ninety five thousand. So that's where the equity
strategy comes in play if you need.
Speaker 2 (24:27):
It, so you you literally, yeah, could could take out
a line of credit even if you don't use it.
Speaker 1 (24:33):
Right to Wight.
Speaker 2 (24:33):
Yeah, let's use Corey's example. Let's let's make the number simple.
Let's say the homestead was six hundred instead of six
o five. You again, you lose a lawsuit. You're protect
it for six, but the house is worth seven. As
Corey said, they'll make you sell that. But if you
had a line of credit, that checkbook just sitting there,
But it looks like you're gonna have a lawsuit, write
yourself a check for as much equity as you can
get it out, and okay, now try to take the house.
Speaker 3 (24:56):
Yeah, and real quick, John, we're seeing an increase in
home echer lying interest. Yeah, so I mean it's all
over the board. It's like we were just talking true.
Talking about the economy, people just need a little bit
of safety net. But here you go again in house,
you're only gonna pay what you borrow, right, so if
you can, you can pay it back. So very convenient,
all right.
Speaker 2 (25:14):
Our final strategy on protecting the equity in your primary
home is asset documentation. Keep very very clear records of
ownership improvements. Insurance to supporting the illegal defense. Also as
far as insurance claims. Great idea. At least once a year,
get your phone, go around, videotape the entire house so
that you can see because very few of us have
(25:36):
all the receipts of different things we bought. But once again,
very good records, right, Corey, You've talked about this many times,
especially when they're trying to determine the capital gains. You know,
if you have those improvements, those receipts for the improvements,
that again is going to increase your cost basis therefore
lower your taxable capital gains.
Speaker 1 (25:55):
Issue.
Speaker 4 (25:55):
Yeah, and where I see a lot of this is
and it's really not the end of the world. But
people will have trust or they'll have wills. One spouse
dies and sometimes that spouse is the one that handled
all those arrangements. So now everybody's got to figure it out.
I was helping somebody a couple months ago, and I
think their living trust had been restated like six times,
and I'm like, we need one two through, Like, we
need all this because if we're going to sell, the
(26:17):
title company needs to know where this chain is coming from.
So keep it all there. And you know myself included
you too as well, But don't be scared to put
all that in the PDF and keep it somewhere in
the cloud to where it's easily accessible for people you
don't like my mom still prints out all this thing,
Like Mom, you don't need to print these every month.
Speaker 1 (26:36):
Keep anymore exactly.
Speaker 2 (26:38):
There's a lot of secured sites that you can do
that with great advice. All right, So that's it. That's
our seven points on protecting the equity in your primary home.
Let's move on for those of you that have commercial
property or investment property, first and foremost on our eight
points here, form an LLC. Place each rental property into
its own LLC to isolate the liability and keep your
(26:59):
personal life separate. Now's you always give draw big circle
right now, while your assets, your home, your rental property.
Everything's inside that big circle you get sued.
Speaker 1 (27:08):
Guess what.
Speaker 2 (27:08):
Everything inside the big circle is subjective to the lawsuit.
As we always talk about, if you have one rental
property form an LLC, it's a small circle outside that
big circle in and of itself. But Corey, I love
how you always describe this. Make sure you operate it
as a business because if not, they'll pierce it.
Speaker 4 (27:25):
Yes, absolutely, and it's the easiest piece of advice. They're
not that expensive. You can get them done relatively easily now.
But put in the LLC because not only does it
allow creditors to not get into that, but it also
allows if an accident happens in that property, it doesn't
let the creditors get out of it, if that makes sense,
So it keeps it in its own nice little bubble.
(27:47):
God forbid, something happens. I mean, maybe you have five
or ten grand in that operating bank account to keep
the property going that they might try to look at.
But other than that, they're not going to get to
your personal assets. But if you have crappy records, or
if you're down at the grocery store using the debit
card from the rental property, forget it, they're going to
pierce it.
Speaker 1 (28:07):
Mingle.
Speaker 2 (28:08):
That's the number one issue that allow the corporate bail
to be pierced in this example. Absolutely, all right, Cord,
real quick before we go to break. Let's throw in
a number two. Maintain adequate landlord insurance. This is so
very important.
Speaker 4 (28:19):
So you want to have the hazard policy. Let's assume
you've got a single family rental house. You want to
have the same hazard policy with a rental writer so
that they know it's rental. You can also talk to
them about vacancy. Some of them will still cover you.
Let's say you have a vacancy in the last two
or three months. Some of them you'll have automatic coverage.
Some of them you won't. So make sure you understand
coverage for what what do you mean if the property
(28:41):
goes vacant, you're having a hard time re renting it
because when the property is vacant they look at it
different than when when somebody's living there.
Speaker 1 (28:46):
I did not know that.
Speaker 4 (28:47):
Oh yeah, absolutely. And then the umbrellas, I mean, the
umbrella crosses all the properties.
Speaker 1 (28:52):
I have the umbrella, and we're gonna mention this. And
that's our third point. This is throw it in real quick.
Speaker 2 (28:57):
Make sure when you get your umbrella policy and your
personal life right as we were just talking about, all
you have to do is ask for a writer for
that rental property and they will add a writer or
in some cases like what I do. I when I
bought a separate umbrella policy for rental properties and thinks,
so yeah, you just again, same same logic behind that.
(29:18):
So good stuff there. All right, when we come back,
we'll hustle three points four through eight on our how
to protect the equity now in your commercial property.
Speaker 1 (29:27):
Just wrap it up with that. Kristin's note right now
Traffic center.
Speaker 2 (29:29):
Hello, Kristin, Welcome back to the John Sanchez Show on
News Talk seven eighty koh with Dwight Mallard of Highlands Mortgage.
Speaker 1 (29:38):
Corey had to step out, mister Millard. Your phone number, sir.
Speaker 3 (29:42):
Yes, sir seven seven five two four zero two zero two.
Speaker 2 (29:45):
Two beautiful Christmaster Edge's phone number seven seven five six
seven three sixty seven hundred.
Speaker 1 (29:52):
All right.
Speaker 2 (29:52):
Once again, we were talking about protecting the equity in
your homes from lawsuits and all kinds of crazy things
to sap away all that harder in equity touched on
number one on the again, we're on the investment side
of it. Now form the LLC, and I want to
mention one other thing to White on the LLC. A
lot of people don't know this. A few years ago
and it's been quite a while, seven eight years, if
(30:14):
not longer, in the state of Nevada, they created what's
called a series LLC. And this was a design I
remember it was during one of our real estate booms.
So let's say you own five rentals, right, and your
attorney has said, okay, you need to have these protected
in an LLC. Well the old day, old days were
you would put each rental into its own LLC for
(30:34):
the maximum asset protection. Well, you can create a series LLC. Now,
cost a little bit more to file it initially, and
I think the ongoing fees a little bit higher than.
Speaker 1 (30:43):
A single LLC.
Speaker 2 (30:46):
But what it does, it's one LLC that gives you
the asset protection as if you had in this example
five LLCs.
Speaker 1 (30:53):
So again, very effective way to do it. Again, it's
called a series LLC.
Speaker 2 (30:57):
Touched on maintain adequate landlord insurance the Brella policy extension.
Now I'm going to combine points four and five to
White separate the bank accounts. We kind of touched on
that a minute ago. Do not co mingle your rental
income with your personal and the expenses and so on
and so forth. Keep everything separate, because that's the first
thing an attorney will do and they try to pierce
your your LLC corporate veil is, oh, we operating. This
(31:20):
is your personal bank account. Number Five asset segregation. Never never,
never co on multiple rentals under one entity. This avoids
the cross contamination risk between the two properties. Touched on
that as far as the series LLC. What about proper
lease agreements?
Speaker 3 (31:34):
Yeah, real quick, so you know, John, you're gonna buy
this great beautiful home, you're going to rent it out,
So don't fall down at the one yard line. You know,
make sure you got the best attorney reviewed, you know,
lease agreement with the proper insurance clauses. I mean, just
protect yourself. I mean, this is going to be an
easy target, especially if things get a little weird in
(31:55):
our environment. Always just make sure, just make sure you've
got the best lise agreement that's out there. Seven is
regular property inspections that you always want to do right
and never ignore a complaint or an issue that a
tenant brings up or one leaving even I mean, because
that's just going to be documentation for an attorney somewhere
(32:15):
down the line. So just make sure you are well
aware of how the condition.
Speaker 2 (32:20):
Of the property right, and on that subject, do I
as far as you like, you said the documentation for
attorneys down the road, also for various state and local regulators.
Speaker 1 (32:31):
Right if they find out.
Speaker 2 (32:33):
That you, as a landlord, let's say you left the
water heat or broken after your tenants, you know, notified
you X number of times.
Speaker 1 (32:39):
Guess what.
Speaker 2 (32:40):
There's all kinds of different landlord rules, and it depends,
especially if you have property in California that very much
favored the tenant. I had a client get caught in
a similar situation out in Dayton and did not adhere
to the to the landlord rules and so on and
so forth, and number one could not evict the tenant.
When he finally got evicted, the house was thrashed and
(33:02):
ended up costing about seventy thousand dollars to rehab the property.
Speaker 1 (33:05):
On top of I think you had to pay her.
Speaker 2 (33:07):
Thirty thousand dollars in damages, all because the lease wasn't proper.
So on and so forth, et cetera. But your property inspections. Yes,
I see this all the time with clients. Make sure
that you're stopping by and have it in your lease
that certain you know, was it twenty four to forty
eight hours. As long as you give a notice you
can stop by. But at least every six months to
a year, stop buying. Just place eyes on.
Speaker 3 (33:27):
It because yeah, document it and probably take pictures John too,
so that you've got more than yeah.
Speaker 1 (33:33):
All right, Dwight ten seconds, wrap us up.
Speaker 3 (33:35):
On yeah, equityview and refinancing. Keep that equity protected. If
you need refinancing, call me John. There's there's sixteen trillion
dollars in tap in equity out there, so protect it. Right,
There's lots of ways on that.
Speaker 2 (33:46):
Great no, my friend, excellent job as always. If we
can help you, give us a holler God bless. Have
a great afternoon to see tomorrow on the John Sanchez
Show and just tuk seven eighty k.
Speaker 5 (33:53):
H Dwage Millard and then 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
(34:14):
does not constitute financial or mortgage advice. Listeners should consult
directly with a license mortgage professional for guidance tailored to
their specific situation. All loans are subject to credit approval
and program guidelines. Not all applicants will qualify. Loan terms
and availability may vary by state and are subject to
change without notice. Highlands Residential Mortgage Limited is licensed in
(34:35):
multiple states. For a full list of state licenses and disclosures,
please visit https slash slash www dot Highlandsmortgage dot com
backslash licenses backslash. The views expressed during this program are
their own and do not necessarily reflect those of Highlands
Residential Mortgage Limited.
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