Garner # 182 * 07/18/20

High Point Terrace

Question: Memphis after World War 2 began to sprawleastward past Overton Park and I became one of the most popular residentialareas to live in “East Memphis” just past Highland Street. What is my name?

Hint: At the time I was begun, the eastern MemphisCity Limits extended only to Goodlett Street.

Hint: I was considered the “highest” ground(elevation wise) in Memphis at the time.

Hint: Poplar Plaza Shopping Center and Galloway GolfCourse are two of my neighbors

Last Hint: Many of my streets are named for children(like Charleswood, Johnwood, Kenwood and Philwood)!

Answer: High Point Terrace is generallygeographically defined as being located north of Walnut Grove Road, east ofNorth Highland Street, south of Summer Avenue and west of North GoodlettStreet. Sam Cooper Boulevard cuts the northernsection off from the rest of the neighborhood. Property values in High PointTerrace are some of the highest per square foot in the city of Memphis. Thereare approximately 4,000 residents and 1,800 homes (most of which are examplesof early post-World War II minimal traditional design) in the area. Althoughoriginal development began in the 1930s, it was not until after WW2 that theneighborhood became a part of the urban sprawl of Memphis eastward by1953. A small retail center in thecenter of the High Point includes a grocery, laundry cleaners, dentist, salon,barber shop, pub, pizza parlor and a recent addition of a bicycle hub(Cruisers) to service the opening of the Shelby Farms Greenline in the formerCSX railroad line.

Bonus: Jimmy Ogle’s four distinct tours ofElmwood Cemetery that were scheduled for Saturday, April 25 are postponed untilAutumn. For more information, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retired from walkingtours in Memphis. Twelve of his MemphisHistory lectures from the Pink Palace entitled Making Memphis – Storytelling byJimmy Ogle, and now more than ten hours Downtown Walking Toursare FREE on the internet at . . . YouTube Jimmy Ogle.

View JimmyOgle.comfor more info!

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TOPICS COVERED BY ED HILL OF MASTERS ROOFING

RoofInsurance Storm Claims: To File Or Not To File

Alocal roofing company knocks on your door and you are breathlessly told thatyou can get a new roof FREE from your insurance company because you haveunparalleled “Storm Damage” on your roof…the roofing rep then offers to climbon your roof to inspect it, then after the inspection he announces that yourroof is decimated, a slam dunk approval and then he offers to file a damageclaim for you.

ToFile Or Not To File, that is the question.

WhatIs “Storm Damage”

Wind,Hail, Trees

WhatStorm Damage Isn’t

NormalWear And Tear, Algae, Improper Installation

HowDoes A Homeowner Know?

Mostdon’t. They need experienced, trustworthy experts to help them.

Forevery 10 Roofs I look at only about half are claim-worthy. The other half justneed repairs.

ShouldA Claim Be Filed Or Not…Factors To Consider

1. Number of previous or active claims
2. The general results from YOUR insurer
3. Your short-term and long term plans
4. The urgency of your roof condition and how that affects your home
5. The type of homeowners policy you have…ACV or RCV
6. Can you afford to pay the policy deductible required under your policy.

Forexperienced, expert residential roof advice, roof inspections and roofestimates and bids, call Ed Hill, Masters Roofing at 901-273-6594. Learn moreand meet Ed at MemphisHomeMaintenanceShow.Podbean.Com and at

#EdHillMastersRoofing.

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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

1. What top 3 habits doyour most financially strong mortgage clients practice?

I have served my customers forover 30 years now as a mortgage loan officer. Some people think that being a mortgage officer for 30 years is not toointeresting or exciting. You would be surprised!It is still a joyous, exciting and interesting journey alongside some many veryspecial people who are making some of the biggest financial decisions they willmake in a lifetime.

After 30 years of working withnew clients as well as working with the same families over a couple ofgenerations, you start to notice certain habits that produce wealth and peaceof mind.

Here are 3 habits from the peacefuland prosperous:

1. Always pay yourself and a charitable causefirst-even if you have to have it deducted before it ever hits your checkingaccount. For examples of what I have seen– paying 10% to your church or othercharity and 10% to your savings account and a healthy portion to yourretirement account.

Keeping 6 months to a year’s worth of living expenses available in an emergency fund. Money may not beable to solve all of your problems but it sure can make them easier toendure.

• Staying within a budget. Those who always have their goals in sight,seem to do better with the budget since they are focused on having more later ratherthan less today.

Take care of what you have, likeyour house, your car, your electronics. Inmy 20’s I had the privilege of working in the garden and chopping wood withsome older women in the neighborhood up in the State of Maine. One of their favorite mottos was “Use it up,wear it out. Make it do or do without.”They were frugal and knew the best things in life were enjoyed for free.

• Keep yourcredit clean and your credit scores as high as possible. The higher your credit score, the lower yourcost to borrow. Sometimes it just thepeace of mind of knowing if you really really needed to borrow money for a homerepair, a car repair and a medical procedure to repair your own body, you canget the money you need if you should need it.

To illustrate why it is importantto keep your credit scores polished and some habits you can start to keep yourcredit scores at the top, let me share with you a quick story.

We can call this story The Tale of Two Borrowers

Tale #1: Terrance and Tamika Thomaslived a fairly comfortable life, steadily working at their careers, supportingtheir almost grown children and living in the same house they had owned forover ten years. Their lives were aboutto change. Their oldest child was graduating college that year and theiryoungest would be graduating and leaving home the following year. , Terranceand Tamika wanted to move out to the country. For years Terrance dreamed of having his own workshop to fix stuff andmake some money at his hobby.

Tamika’s dream was to have a covered back patio with a fancy bar-b-quegrill and a back yard view of the woods. She had been seeing these open kitchenplans with the most up-to-date appliances complete with a double oven. The house they wanted had all of this andmore.

Even though Terrance and Tamika’s life was going well and they seemedto always have the things they needed with no effort, the comfortable life wasnot how their marriage got started many years before. Several years before life for the Thomas’could be described as a tire running off the road, a train jumping off thetrack and an accident waiting to happen.

So many years ago, Tamika’s impulse buying on credit and Terrance’slack of discipline with paying bills and saving money really caused heartacheand disappointment. The financial stressalmost cost them their marriage. About three years into their marriage Terranceand Tamika got into a financial freedom class through their church. It was awell-known national program set up to get families out of debt. They made the commitment and withencouragement from friends and family the Thomas’s emerged from the debt-freeprogram with some savings in the bank, a paid off house and very high creditscores.

Terrance and Tamika found a house in the country that they reallyliked. It was not everything they wanted because it didn’t have the coveredback patio and the workshop was not completed finished on the inside. The price was right and their expert realtorreferred them to an expert mortgage lender. Since Terrance and Tamika’s credit was so good and they had saved someextra money to put down on the new house, they enjoyed the lowest mortgage rateand an even lower monthly payment. Itwould not take them long to gradually pay this house off too. Since the Thomas family had such good creditand could more than afford the house they were purchasing, their mortgage andhomebuying process could be described as “Easy Peasy.”

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Tale #2: Sam and Sally Smith are newly married and expectingtheir first child. Saddled up withstudent loan debt had kept them strapped for cash and existing in a smallapartment, not large enough for their expanding family. Sam regretted his carefree days in collegecharging up the credit cards he accepted in the mail. It was so easy to use them –even fornecessary items, but a few missed payments and a collection account tanked hisscores.

When Sam tried to was denied credit to purchase a car he needed to getto work, reality came like a slap in the face. It was time to make a plan and stick to a plan to get his credit backworking for him and not against him.

Sally’s story was a little different. She had stayed away from creditaltogether and did not have a credit score at all. Her income was too low to qualify for a houseon her own, so the plan was to build her credit and make Sam’s credit better.

Due to Sam’s bad credit, in order to get a car, he had to buy what hedescribed as a “rust bucket on a roller skate.” He said he paid way over theblue book value for the car and had a loan that had an interest rate in thedouble digits. The payment he describedas “Ouch!”

When Sam and Sally went to apply for a mortgage to try to get out ofthe cramped apartment and into a house, the news was not what they wanted tohear. Even if he could improve hiscredit score up to a 640 from his current 565 score, he would be paying about ahalf point higher on the interest rate. Over a period of time, the financing would cost him almost $10,000 more than what he would pay ifhis scores were higher. But he had a plan to move the dial up on his creditscores in just a few months. Sally’splan would get her a decent credit score in only 30 days.

The tale continues-

Terrance and Tamika bought their house with a workshop out in thecountry and begin gradually making the home into the one they always dreamed ofhaving for their own.

About a month after moving in, the Thomas family invited a lot of theirfamily and friends from church to come for dinner for the house warmingparty. Walking through the door to theparty with bag of potato chips and a container of homemade salsa, was Sammy andSally Smith

During the course of the evening festivities, Sammy and Sally sharedwith Terrance and Tamika their personal dream of having a home of their own.They shared their disappointing experience of being turned down for a home loandue to the credit snafus.

Terrance and Tamika confessed to their own past history of credit skidsand smashes. They talked about how theirchoice to get help many years before to become disciplined in their financesset them free to leave peacefully and joyfully with the children. Terrance gave the Smith couple the name andcontact information of the mortgage officer who had helped them get financingfor their first home many years before.

Sammy and Sally were on their way and getting closer to the dream ofowning their own home.

Take your own temperature –

If you want to set out on aroad to good credit, first know what your credit looks like today. Every yearyou are allowed to check your own credit for free by going to www.annualcreditreport.com Check allthree credit bureaus to make sure there are no errors on your report.

If you find errors on yourreport, contact all three credit bureaus and the merchant reporting theerroneous credit, informing them of the error and asking for the erroneouscredit to be removed from your report. In the letter, make sure you identify yourself, your social securitynumber (to the bureaus) and your address and contact information. Be sure and include the merchant name,address, phone number and account number also. The merchant reporting erroneouscredit has a limited time to respond to your request to correct the report, soit is a good idea to get tracking on the mailed letter. You should hear back in about 30 to 60 days.

Equifax InformationServices

www.equifax.com

PO BOX 740241

Atlanta, GA 30374-0241

(800) 685-1111

Experian

www.experian.com/reportaccess

701 Experian Parkway

PO BOX 2002

Allen, TX 75013

(888) 397-3742

Transunion ConsumerRelations

www.transunion.com/myoptions

2 Baldwin Place

PO BOX 1000

Chester, PA 19022

(800) 888-4213

Do-It-Yourself Credit Fix-

If some of the negative credit reporting was not in error but wasreally bad credit on your part, then there may be some things you can do tolessen the negative blow.

If you have collection accounts showing with balances still owing, youmay want to call he creditor a make a deal with them to get them to agree tostop reporting every month on that collection account. In the past collection agencies reported thecollection once and never reported again. But today, they often continue to report month after month until.

Each time a negative late pay or 30 days or more or a collection account gets reported on yourcredit, it is like taking sucker punch to the gut because it drops your creditscores so badly. Even if you set up a small payment plan in exchange for thecompany not making any more negative reports about you.

A representative from Equifax Credit Bureau told me once that, the bestauthority on credit scores is the internet website www.myfico.com . This sitegives you some great tips on keeping your credit score the highest it can be.

Some of the greatest credit scores are from 780-850

Really good credit scores thatstill give you the best in rate and terms on loans is around 740-779.

Still good but not considered the best are credit scores at 700-739.

Average scores come in around 660-699

Once your scores are below 660, you pay a lot higher interest rate onloans you apply to get and your payments are high.

Many of the mortgage companies across the country have set limits tothe minimum credit scores they will accept from 620 to 640.

Jump-starting your credit scores-

The site www.MyFico.com shows you where to concentrate on getting thebest and quickest results on jump starting your credit scores.

1. Make your payments on time, never going over30 days late. Payment history makes up about 35% of your credit score
2. Keepthe balances on any revolving accounts like credit cards UNDER 30 % usage. Ifyour usage is 10% or lower, then you could raise your score even more over ashort time. Credit usage percentage makes up about 30% of your credit score

Example: Credit limit $10,000 on your credit card.

30% usage on a $10,000 credit line means for you tonever allow the balance owed to go over $3,000 at anytime during themonth. (Make your payment on time)

• Stayaway from 12-months-same-as-cash accounts. These tend to score like a maxed out credit card and can drop yourscores 60 to 100 points quickly
• Old,established history on credit cards gives you better credit scores. Length oftime on a credit account makes up about 15% of your credit score
• Creditinquiries and getting new credit makesup about 10% of your score. Be careful about getting a lot of inquiries on yourcredit report because too many can drop your score. (if you are shopping for a mortgage and onlyother mortgage companies pull your credit within a 14 day period, the inquiriesshow up but are not supposed to penalize you on your score so that you can shoparound without it hurting your score.

Myths aboutwhat affects your FICO score-

1. Myth # 1 You don’t have to carry a balance to create ascore if the creditor reports a good history even when there is no activity.
2. Myth # 2 Your income doesn’t affect your score
3. Myth # 3 You and your spouse do not share acredit score. You each develop your ownunique scores based on your individual activity.

Epilogue-

Terrance and Tamika are living happily in their newhome in the country. Sammy has beenhelping Terrance finish out the workshop, building benches and racks to hangtools and stuff. Tamika and Sally havebeen painting and staining the cabinets in the kitchen, lightening it up andmaking it feel even more spacious and inviting.

Sammy set up a payment plan with some of the past due balances that had beenhaunting him on his credit cards. Hemade a deal with the credit card companies not to report negatively on him aslong as he was making regular payments to pay off the past due balances.

He went online and signed up for a well-known securedcredit card. He put up $300 of his ownmoney and kept a balance of no more than $25/month for 3 months which put anextra 50 points on his credit score.

Sally’s parents added her to one of their seasoned,low usage credit cards which just about instantly popped her credit score up toaround 680 from zero.

Sammyand Sally are working with the same realtor that helped Terrance andTamika. Sammy and Sally know what theywant in a house including a very special room for their new baby. They arewilling to start small so they can stay on a less stressful budget and enjoylife a lot more.

1. REAL ESTATE TIP OF THE WEEK (Ed Hill shares a tip about what typeinsurance covers more of the roof repairs)

ANNOUNCEMENTS:

Talk Shoppe offers free networking & education to anyone interestedin real estate or in business. Go to www.TalkShoppe.com and click on Upcoming Events Tab for virtual meeting location websiteaddress.Talk Shoppe meets every Wednesday 9A-10A CT This Wednesday July 22,2020, EricEurich, Kaizen Award-Winning Business Coach with Focal Point Business Coaching“Jumpstart: 6 Keys To Re-Launch your Business”

We want to say thank youto Genell Holloway of www.healthbenefitsplus.org HealthBenefit Coverage you can count on. (Putting the Plus sign in YOUR bottomline) Genell Holloway financially supports the freeeducation and networking for our local community at Talk Shoppe. Give Genell Holloway a call to talk with herabout your health benefits

A special thank you alsoto Kurt Lau and Peggy Lau for YOUR financial support to make Talk Shoppe’s freeeducation and networking free to our community. I can tell you from PERSONAL experience that the Dreamtrips that offeredthrough their program are 5 star andthey can show you have to get these vacations at a bargain cost or sometimesfree. Contact Peggy at (901) 289-0747

• Stay safe! Stay hydrated! It’s hot outside socheck on your pets, your neighbors and your family members. Make a positive difference in your world.
• The sponsors of our show today are real estateattorneys Rob Draughon and Shelley Rothman of Griffin Clift Everton andMaschmeyer. For your home purchase orrefinance give Rob and Shelley a call at (901) 752-1133.

4. Subscribe at www.TNRDHomeLoans.com and you can get our weeklyblog 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 EXACTDETAILS IN ANY OF THE SITUATIONS.

QUOTE CORNER: John FKennedy “The time to repair the roof iswhen the sun is shining.”

The Puritans andalso Boyd Packer “Use it up, wearit out, make it do, or do without.”

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REJOINDERS:

1. Troyand Lynn McDonald, Erin McDonald Insurance Agency (901) 849-7101 You are in good hands with Lynn McDonald foryour home and auto and life insurance BillEmmerling, www.VistaPoints.org Helping you help someone you love with aSpecial Needs Trust
   1. MirandaGriffin, www.HealthyMidSouth.com Improving Lives One Step At A Time

Transitional Music: “Up On The Roof “ the Drifters; Riding theStorm Our by REO Speedwagon ; “Rockin With The Rhythm of the Rain” The Judds; by Johnny Rivers for the Look Back Memphis Trivia Contest

_____________________________________________________________________________________CALLERS: TROY AND LYNN MCDONALD OF ERIN MCDONALDINSURANCE AGENCY – A COUPLE OF GREATTIPS TO SAVE YOU MONEY WHEN MAKING AN INSURANCE CLAIM. (don’t call the 1-800 number. Talk with your insurance agent first todetermine if you should file an insurance claim or self pay. Even if the insurance company does not endup paying a claim, many times it still goes against you on your insurance claimas if the claim was paid just because you called the 1-800 number)

CALLER: Trivia Winner Stephen called in to win the Look BackMemphis Trivia contest. Stephen told our listeners that he would recommend, ifthey are buying a home, to use the realtor and lender he used to buy hishome—Rita Hallum of Crye-Leike in Bartlett and McKenzie Mortgage RD Loans, Sierra PacificMortgage .

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                ABOUT ED HILL OF MASTERS ROOFING

Ed Hill has been in theresidential roofing industry since 2008 and has been Senior Consultant withMasters Roofing Memphis TN since 2010. He has personally assisted about800 homeowners with roof replacement and many others with roof and exterior repairs. He is an active member of the Greater Memphis Business NetworkInternational chapter and is the official Masters Roofing consultant to TPCSouthwind. He holds three earned degrees including a doctorate but triesnot to let those get in his way of serving his customers! For free roofadvice, free inspections, and free estimates and bids for roof replacement orroof repair call Ed Hill at 901-273-6594. Learn more at #EdHillMastersRoofingand at MemphisHomeMaintenanceShow.Podbean.Com

EdHill, Senior Consultant

MastersRoofing

2845Stage Center Cove

BartlettTN 38134

901-273-6594

This email address is being protected from spambots. You need JavaScript enabled to view it.

www.mastersroofing.com

TNState Licensed Contractor #00067521/ Reciprocal Licenses MS & AR

BBBA+ Accredited Member Business

PlatinumPreferred Contractor Owens Corning / GAF Master Elite Installer

GuildQuality Member / Angie’s List

www.EdHillMastersRoofing.webs.com

Podcasthttps://MemphisHomeMaintenanceShow.podbean.com

www.Facebook.com/EdHillMastersRoofing

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,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.