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Things you could be doing right now to optimize your
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scores. Right. So that next year, when it comes time to buy,
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you're gonna save thousands upon thousands. I mean, even if you get your
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score up from let's say someone has a a seven nineteen. If you
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just get to seven twenty, you save money. And here's the baffling
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one. Not only do you save money, we all know that you save money on
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interest rate. Right? That's simple. But most people don't realize that you also
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save money on your mortgage insurance factor.
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Howdy, friends, and welcome to the Allen Fairview Insider, the podcast where we
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dive deep into the heart of our community. I'm your host, Super Dave Quinn,
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with Day One Experts, and I'm here to help bring you the latest and greatest
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from Allen and Fairview. From insightful interviews with our local leaders
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to exclusive updates on community events and developments, the Allen
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Fairview insider is your go to source for staying connected and informed.
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So whether you're at home or at work or on the move, let's get started
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and make the most of our time together.
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Hi there. My name is Joe Boggs, and I'm with Highlands Residential Mortgage. Today, I
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have with me Tanya Walker with the Walker Group Real Estate. So how are you
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doing today, Tanya? I'm great. Thank you, Joe. How are you? Thanks for having me.
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Good. I am very blessed that I get to talk to Tanya on a regular
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basis because we have a ton of mutual clients. And so not only
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are we good friends, it's nice to be able to work with your friend on
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a day in, day out basis. And so I couldn't tell you how many
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transactions that together we have, solved issues for these folks
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and put them into a house, but I can say, and I'm sure you can
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relate that it's, it never gets old. Does it? No. No. It's good
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to to be able to be friends and to trust so
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that I can call you whatever hour it is. You bet.
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You bet. It takes a team, doesn't it? It does. And so we're we're also
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very blessed with, the expansion of our team. You know? It's not just
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her and I. It's also we've got insurance folks that get involved, and that's been
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really, really important as of the last year when insurance are going crazy. Right?
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I mean, everything from having to reel in maybe a credit consultant. You know? If
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someone give us enough time, we can go ahead and get them with that, get
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them working on it so that when they're ready, six months, eight months down the
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road, they're in in better shape. Our escrow people, I mean, we
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we count on them. And then, of course, our own team that helps us with
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the day to day work, they really do the heavy list lifting and make us
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look good. So But we we need that. Yep.
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Yep. But it does take a team, and most people don't don't know that. And,
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you know, through the years, I can tell you my operations manager has been with
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me for twenty three years. I wouldn't wanna do this without her. And and so
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it's, those folks that do the heavy lifting don't get all the rewards. You and
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I get to show up to closing and go, oh, look what y'all did. But
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there's a lot of work that goes on in between. And I think that's that's
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sometimes, you know, a lot of people I know for myself Mhmm. Before I got
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into the industry, I didn't I didn't know what took place and what
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all the procedures that have that everybody does have. Yeah.
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If the impact on so I think it's important to also
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relay that it it isn't just open up a door, give
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you a file, run the credit, and then it's done. It's not.
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There's a lot that happens within those
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typically on a on a typical closing
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thirty day. There's a lot that takes place, for each
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individual file, and loan.
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Yep. With time comes wisdom, doesn't it? Mhmm. It takes it takes
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some failures. Thank goodness most of those should be behind us now.
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With kinda like a wedding, you know, you look at the guests, don't see all
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the the craziness that's going on behind. Yep. And and then and
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everything is good for for the the bride and groom. That's kinda how it is
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for our clients. We want it to always be good for them that they don't
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see all the chaotic stuff that goes on in the back end, but we're running
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around like little chickens for our, heads.
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We've just learned to disguise a little bit better. And, you know, it's funny. It
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never gets old seeing, you know, maybe folks that don't have that
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much experience. They've only been doing this for four or five years or whatever. It's
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so funny to see them because we well, we have really good competitor friends as
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well. You know? It's a it's a it's a kind of a smaller area that
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we operate in even though there's a lot of us. There's enough business for everybody,
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so we have a lot of competitor friends. Mhmm. But it's still I still so
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enjoy it with these folks that don't have a hundred transactions or whatever under their
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belt to watch them kind of flail. It I just smile. Before I help
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them out, I just smile first, pet them. Well, a lot of times
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people go to other people that that don't have it together
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where I've been very fortunate to know you for quite a number of years, and
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it and it was the same thing until we got together. Mhmm. You know, you
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don't you don't other teams are not Yeah. As
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strong. Well ordered. Right. And with yours, it's so it is.
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It makes a big difference to have the longevity, with with your
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teammates. We dance together pretty well, don't we? Mhmm. We do. You know? And it's
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funny because we also really in a lot of of different
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teammates in this. So, generally, when I'm doing the financing side of
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things, I like to ask someone. People call and, you know, some people wanna put
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down no money. Some people wanna put down, hundreds of thousands of dollars.
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And I always love to to ask them, hey. Have you talked to your financial
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planner about this? Mhmm. Number one, if they don't know me very well,
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it takes it away from, you know, just my opinion. I want
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to bring in someone who you already have a relationship with that you know and
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trust, and let's get their opinion. They can double check my work. It
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seems to take some of the, anxiety out of it. Mhmm.
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But, you know, people call quite a bit that say, hey. I wanna put $300,000
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down. I get their financial planner involved, and they're like, no. We don't we don't
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wanna do that right now. You're you're at this tax bracket,
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and we need to show that you're you you gotta have some expenses.
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Mhmm. You know? And then we'll bring in a CPA from a tax side,
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a financial planner from their investment side, and then you've got an entire team
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working for every individual customer. And this isn't just for our folks that
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are buying million dollar houses. The in fact, the most common answer I get when
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I ask if your financial, planner or CPA has been involved, They say, I
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don't have one. Mhmm. That's that's great, but let's get to one.
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Time. Yeah. Let's you know? So you you and I give our
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resources out freely to people. Here's who I've been using for ten years.
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Mhmm. And, yes, you may not make a gob of money right now. But
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I can tell you, like, the ones that we work with, their minimum investment is,
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like, $500. Mhmm. Gotta get started somehow, whether it's just starting straight out of
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college some of them. Right. And and it's so beneficial for them to
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to set that platform. Yep. But, yeah, I think it's very important for
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them and and for us to be a a good resource and have You bet.
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The quality people that we have to to provide to them. Yeah. And we're so
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entrenched in the community that we are held accountable by our actions. And
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so we vetted the people we surround ourselves with the team. So
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it's great that people can call you or I, and we get calls for, hey.
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Do you know a good painter? Oh, oh. You know? I mean and not only
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have you been in the real estate business for a long time, but you're the
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chair of the Allen Fairview Chamber. Mhmm. And so the
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the strength there comes that a painter cannot run
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the risk to treat one of our clients
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poorly Mhmm. Because not only will they lose the client's business, but now they're
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gonna lose your business and make a bad name for themselves
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in the chamber. You can't do that and survive. And I've been very
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fortunate. I I can say I have not had a bad experience,
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with our folks, that we've referred out. Mhmm.
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And many that are on on, on my team that I have
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been with for anywhere between six to thirteen years. Yeah.
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So Yep. I mean, it's consistent. You're making good
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decisions and surrounding yourself with good people. Yeah. And that's that's all that really matters
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in the end, and that's how you build a good team. And so one of
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the things we cover with the financial planner, and this one was kinda interesting recently,
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was I was talking to a client, and I said, hey. You know, no one
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can tell you exactly what the appreciation on a home is, but we can probably
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all say in the last ten, fifteen, twenty, thirty years. I mean, I remember in
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02/2021, it was 21% in Collin County. Now that's an
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anomaly. That I was gonna say that's not Yeah. Typical. That may
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not ever happen again. That was a onetime deal just like when rates were you
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know, had a two in front of them or a three in front of them,
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that will likely never happen again. But, you know, if you look at
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rates over an average over the most recent forty years, six to 7%
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is that's normal, and that's where we are now. And I think people are getting
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comfortable with that. But when I was talking with them, their I had their
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financial planner on the phone, and I he was saying, well, okay.
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Well, if you if I buy a $500,000 house
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and it goes up 5%, that's
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$25,000. So what percent of
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return is that compared to my financial planner? I go, wait. Wait. Wait. Wait. Wait.
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I I said, you're using the wrong math. Did, an investment
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is defined as taking some sum of
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financial investment in anticipation of a return. Did you put
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$500,000 into that investment? And he said, no. I said, you
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put you brought to closing $25,000. You put 5% down.
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So you need to do the math based off of you put down
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$25,000, and twelve months later, your
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house was worth $25,000 more than you paid
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for it. That is a 100% rate of return. Mhmm. And
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so I asked the financial planner. I said, do you disagree that buying
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a home should be your number one investment? He's like, I don't disagree at all,
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Joe. He said, in fact, you already have to have a place to live. And
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if you look at what your mortgage payment's gonna be compared to what rent would
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be, that's a wash. So if you just took 25,000, put it
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into the market, and now you've got something that's worth $25,000 more,
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$25,000 more. Yes. You just made a 100% rate of return, and there's nothing I
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have that I can match that with. Mhmm. And so that was a a light
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bulb that went off for the client. They were like, wow. I go, yeah. Good
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luck good luck finding that even though I'm sure your financial planner is awesome. Mhmm.
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They're not gonna find a 100% rate of return. And then that return just keeps
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going because you're not putting every 25,000 into it. Next year. Yeah. You
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just keep it keeps growing. So, yeah, it it I don't think anybody
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can disagree, especially in Collin County, that real estate is the number
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one investment there is. Yeah. You know? So I mean, we've seen
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we've seen such a great turnover with with
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respect with what people purchase the homes at Mhmm. Even within
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one year. Yeah. I've I've clients that that I work a lot
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with with, corporate relocations. Mhmm. And so they they're
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in for one to two years on many bases. And
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then we turned around and sold them, and and they've come out very well.
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You bet. I I love, like, when we do move up buyers. So when people
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are buying their first house, they're looking at, you know, a house that's really kinda
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tough for them to qualify for. And then we have those conversations like, hey. Yeah.
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You may qualify for $6,000 a month, but do you want that payment? Mhmm.
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And then they end up you know, when we're talking with them, they'll end up
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saying, you know what? Maybe I should buy a $400,000 house
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now. Then three or four years from now, I can either sell it, have the
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equity put down, and buy a bigger house, or even better, convert
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it to an investment property. Now I've got that income and someone else
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paying it and become a landlord. And, you know, having one property like that
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is really simple. Now you start multiplying. I'm sure that you would wanna get, like,
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a property manager involved to Right. To help them. But one is not bad at
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all. Yeah. And it's not for everyone, but the key piece that you're
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saying right there is that you took the time to talk to them about, do
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you wanna go deep, you know, spending it all on one
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home maxing out Yeah. Or do we go smart and
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safe? And I think that's a a one of the big key pieces that I
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enjoy working with you is that neither one of us wanna
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put a client into a situation that is, makes it a
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hardship for them. Mhmm. But also to help them to think outside of
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the box of maybe what they're not thinking Mhmm.
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Futuristically wise. But it's also it's always
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about making sure the client has the best Yeah.
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Have the best interest of the client. I had this exact same conversation with my
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son last night. He and his wife, so they're 24. They got married in
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November. And, they came over, and they wanna have a talk with me, and
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it's now they're ready for the next step. Right? And so they're I think the
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least they set up in June. I actually encourage them to wait until December
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just because they just moved back here from Lubbock and and wanna make sure they
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pick the right neighborhood. But we had this conversation, and he had his eyes
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on a $500,000 house. Mhmm. And I said, son, really?
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I mean, I'm not sure that you wanna do that in the same thing. Mhmm.
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You know, maybe this is a a stepping stone house. Maybe you go up further
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north where you can find a $3.50, and maybe three
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to five years from now, that becomes an investment property. Mhmm. And he says,
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is that how you got started? I said, that's exactly how it got started. And
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so it's we don't just have these conversations with our clients. We have them with
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our family too. Right. So yeah. And then I always get asked, you
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know, hit his was it was funny. He was showing me houses. Here's the house
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we already looked at. And I said, son, if I taught you nothing,
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always get with your lender in advance. Right? Exactly. I
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mean, the favorite thing that I ever get is when someone says, hey. We wanna
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buy a house next year. I love that. Yeah. Because
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now what we do is we pull a soft pull credit report, doesn't cost you
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anything, doesn't hurt you in any way, shape, or form, and then I connect it
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to those cool tools that will analyze and show you
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things you could be doing right now to optimize your
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scores. Right. So that next year, when it comes time to buy,
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you're gonna save thousands upon thousands. I mean, even if you get your
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score up from let's say someone has a a seven nineteen. If you
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just get to seven twenty, you save money. And here's the baffling
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one. Not only do you save money, we all know that you save money on
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interest rate. Right? That's simple. But most people don't realize that you also
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save money on your mortgage insurance factor. And so
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you couple those things together and
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then add insurance discounts for that for having higher scores.
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And it is a massive amount of money. In fact, I wish I could show
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this, but I have a, class that I teach. And here's the
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comparison. I'll pull this chart up so I can read directly from it. So
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here's a comparison where we compared someone with a six twenty score
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to the seven forty. Seven 60 is as good as it gets. You're just kinda
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bragging after that. So you get discounts all the way up to a seven sixty.
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But in this scenario, a 5% down payment buying a
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$500,000 house, the rate, of course,
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is higher for a six twenty. The mortgage insurance rate is
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significantly higher. It's the biggest difference. And then homeowners
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insurance, I had one of our homeowners providers give me
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ballparks on this. Mhmm. The amazing thing is that with a
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same sales price, $500,000 putting 5% down,
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Look at the payment difference between someone with a 620740. It's
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$1,244 a month just because their
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score was 740 compared to 620. Howdy,
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friends. Super Dave Quinn here. Thinking about expanding or relocating
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your business in Collin County? Come discover Fairview, Texas, a
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community with a prime location, great tax incentives, and an unbeatable
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quality of life. But don't just take my word for it. Tune in to the
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Getting Neighborly podcast to meet your future neighbors and hear what they
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believe Fairview is the perfect place to grow your business and to build your
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life. Visit us today at
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FairviewTexasedc.com.
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Thanks. Make it a great day. And I said, okay. Let's look at it a
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different way. Mhmm. Let's take another 5% buyer, and they
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tell me, hey. I've got 5% to put down, and I want a payment no
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more than $4,500 a month. Same thing. For a
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six twenty score borrower, that turns out to be a
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sales price of, where is this at? Taxes
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insurance. So they would have the same monthly
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payment, someone with a six twenty score, on a
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$400,000 house, then someone with a seven forty score would have on
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a $526,000 house. That's a hundred and
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$26,000 higher sales price,
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same down payment, same monthly payment. I mean, that's
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that's crazy, isn't it? So love when people get with us early
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and then We do that a lot. Yes. We do that a lot with
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with, lot of new home buyers or teachers.
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I think that's some of the best ways that we can help them Of course.
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To get into the platform that they wanna be in or just to be comfortable.
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Yeah. And to save them a ton of money. I mean, we tell people all
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the time, hey. This is likely your biggest investment that you'll make in your lifetime,
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you know, other than the next bigger house that you're gonna buy. And
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so instead of just calling on a Friday night and saying, hey. We found a
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house. We love it. Can we get it? If we do a little bit of
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investment in advance, it doesn't cost you anything. You have us to
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your resource. And if they will do it in advance, I mean, look at the
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difference in payment. $1,244 a month lower
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payment because we got someone's score from a 620 to a 74. Right. I can't
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do that on a Friday night. Right. Well, we can't do anything about the rates.
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Mhmm. Rates are what they are. Yeah. We we just have to pivot and and
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work with that. We we do have a little more control over over
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that that score. Yeah. And so we can kinda help offset
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or the individual can help help offset Mhmm. That that
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difference in expense. And this would be the same difference no matter what the rates
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were. I just used a rate from 6.5 to eight or whatever. But
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still, even if it's nine to five or whatever the number is, it's
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$1,244 a month lower. Yeah. So and I mean
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huge amount. And even if you start looking at people who have, like, a 700,
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and then if we could just get them up to $7.20 before it's time,
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it will save them thousands upon thousands of dollars. And
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so love it when they get with us early. But we also work with
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those that are needing the loan. Should've done Friday night.
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Yeah. So but it, you know More often than not. Right.
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And I kinda chuckle about that because that happens a lot. Yes. And
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but the the longer amount of time, three months, six
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months, year, whatever it is, it it does help,
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the individual with that payment if we can help them out. You bet. And and,
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like, the prethought is this, especially when I have a lot of time to talk
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to someone. Like, I'll use me as an example. Our last home that
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we bought, in advance, we weren't even looking for a home.
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I went out and got a home equity line of credit because I had quite
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a bit of equity set in my house. It didn't cost me anything.
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And I sit there. I have this sitting there, and it's costing me nothing to
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get. Well, I wasn't house shopping, but, evidently, Patsy was.
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And she found the one, and thank god she did because, you know, I I
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I love where we are. But Patsy listened to
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me all these years was she said, well, would you qualify for the
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new house without selling the existing one? And I'm, yeah. Well, what about you've got
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that money in the HELOC. I'm like, uh-oh. And so but thank goodness that she
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paid attention, and we did that because I actually used the home equity line of
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credit as my down payment and bought my current home
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without selling my existing home. I just before, I
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got to meet with you today, I got that exact call, and he said, I've
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got the equity in the house, but they won't take a contingent offer. And I've
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said, what? I wish I would have talked to you a year ago because I'd
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have told you to go ahead and get the home equity line of credit, and
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you'd have it set in there waiting and this problem would be solved. Right. So
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those are the conversations I like to have in advance.
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Yep. What, so how's the market? It's
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good. Yeah? It's good. You know? It it that's a a
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question that I get asked on a very regular
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basis. I think the market is good, anytime, to be
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honest. Whether you're, buying,
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selling, right now is a really good time to where you have
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flexibility to negotiate, where everybody's
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not, you know, up in arms about overextending or anything
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else. We can negotiate. So don't be afraid to ask.
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You know, sellers are, you know, not in dire
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straits like that, so we don't wanna take advantage of anyone, but ask.
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Yep. Yep. And I wanted to ask you a a specific question that
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our our realtor told me last night, And I wanted to verify because
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you're the expert if this is true or not. She told me with some of
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the new regulations for realtors that you're not even
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allowed to go open a door and show them a house unless they sign a
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buyer's rep agreement. Is that a true statement? That is correct. That's what I thought.
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Yeah. And so and you and sellers, listing
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agents are not wanting to show anybody a home that doesn't already have a
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prequalification letter. Right? Well, that's been a a while. Yeah. That's Yeah. That we've
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been doing that for a while, but, you know, the the buyer relationship,
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agreement is just to establish that clarity of
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of commission. Mhmm. You know, we're here to to
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represent the buyer, and we wanna make sure that they
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understand that what that role means. Mhmm. We ought to
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make sure that they understand all the the
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compensation is paid. So there's there's no
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but I've been doing that for many, many years. So that wasn't anything
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new. Some folks, it's been a little little new Yeah.
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To get the get the rep agreement. I've seen that. Has been new is
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the fact that, you know, me as my my listing,
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I can no longer show that listing Mhmm. Without
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the buyer getting a sick you know, the sign agreement. Right.
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They may not wanna work with me as a buyer rep, and that's okay because
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I'll just do it for that one moment Mhmm. Of meeting. Yeah. Oh, you
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can just outline it for this house. 123 Fund Street. And then if they
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One day Yep. That one meeting. Then it could be good for them one day,
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and the next day, they can move on. And I have to up so several
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that way. That's really good to know because, you know, you could see how consumers
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could say, wait a minute. I'm not ready to sign something. But if it's only
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for one house or one day or whatever, that should alleviate any stress or not
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if had any trouble with it at all. Would you know, just make it very
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clear. And that's all I want is just to be clear about it. You know,
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what's going on and not make it weird when you're trying to do it.
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It takes time to talk about it. Well and let's be real transparent. I mean,
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if you're gonna go try to meet with someone who's listing a home, a
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a a listing agent can't truly represent the seller and the buyer.
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Correct? Well, I do not. Mhmm. That is
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intermediary, and I I do not do that. We do work
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together within our own company Mhmm. With each other, which is also
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intermediary. However, there are agents that will,
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propose to, to work both sides.
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That's not efficient. Then let me ask you And that's my own personal opinion
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because, I I kinda allude to,
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kinda go back to in the legal world
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when you're working on a on a case, and that's my was my
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background. So you're either a plaintiff or a defendant.
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Mhmm. And typically, their attorney doesn't work with
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both parties for a reason. And that's how you look at it the same way.
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I need to work for my client in the best interest of
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the You bet. Let me ask you a different way, Deb. Mhmm. So I'm gonna
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put you in a corner. If
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a realtor was going to represent both the buyer
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and the seller, don't they have to place priority on
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one? The fiduciary, wouldn't it be towards their original, agreement with
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the listing agent? No? No. You're a neutral. Are you neutral? Okay.
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Alright. But if you're going to go buy a house and
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there's a, the sellers are represented by a realtor,
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would it then be your advice that they should have their own representation that costs
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the same amount? Who who The buyers. The
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buyers should always have her. Period. Yeah. Yep. Always. And so,
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yeah, these are the things that save any money. Right. You know, you don't
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it it's it's it's to your benefit. That's the exact point I was look looking
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to make there. Benefit to have a a a
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representative that, that has your best
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interest in in taking care of you. Again, it's not
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just about opening up a door. There's a lot that goes
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along with that when opening up that door. What about
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new construction? Can a buyer benefit by not bringing a
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realtor with them, to go buy new construction?
401
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I don't recommend it. Mhmm. Mhmm. I have
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been very successful for many years working with new construction for my
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clients, and I can tell you some really neat stories that I've
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learned through my clients, through their communities.
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Once they got in and moved in and everything, they've had
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their neighbors come over and tell them hellacious stories.
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Mhmm. And they're like, well, that didn't happen to us because
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I'm with them from the day that we signed to the day that we closed
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forever and ever and ever. Some of them, they don't have that hand
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holding or, information that they they
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need to be aware of when watching new construction, and I do
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watch our new construction. And and I can add to that. I
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know for a fact that the builder has already put in real estate
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commissions into the sales price of the house. So if you're gonna
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anything for free. Right. So if you're gonna pay for it anyway in the sales
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price of the house, my recommendation would be to have your own
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professional representation, period. So Correct.
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Alright. Well, I I even though we've been doing this a long time, I learn
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something every time you and I pow wow. And so those were a couple of
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hard questions that I just had to had to get answers. I mean, you and
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I are you know, we're not loan officer roles, say, one zero one. So I've
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always gotta ask you three zero three questions. But, you know, I always enjoy
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spending time with you. It it it increases my knowledge. And, you
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know, Tanya's available, pretty much day, night,
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almost anytime. And so why don't you provide your contact
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information? I'd be happy to. Thank you, Joe. And I feel the same way. It
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this even though it's a podcast, I feel like that this is our normal
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Mhmm. Yeah. Get together This is a Thursday for us, isn't it?
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Yeah. We talk about what we can do for our clients. Again, my
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name is Tanya Walker. I'm with the Walker Group at Coldwell Banker Apex,
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and my phone number is (469)
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207-8658. You can also find me on
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Facebook, Instagram, and all of the others. But I'd be more than happy
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to serve any of you any way I can. And we're both located
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right here in Allen. In fact, we're the only national, mortgage
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company that's headquartered right here in Allen, Texas. And so, again, I'm Joe
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Boggs with Highlands Residential Mortgage. You guys can call my cell,
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(972) 578-2300. Again, (972)
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00:26:16,440 --> 00:26:20,034
578-2300, or catch us online. We shouldn't be that hard to
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00:26:20,034 --> 00:26:23,794
find. Until next time. Thanks for joining in. Make it a great
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00:26:23,794 --> 00:26:24,934
day. Thank you.
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00:26:27,955 --> 00:26:31,794
Thank you for tuning in to the Allen Fairview Insider, the official podcast
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00:26:31,794 --> 00:26:35,550
of the Allen Fairview Chamber of Commerce. We hope you enjoyed today's episode and
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00:26:35,550 --> 00:26:39,310
found the insights valuable. Don't forget to subscribe to
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00:26:39,310 --> 00:26:42,830
our podcast on your favorite platform so you'll never miss an
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00:26:42,830 --> 00:26:46,350
episode. Like and share this episode with your friends and
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00:26:46,350 --> 00:26:49,975
family to help spread the word about our great communities.
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00:26:50,995 --> 00:26:54,595
We appreciate your support and are excited to bring you more
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00:26:54,595 --> 00:26:58,275
engaging content. I'm your host, Super Dave Quinn, thanking you on
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00:26:58,275 --> 00:27:01,795
behalf of the Allen Fairview Chamber of Commerce for listening and
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00:27:01,795 --> 00:27:05,630
reminding you to stay involved, stay informed, and keep making
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Allen and Fairview the best place to live in Texas.
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Things you could be doing right now to optimize your
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scores. Right. So that next year, when it comes time to buy,
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you're gonna save thousands upon thousands. I mean, even if you get your
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score up from let's say someone has a a seven nineteen. If you
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just get to seven twenty, you save money. And here's the baffling
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one. Not only do you save money, we all know that you save money on
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interest rate. Right? That's simple. But most people don't realize that you also
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save money on your mortgage insurance factor.
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Howdy, friends, and welcome to the Allen Fairview Insider, the podcast where we
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00:00:35,329 --> 00:00:39,090
dive deep into the heart of our community. I'm your host, Super Dave Quinn,
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with Day One Experts, and I'm here to help bring you the latest and greatest
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from Allen and Fairview. From insightful interviews with our local leaders
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to exclusive updates on community events and developments, the Allen
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Fairview insider is your go to source for staying connected and informed.
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So whether you're at home or at work or on the move, let's get started
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and make the most of our time together.
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Hi there. My name is Joe Boggs, and I'm with Highlands Residential Mortgage. Today, I
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have with me Tanya Walker with the Walker Group Real Estate. So how are you
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doing today, Tanya? I'm great. Thank you, Joe. How are you? Thanks for having me.
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Good. I am very blessed that I get to talk to Tanya on a regular
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basis because we have a ton of mutual clients. And so not only
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are we good friends, it's nice to be able to work with your friend on
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a day in, day out basis. And so I couldn't tell you how many
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transactions that together we have, solved issues for these folks
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and put them into a house, but I can say, and I'm sure you can
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relate that it's, it never gets old. Does it? No. No. It's good
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to to be able to be friends and to trust so
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that I can call you whatever hour it is. You bet.
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You bet. It takes a team, doesn't it? It does. And so we're we're also
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very blessed with, the expansion of our team. You know? It's not just
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her and I. It's also we've got insurance folks that get involved, and that's been
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really, really important as of the last year when insurance are going crazy. Right?
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I mean, everything from having to reel in maybe a credit consultant. You know? If
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someone give us enough time, we can go ahead and get them with that, get
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them working on it so that when they're ready, six months, eight months down the
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road, they're in in better shape. Our escrow people, I mean, we
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we count on them. And then, of course, our own team that helps us with
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the day to day work, they really do the heavy list lifting and make us
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look good. So But we we need that. Yep.
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Yep. But it does take a team, and most people don't don't know that. And,
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you know, through the years, I can tell you my operations manager has been with
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me for twenty three years. I wouldn't wanna do this without her. And and so
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it's, those folks that do the heavy lifting don't get all the rewards. You and
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I get to show up to closing and go, oh, look what y'all did. But
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there's a lot of work that goes on in between. And I think that's that's
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sometimes, you know, a lot of people I know for myself Mhmm. Before I got
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into the industry, I didn't I didn't know what took place and what
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all the procedures that have that everybody does have. Yeah.
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If the impact on so I think it's important to also
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relay that it it isn't just open up a door, give
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you a file, run the credit, and then it's done. It's not.
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There's a lot that happens within those
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typically on a on a typical closing
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thirty day. There's a lot that takes place, for each
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individual file, and loan.
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Yep. With time comes wisdom, doesn't it? Mhmm. It takes it takes
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some failures. Thank goodness most of those should be behind us now.
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With kinda like a wedding, you know, you look at the guests, don't see all
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the the craziness that's going on behind. Yep. And and then and
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everything is good for for the the bride and groom. That's kinda how it is
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for our clients. We want it to always be good for them that they don't
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see all the chaotic stuff that goes on in the back end, but we're running
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around like little chickens for our, heads.
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We've just learned to disguise a little bit better. And, you know, it's funny. It
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never gets old seeing, you know, maybe folks that don't have that
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much experience. They've only been doing this for four or five years or whatever. It's
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so funny to see them because we well, we have really good competitor friends as
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well. You know? It's a it's a it's a kind of a smaller area that
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we operate in even though there's a lot of us. There's enough business for everybody,
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so we have a lot of competitor friends. Mhmm. But it's still I still so
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enjoy it with these folks that don't have a hundred transactions or whatever under their
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belt to watch them kind of flail. It I just smile. Before I help
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them out, I just smile first, pet them. Well, a lot of times
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people go to other people that that don't have it together
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where I've been very fortunate to know you for quite a number of years, and
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it and it was the same thing until we got together. Mhmm. You know, you
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don't you don't other teams are not Yeah. As
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strong. Well ordered. Right. And with yours, it's so it is.
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It makes a big difference to have the longevity, with with your
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teammates. We dance together pretty well, don't we? Mhmm. We do. You know? And it's
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funny because we also really in a lot of of different
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teammates in this. So, generally, when I'm doing the financing side of
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things, I like to ask someone. People call and, you know, some people wanna put
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down no money. Some people wanna put down, hundreds of thousands of dollars.
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And I always love to to ask them, hey. Have you talked to your financial
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planner about this? Mhmm. Number one, if they don't know me very well,
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it takes it away from, you know, just my opinion. I want
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to bring in someone who you already have a relationship with that you know and
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trust, and let's get their opinion. They can double check my work. It
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seems to take some of the, anxiety out of it. Mhmm.
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But, you know, people call quite a bit that say, hey. I wanna put $300,000
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down. I get their financial planner involved, and they're like, no. We don't we don't
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wanna do that right now. You're you're at this tax bracket,
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and we need to show that you're you you gotta have some expenses.
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Mhmm. You know? And then we'll bring in a CPA from a tax side,
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a financial planner from their investment side, and then you've got an entire team
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working for every individual customer. And this isn't just for our folks that
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are buying million dollar houses. The in fact, the most common answer I get when
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I ask if your financial, planner or CPA has been involved, They say, I
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don't have one. Mhmm. That's that's great, but let's get to one.
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Time. Yeah. Let's you know? So you you and I give our
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resources out freely to people. Here's who I've been using for ten years.
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Mhmm. And, yes, you may not make a gob of money right now. But
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I can tell you, like, the ones that we work with, their minimum investment is,
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like, $500. Mhmm. Gotta get started somehow, whether it's just starting straight out of
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college some of them. Right. And and it's so beneficial for them to
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to set that platform. Yep. But, yeah, I think it's very important for
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them and and for us to be a a good resource and have You bet.
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The quality people that we have to to provide to them. Yeah. And we're so
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entrenched in the community that we are held accountable by our actions. And
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so we vetted the people we surround ourselves with the team. So
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it's great that people can call you or I, and we get calls for, hey.
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Do you know a good painter? Oh, oh. You know? I mean and not only
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have you been in the real estate business for a long time, but you're the
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chair of the Allen Fairview Chamber. Mhmm. And so the
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the strength there comes that a painter cannot run
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the risk to treat one of our clients
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poorly Mhmm. Because not only will they lose the client's business, but now they're
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gonna lose your business and make a bad name for themselves
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in the chamber. You can't do that and survive. And I've been very
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fortunate. I I can say I have not had a bad experience,
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with our folks, that we've referred out. Mhmm.
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And many that are on on, on my team that I have
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been with for anywhere between six to thirteen years. Yeah.
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So Yep. I mean, it's consistent. You're making good
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decisions and surrounding yourself with good people. Yeah. And that's that's all that really matters
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in the end, and that's how you build a good team. And so one of
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the things we cover with the financial planner, and this one was kinda interesting recently,
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was I was talking to a client, and I said, hey. You know, no one
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can tell you exactly what the appreciation on a home is, but we can probably
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all say in the last ten, fifteen, twenty, thirty years. I mean, I remember in
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02/2021, it was 21% in Collin County. Now that's an
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anomaly. That I was gonna say that's not Yeah. Typical. That may
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not ever happen again. That was a onetime deal just like when rates were you
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know, had a two in front of them or a three in front of them,
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that will likely never happen again. But, you know, if you look at
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rates over an average over the most recent forty years, six to 7%
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is that's normal, and that's where we are now. And I think people are getting
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comfortable with that. But when I was talking with them, their I had their
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financial planner on the phone, and I he was saying, well, okay.
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Well, if you if I buy a $500,000 house
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and it goes up 5%, that's
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$25,000. So what percent of
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return is that compared to my financial planner? I go, wait. Wait. Wait. Wait. Wait.
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I I said, you're using the wrong math. Did, an investment
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is defined as taking some sum of
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financial investment in anticipation of a return. Did you put
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$500,000 into that investment? And he said, no. I said, you
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put you brought to closing $25,000. You put 5% down.
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So you need to do the math based off of you put down
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$25,000, and twelve months later, your
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house was worth $25,000 more than you paid
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for it. That is a 100% rate of return. Mhmm. And
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so I asked the financial planner. I said, do you disagree that buying
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a home should be your number one investment? He's like, I don't disagree at all,
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Joe. He said, in fact, you already have to have a place to live. And
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if you look at what your mortgage payment's gonna be compared to what rent would
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be, that's a wash. So if you just took 25,000, put it
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into the market, and now you've got something that's worth $25,000 more,
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$25,000 more. Yes. You just made a 100% rate of return, and there's nothing I
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have that I can match that with. Mhmm. And so that was a a light
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bulb that went off for the client. They were like, wow. I go, yeah. Good
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luck good luck finding that even though I'm sure your financial planner is awesome. Mhmm.
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They're not gonna find a 100% rate of return. And then that return just keeps
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going because you're not putting every 25,000 into it. Next year. Yeah. You
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just keep it keeps growing. So, yeah, it it I don't think anybody
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can disagree, especially in Collin County, that real estate is the number
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one investment there is. Yeah. You know? So I mean, we've seen
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we've seen such a great turnover with with
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respect with what people purchase the homes at Mhmm. Even within
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one year. Yeah. I've I've clients that that I work a lot
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with with, corporate relocations. Mhmm. And so they they're
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in for one to two years on many bases. And
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then we turned around and sold them, and and they've come out very well.
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You bet. I I love, like, when we do move up buyers. So when people
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are buying their first house, they're looking at, you know, a house that's really kinda
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tough for them to qualify for. And then we have those conversations like, hey. Yeah.
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You may qualify for $6,000 a month, but do you want that payment? Mhmm.
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And then they end up you know, when we're talking with them, they'll end up
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saying, you know what? Maybe I should buy a $400,000 house
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now. Then three or four years from now, I can either sell it, have the
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equity put down, and buy a bigger house, or even better, convert
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it to an investment property. Now I've got that income and someone else
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paying it and become a landlord. And, you know, having one property like that
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is really simple. Now you start multiplying. I'm sure that you would wanna get, like,
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a property manager involved to Right. To help them. But one is not bad at
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all. Yeah. And it's not for everyone, but the key piece that you're
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saying right there is that you took the time to talk to them about, do
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you wanna go deep, you know, spending it all on one
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home maxing out Yeah. Or do we go smart and
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safe? And I think that's a a one of the big key pieces that I
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enjoy working with you is that neither one of us wanna
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put a client into a situation that is, makes it a
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hardship for them. Mhmm. But also to help them to think outside of
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the box of maybe what they're not thinking Mhmm.
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Futuristically wise. But it's also it's always
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about making sure the client has the best Yeah.
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Have the best interest of the client. I had this exact same conversation with my
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son last night. He and his wife, so they're 24. They got married in
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November. And, they came over, and they wanna have a talk with me, and
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it's now they're ready for the next step. Right? And so they're I think the
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least they set up in June. I actually encourage them to wait until December
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just because they just moved back here from Lubbock and and wanna make sure they
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pick the right neighborhood. But we had this conversation, and he had his eyes
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on a $500,000 house. Mhmm. And I said, son, really?
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I mean, I'm not sure that you wanna do that in the same thing. Mhmm.
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You know, maybe this is a a stepping stone house. Maybe you go up further
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north where you can find a $3.50, and maybe three
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to five years from now, that becomes an investment property. Mhmm. And he says,
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is that how you got started? I said, that's exactly how it got started. And
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so it's we don't just have these conversations with our clients. We have them with
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our family too. Right. So yeah. And then I always get asked, you
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know, hit his was it was funny. He was showing me houses. Here's the house
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we already looked at. And I said, son, if I taught you nothing,
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always get with your lender in advance. Right? Exactly. I
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mean, the favorite thing that I ever get is when someone says, hey. We wanna
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buy a house next year. I love that. Yeah. Because
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now what we do is we pull a soft pull credit report, doesn't cost you
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anything, doesn't hurt you in any way, shape, or form, and then I connect it
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to those cool tools that will analyze and show you
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things you could be doing right now to optimize your
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scores. Right. So that next year, when it comes time to buy,
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you're gonna save thousands upon thousands. I mean, even if you get your
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score up from let's say someone has a a seven nineteen. If you
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just get to seven twenty, you save money. And here's the baffling
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one. Not only do you save money, we all know that you save money on
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interest rate. Right? That's simple. But most people don't realize that you also
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save money on your mortgage insurance factor. And so
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you couple those things together and
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then add insurance discounts for that for having higher scores.
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And it is a massive amount of money. In fact, I wish I could show
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this, but I have a, class that I teach. And here's the
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comparison. I'll pull this chart up so I can read directly from it. So
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here's a comparison where we compared someone with a six twenty score
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to the seven forty. Seven 60 is as good as it gets. You're just kinda
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bragging after that. So you get discounts all the way up to a seven sixty.
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But in this scenario, a 5% down payment buying a
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$500,000 house, the rate, of course,
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is higher for a six twenty. The mortgage insurance rate is
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significantly higher. It's the biggest difference. And then homeowners
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insurance, I had one of our homeowners providers give me
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ballparks on this. Mhmm. The amazing thing is that with a
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same sales price, $500,000 putting 5% down,
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Look at the payment difference between someone with a 620740. It's
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$1,244 a month just because their
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score was 740 compared to 620. Howdy,
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friends. Super Dave Quinn here. Thinking about expanding or relocating
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your business in Collin County? Come discover Fairview, Texas, a
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community with a prime location, great tax incentives, and an unbeatable
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quality of life. But don't just take my word for it. Tune in to the
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Getting Neighborly podcast to meet your future neighbors and hear what they
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believe Fairview is the perfect place to grow your business and to build your
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life. Visit us today at
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FairviewTexasedc.com.
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Thanks. Make it a great day. And I said, okay. Let's look at it a
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different way. Mhmm. Let's take another 5% buyer, and they
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tell me, hey. I've got 5% to put down, and I want a payment no
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more than $4,500 a month. Same thing. For a
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six twenty score borrower, that turns out to be a
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sales price of, where is this at? Taxes
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insurance. So they would have the same monthly
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payment, someone with a six twenty score, on a
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$400,000 house, then someone with a seven forty score would have on
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a $526,000 house. That's a hundred and
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$26,000 higher sales price,
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same down payment, same monthly payment. I mean, that's
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that's crazy, isn't it? So love when people get with us early
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and then We do that a lot. Yes. We do that a lot with
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with, lot of new home buyers or teachers.
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I think that's some of the best ways that we can help them Of course.
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To get into the platform that they wanna be in or just to be comfortable.
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Yeah. And to save them a ton of money. I mean, we tell people all
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the time, hey. This is likely your biggest investment that you'll make in your lifetime,
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you know, other than the next bigger house that you're gonna buy. And
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so instead of just calling on a Friday night and saying, hey. We found a
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house. We love it. Can we get it? If we do a little bit of
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investment in advance, it doesn't cost you anything. You have us to
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your resource. And if they will do it in advance, I mean, look at the
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difference in payment. $1,244 a month lower
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payment because we got someone's score from a 620 to a 74. Right. I can't
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do that on a Friday night. Right. Well, we can't do anything about the rates.
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Mhmm. Rates are what they are. Yeah. We we just have to pivot and and
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work with that. We we do have a little more control over over
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that that score. Yeah. And so we can kinda help offset
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or the individual can help help offset Mhmm. That that
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difference in expense. And this would be the same difference no matter what the rates
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were. I just used a rate from 6.5 to eight or whatever. But
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still, even if it's nine to five or whatever the number is, it's
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$1,244 a month lower. Yeah. So and I mean
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huge amount. And even if you start looking at people who have, like, a 700,
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and then if we could just get them up to $7.20 before it's time,
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it will save them thousands upon thousands of dollars. And
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so love it when they get with us early. But we also work with
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those that are needing the loan. Should've done Friday night.
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Yeah. So but it, you know More often than not. Right.
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And I kinda chuckle about that because that happens a lot. Yes. And
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but the the longer amount of time, three months, six
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months, year, whatever it is, it it does help,
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the individual with that payment if we can help them out. You bet. And and,
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like, the prethought is this, especially when I have a lot of time to talk
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to someone. Like, I'll use me as an example. Our last home that
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we bought, in advance, we weren't even looking for a home.
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I went out and got a home equity line of credit because I had quite
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a bit of equity set in my house. It didn't cost me anything.
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And I sit there. I have this sitting there, and it's costing me nothing to
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get. Well, I wasn't house shopping, but, evidently, Patsy was.
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And she found the one, and thank god she did because, you know, I I
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I love where we are. But Patsy listened to
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me all these years was she said, well, would you qualify for the
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new house without selling the existing one? And I'm, yeah. Well, what about you've got
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that money in the HELOC. I'm like, uh-oh. And so but thank goodness that she
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paid attention, and we did that because I actually used the home equity line of
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credit as my down payment and bought my current home
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without selling my existing home. I just before, I
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got to meet with you today, I got that exact call, and he said, I've
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got the equity in the house, but they won't take a contingent offer. And I've
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said, what? I wish I would have talked to you a year ago because I'd
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have told you to go ahead and get the home equity line of credit, and
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you'd have it set in there waiting and this problem would be solved. Right. So
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those are the conversations I like to have in advance.
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Yep. What, so how's the market? It's
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good. Yeah? It's good. You know? It it that's a a
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question that I get asked on a very regular
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basis. I think the market is good, anytime, to be
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honest. Whether you're, buying,
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selling, right now is a really good time to where you have
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flexibility to negotiate, where everybody's
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not, you know, up in arms about overextending or anything
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else. We can negotiate. So don't be afraid to ask.
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You know, sellers are, you know, not in dire
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straits like that, so we don't wanna take advantage of anyone, but ask.
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Yep. Yep. And I wanted to ask you a a specific question that
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our our realtor told me last night, And I wanted to verify because
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you're the expert if this is true or not. She told me with some of
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the new regulations for realtors that you're not even
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allowed to go open a door and show them a house unless they sign a
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buyer's rep agreement. Is that a true statement? That is correct. That's what I thought.
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Yeah. And so and you and sellers, listing
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agents are not wanting to show anybody a home that doesn't already have a
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prequalification letter. Right? Well, that's been a a while. Yeah. That's Yeah. That we've
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been doing that for a while, but, you know, the the buyer relationship,
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agreement is just to establish that clarity of
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of commission. Mhmm. You know, we're here to to
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represent the buyer, and we wanna make sure that they
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understand that what that role means. Mhmm. We ought to
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make sure that they understand all the the
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compensation is paid. So there's there's no
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but I've been doing that for many, many years. So that wasn't anything
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new. Some folks, it's been a little little new Yeah.
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To get the get the rep agreement. I've seen that. Has been new is
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the fact that, you know, me as my my listing,
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I can no longer show that listing Mhmm. Without
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the buyer getting a sick you know, the sign agreement. Right.
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They may not wanna work with me as a buyer rep, and that's okay because
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I'll just do it for that one moment Mhmm. Of meeting. Yeah. Oh, you
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can just outline it for this house. 123 Fund Street. And then if they
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One day Yep. That one meeting. Then it could be good for them one day,
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and the next day, they can move on. And I have to up so several
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that way. That's really good to know because, you know, you could see how consumers
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could say, wait a minute. I'm not ready to sign something. But if it's only
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for one house or one day or whatever, that should alleviate any stress or not
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if had any trouble with it at all. Would you know, just make it very
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clear. And that's all I want is just to be clear about it. You know,
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what's going on and not make it weird when you're trying to do it.
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It takes time to talk about it. Well and let's be real transparent. I mean,
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if you're gonna go try to meet with someone who's listing a home, a
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a a listing agent can't truly represent the seller and the buyer.
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Correct? Well, I do not. Mhmm. That is
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intermediary, and I I do not do that. We do work
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together within our own company Mhmm. With each other, which is also
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intermediary. However, there are agents that will,
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propose to, to work both sides.
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That's not efficient. Then let me ask you And that's my own personal opinion
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because, I I kinda allude to,
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kinda go back to in the legal world
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when you're working on a on a case, and that's my was my
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background. So you're either a plaintiff or a defendant.
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Mhmm. And typically, their attorney doesn't work with
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both parties for a reason. And that's how you look at it the same way.
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I need to work for my client in the best interest of
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the You bet. Let me ask you a different way, Deb. Mhmm. So I'm gonna
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put you in a corner. If
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a realtor was going to represent both the buyer
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and the seller, don't they have to place priority on
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one? The fiduciary, wouldn't it be towards their original, agreement with
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the listing agent? No? No. You're a neutral. Are you neutral? Okay.
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Alright. But if you're going to go buy a house and
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there's a, the sellers are represented by a realtor,
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would it then be your advice that they should have their own representation that costs
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the same amount? Who who The buyers. The
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buyers should always have her. Period. Yeah. Yep. Always. And so,
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yeah, these are the things that save any money. Right. You know, you don't
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it it's it's it's to your benefit. That's the exact point I was look looking
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to make there. Benefit to have a a a
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representative that, that has your best
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interest in in taking care of you. Again, it's not
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just about opening up a door. There's a lot that goes
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along with that when opening up that door. What about
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new construction? Can a buyer benefit by not bringing a
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realtor with them, to go buy new construction?
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I don't recommend it. Mhmm. Mhmm. I have
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been very successful for many years working with new construction for my
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clients, and I can tell you some really neat stories that I've
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learned through my clients, through their communities.
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Once they got in and moved in and everything, they've had
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their neighbors come over and tell them hellacious stories.
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Mhmm. And they're like, well, that didn't happen to us because
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I'm with them from the day that we signed to the day that we closed
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forever and ever and ever. Some of them, they don't have that hand
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holding or, information that they they
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need to be aware of when watching new construction, and I do
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watch our new construction. And and I can add to that. I
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know for a fact that the builder has already put in real estate
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commissions into the sales price of the house. So if you're gonna
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anything for free. Right. So if you're gonna pay for it anyway in the sales
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price of the house, my recommendation would be to have your own
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professional representation, period. So Correct.
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Alright. Well, I I even though we've been doing this a long time, I learn
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something every time you and I pow wow. And so those were a couple of
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hard questions that I just had to had to get answers. I mean, you and
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I are you know, we're not loan officer roles, say, one zero one. So I've
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always gotta ask you three zero three questions. But, you know, I always enjoy
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spending time with you. It it it increases my knowledge. And, you
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know, Tanya's available, pretty much day, night,
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almost anytime. And so why don't you provide your contact
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information? I'd be happy to. Thank you, Joe. And I feel the same way. It
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this even though it's a podcast, I feel like that this is our normal
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Mhmm. Yeah. Get together This is a Thursday for us, isn't it?
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00:25:39,950 --> 00:25:43,789
Yeah. We talk about what we can do for our clients. Again, my
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name is Tanya Walker. I'm with the Walker Group at Coldwell Banker Apex,
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and my phone number is (469)
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207-8658. You can also find me on
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Facebook, Instagram, and all of the others. But I'd be more than happy
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to serve any of you any way I can. And we're both located
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right here in Allen. In fact, we're the only national, mortgage
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company that's headquartered right here in Allen, Texas. And so, again, I'm Joe
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Boggs with Highlands Residential Mortgage. You guys can call my cell,
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(972) 578-2300. Again, (972)
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578-2300, or catch us online. We shouldn't be that hard to
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find. Until next time. Thanks for joining in. Make it a great
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day. Thank you.
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Thank you for tuning in to the Allen Fairview Insider, the official podcast
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of the Allen Fairview Chamber of Commerce. We hope you enjoyed today's episode and
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found the insights valuable. Don't forget to subscribe to
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00:26:39,310 --> 00:26:42,830
our podcast on your favorite platform so you'll never miss an
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00:26:42,830 --> 00:26:46,350
episode. Like and share this episode with your friends and
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00:26:46,350 --> 00:26:49,975
family to help spread the word about our great communities.
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00:26:50,995 --> 00:26:54,595
We appreciate your support and are excited to bring you more
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00:26:54,595 --> 00:26:58,275
engaging content. I'm your host, Super Dave Quinn, thanking you on
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behalf of the Allen Fairview Chamber of Commerce for listening and
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reminding you to stay involved, stay informed, and keep making
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Allen and Fairview the best place to live in Texas.
