Alan Mack: Building the Luxury Niche

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So, if I can suggest to anybody out there, find out where your lane is, focus on that lane.
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And if you do, you'll dominate.
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But if you're going to be the jack of all trades and master of none, you're going to be like 80% want to stop your thing and be an expert on one thing and be the best at it.
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And that's what I did.
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And I focused on luxury.
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That was just what I liked.
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Shift happened, opportunity.
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When shift happened, it was our choice.
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Either we let shift happen or make shift happen.
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Hey, hey, everybody, welcome to another episode of Talk and Shift.
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We got a great uh we have a great guest today and a great story about reinvention and the story of success and a story of how we get to where we want to go when sometimes we're not sure and how do we get ourselves unstuck?
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And this will flesh itself out as we go through this conversation.
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So I'm excited today to introduce uh my man Alan Mack, CEO of Mack Financial Services, former top producer in the mortgage business, which very interestingly enough, when you're a top producer, why would you change from that?
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Why would you want to leave being a top producer to take something completely revolutionary and reinvent yourself into an unknown territory?
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And you'll see what I'm talking about as we get into this conversation.
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So, Alan, welcome to the show, buddy.
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Thanks to having me on, Craig.
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Glad to be here.
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Yeah, yeah.
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No, I'm excited, man.
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So, you know, maybe give it give the audience a little um, you know, background on, you know, when I say top producer, you know, tell them a little bit about your background in the mortgage business.
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Sure.
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So I got in the business in 1988.
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Um I uh before that I was uh doing some acting and modeling.
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I had an acting coach and I'm sorry, hold on, timeout.
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You were doing some modeling?
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Yeah, I did in my mid-80s, in the mid-80s.
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Conversation might have to change a little bit because we have to go down the rapid road.
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But I digress.
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Come back to all that one out for later.
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Yeah, so it's uh, you know, so anyway, I was I was doing a sideline gig and I was renting some space from a mortgage broker.
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And uh, you know, it was in 1988, and one day he approached me and I was just tired of going back and forth to LA.
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It was just, you know, not my gig, so I'm looking at other stuff.
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And he said, You ever think about getting into finance?
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And I said, Yeah, I'm not really into finance.
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I I no, not really for me.
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And he said, Really?
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He said, I think you'd be really good at it.
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And and do you like math?
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I said, Yeah, I like math, but you know, uh, I wasn't really interested initially, and he kept kind of staying with me, and then finally I said, Okay, all right, let me try it.
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So he taught me a few things, and in 1989, um, I got hired by Security Pacific Bank.
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And Steve Glass, who many people know in the industry, was kind of a legend, and he hired me at Security Pacific Bank and he taught me the mortgage business.
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And he said, one thing I want you to understand is this is back in the days that we didn't have processors, we had to be our own processor.
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He said, You got to have a clean file going in.
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The cleaner the file is going in, the cleaner it's going out, and it and it goes through the process pretty smooth.
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So I picked it up pretty quick.
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And at the time, when my ex-wife, my ex-mother-in-law, was the number one real estate agent at Tarbell Realtors.
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Tarbell was a one of the bigger real estate companies here in California.
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And she, you know, basically said that I will work with you, but if you blow a deal, you're done.
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And so one shot.
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One shot, you know, and don't blow it.
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You know, even though you're my son-in-law, cut off, you know.
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Pressures up.
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Not only do you get one shot, I'm also your mother-in-law.
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So that's gotta be state.
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That's a tough one.
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So I just I went out of my way and um just crushed it.
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And then she gave me another deal, another deal.
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Long story short, the whole thing.
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Uh, in 1990, um, I was approached by Bank of America to come work for them, and they were a brand new bank in the mortgage business.
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They opened up Southern California in 1990.
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Uh, they started uh Northern California in 1989, and I was hired by uh Trish Bence in the Laguna Nigel office.
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And I started with them.
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And my first year, I think in uh 1990, uh, with them, I funded between five and seven million, something around that neighborhood.
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And these are days when the average loan size is about 150, 160,000 in Orange County, driving people's homes, taking the application.
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But I really started to like it, and I was getting more and more business from Tarbell, and I was opening up that door to with more real estate agents, and I really focused just on purchase business because I was brand new in the business, so I didn't have refinance opportunity as it was.
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So in 1991, I think I did about 15 million in 1991 with projections for 92 at about uh I set a goal as uh 24 million for 1992, and um my manager was trying to say, no, please just you know get realistic with your you know your expectations.
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Let's maybe say 17, 18 million from 15 million, be nice growth.
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And I said, I want to stick with 24 million.
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Well, as it was, I funded 32 million in 1992.
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I was number two in Bank of America.
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I would made Platinum Club and I stayed in Platinum Club for the next four years after that.
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And and like today's dollars, that's probably 100 million, you know, with think of how much you know evaluations have increased.
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That's great, Craig, because I'm in Southern Orange County and our median home price is 1.3 million.
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So back then, our median home price was about 190,000.
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And so do the mass you know, so doing 180 units for 32, 34 million, I don't it probably equates to 180 million or 200 million in volume now.
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And I was by myself.
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I didn't have a team, it was just me by myself, driving in driving people's homes, taking the application.
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But from there, I just I I built a reputation, a brand, um, and just stuck with it.
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And I I've been in it now for 38 years.
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Um I left Bank America actually and uh went back to the banking world and uh I went back there in 2018 or 17, 18, sorry, with Bank of America, and I left them in March of 2020.
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And that's when I went on my own and I started my own corporation, back financial services.
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Okay, so here you are, tried and true, veteran in the industry.
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I mean, been in here from you know the 80s, I mean, half the listers on here probably weren't even born, you know, when you were in the business, right?
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And uh just you know, joking around here, of course, but listen, you're a top producer, you're driving production, you're in a healthy company, Bank of America, you know, you've survived the 2008 storm, you know, your business continues to escalate.
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Um and here we are now, 2020.
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Now, what's going through, you know, what what's happening here?
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Because the the ri you reinventing and what you have done to create Mac, you know, Mac financial services, and you know, as we approach this, but what I'm really interested to is the exit, the shift.
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How did you make shift happen?
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You know, like the board says behind me, wherever it is, right there.
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You know, what was going through your mind?
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You know, what did you burn the boats?
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Was the decision made for you?
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I mean, what what was sort of the impetus to this?
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Great question, Craig, and I love your show, The Shift, you know, it's definitely a shift.
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And, you know, of my 38 years in lending and in the last three years, but I have stopped originating uh in 2023.
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I've been originated since 2022, actually, last year I originated longs, but I'll get into that in a minute.
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But um, when I look at my overall career in that time period, I work mainly for the big banks.
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Twenty for the twelve twenty-five of those years.
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I worked for Bank of America, I was a platinum club producer, Wells Fargo Presidents Council, a president's club, and Citibank City Club.
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And uh being one of the biggest producers in the United States for each one of these banks and just knocked out of the park when BMA brought in the biggest relationship in the United States, which was Beatside Realty back in 2008 when the market crashed.
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I brought it to Bank America.
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They bought Country at the same time.
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Uh, you know, they wanted to take over this account as a two billion dollar account, brought over at Bank America exclusively.
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They started stripping it away from me and they did it out.
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But long story shortly, I made a name for myself at each one of these banks.
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And what I did is I branded my name.
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You know, my name, Alan Mack, is synonymous with, you know, perfection, five-star service, the whole works.
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And as time went on, and this is later now in my career, when I'm talking 2018, 19, 20, when I went back to Bank America again, they started to de-brand me.
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So I'll tell you how brand works, you know, as you know, right?
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My name is pretty easy to remember.
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I mean, thank goodness, like you, Craig Davis, we both have first names for last names, right?
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But it's they're easy to remember.
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And for marketing, it was great, right?
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You know, but I made a name for myself, and Bank of America came back to me and said, you need to remove that website that shows you getting this award.
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You need to tell that real estate company to take you off their website.
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You can't do that anymore.
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You can't do this.
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And before I started with Bank of America in 2018, and my name, by the way, is so common in LinkedIn alone, there's 500 Alan Macs on LinkedIn alone spelled the exact same way.
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And I dare anyone in the audience, just start typing on LinkedIn Alan ALN and start telling my name Mac, and I'll pop up with the M shows up or the A shows up.
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In their mind, there's 500 of me that are on LinkedIn.
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That's that's the popularity I have through social media, especially LinkedIn, but I was all about my brand.
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And they said, you got to get rid of it.
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You can't do this, you can't do that, you can't do this.
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And they literally debraned it.
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I went from front page on Google, literally, you I don't care where you're in the United States, put Alan Mac in, I dominated the front page Google without paying for one dime of advertising.
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And now, it, you know, after they debranded me, you couldn't find me until page five, you know, from something popping up.
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And uh finally I got to a point where I went to my manager in March of 2020, right before COVID hitting the lockdowns, and I said, his name's Jason Telly, great guy.
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And I said, Jason, I'm done.
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I am done working for banks, I'm done working for anyone else.
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I said, you know, you stripped me of my brand.
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And I worked 30 plus years to build this brand, and I'm not gonna have anyone take it away from me.
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So I left and I formed Mac Financial Services Inc.
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And that's where my company started.
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So I'll leave it there and then you can at least go in there.
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Yeah, well, and and it is really powerful because I mean, you know, for every reason in the world.
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And I think, you know, um what happens, especially with a lot of people, you know, that are in the banks, is you know, the logo, the bank is out in front, and I'm servicing the customers coming in.
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I'm sorry, I'm using I'm leveraging that brand, you know.
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So a personal brand, and really over the last, you know, five years, you know, the person the I'm gonna put in quotation marks, personal brand.
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You know, we all have a personal brand, whether we know it or not.
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It's our reputation, it's how we put ourselves forward, it's what people talk about us, you know, when we're not in the room type of thing.
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And now I think the reverse is happening where it's not about the logo in your door, it's about you.
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It is about your personal brand because it is about your your you know, your reputation and how you serve.
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Now, banks don't necessarily see it that way.
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And I understand, so here you are, you've built this career, you've built this personal brand, you are out in front, you have you have searchability, you have those relationships in Nake of America or whomever the bank is, is saying, Well, hold on a second, you put yourself out in front.
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We need the bank to be out in front.
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Was this sort of a widespread thing, or was this a little bit more like, you know, because you know, is this like, hey, look, 95% of our people work behind the logo.
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You just happen to be someone who's out in front of it.
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Was it a widespread thing, or was it, you know, a little bit of a targeted thing?
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You know, Craig, that's a really good question.
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So typically in the banks, the banks will hire very, very inexperienced MLOs, as we know, right?
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You don't need uh an NMLS number, you get a unique identifying number, you need that number, but you don't need to be under NMLS license, right?
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And so they hire, you know, kids that'll come out of college.
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I say kids because I'm yeah, I'm old and be their grandfather, but you know, kids coming out of college will go to work there, get a start.
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And uh, you know, that's that's what they look at.
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But when you got a guy like myself or other seasoned veterans in the banking world, um it can be tough sometimes because we become the brand and all of a sudden it takes away from that bank being the brand, right?
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It's all about the banks if you think about that.
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And and so, you know, when you when you kind of step on their toes, so to speak, when it's you, that brand, and you're the one in the forefront, they don't like they honestly don't like that.
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And they, you know, and you talk to anyone of you know, again, I'm very connected in the banking world and I'll get into that a little bit, but I could talk to every one of my friends, they'll tell you that, you know, they got to get them with a right bank that really understands their brand and helps them promote that brand versus trying to strip them of the brand, and it's all about that bank and the shareholder.
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Do you did, you know, and and I'm I'm a s you know, this probably came from the local uh like was did they feel threatened at all?
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Was there anything like that?
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Or was it sort of like, you know, if we don't get our bank brand out in front a little bit more, then if you were to leave, which you ended up doing anyway, does that create a threat to the bank?
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I'm just curious, like why, you know, like the impetus of why they would do that then.
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I don't know.
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I think what they're afraid of mainly is bit, you know, you can have like in the mortgage banking broker world, you can do you can run to anything that bad.
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You could have a, let's say you got an incredible special program or product, right?
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You can get out there on social media and you can market that product or program for people to start contacting, whatever it may be, right?
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In the banking world, you can't do that.
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You have to use generic advertising that they give you that's generic for everybody, right?
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So if it's you know you're dealing with the like I work in the luxury market, I've lived in the luxury market, right?
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Well, they really didn't have any really luxury ads or promotion.
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It was mainly for you know your first-time home buyer and that new families.
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It's like that.
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And so it becomes very, very difficult when you try to subvert and go outside of that box.
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They go, no, no, no, no, get packing your lane again.
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This is what you talk about.
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National marketing, this is compliant, this is, you know, we're representing again the brand of the bank, not the personal brand.
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And so now we don't have marketability, we don't have, you know, we're not drilling down into local, you know, market, you know, influence.
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So that and and you being in that luxury home market, Southern California.
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So, and I think this is a good segue now into so they shut the personal brand down, they want to get their logo in front.
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You say, No, I don't, I'm not cool with that.
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I I'm leaving, I'm out.
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I'm I I've done this for the last 38 plus years.
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Time to make a change.
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What's going through your mind here?
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It's time to make a change.
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Did you already know what Mac Financial Services was to be?
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Was this already sort of a dream?
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You know, did it sort of get borne out of you know the ashes from this?
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Walk me through now that period, that gap, if you will.
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I'm laughing because when I started Mac Financial Services, I said, you know what, I'm gonna just go work for a broker.
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I, you know, I get business without even trying to get business.
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I've been around for so long, people were contacting me.
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And in 20 and 21, it was awesome.
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You know, rates got really, really low.
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I mean, you just the phone just kept ringing, right?
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And it was very easy.
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Covid years, you know.
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It was it was a no-brainer for anyone.
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You anyone got in the business, you could do loans, right?
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And then 22 hits.
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And around uh March specifically, I never forget the dates.
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Now things get hard.
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Rates shoot up.
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Now the rates go from 3% to 5% to 6%, and the market came to an absolute standstill.
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In the meantime, in the meantime, you know, I've always worked luxury.
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I live in Southern Orange County, median home price 1.3 mil.
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I always would get calls on luxury and it's still, and the clients would come, hey, and listen, I'm looking to buy a$3 million property.
00:14:06.320 --> 00:14:10.720
Well, when you work for a mortgage broker, banker, and they called me, I said, you know, unfortunately, I can't help you.
00:14:10.799 --> 00:14:14.720
I can, but let me see what, you know, and I go, I know who the bank is that you should use.
00:14:14.879 --> 00:14:22.559
And I was for free taking these clients to US Bank or PNC Bank or City National Bank or Bank of Trust.
00:14:22.799 --> 00:14:23.360
It didn't matter.
00:14:23.440 --> 00:14:32.960
I mean, it's whatever suited their personal need for their their personal decisions they had to make because they're a luxury client, self-employed, complex.
00:14:33.039 --> 00:14:34.320
I mean, I can go on and on, right?
00:14:34.399 --> 00:14:41.200
So I said, this would be the right thing, and I know the banker there, because we're, you know, when you're top producer in the banking world, even in mortgage banking, we all know each other, right?
00:14:41.279 --> 00:14:43.519
We go to these big events, you know who the top guys are, right?
00:14:43.759 --> 00:14:44.159
Of course.
00:14:44.399 --> 00:14:52.960
And so I would, I started creating this network of private regional banks, credit unions, private investors, because I kept getting calls.
00:14:53.200 --> 00:14:55.600
And it dawned on me and go, wait a minute.
00:14:55.759 --> 00:14:57.919
It's like, you know, I'm done originating.
00:14:58.080 --> 00:14:59.440
I don't want to do loans anymore.
00:14:59.600 --> 00:15:01.200
I've been doing this is 2022.
00:15:01.279 --> 00:15:03.039
You know, I got in the business in 88, like I said.
00:15:03.120 --> 00:15:05.600
So now we're going, you know, 34 years.
00:15:05.759 --> 00:15:06.960
And I go, I'm just burnt.
00:15:07.039 --> 00:15:13.919
I'm tired of this, but I'm but because of my expertise and doing the amount of volume I've done, I've I'm I'm a big bank guy that I've worked with a big bank.
00:15:14.000 --> 00:15:16.240
I know the secrets of the banking world, we'll call it, right?
00:15:16.399 --> 00:15:17.600
I know what you can do, what you can't do.
00:15:20.639 --> 00:15:35.120
And and what I decided was, and this is knowing this after 2008, eight, before 2008, by the way, when you think of the conforming world, Craig, is that you know you can take uh any loan, uh a conforming loan, and go to any lender, it's all the same guidelines.
00:15:35.200 --> 00:15:39.039
It's Fannie Mae, Freddie Mac, little tweaks, but it's all the same guidelines, right?
00:15:39.200 --> 00:15:47.120
And before 2008, on Jumbo World or the non-conforming world, you could turn around and all the banks had the same guidelines selling to Wall Street.
00:15:47.279 --> 00:15:48.960
After 2008, guess what happened?
00:15:49.120 --> 00:15:51.919
Wall Street says, we do not want any more non-conforming loans.
00:15:52.000 --> 00:15:53.120
They stopped buying jumbo loans.
00:15:53.200 --> 00:15:58.080
So the banks now portfolio those loans, put them on their own books, and they're their own guidelines.
00:15:58.159 --> 00:16:05.759
So the problem you have now is you've got thousands of banks out there nationwide, and they all have little niches here and there and little things they can do and they can't do.
00:16:05.840 --> 00:16:09.600
Well, when you get in the affluent market, in the luxury market, the problem is this.
00:16:09.679 --> 00:16:11.759
Um, and I could I have so many stories.
00:16:11.840 --> 00:16:19.679
I've now closed, and I'll tell you real quick, from 2023 when I launched this platform,$180 million I've closed in contracts in the last three years, right?
00:16:19.840 --> 00:16:21.679
Which is amazing in this bad market.
00:16:21.840 --> 00:16:45.600
And what I found over this time was that the the little tweaks, no matter what it may be LTV, FICO, asset, reserve requirement, I I go down the list or products, I can go, it there's so many variables that for a client to pick the right bank, they're buying a$5 million home, they were making an offer, but to pick the right bank out of the chute is it, I'm gonna say slim to none.
00:16:45.679 --> 00:16:48.000
It's it's a it's a it's a long shot in all honesty.
00:16:48.159 --> 00:16:57.519
And especially when you get the higher-end client and the more complex client, again, when you get up to 5 million, 7 million, 10 million, 15, 20, and up, they get very, very complex.
00:16:57.759 --> 00:17:05.519
And um, you know, what I realized is like for instance, when I work for Bank of America, Bank of America says sell the color blue.
00:17:05.680 --> 00:17:07.279
You got one color to sell is blue.
00:17:07.359 --> 00:17:08.319
Here's our box.
00:17:08.480 --> 00:17:10.880
We can't go, here's our LTB, here's your guidelines, right?
00:17:11.119 --> 00:17:12.079
You're stuck in this box.
00:17:12.240 --> 00:17:18.559
And the problem is this, that if I had five people walk into my bank, and I'm telling you from experience, this isn't like just saying this, from experience.
00:17:18.640 --> 00:17:25.119
If I have five people walk in my front door, the maximum I can fund, the maximum is three out of those five.
00:17:25.359 --> 00:17:26.799
The maximum, three out of five.
00:17:26.880 --> 00:17:30.000
It means 40% or more is going to go to another bank.
00:17:30.079 --> 00:17:36.400
And the reason being is because it was off LTV, FICO, reserve requirement, program, product, rate.
00:17:36.480 --> 00:17:38.319
I mean, I there's so many variables.
00:17:38.480 --> 00:17:44.240
And so, you know, for someone to hit it out of the shoot in the first time and find the right bank, it's it's not easy.
00:17:44.400 --> 00:17:57.680
And so what I decided to do Especially in the high net worth, entrepreneurial, self-employed, high luxury market, that stuff is far above normalized, commoditized lending.
00:17:57.920 --> 00:17:58.319
Exactly.
00:17:58.480 --> 00:17:58.720
Exactly.
00:17:59.039 --> 00:18:01.279
So now you're finding a problem.
00:18:01.759 --> 00:18:02.160
A problem.
00:18:02.240 --> 00:18:04.799
And this was the problem I found working for a bank.
00:18:05.039 --> 00:18:07.039
You could be the number one law officer in that bank.
00:18:07.119 --> 00:18:09.920
The problem is this you can't do every single deal.
00:18:10.079 --> 00:18:12.559
And I'm telling you, and I say three out of five, that's being conservative.
00:18:12.640 --> 00:18:13.759
It could be two out of five.
00:18:13.920 --> 00:18:16.640
And I know that from all my banks and my clients I work with.
00:18:16.799 --> 00:18:20.160
So, you know, I can give you story after story after story, and I will tell you one thing.
00:18:20.319 --> 00:18:30.079
Of the 180 million we have closed so far with Mac Financial Services, one third of that business, Craig, was turned down, was turned down by another bank.
00:18:30.240 --> 00:18:40.960
And through the channels, whether it was a mortgage bank, a broker of this client, and it was their client that got over to me, or a real estate agent, or the consumer directly got my name, whatever it was, we were able to get them done.
00:18:41.119 --> 00:18:43.920
And they came back and said, How are you able to figure this out?
00:18:44.079 --> 00:18:45.599
No, because I know their guidelines.
00:18:45.680 --> 00:18:47.839
I know this bank won't go and do that.
00:18:48.000 --> 00:18:48.960
This bank won't do this.
00:18:49.440 --> 00:18:58.160
And, you know, and the problem is in the luxury market is when you take someone with that's affluent and has wealth, the last thing I want to hear is you're declined.
00:18:58.319 --> 00:18:59.359
You are declined.
00:18:59.519 --> 00:19:02.000
I mean, it's bad enough for anyone saying declined.
00:19:02.079 --> 00:19:09.359
But when you've got money, and I'm talking millions in the bank, and I'll come in and give you a couple, just if I can share just a couple, just recently, just in the last week, Greg.
00:19:09.519 --> 00:19:12.079
I'd like to share them with your audience just a couple happened in the last week with me.
00:19:12.160 --> 00:19:13.039
And you listen to this one.
00:19:13.119 --> 00:19:15.680
If you thought about this common sense, you oh, this is slam dunk, right?
00:19:15.839 --> 00:19:22.160
Client comes to me out of Washington, owns a property that's worth$15 million, paid cash for it seven years ago.
00:19:22.240 --> 00:19:24.799
So what he did is he took a line of credit against his assets.
00:19:24.880 --> 00:19:27.279
Now he was a big wheel at a major company.
00:19:27.359 --> 00:19:34.000
I'm not gonna say who the company he was, but it's a major company up north, and he was an executive and he got$18 million in stock.
00:19:34.160 --> 00:19:41.519
And he retired from the company, and he took a line of credit against that, because it was liquid to him of like$3 million or whatever it was to buy this home.
00:19:41.599 --> 00:19:43.119
And he bought it free and clear.
00:19:43.279 --> 00:19:44.079
Fast forward.
00:19:44.240 --> 00:19:46.880
So now he wants to refinance taking cash out.
00:19:46.960 --> 00:19:49.039
The property is worth now$15 million.
00:19:49.519 --> 00:19:53.599
He's got$18 million assets with uh his, you know, his wealth advisor.
00:19:53.680 --> 00:20:00.319
By the way, this is where this deal came from as a wealth advisor, because I work with a lot of them, wealth advisor, and he wants to refinance, do a cash out.
00:20:00.400 --> 00:20:06.400
Well, unbeknownst to me, because I got this call like four or five months ago, and you know, yeah, I can do it, but whatever I know we can do.
00:20:06.480 --> 00:20:07.440
He goes to Bank of America.
00:20:07.599 --> 00:20:08.880
And I'm not trying to pick on Bank of America.
00:20:08.960 --> 00:20:09.759
It's a great bank, by the way.
00:20:09.839 --> 00:20:15.839
Bank of America's a great bank, but he happened to go to Bank of America and he went in and they strung him along for literally like three months.
00:20:16.000 --> 00:20:18.079
Three months, and then they declined it.
00:20:18.240 --> 00:20:19.279
And he was upset.
00:20:19.359 --> 00:20:23.599
He was like, again, I just get it, he's got 18 million in liquid assets.
00:20:23.759 --> 00:20:27.359
Uh property frankly has got no debt, and he couldn't qualify.
00:20:27.519 --> 00:20:29.279
And so he came to me.
00:20:29.359 --> 00:20:39.839
Um, and long story short, the whole thing is I found out where the problem was, and we got granular, and I said, okay, you know, let's get into your overall personal financial statement.
00:20:39.920 --> 00:20:41.519
I want to know your assets, where they're at.
00:20:41.599 --> 00:20:46.720
I want to know your real estate, what you have, your credit, and I want to buy your income, how you drive your income, and so forth.
00:20:46.799 --> 00:20:51.920
In this case, he got out, got his payday, took his stock, whatever you know, options he got all the stock.
00:20:52.079 --> 00:20:56.079
He really didn't have any income per se other than the living on interest, what he was making off that.
00:20:56.240 --> 00:20:57.920
And I said, here's what we can do.
00:20:58.000 --> 00:20:59.839
So he happens to be 60 years old.
00:21:00.000 --> 00:21:03.839
Well, I know, I know some secrets we can do, and I know the banks we can do them with.
00:21:03.920 --> 00:21:05.440
And so I know how he can get you financed.
00:21:05.519 --> 00:21:05.920
He goes, how?
00:21:06.160 --> 00:21:14.079
I says, we're gonna create a trust income, and you're gonna create a trust and you're gonna start taking, and you need$135,000 a month to qualify for this loan.
00:21:14.160 --> 00:21:16.000
And he's got$18 million sitting there, right?
00:21:16.079 --> 00:21:19.599
So I know you need three years' continuance, and so I know the bank to take him to.
00:21:19.680 --> 00:21:28.240
Well, one bank, uh, you know, and a lot of them out there want sometimes what's called an irrevocable trust, meaning that if you set up this trust, payments of$135,000, you can't change it.
00:21:28.400 --> 00:21:34.319
You got to keep that$135,000 until you basically deplete all your money and he's paying tax on all that money, right?
00:21:34.480 --> 00:21:43.839
Versus like if he did a revocable trust and he decides down the line, qualifies funds alone, decides to change it, 135 wants to loan, needs only 50 or 20 or whatever, he can do that.
00:21:44.000 --> 00:21:49.200
And the other thing about these particular loans is that if you're we're setting up this trust, we're gonna use this income.
00:21:49.359 --> 00:21:56.880
Some of the banks want three payments, some want 12 payments, some want to look back of one year in payments to qualify.
00:21:57.039 --> 00:21:59.359
Well, I know a bank, we only need one payment.
00:21:59.519 --> 00:21:59.759
One.
00:22:00.160 --> 00:22:01.200
And we get him qualified.
00:22:01.279 --> 00:22:02.559
So, long story short, we got this going.
00:22:02.720 --> 00:22:04.000
So, not underwriting right now.
00:22:04.079 --> 00:22:08.079
But this client came back to me, he was turned down by two banks, Bank American and U.S.
00:22:08.079 --> 00:22:12.240
Bank, by the way, two banks, and came to me and he said, Alan, how you figure this out?
00:22:12.319 --> 00:22:12.720
How did this?
00:22:12.880 --> 00:22:18.079
And by the way, this wealth advisor now is calling me and wants me to get his own refi done for him through one of my banking sources.
00:22:18.160 --> 00:22:22.000
But these clients come to me, and what I do is I don't just quote a rate.
00:22:22.079 --> 00:22:23.039
I don't, that's not it.
00:22:23.119 --> 00:22:26.079
I mean, they hire me and my firm as an advisory firm.
00:22:26.160 --> 00:22:26.960
That's what we do.
00:22:27.119 --> 00:22:36.160
I've taken my 25 years in banking, connected in the banking world in the back door of a bank, and I walk into the bank door with this concierge luxury service.
00:22:36.240 --> 00:22:39.359
My bank is the top 1% of the nation, they're the who's who in the bank.
00:22:39.440 --> 00:22:42.400
And I create this network and it created a great experience for these clients.
00:22:42.480 --> 00:22:45.680
And everyone comes back to me and goes, What you did for me is unbelievable.
00:22:45.839 --> 00:22:50.160
And then what they do is one begets another, begets another, because they tell their friend, they tell a friend.
00:22:50.240 --> 00:22:57.279
And next thing I know, I get now I have million-dollar listing agents calling me, you know, reaching out to me and saying, Hey, we need to talk.
00:22:57.519 --> 00:22:58.880
I need you on my team.
00:22:58.960 --> 00:23:03.839
You know, I went into, I have got invited to a listing a couple weeks ago, Paul Daftarian.
00:23:04.000 --> 00:23:05.119
He's out of Orange County.
00:23:05.200 --> 00:23:07.680
He's the number one Orange County luxury real estate agent.
00:23:07.759 --> 00:23:08.480
And I got to meet him.
00:23:08.640 --> 00:23:09.680
He says, Alan, we need to talk.
00:23:09.759 --> 00:23:11.119
And I go, You need me on your team.
00:23:11.279 --> 00:23:13.440
So, you know, that's the cool thing about what I do.
00:23:13.599 --> 00:23:17.519
Real estate agents right now bring me in as their team member, we'll call it.
00:23:17.599 --> 00:23:19.519
And I'm the deal guy, I'm the structure guy.
00:23:19.599 --> 00:23:24.319
They bring their all their luxury deals to me, and my brain works to go, okay, I know we're taking this client.
00:23:24.400 --> 00:23:27.839
And I sit down with that client, I go, I work for you, I don't work for these banks.
00:23:27.920 --> 00:23:28.960
They work for us now.
00:23:29.119 --> 00:23:34.000
And so we're gonna do what's best for your personal need, not the bank's team.
00:23:34.079 --> 00:23:35.200
Remember, the bank has a box.
00:23:35.279 --> 00:23:37.119
And if you don't fit that box, it's over.
00:23:37.200 --> 00:23:39.440
So I find the right box for that particular client.
00:23:39.519 --> 00:23:46.880
So that's it in a nutshell why I reinvented it, why I launched it, because I saw there was a chasm between a bank and a client.
00:23:47.039 --> 00:23:48.799
And what I did is I created a marriage.
00:23:48.960 --> 00:23:51.279
I'm the one that's marrying the client with a bank.
00:23:51.440 --> 00:23:56.000
No different than a luxury real estate agent marries the home with the client, right?
00:23:56.160 --> 00:23:57.200
They're marrying the two.
00:23:57.359 --> 00:24:00.240
I do the very same thing, but I don't work for the banks.
00:24:00.319 --> 00:24:01.440
I work for that client.
00:24:01.599 --> 00:24:04.559
The client pays me and I give them an absolute great experience.
00:24:04.799 --> 00:24:06.640
Like I said, we've already closed over 180 million.
00:24:06.799 --> 00:24:08.720
We're on, we've already closed 40 million so far this year.
00:24:08.799 --> 00:24:13.680
We're we're on pace, you know, as it stands right now, 80 million this year, which is, you know, pretty sweet in a bad market.
00:24:13.759 --> 00:24:14.720
So not complaining.
00:24:15.200 --> 00:24:16.000
No, 100%.
00:24:16.400 --> 00:24:23.599
Well, and it reminds me of my days when I was an AE, you know, especially in the not in the non-conforming years, you know, pre-2008.
00:24:23.759 --> 00:24:28.880
And as an AE, not only did I know my products, and again, non-conforming.
00:24:29.119 --> 00:24:32.640
So we had our product suite that we sold to Wall Street, just like you were saying earlier.
00:24:32.799 --> 00:24:34.640
But I also knew my competitors' products.
00:24:34.799 --> 00:24:35.920
One, how do I compete against them?
00:24:36.079 --> 00:24:36.559
Where do I win?
00:24:36.640 --> 00:24:42.319
And two, if I can't do the deal, I want to be the guy who refers you to my competitor.
00:24:42.480 --> 00:24:47.039
And then what I started doing is I became friends with my competitor AEs, as we do.
00:24:47.119 --> 00:24:48.079
We know each other in the market.
00:24:48.160 --> 00:24:50.559
So then, but then I started like having a lunch.
00:24:50.640 --> 00:24:54.960
Like, and I'd have a lunch once a month with my fellow competitors in the market.
00:24:55.200 --> 00:24:58.400
Hey guys, we need to create a little consortium here.
00:24:58.559 --> 00:24:59.839
We're gonna refer to each other.
00:25:00.079 --> 00:25:02.720
We're also gonna block these other little ankle biters out too.
00:25:02.799 --> 00:25:04.240
And we're gonna own this market.
00:25:04.400 --> 00:25:10.240
We're gonna respect each other's product base, and we're gonna be able to refer to each other, and we're gonna be friendly competitors.
00:25:10.400 --> 00:25:22.880
And that put me in a position, which is what I'm recognizing, where I'd get, you know, my clients, my originators, they would call me and say, Hey, Craig, I know you can't do the deal, but can you help me figure out who can do the deal?
00:25:23.039 --> 00:25:26.079
So similarly, absolutely, this is who you should call.
00:25:26.240 --> 00:25:28.880
Just make sure you structure like this, you should be good.
00:25:29.119 --> 00:25:32.319
And I love that because then I became the go-to.
00:25:32.640 --> 00:25:33.359
I got the call.
00:25:33.599 --> 00:25:39.440
Whether I can, you know, like whatever the ratio was, I could close three out of five or whatever the case is, because I'm limited by the box I'm in.
00:25:39.519 --> 00:25:41.039
Here's my products, you know.
00:25:41.279 --> 00:25:42.559
So I love that.
00:25:42.720 --> 00:25:48.559
And the fact that you are fueled by the luxury market, that is such a unique market to be in.
00:25:48.720 --> 00:25:54.880
And like you said, I mean, my gosh, millions and millions and millions of dollars in the bank and you can't get a loan.
00:25:55.119 --> 00:25:56.000
This is madness.
00:25:56.160 --> 00:26:00.799
Now, this is part of the dysfunction of a mortgage industry by all means.
00:26:00.960 --> 00:26:06.240
So you recognize a problem, you pull it on your background, and now you can solve this problem.
00:26:06.400 --> 00:26:08.559
You created a niche.
00:26:08.720 --> 00:26:12.960
And that is what I think is just so commendable because it's very easy.
00:26:13.039 --> 00:26:17.039
I mean, 99% of us are, we can kind of get stuck in what we do.
00:26:17.279 --> 00:26:19.440
I want to do something different or whatever.
00:26:19.680 --> 00:26:21.119
How do I create?
00:26:21.279 --> 00:26:22.559
How do I reinvent?
00:26:22.720 --> 00:26:24.400
How do I take that risk?
00:26:24.640 --> 00:26:29.359
How do I recognize a problem that I can solve that's unique to my skill set?
00:26:29.519 --> 00:26:31.359
And I see that, you know, you did that.
00:26:31.599 --> 00:26:38.799
I mean, before you launch Mac, you know, Mac Financial Services and you're able to start solving these problems, were you excited?
00:26:38.960 --> 00:26:39.920
Did you recognize it?
00:26:40.000 --> 00:26:41.599
Did you know exactly where you're going?
00:26:41.759 --> 00:26:43.440
Or was it a little bit of like, you know what?
00:26:43.519 --> 00:26:45.920
I think I'm just gonna jump in these waters and kind of see what happens.
00:26:46.160 --> 00:26:46.640
Great question.
00:26:46.720 --> 00:26:48.319
So, you know, going back to 22.
00:26:48.400 --> 00:26:57.839
So um, when I first was looking to launch this, and by the way, you know, in 2022, and this is no joke, my when I say my phone stopped ringing for, you know, loans, it did.
00:26:57.920 --> 00:27:01.039
But I kept getting calls on, hey, can you help me?
00:27:01.200 --> 00:27:02.640
Can you know that type of thing?
00:27:02.799 --> 00:27:09.039
And I spent about 50,000 of my own money in 2022 with attorneys, contracts.
00:27:09.200 --> 00:27:13.359
You know, I I want to make sure that I'm totally, you know, doing everything the right way.
00:27:13.519 --> 00:27:22.000
I'm not a lender, and I make it very clear on my contracts that my client, I'm not a lender, I'm not an investor, I'm not a bank, I'm a I'm an advisor, I'm a financing advisor.
00:27:22.079 --> 00:27:25.119
I basically created, believe this one, a new category.
00:27:25.200 --> 00:27:26.799
And let me just share this with you, Craig.
00:27:26.960 --> 00:27:27.839
A brand new category.
00:27:27.920 --> 00:27:30.559
For anyone out there thinking about this, a brand new category.
00:27:30.720 --> 00:27:36.960
You know, and when you deal with wealth, they have a financial advisor, which is someone that takes care of their wealth and investing.
00:27:37.119 --> 00:27:43.599
They have a CPA that helps them with their taxes, they have an attorney that helps them with their legal, and they have an assistant.
00:27:43.839 --> 00:27:44.799
That is their team.
00:27:44.960 --> 00:27:45.599
That is their team.
00:27:45.759 --> 00:27:46.720
You know what they're missing?
00:27:46.960 --> 00:27:53.119
A financing advisor because they're gonna finance real estate, they're gonna finance commercial, they're gonna finance something.
00:27:53.200 --> 00:27:54.559
And who are they gonna go to?
00:27:54.799 --> 00:27:55.759
Their CPA.
00:27:55.920 --> 00:27:56.720
What do they know?
00:27:56.880 --> 00:27:58.960
Their financial advisor, what do they know?
00:27:59.119 --> 00:28:00.799
Their realtor, what do they really know?
00:28:00.960 --> 00:28:02.160
A realtor is just taking a shot.
00:28:02.240 --> 00:28:04.319
Hey, I know Alan Mackett, Bank America, great.
00:28:04.400 --> 00:28:06.240
But you know what, Sally, I was the wrong bank.
00:28:06.319 --> 00:28:09.519
It was actually John at Chase or John or wherever, you know?
00:28:09.680 --> 00:28:10.960
It was a different bank.
00:28:11.200 --> 00:28:16.799
Because the reality, again, is that the clients are blind and you think, like, how can they be?
00:28:16.880 --> 00:28:24.559
Well, the difference in the conforming world is a broker has hundreds of lenders sitting in front of them knowing it will fit this box of this lender.
00:28:24.880 --> 00:28:27.039
But in the luxury market, that isn't the case.
00:28:27.200 --> 00:28:31.519
It's a one-shot walk in the front door of the bank and hope you hit it right and you did that bullseye.
00:28:31.599 --> 00:28:37.920
And by the way, hope you got the right loan officer in there that can look at a tax return and figure out what's a tax return versus what is this?
00:28:38.000 --> 00:28:42.000
You know, it's like the bottom line is when you deal in the luxury market, and I can tell you stories of clients.
00:28:42.079 --> 00:28:47.519
I had one client we closed, strands bought a$13.3 million property, and the strands welted, turned them down.
00:28:47.599 --> 00:28:48.160
We got them done.
00:28:48.240 --> 00:28:51.599
We at the time was PNC, I took him over to, got him closed.
00:28:51.839 --> 00:28:56.400
But um, he had a 5,000 page tax return and he had losses.
00:28:56.559 --> 00:29:03.119
Well, on page 480, my banker finds$2 million of income on page$480 out of$5,000.
00:29:03.519 --> 00:29:13.839
You know, so you know, most MLOs in the banking world, especially like you said, they're not licensed, they're not anywhere near the caliber of mortgage banker brokers who are so much more experienced, but they don't know luxury.
00:29:13.920 --> 00:29:15.920
And the only ones that know luxury are the banks, you know.
00:29:16.000 --> 00:29:22.319
So you're taking a shot at walking that bank, hitting it with the right banker, it's like it's like taking a dart and you better hope you hit a bullseye.
00:29:22.400 --> 00:29:23.359
And the chances are it's not.
00:29:23.440 --> 00:29:29.200
It's like how many stories, how many stories do we all hear about nightmare experiences with the banks, right?
00:29:29.359 --> 00:29:32.480
If I asked the room of real estate agents, how many had a bad experience with the bank?
00:29:32.640 --> 00:29:34.319
Every single hand will go up in that room.
00:29:34.480 --> 00:29:35.680
Every hand will go up in that wrong.
00:29:35.759 --> 00:29:36.079
All of them.
00:29:36.240 --> 00:29:39.359
Because I mean broker, not many, but you hear with a bank.
00:29:43.039 --> 00:29:44.240
It's difficult at best.
00:29:44.319 --> 00:29:44.640
That's it.
00:29:44.720 --> 00:29:50.240
You know, and you try to make the best experience you can in a very difficult environment, which is the banking world.
00:29:50.319 --> 00:29:52.160
You know, and that's what we've done at Mac Financial.
00:29:52.240 --> 00:29:59.119
We've created a luxury, five-star professional service, rolling out that concierge luxury service, backdoor, red carpet.
00:29:59.200 --> 00:30:01.680
They are treated like a king, going, I have never been treated this good.
00:30:01.759 --> 00:30:02.319
They'll tell me that.
00:30:02.400 --> 00:30:03.039
I go, what do you mean?
00:30:03.119 --> 00:30:04.400
You got five million sitting in that bank.
00:30:04.480 --> 00:30:06.480
I know, but they just they treat me like everybody else.
00:30:06.559 --> 00:30:09.839
It's like I don't get anything, I don't get any preferential treatment, anything.
00:30:10.000 --> 00:30:13.599
And I go to another bank says, you know, and this is the other thing, banks like relationships.
00:30:13.680 --> 00:30:16.799
You know, you move money over, 500,000, a million, whatever, two million.
00:30:16.960 --> 00:30:18.240
We're always moving money, right?
00:30:18.319 --> 00:30:20.720
And I can utilize that in pricing with some of these banks.
00:30:20.799 --> 00:30:23.279
They give great pricing up to three quarters off the interest rate.
00:30:23.359 --> 00:30:27.599
And by the way, I'm getting rates right now on the low fives right now, low fives, while the rates are much higher.
00:30:27.759 --> 00:30:30.240
But the reality is that the clients have no idea.
00:30:30.400 --> 00:30:31.279
They have no idea.
00:30:31.359 --> 00:30:39.200
And so, you know, for me, what got me so excited about this, Craig, when I launched it in 22 and I'm experimenting, I was kind of beta testing it with a client here, client there.
00:30:39.279 --> 00:30:43.680
And I remember the first time I had a client say, You mind I charge a fee and I'm gonna chin my contract?
00:30:43.839 --> 00:30:44.640
I was so nervous.
00:30:44.799 --> 00:30:46.480
My heart was racing.
00:30:46.559 --> 00:30:48.640
I because I've never asked a client to pay me, right?
00:30:48.720 --> 00:30:52.400
It's like this is, you know, I'm not loans, I'm now them working as an advisor.
00:30:52.720 --> 00:30:53.440
And it was scary.
00:30:53.519 --> 00:30:59.200
I'm gonna be relaunched my first year in 2022 when I was just putting it together and beta testing, getting ready to launch it for 2023.
00:30:59.519 --> 00:31:01.920
I was petrified, petrified.
00:31:02.000 --> 00:31:03.920
And then 2023 comes a roll around.
00:31:04.079 --> 00:31:05.359
Again, that's all I'm doing now.
00:31:05.440 --> 00:31:10.319
We closed 25 million my first year doing it, you know, about 208,000 gross revenue.
00:31:10.400 --> 00:31:12.640
And I said, Wow, this, you know, this thing works.
00:31:12.720 --> 00:31:19.680
And it's like, and I'm starting to see my average loan size, by the way, then was like 1.2 million back then in 2023.
00:31:20.240 --> 00:31:22.240
And then we moved into 2024.
00:31:22.319 --> 00:31:27.680
Now I'm doing 60 million for average loan size, 1.95 million, just under 2 million.
00:31:27.759 --> 00:31:28.720
I'm going, okay.
00:31:28.880 --> 00:31:32.400
And then in 2025 comes along, about the same thing, same number, so forth.
00:31:32.480 --> 00:31:37.279
And then 2026, it's now my average loan size is about 3 million versus 1.5.
00:31:37.359 --> 00:31:40.319
In fact, a small deal would be like a$2 million deal right now.
00:31:40.559 --> 00:31:43.440
And um, it's like I said, it's just, it's like caught on.
00:31:43.519 --> 00:31:45.519
It's like now it's like, I'm so confident.
00:31:45.759 --> 00:31:50.559
In fact, friends had seen me go, see me a year ago, oh my god, I can't believe how much more excited you are than I saw you last time.
00:31:50.720 --> 00:31:52.000
I go, because it works.
00:31:52.160 --> 00:31:54.480
And I found uh I found a problem.
00:31:55.359 --> 00:31:59.839
I didn't find problems so much as that, is I saw a problem in the banking world.
00:32:00.000 --> 00:32:02.799
Again, you got one stop shop, hope you hit it right, and that's it.
00:32:02.960 --> 00:32:12.240
And I I found a a way to get around that by really advising the client, working with that client, going, okay, we know what bank's gonna sue your personal need, and it's gonna be this bank.
00:32:12.400 --> 00:32:14.000
And so I had to create these relationships.
00:32:14.079 --> 00:32:16.559
I had to find the Alan Max in each one of these banks, right?
00:32:16.720 --> 00:32:19.359
Like, who's my top guy in that bank, in this bank, and that bank?
00:32:19.519 --> 00:32:21.279
So I I had to, you know, vet them.
00:32:21.359 --> 00:32:22.960
I I experimented with them, tried them.
00:32:23.119 --> 00:32:29.680
If they dropped the ball, I remember when I first launched it, I had to fire two bankers and flip them to another different banker because they, you know, one misquoted me.
00:32:29.759 --> 00:32:32.799
And I go, I go, I can't afford any error, period.
00:32:32.880 --> 00:32:33.519
End of story.
00:32:33.680 --> 00:32:38.480
I mean, I'm a perfectionist all the way, and I expect the same thing because my clients expect perfection.
00:32:38.559 --> 00:32:42.720
You know, even though we know that banking is difficult and there's challenges or whatever, you know it is.
00:32:42.799 --> 00:32:48.400
I mean, but the reality is you've got to create a great experience and you got to do what you can to help that client out, not help that bank out.
00:32:48.480 --> 00:32:49.680
And that's that's what we're doing.
00:32:49.920 --> 00:33:00.960
Well, and I can sense obviously the excitement, the belief, the confidence of what you're doing, because you are I mean, you are confident and you do believe and you are excited, you know, because you have figured out how to solve the problem.
00:33:01.039 --> 00:33:07.680
You've created a category, you've you've created a niche in an otherwise commoditized world.
00:33:08.079 --> 00:33:13.039
So I wanna I want to talk about that real quick too, because okay, now let's switch gears a second.
00:33:13.440 --> 00:33:14.799
You're you're a coach, okay?
00:33:15.039 --> 00:33:20.079
You're me, you're a coach, you're working with loan officers or realtors or anybody.
00:33:20.319 --> 00:33:22.960
But let's take in the mortgage world because there's a familiarity there, right?
00:33:23.039 --> 00:33:25.680
And you're in a commoditized world, ultimately, right?
00:33:26.160 --> 00:33:30.000
But let's say you're really struggling, like I really need to separate, I really want to stand out.
00:33:30.240 --> 00:33:31.200
What advice do you have?
00:33:31.359 --> 00:33:32.559
What advice would you give?
00:33:32.880 --> 00:33:38.480
Pulling on your background, how you create how you reinvent it, you know, what you did, how you recognize the problem.
00:33:38.720 --> 00:33:45.519
What would you advise someone in a position that I really want to leverage, I really want to stand out and create a niche for myself?
00:33:45.599 --> 00:33:46.559
I just don't know where to start.
00:33:46.720 --> 00:33:53.839
So, you know, in our business, uh I think the downside in our business is too many products offered, right?
00:33:54.000 --> 00:34:01.759
You've got non-QM, you've got reverse, you've got luxury, you've got Fannie, you've got Freddie, you've got FHA, you got VA, you got your down payment assistant.
00:34:01.839 --> 00:34:04.880
I go, I go on and on and on and on all the different products and programs, right?
00:34:05.039 --> 00:34:10.719
And most, most MLOs I find in the industry are jack of all trades and master of none.
00:34:10.960 --> 00:34:12.159
Master your trade.
00:34:12.239 --> 00:34:25.599
And I learned this a while back when I went to work for Citibank in 2012, and there were brand new mortgage companies, City Mortgage, and they approached me, and I was number one in uh all Southern California number three in the state of uh California and City.
00:34:25.840 --> 00:34:27.119
And um did big, big numbers.
00:34:27.280 --> 00:34:39.519
Anyway, long story short of them, um, I was up in LA for training and this, and I never his name is Motion Niv, and uh I don't know where he's at now, and he's a very big producer in the banking world, and he said to me, Gazelle, I'm gonna talk to you privately about something.
00:34:39.599 --> 00:34:40.000
I go, What?
00:34:40.159 --> 00:34:42.800
He goes, Don't waste your time doing conforming loans here.
00:34:42.960 --> 00:34:44.800
Don't waste your time doing conforming loans here.
00:34:44.960 --> 00:34:46.239
Focus on luxury.
00:34:46.400 --> 00:34:48.159
If you focus on luxury, you'll crush it.
00:34:48.239 --> 00:34:50.239
If you focus on it, you're just trust me.
00:34:50.320 --> 00:34:52.000
And I and I I heard him, right?
00:34:52.079 --> 00:35:08.800
And so instead of me going out and open houses on a$600,000 condo or of whatever, I started focusing on the million-dollar listings around the beach, Cota de Casa, you know, Dove Canyon, these other, you know, Newport Beach, these other areas that had high-end properties.
00:35:08.960 --> 00:35:12.079
And I would go in there with my flight, and I was, I would, hi, my name's Alan Mack.
00:35:12.159 --> 00:35:14.639
Here's me, and I would find that niche in our bank, right?
00:35:14.719 --> 00:35:15.760
What was that niche we had?
00:35:15.840 --> 00:35:19.039
Like, because every every lender has a really cool product.
00:35:19.119 --> 00:35:20.239
Trust me, they all do, right?
00:35:20.320 --> 00:35:23.039
If you're a broker, you got a lot of them because you can broker to different ones, right?
00:35:23.199 --> 00:35:30.719
But in the banking world, every bank I work with, they have one, if not two, if not three, unbelievable products that they just can't advertise.
00:35:30.800 --> 00:35:33.519
They just can't advertise, they're not allowed to, bank doesn't allow it, right?
00:35:33.679 --> 00:35:40.400
And so if you're gonna do, you know, uh uh what basically you want to dominate whatever it may be, find your lane.
00:35:40.639 --> 00:35:41.519
Find your lane.
00:35:41.679 --> 00:35:43.039
My lane was luxury.
00:35:43.199 --> 00:35:43.920
Have me luxury.
00:35:44.000 --> 00:35:47.599
Now, mind you, I've done conforming loans and everything, but FHA was never my gig.
00:35:47.679 --> 00:35:49.679
And, you know, I've done over a billion in my career funded.
00:35:49.840 --> 00:35:52.159
I did 10 FHA loans in my entire career.
00:35:52.239 --> 00:35:56.559
I've done two VA loans in my entire career, and I've done zero down payment assistant loans.
00:35:56.639 --> 00:35:58.000
It wasn't my thing, you know?
00:35:58.159 --> 00:35:58.800
I didn't want it.
00:35:58.960 --> 00:36:00.880
Even though he was there and we could do it, I didn't want it.
00:36:00.960 --> 00:36:04.559
I said, I want to focus on one thing and be the best at it.
00:36:04.639 --> 00:36:13.440
So if I can suggest to anybody out there, if you're working for a broker and you're trying to figure out, you know, you want to do this loan, that loan, all these different loans, find out where your lane is.
00:36:13.519 --> 00:36:21.599
Like if your non-QM is your lane, stay in non-QM, focus on non-QM, go after that non-QM business, look for that non-QM business, right?
00:36:21.760 --> 00:36:22.239
It's there.
00:36:22.480 --> 00:36:27.039
If reverse is your lane, stay in that lane, look for the reverse opportunities, right?
00:36:27.199 --> 00:36:28.320
Go after that market.
00:36:28.400 --> 00:36:30.880
It's like whatever you feel is your lane.
00:36:31.039 --> 00:36:32.320
And again, everyone's different.
00:36:32.480 --> 00:36:33.199
They know their stuff.
00:36:33.440 --> 00:36:34.800
Could be down payment assistant.
00:36:34.880 --> 00:36:36.079
Focus on that lane.
00:36:36.159 --> 00:36:38.079
And if you do, you'll dominate.
00:36:38.159 --> 00:36:42.880
But if you're gonna be the jack of all trades and master of none, you're gonna be like 80% of law out there.
00:36:42.960 --> 00:36:47.760
They're gonna struggle to try to get a deal done because you don't know, you're not an expert on one thing.
00:36:47.840 --> 00:36:50.079
And be an expert on one thing and be the best at it.
00:36:50.159 --> 00:36:51.039
And that's what I did.
00:36:51.119 --> 00:36:52.559
And I focused on luxury.
00:36:52.719 --> 00:36:53.760
That was just what I liked.
00:36:54.000 --> 00:36:54.320
Love it.
00:36:54.400 --> 00:36:55.519
Okay, that's so important.
00:36:55.599 --> 00:36:57.440
I and I hope everyone's listening to this, right?
00:36:57.519 --> 00:37:00.960
Because again, how do you stand out in an otherwise commoditized world?
00:37:01.039 --> 00:37:05.599
And I know that there's fear that comes in, like, yeah, but I don't want to miss out on clients that could do these other things.
00:37:05.760 --> 00:37:09.760
No one said you necessarily have to unless you choose to, but you focus on one.
00:37:09.840 --> 00:37:15.440
And here's where I'm gonna take this one step further for everybody listening, because I a thousand percent agree, Alan, with what you're saying, right?
00:37:15.760 --> 00:37:17.199
Be a master of one.
00:37:17.360 --> 00:37:22.480
Now, whatever that product is that you're gonna be a master of, take non-QM or reverse.
00:37:22.639 --> 00:37:27.599
Now, it's not the product you're a master of, it's the strategy.
00:37:27.920 --> 00:37:32.079
Don't chase product, chase strategy.
00:37:32.320 --> 00:37:38.400
What that product is, is allows you to fuel and execute that strategy.
00:37:38.639 --> 00:37:41.840
For example, and I just did a post or I'm about to do a post on this.
00:37:42.000 --> 00:37:48.320
You know, I for a while I'd always see you know loan officers advertising, hey, we got DSCR loans and we're so excited we can do DSCR.
00:37:48.400 --> 00:37:49.840
And I'm always like, who gives a shit?
00:37:49.920 --> 00:37:51.039
Nobody even knows what it means.
00:37:51.119 --> 00:37:52.880
And you probably don't even know what the acronym is.
00:37:53.039 --> 00:38:04.000
So instead of promoting a product, instead say, I specialize in helping self-employed people and entrepreneurs with great CPAs build wealth with real estate.
00:38:04.159 --> 00:38:07.760
That is a strategy, and I just identified an ideal client.
00:38:08.079 --> 00:38:12.239
Well, I'm self-employed and I know it, and I'm an entrepreneur, and of course I have a great CPA.
00:38:12.400 --> 00:38:14.000
That's why we do this now.
00:38:14.159 --> 00:38:16.960
You can help me build wealth, you can help me fund loans, great.
00:38:17.199 --> 00:38:18.800
Doesn't matter the product behind you.
00:38:18.960 --> 00:38:25.119
Now you are taking that weaponry of non-QM and DSER or bank statements or whatever you know you are.
00:38:25.360 --> 00:38:27.679
So you turn product into strategy.
00:38:27.840 --> 00:38:28.239
Why?
00:38:28.480 --> 00:38:32.079
Because people connect with people, not product.
00:38:32.960 --> 00:38:34.239
I love, love what you're talking about.
00:38:34.480 --> 00:38:35.199
100% correct.
00:38:35.280 --> 00:38:35.920
That's exactly it.
00:38:36.000 --> 00:38:46.639
So again, if you're if your idea is I want to dominate non-QM, master non-QM, find that that client that needs non-like me.
00:38:46.800 --> 00:38:48.559
My client is a luxury client, right?
00:38:48.719 --> 00:38:54.559
Do you think I'm gonna market to the guy buying a$600,000 mortgage that was looking to get, you know, that is that gonna be my client?
00:38:54.639 --> 00:38:55.679
I'm gonna be his advisor.
00:38:55.840 --> 00:38:57.679
No, that's not my market.
00:38:58.000 --> 00:38:58.480
My market.
00:38:58.559 --> 00:38:59.440
So where am I gonna go?
00:38:59.519 --> 00:39:03.039
I'm gonna go to an open house, a three, four, five, ten million dollar open house.
00:39:03.119 --> 00:39:07.039
I'm gonna talk to a luxury real estate agent, not a real estate agent, a luxury agent.
00:39:07.119 --> 00:39:10.159
There's a big difference between a luxury real estate agent and an agent, right?
00:39:10.320 --> 00:39:15.840
Because I know there's agents out there that have sold the$3 million home once in a lifetime because it had to be their brother, there was their house, right?
00:39:16.000 --> 00:39:17.119
Doesn't make them a luxury agent.
00:39:17.280 --> 00:39:21.199
There's a big difference between luxury and and just your, you know, your overall market, right?
00:39:21.360 --> 00:39:24.239
And so again, you hit it right on the head, Craig.
00:39:24.320 --> 00:39:26.000
That's exactly, you gotta have a strategy.
00:39:26.159 --> 00:39:29.840
So for me, how am I gonna market to that particular market?
00:39:29.920 --> 00:39:31.199
And that's what I went after.
00:39:31.360 --> 00:39:35.360
And so, you know, for me, it's like I'm focusing on the luxury market.
00:39:35.519 --> 00:39:45.519
So I get it through wealth advisors, I get it through luxury real estate agents, I get it through mortgage banker brokers who have luxury clients that just can't do anything with, and I've solved the problem for them, right?
00:39:45.599 --> 00:39:46.400
To help them out.
00:39:46.559 --> 00:39:49.280
Remember, I'm paid by the client, I'm not paid by the bank.
00:39:49.440 --> 00:39:50.719
I I work for that client.
00:39:50.800 --> 00:39:55.280
So my firm can pay anybody in reality, legally, because I don't get paid by the banks.
00:39:55.360 --> 00:39:56.880
I don't I don't get anything from the banks.
00:39:56.960 --> 00:39:57.840
I get from my client.
00:39:57.920 --> 00:40:03.039
So the reality is I created this, you know, this whole vehicle to really go after these markets.
00:40:03.199 --> 00:40:06.159
So we've created, I brought in a COO so I can scale.
00:40:06.239 --> 00:40:07.920
I can't do more than 100 million by myself.
00:40:08.000 --> 00:40:11.679
It's just handling my books, my marketing, my sales, my networking, all things I'm doing.
00:40:11.760 --> 00:40:16.480
I I'm I'm literally at 60 million as I was building this thing was killing me, but I did it.
00:40:16.559 --> 00:40:18.880
But I brought in a COO, allows me to scale.
00:40:19.039 --> 00:40:22.480
Um, he's amazing, came out of the food industry, and just gonna take me to a whole nother level.
00:40:22.559 --> 00:40:25.280
But the reality is we're scaling to the future.
00:40:25.360 --> 00:40:27.760
And so, you know, we are looking at different markets.
00:40:27.920 --> 00:40:31.039
So for me right now, I started tapping in the wealth advisor group.
00:40:31.119 --> 00:40:47.519
You know, I've got in, I can't name names, but I've worked with very, very, very famous, famous people, famous people, whether it's sport figure, actor, you know, in the in the movie industry or, you know, uh a captive industry that is, you know, very well known in their in their business.
00:40:47.599 --> 00:40:51.039
And they've come to me and I built this network of these individuals and so forth.
00:40:51.119 --> 00:40:52.639
But a lot of them came through the wealth advisors.
00:40:52.719 --> 00:40:56.960
And I in the past, when I worked luxury, I never thought about going after wealth advisor.
00:40:57.039 --> 00:40:59.360
I would focus on the real estate agent, the listing and out.
00:40:59.519 --> 00:41:02.960
And so it's kind of broadened my, again, it's strategy again.
00:41:03.039 --> 00:41:04.719
Like you mentioned, Craig, the strategy.
00:41:04.880 --> 00:41:09.440
If my luxury is my strategy, who knows luxury clients, right?
00:41:09.599 --> 00:41:10.639
Wealth advisors.
00:41:10.800 --> 00:41:12.880
They manage their portfolios, right?
00:41:12.960 --> 00:41:19.119
And so, you know, I'm getting in these groups that manage 10 million net worth in a Bob or 20 million net worth in a Bob, and all of a sudden I'm like the guy.
00:41:19.280 --> 00:41:20.800
You got to talk to Alan Mack.
00:41:20.880 --> 00:41:23.119
He's on our team, you know, and so that's the thing.
00:41:23.360 --> 00:41:29.280
Find your lane, and then in that lane, who are the ones in that lane that I really need to focus on and create these relationships with?
00:41:29.519 --> 00:41:32.719
So one is my million-dollar listing agents, my wealth advisors.
00:41:32.880 --> 00:41:41.199
I've got some very wealthy CPA, you know, firms, firms that manage, you know, a great deal of money for individuals that are looking for tax benefits.
00:41:41.360 --> 00:41:50.239
Because, you know, the bottom line is when you deal in the luxury market, you know, they're very sophisticated with their income and their expenses and how they do things.
00:41:50.400 --> 00:41:53.679
But one thing I've noticed is they're very intelligent on what they do.
00:41:53.760 --> 00:41:56.079
And a lot of times they'll buy multiple second homes.
00:41:56.159 --> 00:42:02.079
They put them in an LLC, they Airbnb six months out of the year, make it create income from, which is fine and no problem that.
00:42:02.159 --> 00:42:04.000
But I'm seeing a lot of things they're doing, right?
00:42:04.079 --> 00:42:08.559
But they really bank on people around them to really guide them to build more wealth.
00:42:08.639 --> 00:42:09.679
And that's everybody.
00:42:09.760 --> 00:42:10.960
That's just the first-time homebuyer.
00:42:11.119 --> 00:42:12.480
I mean, they're buying a home for a reason.
00:42:12.639 --> 00:42:16.639
More wealth is built in real estate than you're ever gonna build, you're never gonna build that wealth renting a property.
00:42:16.800 --> 00:42:17.039
Never.
00:42:17.119 --> 00:42:18.960
It's a it you'll never have it happen.
00:42:19.119 --> 00:42:21.760
So, you know, home affordability, we like to see that come down and so forth.
00:42:22.000 --> 00:42:25.039
But the reality is there's so many creative products out there.
00:42:25.119 --> 00:42:32.159
In the conforming world, the brokers know this, you know, no down payment, uh, VA, and all these different things they can do, right?
00:42:32.239 --> 00:42:34.639
Well, in the luxury world, there's some really cool stuff.
00:42:34.719 --> 00:42:38.000
And I'd like to share with you one bank particular that I've got this program.
00:42:38.320 --> 00:42:42.079
I solved the problem on these listings, multi-million dollar listings sitting on the market.
00:42:42.159 --> 00:42:43.760
They're sitting there collecting dust.
00:42:44.000 --> 00:42:46.960
And I started thinking, and I got one of my banks, only one does this.
00:42:47.039 --> 00:42:48.559
They offer a two-one buy down.
00:42:48.800 --> 00:42:51.679
I can get a start rate right now today at 3.25%.
00:42:52.239 --> 00:42:53.039
3.25%.
00:42:53.519 --> 00:42:57.199
Doesn't matter a loan, 5 million, 10 million, 5 million, I mean 3 million, 2 million, doesn't matter.
00:42:57.440 --> 00:43:00.320
It's got to be a luxury loan, no max loan amount.
00:43:00.480 --> 00:43:12.559
And the cool thing is the seller, instead of lowering that price, if they price it right there, can create some action by putting the MLS and offering a rate in the threes, a rate in the threes, and they can pay the concession, get that rate in the threes.
00:43:12.639 --> 00:43:15.440
So I've worked now with some listing agents that are coming to me.
00:43:16.079 --> 00:43:25.199
They're calling me, knowing what I can do, and saying, hey, I heard you can help me get this listing sold, or at least get some bytes on this listing.
00:43:25.360 --> 00:43:27.760
I said, absolutely, here's what we're gonna do.
00:43:27.920 --> 00:43:29.360
And so I came up with a contract.
00:43:29.440 --> 00:43:35.440
I again, anyone can pay me, the seller can pay me, the listing agent can pay me, the buying agent can pay me, the buyer can be, anyone can pay me, right?
00:43:35.599 --> 00:43:39.440
But I strategized with that listing agent to figure out how we can get action.
00:43:39.519 --> 00:43:40.480
Let's get some action on that.
00:43:40.559 --> 00:43:46.719
Because let's be honest, if rates right now, Craig, were in the threes and the fours, what would the housing market be like right now?
00:43:46.800 --> 00:43:47.599
It'd be booming.
00:43:47.760 --> 00:43:48.239
Booming.
00:43:48.320 --> 00:43:50.239
It would be flying off the shelf.
00:43:50.400 --> 00:43:53.599
There's so much pent up demand sitting on the sideline right now.
00:43:53.760 --> 00:43:56.079
Because you know the coin formula, it's a night, but I don't I don't know.
00:43:56.159 --> 00:43:59.760
I'm guessing that it's sixes, six and a half, seven, whatever they're at, you know, the rates.
00:44:00.480 --> 00:44:02.880
But you know, the reality is the clients have no idea.
00:44:02.960 --> 00:44:05.679
They're just hearing rates like sixes, sevens, and they're going, uh, you know.
00:44:05.840 --> 00:44:10.559
But in the world of my world, it's like I can get rates down, like I said, a start rate in the threes.
00:44:10.639 --> 00:44:12.239
We get creative in how we do this.
00:44:12.400 --> 00:44:15.280
So, you know, that's the cool thing about some of these banks.
00:44:15.360 --> 00:44:16.480
They offer some really cool stuff.
00:44:16.639 --> 00:44:21.039
Another bank offers an 85 LTV to 3 million, no MI, rate in the fives.
00:44:21.199 --> 00:44:26.719
Another one, 90%, 8999 to 3 million for doctors and attorneys, the top 200 firms.
00:44:26.880 --> 00:44:30.800
Again, these banks can't advertise these amazing products.
00:44:30.960 --> 00:44:36.079
They're only doing the generic ad, like when I work for the bank, the generic ad that caters to everybody.
00:44:36.239 --> 00:44:37.360
That's what they have to advertise.
00:44:37.599 --> 00:44:43.360
So I can talk about all their products, but the reality is I look out for my client and go, okay, I got the product for us.
00:44:43.440 --> 00:44:44.719
I know the bank when I go to.
00:44:44.880 --> 00:44:48.159
And so that's that's kind of where we were the direction we're going.
00:44:48.480 --> 00:44:49.679
Brother, I I love it.
00:44:49.760 --> 00:44:52.159
And I think this is such a powerful conversation.
00:44:52.239 --> 00:45:08.639
And for everybody listening, I mean, you know, not only what you know, the problem you're solving, but really paying attention to recognizing how to build a niche in your business, how to go out and see, pull on your background, solve a problem for your client, build and turn that product into a strategy.
00:45:08.719 --> 00:45:19.280
And like Alan, you were just saying, now when I'm thinking as a strategy, not product, like you're saying with luxury, it's not necessarily the realtor, it's the wealth advisor who becomes the source of truth for you.
00:45:19.360 --> 00:45:21.199
And then all of a sudden the compound effect there.
00:45:21.360 --> 00:45:24.320
So I mean, you've really built a powerful ecosystem.
00:45:24.480 --> 00:45:31.280
And I see nothing but very big, and I'm gonna say scaled success because you brought your COO on, and I love hearing that.
00:45:31.440 --> 00:45:33.039
I can see a lot of upside.
00:45:33.119 --> 00:45:36.880
I can really see how you're gonna build and scale this and continue serving the market that.
00:45:36.960 --> 00:45:38.400
And this is what's beautiful.
00:45:38.719 --> 00:45:42.880
Very, very, very few people are fit to serve.
00:45:43.039 --> 00:45:46.239
So again, you've created a category that you are needed in.
00:45:46.400 --> 00:45:48.559
So um, congratulations to you, man.
00:45:48.639 --> 00:45:49.760
I'm excited to see your success.
00:45:49.840 --> 00:45:55.760
And I've seen your success since you you know, since we met a couple years ago when you just sort of launched and you've been building and scaling along the way.
00:45:55.840 --> 00:45:57.599
So I see nothing but upside, man.
00:45:57.760 --> 00:45:59.599
Well, I appreciate the conversation, brother.
00:45:59.679 --> 00:46:03.280
And and uh um and uh and I look forward to to many, many more.
00:46:03.519 --> 00:46:05.039
Same here, Craig, and thanks for having me on.
00:46:05.119 --> 00:46:09.360
You know, again, like you know, I got to meet you a few years back, and you and I hit it off right away.
00:46:09.440 --> 00:46:14.079
And we know a lot of the same people, of course, but I really appreciate you having on my on your uh podcast.
00:46:14.239 --> 00:46:17.039
And again, if anyone has any questions, they can reach out to me anytime they'd like.
00:46:17.280 --> 00:46:18.320
How can they how can they find you?
00:46:18.559 --> 00:46:23.920
Best way is uh phone, and by the way, you'll find uh you know in most cases I'll pick up my phone, everyone laughs, they go, man, you pick up your phone.
00:46:24.079 --> 00:46:28.320
But my phone number is 949-929-1091.
00:46:28.400 --> 00:46:34.800
And my email, if you need to get hold of me, is Alan A-L-A-N at MacM A C K F S for Financial Services.com.
00:46:34.880 --> 00:46:36.239
Alan at MacF S dot com.
00:46:36.400 --> 00:46:36.639
Awesome.
00:46:36.719 --> 00:46:38.239
And and we'll put these notes in the show notes.
00:46:38.320 --> 00:46:41.920
And if you have a you know your website and everything else, we'll put this in the show notes and whatnot.
00:46:42.079 --> 00:46:43.679
So um well, all right, man.
00:46:43.760 --> 00:46:45.199
Well, I appreciate everybody listening.
00:46:45.280 --> 00:46:51.199
If you do have a luxury client and you do have a problem that needs to be solved, you got a man right here that's gonna help you uh solve that.
00:46:51.280 --> 00:46:58.480
And so, you know, this is a very, you know, it's exciting to get that real big luxury client, but it's also scary because I may not be able to solve that in the box we live in.
00:46:58.639 --> 00:47:00.400
So this is the guy that lives outside that box.
00:47:00.559 --> 00:47:02.880
So you know, just add to that, Craig, too.
00:47:03.039 --> 00:47:06.400
It's you know, the most important thing is keep that referral, keep that referral.
00:47:06.480 --> 00:47:12.400
Don't lose that million-dollar listing agent, don't that or that selling agent, don't lose that client to some bank they go walk in.
00:47:12.559 --> 00:47:13.760
Hang on to that relationship.
00:47:13.840 --> 00:47:15.760
That's the most important thing of all that I can stress here.
00:47:15.920 --> 00:47:16.880
That's a big, big deal.
00:47:16.960 --> 00:47:18.079
So, all right, everyone.
00:47:18.159 --> 00:47:19.039
I appreciate it, Alec.
00:47:19.199 --> 00:47:20.000
Good seeing you, buddy.
00:47:20.079 --> 00:47:21.119
Till our next episode.
00:47:21.199 --> 00:47:23.119
Remember, just head out there and make shift happen.
00:47:23.199 --> 00:47:24.000
All right, peace out.
00:47:24.159 --> 00:47:24.880
Good to see you, Greg.
00:47:26.400 --> 00:47:29.039
Hey, thanks for joining me today on Talking Shift.
00:47:29.119 --> 00:47:32.880
I hope you enjoyed it, and I'm looking forward to seeing you on our next episode.