MORTGAGE FINANCING FORYOUR BARGAIN FIXER-UPPER MADE EASY
In this show we will be sharing some stories of peoplewho found their bargain-priced home and made it their own by using renovationand repair financing.
If the homes youare finding are too expensive for your budget or the home just needs a fewmodifications to work for you, you may connect with your solution during thisepisode of Real Estate Mortgage Shoppe.
What do YOU want to accomplish with YOURmortgage? Let’s stay connected! I want to hear your story and what you wantto do. (615) 924-6215 This email address is being protected from spambots. You need JavaScript enabled to view it. . Subscribe toget Real Estate Mortgage Shoppe podcasts with show notes at www.TNRDHomeLoans.com
To Your Success,
McKenzie Mortgage RD Loans, Mortgage Loan Officer NMLS# 757308
Good morning, Memphis! Welcometo our internet listeners and podcast listeners across the 50 states! You’re onReal Estate Mortgage Shoppe. I’m your host, McKenzie Mortgage RD Loans, Mortgage Loan Officer. You can connect with me at www.TNRDHomeLoans.com. Our generaltopic is “MORTGAGE FINANCING FOR YOUR BARGAIN FIXER-UPPER MADE EASY.” Subscribeto get Real Estate Mortgage Shoppe podcasts with show notes at www.TNRDHomeLoans.com Call us whilewe’re live today February 15th, 2020 at (901) 535-9732.
INTRODUCING MICHAEL BROOKS RENOVATION & REPAIR MORTGAGE MANAGER
In the studio to talk with you is Michael Brooks, National RenovationManager for Sierra Pacific Mortgage. Michael you have had almost 20 years experience building renovationlending teams for mortgage companies. You have the system down so well its so much easier for home owners,home buyers and realtors to get a renovation repair loan today than everbefore. (take a moment and tell our listeners a little about yourself andwhat Sierra Pacific Mortgage does for our renovation and repair mortgageclients—about 1 minute) (Michael’s notes (I work with SierraPacific Mortgage and I’m the National Renovation Manager and we specialize inrenovation Financing. We offer currentor future homeowners the ability to purchase or refinance a property andinclude the costs needed for remodeling. Currently I’m traveling across the country training our businesspartners with renovation financing, and this is what we will be discussingtoday…)
INTRODUCING KYLE PORTER, SIERRA PACIFIC MORTGAGE CORDOVA, TN BRANCH MANAGER
(Jo) Also inthe studio today is Kyle Porter, manager of Sierra Pacific Mortgage in Cordova,TN. Kyle, you have really hit the groundrunning at Sierra Pacific Mortgage. You roll up your sleeves to support ourloan officers and our customers and referring partners. You are innovative and creative. Take a moment to tell our listeners a littlebit about yourself and what you do at Sierra Pacific Mortgage. (Kyle hasabout 45 seconds to introduce himself and what we do at Sierra PacificMortgage)
THE POWER TO CREATE—HOME RENOVATION HOLDS PROFITABLEPOSSIBILITIES
(Jo says)I don’t know who said this,but the quote goes like this– “Creativity is seeing what everyone else has seen, andthinking what no one else has thought.”– Some people have anegative feeling when they see “fixer-upper” or “handyman’s special” on a realestate ad. But, with the right mortgage financing, what if that home got youinto the higher valued neighborhood at a much lower payment to fit yourbudget? What if the only home you canfind in the neighborhood where you want to live needs some modifications tomake it fit the way you want to live? Think outside the box. Would a renovationand repair loan make that house the right one for you?
Mr. and Ms. Lancaster (not their realnames) found a house in the country and close to other family. It had a perfect layout for enjoying theirretirement with a bonus room for entertaining their grandchildren when they cameto visit. The property was priced wellbelow the other homes, making it very affordable to the Lancaster’s on theirincome. It was truly a needle in a haystack.
The flaw in the arrangement was thatthere was rotted wood that needed to be replaced and painted. There were some fixes that needed to be madeto the electrical systems. TheLancasters were in a Catch-22. Themortgage company would not allow them to close on the home until the repairswere done. But they couldn’t make the repairs until they owned the house.
The solution? An FHA 203K Renovation and Repair loan. Even with the price they paid for the homeand the cost of the repairs, the home was worth quite a bit more than they hadto spend. The Lancasters had quite acelebration day at closing and bragging rights when they went home to their newdigs.
MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY,LET’S DO IT TODAY. Connect with me at www.TNRDHomeLoans.com. Email me at This email address is being protected from spambots. You need JavaScript enabled to view it. or just call me at (615) 924-6215.
ADVANTAGES OF USING A RENOVATION AND REPAIR MORTGAGE
Michael Brooks, you specialize in multiple renovation and repairmortgage programs and making them very user friendly to customers and theirreferring partners. Take a few minutes to talk about the advantages of using arenovation and repair loan. (Michael has about 2-3minutes to start into his talking points before we go to 9:15 AM break.)
You’re on Real Estate MortgageShoppe. I’m your host, McKenzie Mortgage RD Loans, Mortgage Loan Officer. What do YOU want to accomplish with yourmortgage? Make your plan. Let’s work your plan if the deal works for you today,let’s do it today. When we come back MichaelBrooks and Kyle Porter of Sierra Pacific Mortgage will be sharing more abouthow you can still get a bargain buying a home with today’s newest renovationfinancing.
TOPICS COVERED BY MICHAEL BROOKS OF SIERRA PACIFIC MORTGAGE
Jo asks: Why is renovationso Popular?
Mike will Answer.
Jo Asks: How do renovation programs work?
Mike Will Answer
Jo asks: What are the benefits for consumers with renovationfinancing?
Mike Will Answer
Jo asks: Whattype of repairs are allowed?
Mike Will Answer
Jo: asks: Arepermits required?
Mike Will Answer
Jo: Let’stalk about contractors.
Mike will Answer
Jo: I have heard the term Future Value can you explain?
Mike will Answer
Jo: Why should someone consider a renovation program asopposed to handling the renovation by themselves?
Mike will answer
Mike will provide tip
___________________________________________________________
TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
- Here’s a story of aformer client who believed she would get what she wanted and was willing to dowhat others were not willing to do to get it.
IFIT IS TO BE, IT’S UP TO ME—KATARINA KLAUSSEN’S STORY
As a little girl,Katarina Klaussen never had to hesitate when friends and family would ask herwhat she wanted to be when she grewup. “A doctor. I’m going to be a doctor,” she would replymatter-of-factly. At least that what herheart yearned to do. But it would costmoney—money she did not have. Katarina recitedto herself, “If it is to be, it is up to me. I have to figure out a way to getup, under or around this mountain.”
Katarina studied hard,earned a scholarship and, after getting her 4 year degree, now it was off tomedical school. She worked on somespecial projects which earned her some paid tuition to medical school, but onlyto a school out of state. How could sheafford to live there?
Katarina found anabandoned home that people in town referred to in a derogatory sense as “ThatHouse.” This house was close to theschool and needed a LOT of cleaning up and quite a number of repairs, includingmoving the family of racoons out of the basement. The owner was only too glad to sellthis eye-sore to Katarina at a cheap price and he even offered to finance itfor her—since the banks wouldn’t loan on such a derelict property.
She cleaned up onecorner of the upstairs so she could move in and progressed on cleaning up the rest of the house. But, the property needed electrical andplumbing repairs and some carpentry to make it livable. She was short on time and skill. Who could help her without charging her anarm and a leg? The Answer? Some skilled college friends who worked doingmaintenance for the school. They needed a little extra money so the workgot done at a bargain price. Katarinarented a few of the rooms in THE HOUSE to roommates and, voila’, she was makingan income.
After graduating medicalschool, Katarina was able to sell her renovated home for a huge profit. This helped fund the next 3 years of hermedical residency in a different area of the country. Today, Katarina is a successful doctor,providing a good life for her family. I am sure she is teaching her childrenwhat she learned–to take responsibility for their own future. “If it is to be,it is up to me.”
- Other opportunities : Refinancing a home you own to make it more valuable.
- Refinancing to combine your other higher interest rate debtinto one low, fixed rate mortgage. Then use some of your monthly savings to setup automatic prepayments to principal to get rid of your mortgage sooner.
- If you are a realtor looking to create a steady stream ofreal estate referrals in the fixer-upper or second chance home markets, let’stalk! Connect with me over coffee or come over to see us. Let us show how much easier our system is forgetting home buyers financed to buy homes that need renovation andrepairs.
REAL ESTATE TIP OF THE WEEK (MichaelBrooks of Sierra Pacific Mortgage sharesa real estate related money-saving or time-saving tip- When you are consideringbuying a home that needs renovation and repair, hire a home inspector to combover the property to let you know of any structural, security of sanitationissues. Secondly get a contractor to bidon these repairs and any other modifications on your WANT list):
Jo’s tip-If you are a realtor looking to create a steady stream of real estatereferrals in the fixer-upper or second chance home markets, let’s talk! Connectwith me over coffee or come over to see us. Let us show how much easier our system is for getting home buyersfinanced to buy homes that need renovation and repairs.
Kyle’s tip: To maximize your credit score to get it higher, it is a goodidea to keep your revolving credit cards balances UNDER 30% of the total creditlimit.
ANNOUNCEMENTS:
Talk Shoppe offers freenetworking & education to anyone interested in real estate or in business.Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100Poplar Ave 1st floor Memphis, TN (The Clark Tower) “Skills,Knowledge, Opportunities” presented by Andrew Israel
Talk Shoppe events arefree thanks to supporters like Nita Black of www.901ELearn.com Nita Black can help you create an income bysharing your skills and knowledge online. Contact Nita Black at www.901ELearn.com
Thank you to Leah AnneMorse of All Things New. Leah Anne is skilled at helping people down size orchange living situations. Leah Anne canhelp with organization and making the changes more enjoyable. Contact Leah AnneMorse at www.AllThingsNewWTN.com
2. Thank you to DonLawler of www.storytellersmemphis.com for helping with some of the videography atsome Talk Shoppe events. If you arelooking for a professional to help you get your business brand recognized andremembered using photography and video, contact Don Lawler at StoryTellersMemphis at www.storytellersmemphis.com
3. Subscribe at www.TNRDHomeLoans.comand you can get our weekly blog posts with podcasts conveniently in yourinbox.
4. Real Estate Mortgage Shoppe reminds you toMAKE YOUR PLAN. LET’S WORK YOUR PLAN. IFTHE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL,LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ONANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THEINFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANTFOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATIONPURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WEUSE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACTDETAILS IN ANY OF THE SITUATIONS.
QUOTE CORNER:
Dolly Parton “If you don’t likethe road you are walking, start paving another one.”
(Michael Brook’s quote)“ Ifmoney can fix it, it’s not a Problem”
____________________________________________________________________________________
REJOINDERS:
- Eric Eurich, Kaizen award-winning businesscoach with Focal Point Business Coaching
www.ericeurich.focalpointcoaching.com
- Pat Goldstein, Crye-Leike Realtors “TheGold Standard in Real Estate” in West TNand North Mississippi (901) 606-2000
- MarkLoden, MKL Personal Monthly Budgeting Service mklpersonalbudgetingservice.com
Transitional Music: “Fixing A Hole” by the Beatles; “I’mYour Handyman” by Jimmy Jones; “The Talkin’ Song Repair Blues” by AlanJackson; “Memphis” by Johnny Rivers forthe Look Back Memphis Trivia Contest
_____________________________________________________________________________________
ABOUT KYLE PORTER, BRANCH MANAGER OF SIERRA PACIFIC MORTGAGE CORDOVA, TENNESSEE
Kyle is a native Memphian that has been inmortgage banking in the Mid-South for 20+ years. Specializing in constructionlending and first-time home buyers, Kyle and his team at Sierra PacificMortgage make it a point to treat every customer and client like they arefamily, making sure each one is given the hands-on attention that is needed inthe mortgage process. Kyle is heavily involved in the real estate community,serving on the Affiliate Board for the Area Association of Realtors and is anactive volunteer for Habitat for Humanity and Youth Villages.
___________________________________________________________________________________
ABOUT MICHAEL BROOKS, SIERRA PACIFIC MORTGAGE
Michael Brooks is our NationalRenovation Manager has embraced the renovation for 19 years. Michaelsuccessfully originated, underwritten, disbursed, trained and built renovationdepartments within the industry since 2000. He has developed and nowoversees the Renovation Department with Sierra Pacific Mortgage and has justreturned from six-week cross county road show training realtors on renovationloans.
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISHWITH YOUR MORTGAGE?
www.TNRDHomeLoans.com (901) 482 0354 This email address is being protected from spambots. You need JavaScript enabled to view it. twitter @jogarner NMLS# 757308 (currently working with SierraPacific Mortgage, Inc)
“Whatever YOUR personal priorities are, my job is to help youget the mortgage terms that will give you bragging rights when you talk aboutit and help you score on hitting yourgoals .”
As a mortgage loanofficer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help youfind the financing terms that will help you get to what you want. What is your comfort level on a house payment?How much are you comfortable paying down,? What type of financing do you needto get the house you want to buy or refinance?
Different clients have different priorities inlife—some are buying their first home with very little down payment funds. Some are recovering from medical challenges,divorces or preparing to send children to college and some are embarking on along term goal of buying properties to build rental income.”
TNRDHomeLoans is a mortgage officer with extensive knowledge in tailoring mortgages toher customers who are refinancing or purchasing homes all over thecountry. She offers conventional, FHA,VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense torefinance, how to get the best deal on your home purchase financing.
McKenzie Mortgage RD Loans has beenin the real estate/financing business for over 25 years. She got herstart in Portland, Maine where she first began her real estate career. Shereceived her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen,author of Nothing Down,Creating Wealth andThe Challenge.
On moving back to West Tennessee in 1987, she went intobusiness buying and selling discounted owner-financed notes secured on realestate. In 1990 Jo went to work for a residential mortgage company andhas been a mortgage loan officer for over 25 years. Her goal is to offerexcellent, affordable service to her customers, tailoring theloan programs to the specific needs of her clients.
In addition to her work in the mortgagefield, McKenzie Mortgage RD Loans is the primary sponsor and founderof Talk Shoppe in Memphis. www.TalkShoppe.com TNRDHomeLoans also host the radio show Real Estate Mortgage Shoppe airing on NewsRadio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.TNRDHomeLoans.com
