TOOLS TO UNCOVER YOUR BEST REAL ESTATE & FINANCING INVESTMENT – BE YOUR OWN EXPERT DETECTIVE
Welcome to Real Estate Mortgage Shoppe! If you have a question or a real estate related conundrum, I want to help you get the information you need as soon as possible. If you do not find what you are looking for in this blog post or on the podcast, please email me at jo@192.232.195.219 and I will try and help you find what you are looking for. Today we’re going to cover TOOLS TO UNCOVER YOUR BEST REAL ESTATE & FINANCING INVESTMENT – BE YOUR OWN EXPERT DETECTIVE, including some real estate highlights and trends happening in the Memphis market. We are going to introduce some tools you can use to get valuable business and real estate information. Even if you have an experienced team of professionals on your team-and that’s smart to have on your side your realtor, loan professional, attorney, home inspector and the list goes on—these tools we’re talking about today empower you be an expert real estate detective too. (If you are not in the Memphis market, your fair city probably has some similar publications specific to your area. Check with your chamber of commerce or the almighty www.google.com)
Good morning, Memphis. Top of the morning to our friends across the 50 states. You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer and you can connect with me at www.JoGarner.com or make your comments to hash tag #JoGarner if you’re on twitter or email me at jo@192.232.195.219 Today’s show January 16th, 2016 is brought to you by the Memphis Mortgage Division of Evolve Bank and Trust. Our general topic today is TOOLS TO UNCOVER YOUR BEST REAL ESTATE & FINANCING INVESTMENT-BE YOUR OWN EXPERT DETECTIVE. Today we’re going to cover some real estate highlights and trends happening in the Memphis market. We are going to introduce some tools you can use to get valuable business and real estate information. Even if you have an experienced team of professionals on your team-and that’s smart to have on your side your realtor, loan professional, attorney, home inspector and the list goes on—these tools we’re talking about today empowers you be an expert detective too.
Drag up a chair and join our conversation by calling us while we are live at 901 535-9732 or (800) 474-9732. Oh, and find your Sherlock Holmes cap and pipe—we’re wearing ours up here today. (Personally, I think that was part of Sherlock Holmes’ secret to being such an expert detective.) Just hang out with us this morning. Our guests today have a few tools of their own that can help you crack the code on finding the best real estate treasure for yourself. Sitting around the coffee table we have Bill Dries, Senior Reporter for the Memphis Daily News and Wendy Greenlaw of the Chandler Reports.
Bill, you’ve been a reporter for over 30 years on the radio and newspaper reporting. You are a walking wealth of helpful information to those of us in the Memphis area. Tell us a little bit about yourself and about the Daily News
(Jo) Wendy Greenlaw is the Business Development Manager for Chandler Reports. She provides real estate professionals and businesses access to residential and commercial real estate data for Memphis and Shelby County. The great Sherlock Holmes character is known for shouting, “Data, Data, Data! I can’t make bricks without clay.” He would appreciate you, Wendy, for the data on the latest trends and real estate activity that you offer. It’s great having you back on the show. Tell us a little bit about yourself and Chandler Reports
(Jo) The mortgage market this week January 11th through the 15th 2016 has made some mysterious moves. Rates were showing signs of inching up, then wavering around a 2-month low and then the trap door dropped yesterday and prices on rates fell to a 7-month low. 30YR FIXED – 3.75 – 3.875%; FHA/VA mid 3’s;15 YEAR FIXED – 3.125% to mid 3’s. No one has been able to deduce how long this trend will last. With the drop in oil prices and more evidence of instability in the global markets, investors fled to the safety of bonds. Most mortgage rates are backed by bonds so this caused the price on mortgage rates to plummet. If you have a rate of 5 or higher, this would be a great time to look at refinancing to lower what you’re paying in interest costs on your mortgage. I just closed a refinance this past week for a couple on a special refinance program where we didn’t need an appraisal and we didn’t even have to verify income. In this customer’s own words heading to the closing “ to save some serious money!” If you’re a renter and trying to decide to remain a renter or buy your own home—remember—you’re going to make a mortgage payment either way-yours or your landlords. Let’s talk. Call me while we’re live at 901 535-9732 (800) 474-9732 or call me personally after the broadcast at 901 482-0354 901 482-0354 or connect with me at www.JoGarner.com
(Jo) Bill, talk about some specific ways the The Daily News works as a tool for real estate professionals and business people-
(Jo) Wendy, the Chandler Report is an awesome tool that started out back in 1968 as a handy data source for real estate appraisers. How do your customers use the Chandler Report and the Pulse as a tool to uncover real estate deals and make informed business decisions?
(Jo) I remember back in the early 90’s I used the Chandler Reports every day to find real estate deals and to find homeowners that needed to refinance to better terms. That was before computers and I couldn’t wait to get my updated bulky spiraled spread sheets. To me, it was a treasure map to treasure. My Chandler Report lived in my brief case with the equally large Memphis handy map—which you really COULDN’T do without if you were new to Memphis because streets just seemed to start and then abruptly stop and pick up somewhere far away. You really had to have your detective hat on all the time just to find your way around. GPS has helped so much!
(Jo) Our topic today is TOOLS TO UNCOVER YOUR BEST REAL ESTATE & FINANCING INVESTMENT-BE YOUR OWN EXPERT DETECTIVE. Stay tuned to hear about highlights and trends in Memphis real estate and tools you can use to track down the best real estate deals.
2nd segment after 9:15 break: It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com . our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget –even if you have a BIG, BIG project. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Garner # 67 01/16/16
Machine Gun Kelly
Question: This criminal from Memphis, and his capture in Memphis, literally made J. Edgar Hoover famous and legitimized the F.B.I.’s attempts to curb criminal activity in America. Who is he?
Hint: I attendee Central High School and I was captured at 1408 Rayner Street in south Memphis.
Hint: I was born and died on the same day (July 18) – but in 1895 (birth) and 1954 (death).
Hint: My given name was George Francis Barnes.
Final Hint: I was the first-ever Public Enemy # 1 on the F.B.I. Most Wanted List!!!
Answer: George Francis Barnes Jr., better known as “Machine Gun Kelly”, was an American gangster from Memphis, Tennessee, during the prohibition era. He attended Central High School in Memphis. His nickname came from his favorite weapon, a Thompson submachine gun. His most infamous crime was the kidnapping of oil tycoon and businessman Charles F. Urschel in July 1933 for which he, and his gang, collected a $200,000 ransom. Their victim had collected and left considerable evidence that assisted the subsequent FBI investigation that eventually led to Kelly’s arrest in Memphis, Tennessee on September 26, 1933.
An investigation conducted at Memphis disclosed that the Kellys were living at the residence of J. C. Tichenor (1408 Rayner Street). Special agents from Birmingham, Alabama, were immediately dispatched to Memphis, where, in the early morning hours of September 26, 1933, a raid was conducted. George and Kathryn Kelly were taken into custody by FBI agents and Memphis police. Caught without a weapon, George Kelly allegedly cried, “Don’t shoot, G-Men! Don’t shoot, G-Men!” as he surrendered to FBI agents. The term, which had applied to all federal investigators, became synonymous with FBI agents. His crimes also included bootlegging and armed robbery.
The kidnapping of Urschel and the two trials that resulted were historic in several ways. They were: 1) the first federal criminal trials in the United States in which film cameras were allowed; 2) the first kidnapping trials after the passage of the so-called Lindbergh Law, which made kidnapping a federal crime; 3) the first major case solved by J. Edgar Hoover’s FBI; and 4) the first prosecution in which defendants were transported by airplane.
Last Week: The Blues Foundation. The Blues Foundation is Memphis-based, but world-renowned as THE organization whose mission is to preserve blues heritage, celebrate blues recording and performance, expand worldwide awareness of the blues, and ensure the future of this uniquely American art form. Founded in 1980, The Blues Foundation has approximately 4,000 individual members and 200 affiliated local blues societies representing another 50,000 fans and professionals around the world. Its signature honors and events–the Blues Music Awards, Blues Hall of Fame, International Blues Challenge and Keeping the Blues Alive Awards–make it the international center of blues music. Its HART Fund provides the blues community with medical assistance. Blues in the Schools programs and Generation Blues scholarships expose new generations to blues music. Throughout the year, the Foundation staff serves the worldwide Blues community with answers, contact information and news. Go to blues.org.
Jimmy Ogle gives free outdoor walking tours on the sidewalks and parks in Downtown Memphis during the Spring and Autumn of each year, with the next tour being a brand new Fairgrounds Walking Tour at 2pm on Sunday, January 17 (assemble at the Coliseum). The D’Army Bailey County Courthouse Tour (indoors): Third Thursday each month at 12:00 noon – the next being Thursday, January 21.
Go to jimmyogle.com for the 2016 Spring Season schedule and locations.
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QUESTIONS ANSWERED BY WENDY GREENLAW:
1. Wendy, I’m hearing a lot of positive news about Memphis real estate, how did the market fair in 2015?
2. Wendy, what tools are available for homeowners do to determine how their home has performed in the market these past few years?
3. How can a real estate investor use your Chandler Reports tools to help them find a great deal on investment property?
4. How can real estate professionals …even lenders use your Chandler Reports tool to discover helpful information about value trends in various neighborhoods?
5. Wendy, what can homeowners do to determine how their home has performed in the market these past few years?
QUESTIONS ANSWERED BY BILL DRIES:
6. Bill, There seems to be quite a bit of development going on Downtown, particularly in the South Main district, what do you see happening in that area this year?
7. Bill, The consolidation of schools has had a lot of people talking these past couple of years, have you seen any major impacts on real estate as a result?
8. Bill, You recently covered the Shelby County Real Estate Road Show hosted by Shelby County Trustee David Lenoir, did he provide any insight or concerns about investor activity in the market?
9. Bill, many homeowners are concerned about a property tax rate increase for the city, what are your thoughts on that?
10. Bill/Wendy, what do you see happening with tax appraisal values for the 2017 reappraisal? Do you think the Shelby County Assessor will be making a lot of adjustments to home values?
QUESTIONS ANSWERED BY JO GARNER :
1. What tools do you use in the mortgage business to help homebuyers scout out their best financing options?
A. -Determine Budget-if you aren’t sure how to do this, I can share with you one that has worked for my clients. Call me after this show at 901 482-0354 or connect with me at www.JoGarner.com
B. Your mortgage payment can contain a number of items that you need to know about to determine your comfort level. Most mortgage payments include a Principal and interest payment, escrowed property taxes, homeowners insurance and sometimes lenders private mortgage insurance to cover the lender in case of default. Some properties include an association fee that is paid to the condo or subdivision association.
C. Principal and interest is the actual repayment of the loan balance and if the interest rate is fixed, this balance should be also. You can access the mortgage calculator on www.Jogarner.com on the right side bar to determine what your Principal and interest payment would be. Take the sales price minus your down payment amount to determine the loan amount.
-Talk to your homeowners insurance agent about approx. costs on insurance. This is homeowners insurance or hazard insurance to protect you and the lender in case of damage to the house.
www.zillow.com and your local tax assessor sites can help you to determine actual property tax amounts on the house that interest you.
A good realtor can help give you the price to offer on the property and the amount of association fees on the home if they apply
-Talk to your trusted loan officer to explore the best terms from loan products and the amount of private mortgage if that applies
D. Most lenders use Automated underwriting software programs through Fannie Mae and Freddie Mac can take the credit, income and asset information and give preapproval statuses to clients whose risk factors like credit, income-to-debt ratios and money in the bank are within acceptable risk levels. These preapprovals can be done early in the process, but the results from the underwriting system are determined by actual supporting documents from the borrower being reviewed by the underwriting department. .
E, The clients that really want to do their detective work before buying a house and locking in on mortgage terms are people who give some careful thought to other financial and life decisions too. Seasoned real estate investors, after purchasing a few properties, know how to use these tools in their sleep. Other clients who are good about using the sleuthing tools before jumping into a home purchase are newly-wed or about-to-be-wed couples. Some of my clients who are older and seriously considering retirement in less than 10 years tend to put more preparation into determining which property, at what price and what terms will work best for them today AND in the future. These thoughtful types are my favorite clients. If you are that client or know someone like this, please let’s talk. I am a mortgage officer and I work in the Memphis & Mid-South area but in other states across the country too. It would be such a pleasure to be on your home buying or refinancing journey. You can call me directly off the air to talk in more detail at 901 482-0354. But call me PERSONALLY so that I can personally work with you. (901) 482-0354 jo@192.232.195.219 or just remember to connect with me at www.JoGarner.com
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REAL ESTATE TIP OF THE WEEK- Wendy shared this
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Announcements: This Wednesday January 20th, 2016, 9A-10A CT Clint Cooper of Redeemers Group will be presenting “Foundation Repair Science—Crawl Space, Basement, Foundation and Mold Prevention.) Talk Shoppe offers networking and education to anyone interested in real estate or business every Wednesday 9A-10A at University of Phoenix in Memphis 65 Germantown Court 1st floor across from Germantown Parkway from the Ag Center. Talk Shoppe events are free for the next two months thanks to our sponsors and advertisers –one of which is Tim and Katie Gilliland of www.BackupRX.com (the Secure data solutions for a more secure you) For more about Talk Shoppe, go to www.TalkShoppe.com
REAL ESTATE MORTGAGE SHOPPE WAS BROUGHT TO YOU TODAY BY THE MEMPHIS MORTGAGE DIVISION OF EVOLVE BANK & TRUST.
FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
Call me. MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
Quote Corner: from Sherlock Holmes The Creeping Man “Come at once if convenient — if inconvenient come all the same.” (in our common American vernacular we would say, “Hey, I don’t care what you’re doing, get over here now”)
‘It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts.’ Sherlock Holmes Quote A Scandal in Bohemia
“Data! Data! Data!” he cried impatiently. “I can’t make bricks without clay.”-The Adventure of the Copper Beeches Sherlock Holmes Quote
Transitional Music: Pink Panther Theme Song; Theme Song from The Inspector by Henry Mancini; Theme song from Inspector Gadget; “Memphis” by Johnny rivers for the Trivia contest
Rejoiners by:
Eve Sotiriou, Literacy Program Waterville, Maine
Shelley Baur, author of Integrity-Based Communications www.shelleybaur.com
Loretta McNary, host of the Loretta McNary Show www.lorettamcnary.com
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About Wendy Greenlaw:
Business Development Manager at Chandler Reports since 2008. Responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County. She provides real estate professionals and businesses access to premium residential and commercial real estate data.
About Chandler Reports
Chandler Reports has been publishing Real Estate Market Data since 1968. What started as a simple way for local appraisers to share information with each other, soon developed into the most comprehensive property data resource available. Today, Chandler Reports is a must-have for anyone who deals with real estate transactions or development. www.chandlerreports.com
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About Bill Dries:
Senior reporter at The Daily News since 2007 after eight years as a reporter at The Commercial Appeal. Before that worked for 22 years as a radio reporter in Memphis covering everything from tornadoes to labor talks to politics to crime.
About The Daily News
Established in 1886, The Daily News serves a vital role in the Memphis metro area as the source for daily news and information on business and commerce — information available nowhere else.
Published every business day, The Daily News offers the most comprehensive information on construction, real estate, the courts, and local business activity, all drawn each day from public records. www.MemphisDailyNews.com
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner NMLS: 757308
Jo describes her job description:
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they want to buy or refinance. Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
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.com 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 .