Garner # 175 * 03/28/20

AbePlough

Question: Iopened my own business at the age of 16, with a loan of $125 from myfather. Who am I?

Hint: I was born in Tupelo, MS and moved to Memphiswith my family at age one.

Hint: In 1920, I added St. Joseph’s Aspirin to mybusiness portfolio.

Hint: My company merged with theSchering Corporation in 1971.

Final Hint: I was often known as‘’Mr. Anonymous’’ for my philanthropic efforts in Memphis. Who am I?

Answer: Abe Plough received his only other formaleducation at St. Paul Street Grammar School, from which he graduated. Afterschool and on weekends he worked at the George V. Francis drug store withoutpay because he wanted to learn the drug business. Moses Plough lent his son$125 to start his own business, Plough Chemical Company, in 1908. At agesixteen Abe Plough was owner, manager, and only employee of the new business,located in one small room above his father’s store. Using dishpans for mixingthe chemicals, his first formula was for Plough’s Antiseptic Healing Oil, a“sure cure for any ill of man or beast.”

Success came almost immediately for the newenterprise. Within two years it doubled in size, entered the patent drugbusiness, and branched out into cosmetics. Adding aspirin to his line ofproducts in 1920, Plough bought the St. Joseph Company, a step he called his“first on the road to the big time.” Plough, Incorporated, moved in 1951 to3022 Jackson Avenue. The business reported net sales of $254.5 million by 1954,a figure that doubled by 1962. It merged in 1971 with Schering Corporation,primarily a manufacturer of prescription pharmaceuticals. Plough was Chairmanof both Plough, Incorporated, and Schering-Plough. Plough retired from business in 1976 todevote his talents and energies to his other chief interest, philanthropy.

His generosity to the community is legendary. His many gifts were often made as“challenge grants,” his stated goal “to help the greatest number of people inorder to do the most good.” His legacy lives on not only in the business hecreated, which bears his name, but also in his deeds of generosity andleadership.

Bonus: Jimmy Ogle will begiving four distinct tours of Elmwood Cemetery on Saturday, April 25. Toregister, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retiredfrom walking tours in Memphis. Twelve ofhis Memphis History lectures from the Pink Palace entitled Making Memphis – Storytelling byJimmy Ogle, and now more than ten hours Downtown Walking Toursmay all be viewed for FREE on the internet at . . .
You Tube Jimmy Ogle. View JimmyOgle.com for more info!

___________________________________________________________

TOPICS COVERED BY SHERRY BLADES, ADARO REALTY

THE PRICE IS RIGHT!

When the price is right, the buyer sees the value andbuys it!

* How Much is this Home Worth???

Methods todetermine price

1. ComparativeMarket Analysis

2. Upgrades vsMaintenance

3. MarketConditions

4. Location

5. Condition

* Incorrect Pricing Leads to:

1. Frustration

2. ExpiredListings

3. Low Offers

* Correct Pricing

1. Satisfaction

2. SuccessfulSales

3. Quick Sales

4. Full PriceOffers and Multiple Offers

* Old Mindset

1. “Let’sList High because we can always come down

___________________________________________________________

3^rd segment: TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

1. What are some goodrules-of-thumb to use in determining the maximum comfort level on a house noteand move-in costs when buying a home? (covered in first segment)

• Should I rent or shouldI buy a home? Should we buy a home orrent? Brent and Bella Beaumont’sstory-MULTIPLE EXIT STRATEGIES

MULTIPLE EXIT STRATEGIES –BRENT AND BELLA BEAUMONT’S STORY

Brent and Bella had been renting an apartmentin an neighborhood that seemed to be attracting more crime. When they first gotmarried and moved into the apartment the rent was less than $900/month but nowit was over $1,000 per month. When Brentand Bella got the news they were going to have their first baby, the apartment,they realized was too small for their growing family. The payment was too large.

How were they going to find a bigger homewith a smaller payment? Theywanted to be in a good area where their children could go to the same schoolsthat Bella attended growing up The otherchallenge was they had very little in savings to put down on a house.

The decision to rent vs buy? Brent and Belladidn’t think they had a choice. But,they talked with a realtor who explained to them that, right now, in theMemphis area, they really could find a bigger home in an area where they wantedtheir children to grow up with a smaller payment and for less than $1,000 topay at the closing table.

The realtor showed Brent and Bella severalhomes and they made several offers. Finally, the seller on a nice 3 bedroomhome accepted their offer and even agreed to pay the Beaumont’s closingcosts. Their realtor pointed out twoadvantages of buying the home they were purchasing. As their loan officer, Ipointed out two more advantages that would give the Beaumont’s, not one, butmultiple exit strategies so they would never have to feel stuck.

The first advantage, the realtor pointed out,was that in the neighborhood where Brent and Bella had decided to buy, homevalues had traditionally increased in value over time. That meant that 3 to 5 years down the road,they could probably sell the home and buy another home if the need arose tomove.

The second advantage, the realtor pointed outafter she researched the area, was that the property the Beaumont’s werepurchasing was located in a strong rising rental market. If the trend of rising rent rates remainedsteady, the Beaumont’s would also have a choice of buying a new home later onand using this property for income-producing rental income -just in case thehome selling market was tougher a few years down the road when and if theBeaumont’s decided to move to a different home.

The third advantage, as their mortgage officerI got to point out to them, was that the mortgage program they were using was agovernment FHA assumable loan. That meant, if the Beaumonts could not selltheir home outright in a future market and they did not want to use theproperty as an income-producing rental, they could allow someone to qualifywith their mortgage company to take over payments or assume their mortgageinstead of the future buyers having to get a new loan. If mortgage rates were much higher in thefuture when the Beaumont’s decided to sell, they buyers might even pay theBeaumont’s more upfront for equity to have the privilege of qualifying andtaking over the existing much lower interest rate mortgage.

The Beaumont’s had three possible positive exitstrategies on buying their first home. They could enjoy that peaceful feeling of being free and not stuck. They got some down payment assistance fromthe city of Memphis and some gift money from parents too and bought their homewith about $500 down. They moved into a much larger home than the formercramped apartment with a fixed interest rate payment a couple of hundreddollars less per month than what they had been paying rent. A very SWEET deal for the Beaumont’s andtheir sweet little one on the way.

Note : If you do not plan to remain in thegeographic area more than 2-3 years, you may want to consider renting. But ifyou believe you will be in the area longer than 3 years, consider purchasing yourhome.

Compare the money youpay for lender’s mortgage insurance-Discuss with your lender:

Compare the costs oflender’s private mortgage insurance. Lender private mortgage insurance does not help you. It helps thelender. Compare the terms on loan programs that minimize or eliminate privatemortgage insurance and other upfront and monthly loan program insurance orfunding fees. The amount you pay varies greatly from one loan program toanother.

• Words to the Wise on a Mortgage Refinance-

1. Recapturingyour closing cost: If you are planningto refinance your existing mortgage, calculate how long your monthly costsavings on the payment will recapture the closing costs you paid or rolled intothe loan to refinance. If you plan toowning the house for 5 years or more, you need to see recapture costs in lessthan 18 months.

• Hereare four common goals I hear from my clients want to achieve:
• Refinancing a mortgage you already have to get a lowerrate and a lower mortgage payment
• Refinancing tolower the rate and shorten the term on your mortgage (getting rid of yourmortgage sooner) This brings some greatbragging rights to the borrower. Whenyou are shortening the term on your mortgage, you calculate the time it takesto recapture your refinance closing cost differently, but typically you aresaving a lot more money by getting rid of several years off your mortgage term.
• Refinancing toroll in other higher interest rate debt into one low, fixed rate mortgage. (Then let’s put together a simple method foryou to make strategic prepayments to get rid of the mortgage sooner with theleast money out of your pocket.) (short story of the self-employed borrower whoadded into a cash out mortgage the high interest rate credit card balances thathad gradually build up over the years. He could refinance his mortgage and alsopay off these high interest, variable rate debts to a lower, fixed ratemortgage. They turn around and set up a plan to pay the mortgage off early)
• While you are sticking close to home for the next coupleof weeks, it is the perfect opportunity to get a FREE mortgage check-up andhave a licensed mortgage loan officer analyze your current mortgage position,available equity, and high interest debt to determine if refinancing wouldcreate a financial gain for you and your family. What do YOU want to accomplish with YOURmortgage. Make your plan. Let’s work your plan. If the deal works for youtoday, let’s do it today. Call me at(615) 924-6215 or email me a This email address is being protected from spambots. You need JavaScript enabled to view it. If the deal doesNOT work for you today, let’s determine the terms that would work and I canregister you on my Rate Watch program. Then I can call YOU when the rate andterms work for YOU.

REAL ESTATE TIP OF THE WEEK (SherryBlades shares a real estate related money-saving or time-saving tip. Consult with an experienced realtor who canprepare for you a Comparable MarketAnalysis to get to the right listing price for your home)

ANNOUNCEMENTS:

1. Talk Shoppeoffers free networking & education to anyone interested in real estate orin business. Talk Shoppe meets every Wednesday 9A-10A CT This Wednesday April 1st,2020 join us at Talk Shoppe in our online event room. Go to www.TalkShoppe.com and click on Upcoming Events Tab for the websiteaddress. Bradley Harris, editor and PastDistrict Governor District 43 Toastmasters “If you cant spelit, your in the wrong busyness- The power of precision in your professionalEnglish” Facts and fun with Bradley Harris.

2. TalkShoppe events are free thanks to supporters like Bill Emmerling of Vista Point. Are you, a family member or friend livingwith a physical, mental or intellectual disability? Vista Points offers specialneeds trusts to care for your loved ones now and for the future. Contact Bill Emmerling of Vista Points This email address is being protected from spambots. You need JavaScript enabled to view it. Bill Emmerling spelled with 2 “M’s”

3. Talk Shoppewelcomes Earl Leake of Leake Agency Insurance. Earl Leake specializes in getting your business and its assets protected withinsurance. Thank you Earl Leake forfinancially making it possible for our business community to get free educationand networking at Talk Shoppe’s weekly events. Contact Earl Leake of Leake Agency Insurance at 901-737-9352.

4. Subscribeat www.TNRDHomeLoans.com and you can get ourweekly blog posts with podcasts conveniently in your inbox.

5. RealEstate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE 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 EXACT DETAILSIN ANY OF THE SITUATIONS.

QUOTE CORNER:

Anonymous “Real estate cannot be lost or stolen, nor can it be carriedaway. Purchased with common sense, paid for in full, and managed withreasonable care, it is about the safest investment in the world.” -Franklin D. Roosevelt

____________________________________________________________________________________

REJOINDERS:

1. Marx Sterbcow, Sterbcow Law Firm, NewOrleans, Louisiana
2. Ella Harris, West TN Representative forTennessee Housing Agency www.thda.org
3. ClintCooper of Redeemers Group (Germantown, TN) Home Foundation Repair www.redeemersgroup.com

Transitional Music: “Theme from The Price Is Right;” “Sold The Grundy County Auction Incident”John Michael Montgomery; “Signed, Sealed, Delivered” by Stevie Wonder; “Memphis” by Johnny Rivers for the Look BackMemphis Trivia Contest

________________________________________________________________________

ABOUT SHERRY BLADES, REALTOR WITH ADARO REALTY

* Native Memphian

* AffiliateLicense 1976

* Broker’sLicense 1980

* Member ofMAAR 1981 to Present

* Life Member ofthe Multi-Million Dollar Club

* ResidentialSales

I have one daughter, twogranddaughters, and one grandson.

I love to travel, dance,write, study different cultures and religions: I love animals, Meditation,yoga, eating healthy.

going to personal growthseminars.

I especially lovechocolate and spa days.

Most of all, I love assistingpeople with all their real estate needs!!!

Adaro Realty

890 Willow Tree Circle Ste 8

Cordova, TN 38018

Office (901) 751-6675

Direct (901) 336-3204

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, divorcesor preparing to send children to college and some are embarking on a long termgoal 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

Have you considered selling your home but don’t knowwhat price to ask for it? Today on Real Estate Mortgage Shoppe we will becovering some great tips on getting to the right price to avoid wrong results. I will be covering some helpful rules-of-thumb to follow when you aretrying to decide on the best mortgage terms for your purchase loan or mortgagerefinance.

What do YOU want to accomplish with YOURmortgage? Let’s stay connected! Subscribe at www.TNRDHomeLoans.com for RealEstate Mortgage Shoppe weekly podcasts with show notes.

To Your Success,

McKenzie Mortgage RD Loans, Mortgage Loan Officer NMLS#757308 (901)482-0354 This email address is being protected from spambots. You need JavaScript enabled to view it.

www.TNRDHomeLoans.com Sierra Pacific Mortgage 46 Timber Creek Dr. Cordova,TN 38018

___________________________________________________________________________

WELCOME TO REAL ESTATE MORTGAGE SHOPPE!

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 LoanOfficer. You can connect with me at www.TNRDHomeLoans.com. Our generaltopic is WHEN IS THE PRICE RIGHT ONSELLING MY HOME & GETTING A MORTGAGE. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notesat www.TNRDHomeLoans.com Call us whilewe’re live today March 28^th, 2020 at (901) 535-9732.

INTRODUCING SHERRY BLADES, ADARO REALTY

By telephone today, for the very first time, we have Sherry Blades ofAdaro Realty. Sherry is a native Memphian who has been serving her residentialreal estate clients since 1976. Sherry has earned many certifications and is alife-time member of the Multi-Million Dollar Club. Sherry, you LOVE helping people purchasetheir homes. Take a moment and tell our listeners a little bit about yourselfand what you do for your clients. (Sherryhas about 1 minute or more to intro herself and talk about what she does forher clients.)

TOP STEPS TO TAKE IN GETTING THE RIGHT MORTGAGE TERMS

(Jo) Getting the price right is like the openingplay in sports or the first move in chess. It really determines what strategyyou use for the rest of the process. Inthe mortgage business, the loan program you choose is crucial for howyou plan your finances for the years that you make payments on themortgage.

Step 1: Evaluate what you are spending and how much money actually goes intoyour bank account each month throughout the year. Some of the financial gurus out theresuggest that you keep your house payment not more than 25%-31% of your grossincome. Your house note includesprincipal and interest, property taxes, home owners insurance, mortgageinsurance (if you have to pay it), and any neighborhood association fees.

Some of the same gurus suggest keeping totalmonthly debt with the house note and including your car payment, credit cardpayments, installment loans, personal loans, and other loans under 43% of yourgross income. Consult with your own certified financial advisor on this.

Hint to the Wise–Mortgage underwritingsoftware sometimes will approve your loan with a total income-to-debt ratio upto 50% or more. That is not a fun wayto live. By keeping your paymentslower, you will have room in your budget to enjoy fun adventures and excitingvacations and not be strapped financially to the house.

Step 2: Evaluate what is the maximum money you can put down on buying a home. The same financial gurus you hear out thererecommend keeping an adequate emergency fund at all times— 90 days livingexpenses if you have a stable salaried job or up to a year of living expensesor more if you are self-employed or a 100% commissioned employee.

If you are short on funds, we can pull outthe golden shovel and go treasure hunting. It might be with you like it was for a self-employed gentleman thatcalled me about his house plans. He said, “I want to keep my cash working forme in the business. Where can I find more money for move-in costs?”

We dug around for family gifts. We looked atborrowing against a retirement fund, down payment assistance programs, low downpayment loan programs with zero to 5% required down payment, tax refunds. But for this self-employed borrower, he endedup using the cash value on an old whole life insurance policy that he forgottenthat he had. MAKE YOUR PLAN. LET’S WORKYOUR 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.

(Jo)We are talking today about WHEN IS THE PRICE RIGHT ON SELLING MY HOME &GETTING A MORTGAGE. Sherry Blades of Adaro Realty, I have been talkingabout getting the right terms on a mortgage. You have a lot of wisdom to offer us today when its time to sell ahome. (Sherry introduces herself andtalks about how she got started in real estate in 1976 and what she loves aboutserving her residential real estate clients)

(Jo) 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 SherryBlades, Realtor,Broker with Adaro Realty, will be giving us more tips on how todetermine the best price for your home. See you back in just a moment.

____________________________________________________________________

THE LOOKBACK MEMPHIS TRIVIA CONTEST

^2nd segment after 9:15 break: Our Look BackMemphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lecturesentitled Making Memphis – Storytelling by Jimmy Ogle may be viewed byGoogling “JIMMY OGLE PINK PALACE”. Viewat JimmyOgle.com. . The Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon ofLawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscapingif you have a BIG, BIG project or a smaller project or you can do the bigproject in phases . The Lawhons are giving away a $25 gift card to the firstperson with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC901 535-9732.

Garner # 175 * 03/28/20

AbePlough

Question: Iopened my own business at the age of 16, with a loan of $125 from myfather. Who am I?

Hint: I was born in Tupelo, MS and moved to Memphiswith my family at age one.

Hint: In 1920, I added St. Joseph’s Aspirin to mybusiness portfolio.

Hint: My company merged with theSchering Corporation in 1971.

Final Hint: I was often known as‘’Mr. Anonymous’’ for my philanthropic efforts in Memphis. Who am I?

Answer: Abe Plough received his only other formaleducation at St. Paul Street Grammar School, from which he graduated. Afterschool and on weekends he worked at the George V. Francis drug store withoutpay because he wanted to learn the drug business. Moses Plough lent his son$125 to start his own business, Plough Chemical Company, in 1908. At agesixteen Abe Plough was owner, manager, and only employee of the new business,located in one small room above his father’s store. Using dishpans for mixingthe chemicals, his first formula was for Plough’s Antiseptic Healing Oil, a“sure cure for any ill of man or beast.”

Success came almost immediately for the newenterprise. Within two years it doubled in size, entered the patent drugbusiness, and branched out into cosmetics. Adding aspirin to his line ofproducts in 1920, Plough bought the St. Joseph Company, a step he called his“first on the road to the big time.” Plough, Incorporated, moved in 1951 to3022 Jackson Avenue. The business reported net sales of $254.5 million by 1954,a figure that doubled by 1962. It merged in 1971 with Schering Corporation,primarily a manufacturer of prescription pharmaceuticals. Plough was Chairmanof both Plough, Incorporated, and Schering-Plough. Plough retired from business in 1976 todevote his talents and energies to his other chief interest, philanthropy.

His generosity to the community is legendary. His many gifts were often made as“challenge grants,” his stated goal “to help the greatest number of people inorder to do the most good.” His legacy lives on not only in the business hecreated, which bears his name, but also in his deeds of generosity andleadership.

Bonus: Jimmy Ogle will begiving four distinct tours of Elmwood Cemetery on Saturday, April 25. Toregister, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retiredfrom walking tours in Memphis. Twelve ofhis Memphis History lectures from the Pink Palace entitled Making Memphis – Storytelling byJimmy Ogle, and now more than ten hours Downtown Walking Toursmay all be viewed for FREE on the internet at . . .
You Tube Jimmy Ogle. View JimmyOgle.com for more info!

___________________________________________________________

TOPICS COVERED BY SHERRY BLADES, ADARO REALTY

THE PRICE IS RIGHT!

When the price is right, the buyer sees the value andbuys it!

* How Much is this Home Worth???

Methods todetermine price

1. ComparativeMarket Analysis

2. Upgrades vsMaintenance

3. MarketConditions

4. Location

5. Condition

* Incorrect Pricing Leads to:

1. Frustration

2. ExpiredListings

3. Low Offers

* Correct Pricing

1. Satisfaction

2. SuccessfulSales

3. Quick Sales

4. Full PriceOffers and Multiple Offers

* Old Mindset

1. “Let’sList High because we can always come down

___________________________________________________________

3^rd segment: TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

1. What are some goodrules-of-thumb to use in determining the maximum comfort level on a house noteand move-in costs when buying a home? (covered in first segment)

• Should I rent or shouldI buy a home? Should we buy a home orrent? Brent and Bella Beaumont’sstory-MULTIPLE EXIT STRATEGIES

MULTIPLE EXIT STRATEGIES –BRENT AND BELLA BEAUMONT’S STORY

Brent and Bella had been renting an apartmentin an neighborhood that seemed to be attracting more crime. When they first gotmarried and moved into the apartment the rent was less than $900/month but nowit was over $1,000 per month. When Brentand Bella got the news they were going to have their first baby, the apartment,they realized was too small for their growing family. The payment was too large.

How were they going to find a bigger homewith a smaller payment? Theywanted to be in a good area where their children could go to the same schoolsthat Bella attended growing up The otherchallenge was they had very little in savings to put down on a house.

The decision to rent vs buy? Brent and Belladidn’t think they had a choice. But,they talked with a realtor who explained to them that, right now, in theMemphis area, they really could find a bigger home in an area where they wantedtheir children to grow up with a smaller payment and for less than $1,000 topay at the closing table.

The realtor showed Brent and Bella severalhomes and they made several offers. Finally, the seller on a nice 3 bedroomhome accepted their offer and even agreed to pay the Beaumont’s closingcosts. Their realtor pointed out twoadvantages of buying the home they were purchasing. As their loan officer, Ipointed out two more advantages that would give the Beaumont’s, not one, butmultiple exit strategies so they would never have to feel stuck.

The first advantage, the realtor pointed out,was that in the neighborhood where Brent and Bella had decided to buy, homevalues had traditionally increased in value over time. That meant that 3 to 5 years down the road,they could probably sell the home and buy another home if the need arose tomove.

The second advantage, the realtor pointed outafter she researched the area, was that the property the Beaumont’s werepurchasing was located in a strong rising rental market. If the trend of rising rent rates remainedsteady, the Beaumont’s would also have a choice of buying a new home later onand using this property for income-producing rental income -just in case thehome selling market was tougher a few years down the road when and if theBeaumont’s decided to move to a different home.

The third advantage, as their mortgage officerI got to point out to them, was that the mortgage program they were using was agovernment FHA assumable loan. That meant, if the Beaumonts could not selltheir home outright in a future market and they did not want to use theproperty as an income-producing rental, they could allow someone to qualifywith their mortgage company to take over payments or assume their mortgageinstead of the future buyers having to get a new loan. If mortgage rates were much higher in thefuture when the Beaumont’s decided to sell, they buyers might even pay theBeaumont’s more upfront for equity to have the privilege of qualifying andtaking over the existing much lower interest rate mortgage.

The Beaumont’s had three possible positive exitstrategies on buying their first home. They could enjoy that peaceful feeling of being free and not stuck. They got some down payment assistance fromthe city of Memphis and some gift money from parents too and bought their homewith about $500 down. They moved into a much larger home than the formercramped apartment with a fixed interest rate payment a couple of hundreddollars less per month than what they had been paying rent. A very SWEET deal for the Beaumont’s andtheir sweet little one on the way.

Note : If you do not plan to remain in thegeographic area more than 2-3 years, you may want to consider renting. But ifyou believe you will be in the area longer than 3 years, consider purchasing yourhome.

Compare the money youpay for lender’s mortgage insurance-Discuss with your lender:

Compare the costs oflender’s private mortgage insurance. Lender private mortgage insurance does not help you. It helps thelender. Compare the terms on loan programs that minimize or eliminate privatemortgage insurance and other upfront and monthly loan program insurance orfunding fees. The amount you pay varies greatly from one loan program toanother.

• Words to the Wise on a Mortgage Refinance-

1. Recapturingyour closing cost: If you are planningto refinance your existing mortgage, calculate how long your monthly costsavings on the payment will recapture the closing costs you paid or rolled intothe loan to refinance. If you plan toowning the house for 5 years or more, you need to see recapture costs in lessthan 18 months.

• Hereare four common goals I hear from my clients want to achieve:
• Refinancing a mortgage you already have to get a lowerrate and a lower mortgage payment
• Refinancing tolower the rate and shorten the term on your mortgage (getting rid of yourmortgage sooner) This brings some greatbragging rights to the borrower. Whenyou are shortening the term on your mortgage, you calculate the time it takesto recapture your refinance closing cost differently, but typically you aresaving a lot more money by getting rid of several years off your mortgage term.
• Refinancing toroll in other higher interest rate debt into one low, fixed rate mortgage. (Then let’s put together a simple method foryou to make strategic prepayments to get rid of the mortgage sooner with theleast money out of your pocket.) (short story of the self-employed borrower whoadded into a cash out mortgage the high interest rate credit card balances thathad gradually build up over the years. He could refinance his mortgage and alsopay off these high interest, variable rate debts to a lower, fixed ratemortgage. They turn around and set up a plan to pay the mortgage off early)
• While you are sticking close to home for the next coupleof weeks, it is the perfect opportunity to get a FREE mortgage check-up andhave a licensed mortgage loan officer analyze your current mortgage position,available equity, and high interest debt to determine if refinancing wouldcreate a financial gain for you and your family. What do YOU want to accomplish with YOURmortgage. Make your plan. Let’s work your plan. If the deal works for youtoday, let’s do it today. Call me at(615) 924-6215 or email me a This email address is being protected from spambots. You need JavaScript enabled to view it. If the deal doesNOT work for you today, let’s determine the terms that would work and I canregister you on my Rate Watch program. Then I can call YOU when the rate andterms work for YOU.

REAL ESTATE TIP OF THE WEEK (SherryBlades shares a real estate related money-saving or time-saving tip. Consult with an experienced realtor who canprepare for you a Comparable MarketAnalysis to get to the right listing price for your home)

ANNOUNCEMENTS:

1. Talk Shoppeoffers free networking & education to anyone interested in real estate orin business. Talk Shoppe meets every Wednesday 9A-10A CT This Wednesday April 1st,2020 join us at Talk Shoppe in our online event room. Go to www.TalkShoppe.com and click on Upcoming Events Tab for the websiteaddress. Bradley Harris, editor and PastDistrict Governor District 43 Toastmasters “If you cant spelit, your in the wrong busyness- The power of precision in your professionalEnglish” Facts and fun with Bradley Harris.

2. TalkShoppe events are free thanks to supporters like Bill Emmerling of Vista Point. Are you, a family member or friend livingwith a physical, mental or intellectual disability? Vista Points offers specialneeds trusts to care for your loved ones now and for the future. Contact Bill Emmerling of Vista Points This email address is being protected from spambots. You need JavaScript enabled to view it. Bill Emmerling spelled with 2 “M’s”

3. Talk Shoppewelcomes Earl Leake of Leake Agency Insurance. Earl Leake specializes in getting your business and its assets protected withinsurance. Thank you Earl Leake forfinancially making it possible for our business community to get free educationand networking at Talk Shoppe’s weekly events. Contact Earl Leake of Leake Agency Insurance at 901-737-9352.

4. Subscribeat www.TNRDHomeLoans.com and you can get ourweekly blog posts with podcasts conveniently in your inbox.

5. RealEstate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE 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 EXACT DETAILSIN ANY OF THE SITUATIONS.

QUOTE CORNER:

Anonymous “Real estate cannot be lost or stolen, nor can it be carriedaway. Purchased with common sense, paid for in full, and managed withreasonable care, it is about the safest investment in the world.” -Franklin D. Roosevelt

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REJOINDERS:

1. Marx Sterbcow, Sterbcow Law Firm, NewOrleans, Louisiana
2. Ella Harris, West TN Representative forTennessee Housing Agency www.thda.org
3. ClintCooper of Redeemers Group (Germantown, TN) Home Foundation Repair www.redeemersgroup.com

Transitional Music: “Theme from The Price Is Right;” “Sold The Grundy County Auction Incident”John Michael Montgomery; “Signed, Sealed, Delivered” by Stevie Wonder; “Memphis” by Johnny Rivers for the Look BackMemphis Trivia Contest

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ABOUT SHERRY BLADES,REALTOR WITH ADARO REALTY

* Native Memphian

* AffiliateLicense 1976

* Broker’sLicense 1980

* Member ofMAAR 1981 to Present

* Life Member ofthe Multi-Million Dollar Club

* ResidentialSales

I have one daughter, twogranddaughters, and one grandson.

I love to travel, dance,write, study different cultures and religions: I love animals, Meditation,yoga, eating healthy.

going to personal growthseminars.

I especially lovechocolate and spa days.

Most of all, I love assistingpeople with all their real estate needs!!!

Adaro Realty

890 Willow Tree Circle Ste 8

Cordova, TN 38018

Office (901) 751-6675

Direct (901) 336-3204

ABOUT JOGARNER-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, divorcesor preparing to send children to college and some are embarking on a long termgoal 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

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