MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY JOHN AND JENNIFER LAWHON:
1. What are some examples of clients who have benefited from getting you to help them plan their landscaping projects?
2. What are some things you can do to improve curb appeal for someone on a budget who wants to sell their home quicker?
3. Why should the homeowner spend the money to hire a professional when they could just use Home Depot?
5. What are some tips for keeping up with landscape maintenance?
6. What are some solutions you use to help fix drainage problems?
7. Please talk about spraying schedules and other weed control solutions.
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QUESTIONS ANSWERED BY JO GARNER:
1. What if your borrower owns his primary residence and wants to buy and move to his dream home but can’t sell his current home? What financing solutions to offer someone like him?
2. What mortgage terms can you give to a real estate investor for purchasing a rental home?
3. Can a real estate investor refinance his rental property using the special HARP refinance and the FHA streamline without an appraisal value and getting into the deal with very little money down?
4. Where can investors find the funds to use for down payment?
REAL ESTATE TIP OF THE WEEK
ANNOUNCEMENTS
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Good morning, Memphis! Good morning across the country on iHeart Radio and BOCI Radio.
You’re on the Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer
Evolve Bank and Trust. Today’s January 31st 2015. Have you got some plans you want to see
come to fruition? Plans to lower your interest costs or shorten the term on your home loan or
maybe you want to renovate your home while borrowing costs are low again—maybe add
some very cool landscaping in the front of your house or around the pool in the back? Give us a
call on the air if you want to talk real estate or mortgages. (901) 535-WREC or (901) 535-9732.
Our general topic today is MAKE A PLAN FOR YOUR HOME, GARDEN, YOUR DREAMS
& THE FINANCING TO and we have the perfect person in the studio this morning to talk
about landscaping and your garden. John Lawhon of Lawhon Landscaping has been in the
business for several decades and has a great reputation for being knowlegable at helping his
clients get the right landscaping arrangment at the right price. John, great having you back on
the Real Estate Mortgage Shoppe. Tell our audience a little about yourself and what you and
Jennifer do for your clients. <John and Jennifer introduce themselves>
(Jo) The last 2 weeks have been so busy, Susan and I have been working almost around the
clock. I thought it would be more convenient for me to haul my LL Bean camping gear up to the
office and just work all day and all night with a few hours of sleep occasionally and some
breakfast across the street at the Embassy Suites. But seriously, Susan and I DIDN’T camp out
at the office, but we have spent quite a bit of time there. Mortgage rates continued falling
yesterday and now are at the lowest point they have been since May 2013. 30YR FIXED – 3.5-
3.625 FHA/VA – 3.25; 15 YEAR FIXED – 2.875
We are asking everyone that we have talked to since 2013 that did not make the move to
refinance or buy the house they had planned make happen—-call us now and let’s rework the
numbers based on the lower rates. What didn’t quite work for you then, just might work perfectly
within your plan for today. If you would like to look at lowering your home loan rate, lowering
your mortgage payment or, even better, lowering the rate AND shortening the term on your loan,
call us right now on the air at 901 535-WREC (901) 535-9732 or call me directly off the air at 901
482-0354 901 482-0354 or connect with me at www.JOGarner.com We even have some
special products that won’t even require an appraisal. If you want to refinance your FHA loan—
this past week FHA significantly lowered the monthly mortgage insurance you pay on those
loans. Let’s look at lowering your rate AND your mortgage insurance. On conventional loans, if
you’re paying private mortgage insurance which doesn’t help you, call me and let’s see what it will
take to get rid of the private mortgage insurance AND lower your rate. My direct number is (901)
482-0354. There ‘s something to be said for making a plan and working a plan, right John?
<John Lawhon makes comments>
(Jo) John, there are people calling the office now that have for a long time wanted to build a
pool with the deck and the strategic landscaping that can convert a home into a great place to
enjoy a “staycation.” The plans people had to buy a home, renovate a home or refinance one,
got shelved a couple of years ago as unattainable but now our phones are ringing with people
excited to taking action to make their dreams come to life RIGHT NOW. Think about it, money
is cheap and so is gasoline. It doesn’t take a rocket scientist to see an opportunity like this.
Here’s another common call—people wanting to lower their house notes by $100–$200 or
$500 per month by grabbing the lower interest rate, but they want to use some of the savings
to make prepayments to principal so they can still get rid of the sooner but on a much lower
rate. Others want to move from a 20 or 25 years left on their mortgage to 10 or 15 years left
instantly by refinancing to the shorter term but on a rate 1 or 2 or 3 points LOWER than what
they’re paying now. Wow! We’ve been doing the math. The numbers show you can save TENs
of thousands of dollars over time by shortening the term of your loan with the lower rates. Call
us on the air at (901) 535-WREC (901) 535-9732 or directly at (901) 482-0354
www.JoGarner.com IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
<John makes comments>
(Jo) As we talk about the magnitude of what has been happening in our market recently with
almost 2-year low rates again, historically low gasoline prices and FHA lowering the private
mortgage per month, I get a picture of the PERFECT STORM. You have real estate values that
are coming back up, especially in the Memphis area, coupled with buyers compelled to buy
homes while rates give them a monthly payment MUCH lower than what they would get paying
rent somewhere. Call us on the air if you want to talk about YOUR real estate plans (901) 535-
WREC.
John, we’re talking about making plans and knowing when to execute them. Almost everyone
that Susan and I have talked to this week are excited about moving forward with THEIR plans
now that rates are making that plan more affordable allowing them to stay on a budget. We
are talking about MAKE A PLAN RIGHT NOW FOR YOUR HOME, GARDEN, YOUR
DREAMS & THE FINANCING TOO. What specific steps do you take to help your
clients make a plan that really works for them, looks good and keeps them within
their budgets? <John Lawhon launches his topic>
Look Back Memphis Trivia Contest brought to you by notable Memphis
historian, Jimmy Ogle www.JimmyOgle.com. Contact Jimmy to set up a time to
take his free history walking tour. Our Look Back Memphis Trivia sponsors are
John and Jennifer Lawhon of Lawhon Landscaping 901 754-7474. They will send
a $25 gift card to the first caller with the correct answer .
Garner # 38 01/14/15
Tennessee Brewery
Question: I was built for brewing prior to there being a bridge over the Mississippi River
at Memphis and I am still overlooking all the bridges and river traffic today! Who am I?
Hint: I was placed on the National Register of Historic Place in 1980, at 90 years old.
Hint: During Prohibition, I actually distributed a Non Intoxicating Beverage called NIB.
Hint: In 2014, the “Untapped” special event was held to “pre-vitalize” the space.
Final Hint: My name is shared by the street that I reside, and the state that I am located!
Answer: Tennessee Brewery. Prior to there being automobiles in Memphis, this ornate Romanesque
Revival structure arose from the South Main portion of the Memphis riverfront in 1890, when Memphis
relied of river and rails only for distribution of goods. The Tennessee Brewery brewed beers such as
Pilsener, Tennessee Pale Ale, Bavarian, Colombian Extra Pale and Erlanger. The brewery weathered
the state- and nationally- imposed prohibition years by bottling NIB (Non Intoxicating Beverage) and
began the famous Goldcrest 51 label in its 51st year of brewing. The Tennessee Brewery closed in 1954.
At one point over 1,500 workers annually produced over 250,000 kegs of beer, the largest brewery in the
South.
Just announced is the $27.5 million revitalization plan for the building by developer Billy Orgel’s 495
Tennessee LLC, which includes two separate buildings for a total of 148 apartments (to begin occupancy
in 2016) with 58 units within the façade of the seven-story brewery’s ornate facade and a separate
building named The Wash House next door. A four-level, 348-space parking garage will be built across
Tennessee Street, where the brewery’s bottling plant once stood.
Last Week: Getwell Street. Originally named Shotwell Street for an 1800s land owner in the area that became
known as the Normal Station Neighborhood, the named was changed in 1942 when the Kennedy General Hospital
was opened at the corner of Shotwell and Park Avenue. Well, of course, Shotwell was not a very friendly name for a
hospital for the care of wounded soldiers. Kennedy was the largest veterans hospital in the nation during WW2,
treating over 44,000 soldiers from 1942-1945.
So, Ms. M.E. Brown of Marvell, Arkansas suggested the name of Getwell, and the change was approved. Today,
there still is a Shotwell Street, which runs north from Park Avenue to Southern Avenue. Getwell Street runs south
past the I-240 interstate, and a portion of the southern end of Getwell was renamed for the famous rock’n’roll legend,
Jerry Lee Lewis.
Curiously, a cross street further south is named Dunn Avenue. How ‘bout that, a Veterans Hospital near the
intersection of Shotwell and Dunn! Only in Memphis . . .
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the
Spring, 2015 tours beginning Sunday, March 15 (Bridge Walk) and April 7 (Union Avenue Manhole Cover
& History Tour). Go to jimmyogle.com for the 2015 Spring season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon – next is Thursday, February 19
and March 19.
QUESTIONS ANSWERED BY JOHN AND JENNIFER LAWHON:
2. What are some examples of clients who have benefited from getting you to help them
plan their landscaping projects?
2. What are some things you can do to improve curb appeal for someone on a budget who
wants to sell their home quicker?
3. Why should the homeowner spend the money to hire a professional when they could just
use Home Depot?
5. What are some tips for keeping up with landscape maintenance?
6. What are some solutions you use to help fix drainage problems?
7. Please talk about spraying schedules and other weed control solutions.
_____________________________________________________________________________
QUESTIONS ANSWERED BY JO GARNER:
3. What if your borrower owns his primary residence and wants to buy and move
to his dream home but can’t sell his current home? What financing solutions
to offer someone like him?
There have been SO many cases like that over the last few years. Most of the time
the homeowner wants to use the equity from the old home to put down on the new
home but if the old one doesn’t sell right way, then where do they get the large
down payment they want to keep payments low on the NEW home? I have multiple
customers in that situation and and sometimes we use a temporary loan on their
CURRENT home that can be paid off when that house sells. And sometimes we
use a combination 1st mortgage up to 80% of the value or sales price of the property
they are buying PLUS a small temporary Home Equity Line of Credit on the house
they’re buying that can eventually be paid off when the old house finally sells. This
way they can pay off the little piggy-back equity line after the old house sells.
4. What mortgage terms can you give to a real estate investor for purchasing a rental
home?
For people buying property to rent out for investment, on a single-family home, if the investor owns less
than 4 financed properties, they can purchase with 20% down payment or they can refinance up to 75%
loan-to-value. If they cash out mortgage companies usually stipulate a max loan-to-value of no more
than 65% or 70%. If the real estate investor owns MORE than 4 financed properties the rules are a little
stricter but we can still loan to an investor as long as he doesn’t have over 10 financed properties.
If the borrower is trying to buy or refinance their primary residence there is no limit on the number of
other financed properties.
3.. Can a real estate investor refinance his rental property using the special HARP refinance and
the FHA streamline without an appraisal value and getting into the deal with very little money
down?
4.. Where can investors find the funds to use for down payment?
4th segment REAL ESTATE TIP OF THE WEEK: Jo’s tip: if you have a mortgage
rate of 4.5% or above on your primary residence, you need to check to see if there
are options for you to restructure to lower lender mortgage insurance or get rid of
it. You need to see how much lower you can get your mortgage rate to lower the
payment, shorten the term or both. Or consolidate higher interest rate debt.
(901) 482-0354 www.JOGarner.com
Jennifer offers tips to maintain landscape and points made about the importance
of having a plan.
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Jo’s announcements:
Talk Shoppe offers free education and networking to anyone interested in real estate or in business.
Coming up Wednesday February 4th, 2015, we will be presenting the “State of the Memphis Area New
Homes Market” Talk Shoppe events are free at the YMCA NUBER CENTER 5885 Quince Rd Memphis
(across from Lichterman Nature Center) 9A to 10A Wednesday. For more information go to
www.TalkShoppe.com
To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to
www.JoGarner.com
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Transitional Music: 9:15 AM https://www.youtube.com/watch?v=BgvnZIxOX08 Any Way You Want It by Journey
(please start at 41 secs) https://www.youtube.com/watch?v=X_I4wtNPv5w You Make My Dreams Come True Hall
and Oates; https://www.youtube.com/watch?v=rMV-fenGP1g Right Now Van Halen (please start at 1:26 )
“Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
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ABOUT JOHN LAWHON OF LAWHON LANDSCAPING:
John: General Manager and
Designer
Krista: Landscape Design
Specialist
Jennifer: Customer Service
and Business Manager
Beautiful gardens begin with thoughtful design. The staff of
Lawhon Landscape Design includes professionals with degrees
in Landscape Architecture, Plant Pathology, Studio Art, and
Agronomy. Our designers and plant professionals create outdoor
living spaces with your lifestyle in mind.
Our many years of experience in design, installing, and
maintaining Mid-South landscapes make us uniquely qualified to
create gardens that are both beautiful and practical to maintain.
A Family Business
Our business was started in 1958 by Rex and Beth Lawhon and was one of the first weed control
companies in the Southeast. Over the years, we have kept our client list small and personal in
order to serve the gardens of Memphis with the best in lawn and shrub care. The high quality of
our work has paid off over the years by the many repeat customers we have – both residential
and commercial. We follow the philosophy of doing it right the first time. We hope that you will
give us the opportunity to serve your garden needs as well.
In 1985, we expanded our family company by offering a complete design build landscape
service. John Lawhon, with a degree in Landscape Architecture, offers complete landscape
designs for every budget as well as outstanding plant installation services. In order to help
maintain your landscape, we offer complete irrigation system installation. We have verything
you need to make your home more beautiful than ever.
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ABOUT JO GARNER, MORTGAGE OFFICER AND CONSULTANT,
EVOLVE BANK & TRUST: (901) 482-0354 www.JoGarner.com @JoGarner
jo@192.232.195.219
Jo Garner’s Bio
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 @jogarner
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her
customers who are refinancing or purchasing homes all over the country. She offers
conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal
on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in
Portland, Maine where she first began her real estate career. She received her real estate
education from the University of Southern Maine and was personally mentored in San Diego,
California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling
discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a
residential mortgage company and has been a mortgage loan officer for over 20 years. Her
goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the
specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder
of Talk Shoppe in Memphis. www.TalkShoppe.BIZ She was also the editor of Power Shoppe, a
free weekly e-zine designed for real estate professionals and others indirectly connected to the
real estate industry and currently publishes on her blog www.JoGarner.com .
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program.
You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs,
refinancing options, home purchase loan programs, answers and real estate, money-
saving tips and more.