WEBVTT 00:00:00.000 --> 00:00:03.879 well hello there stranger what's going on man 00:00:03.879 --> 00:00:07.719 i haven't seen your smiling face in oh so long 00:00:07.719 --> 00:00:12.400 it's crazy i know what's up man hey you know 00:00:12.400 --> 00:00:15.859 we've been we've been plugging along right just 00:00:15.859 --> 00:00:19.140 uh one week one week one month at a time i mean 00:00:19.140 --> 00:00:23.579 per usual things just you blink we're already 00:00:23.579 --> 00:00:25.359 midway through almost midway through october 00:00:25.359 --> 00:00:28.320 which is wild but how long has it been since 00:00:28.320 --> 00:00:31.890 we've um Since we've had our little fireside 00:00:31.890 --> 00:00:34.189 chat. I don't know. They thought they got rid 00:00:34.189 --> 00:00:37.929 of us. But we're still here. Somehow, kind of, 00:00:37.929 --> 00:00:40.409 in a way. Somebody greenlit this. I don't know. 00:00:52.030 --> 00:00:54.509 Like, the last conversations I remember was talking 00:00:54.509 --> 00:00:56.590 about how horrible the baseball season was going 00:00:56.590 --> 00:00:59.539 to be. And lo and behold, those Kansas City Royals 00:00:59.539 --> 00:01:03.520 are in the playoff. See me sporting my old team. 00:01:03.960 --> 00:01:08.579 I'll see you. Are we, do we get like, do we get 00:01:08.579 --> 00:01:11.420 tagged or hit if I say guard Indians? No, good. 00:01:11.579 --> 00:01:13.120 You can call, I call them the Indians still. 00:01:13.719 --> 00:01:15.780 They're the guard Indians. It's kind of funny 00:01:15.780 --> 00:01:19.040 how like guardian just kind of flows right into 00:01:19.040 --> 00:01:20.780 Indian. Guard Indians. They were real creative 00:01:20.780 --> 00:01:22.900 with that, weren't they? Actually, now that you 00:01:22.900 --> 00:01:25.540 mention it. Yeah. No, we're good too, man. Like. 00:01:25.879 --> 00:01:29.260 It's good to, we have, you know, one real winning 00:01:29.260 --> 00:01:32.079 team consistently here in the last few years. 00:01:32.739 --> 00:01:35.579 And it's them. Although they have, you know, 00:01:35.579 --> 00:01:39.219 a bunch of young cats. And they're hungry. Unlike 00:01:39.219 --> 00:01:42.780 all the money we spend on the Browns. For nothing. 00:01:43.739 --> 00:01:47.980 Yeah. What's the old logo called? Whatever Joe. 00:01:48.200 --> 00:01:51.260 What was his name? Smokin' Joe, I think it was. 00:01:51.420 --> 00:01:54.829 Was it Smokin' Joe? Yeah. From like, from the 00:01:54.829 --> 00:01:56.969 movie Major League. Yeah, but like, you know, 00:01:56.989 --> 00:01:59.189 you had the, they had a name for it. It was something 00:01:59.189 --> 00:02:02.090 general or something like that. I'm still kicking 00:02:02.090 --> 00:02:04.730 myself for like, I remember whenever they announced 00:02:04.730 --> 00:02:06.650 they were going to change the logo, change the 00:02:06.650 --> 00:02:09.490 team name. I got on like MLB's website, go to 00:02:09.490 --> 00:02:12.169 New Era. I wanted to get one of the hats just 00:02:12.169 --> 00:02:13.889 to have it because they're never going to make, 00:02:13.909 --> 00:02:15.710 they're never going to make them again. And it's 00:02:15.710 --> 00:02:17.650 like, I'm not an Indian fan, but it's like kind 00:02:17.650 --> 00:02:20.009 of one of those things. You just want to have 00:02:20.009 --> 00:02:21.770 that hat with that logo on it. So if you got 00:02:21.770 --> 00:02:24.389 an extra one laying around, you know, your boy 00:02:24.389 --> 00:02:29.030 is looking for a hat. All I have, I think, that 00:02:29.030 --> 00:02:33.669 still has that old logo on it is my wife's cutoff 00:02:33.669 --> 00:02:36.629 sweatshirt. Perfect. I don't think you want to 00:02:36.629 --> 00:02:38.530 be running around showing off your abs. Crop 00:02:38.530 --> 00:02:40.610 top? Yeah, crop top for sure. I would love that. 00:02:40.650 --> 00:02:45.169 It's a giant neck. It's, guy, you're like a foot 00:02:45.169 --> 00:02:47.050 taller than her, so it's going to look real weird. 00:02:47.520 --> 00:02:50.620 That's a lot of midriff for you. He's football 00:02:50.620 --> 00:02:52.900 player style, you know, like just came right 00:02:52.900 --> 00:02:56.280 before their shoulders. Flashback because I definitely 00:02:56.280 --> 00:02:58.419 had one of those in high school. Did you? I can 00:02:58.419 --> 00:03:00.580 see that. Yes. You're in high school. You got 00:03:00.580 --> 00:03:04.719 to show the abs. Yeah. Yeah. All you had to do 00:03:04.719 --> 00:03:06.340 is wake up in the morning and you have a sick 00:03:06.340 --> 00:03:09.620 bag. I mean, it was great. Yeah, it was great. 00:03:09.939 --> 00:03:13.900 I remember I crushed like two Chipotle burritos 00:03:13.900 --> 00:03:18.020 in a day and still just. Look fantastic. Like 00:03:18.020 --> 00:03:19.719 magazine ready. When a magazine ready is kind 00:03:19.719 --> 00:03:21.879 of pushing it because I still, it wasn't all 00:03:21.879 --> 00:03:26.219 that, but you lose weight. You eat like 8 ,000 00:03:26.219 --> 00:03:28.680 calories in a day and lose weight. Yeah. Yeah. 00:03:28.680 --> 00:03:31.840 It was insane. But they have, speaking of these, 00:03:31.840 --> 00:03:33.939 speaking of these Royals, speaking of these Indians, 00:03:34.120 --> 00:03:39.020 or I guess guard Indians, there are three teams 00:03:39.020 --> 00:03:41.520 out of the four teams left in the American league 00:03:41.520 --> 00:03:44.759 playoffs. All three, three of them from the American 00:03:44.759 --> 00:03:47.789 league central represent. Tigers, Guard Indians, 00:03:47.949 --> 00:03:50.789 Royals, and then you got the Yankees. Did you 00:03:50.789 --> 00:03:54.590 see the combined payroll of the three teams, 00:03:54.729 --> 00:03:57.889 the American League Central, combined payroll 00:03:57.889 --> 00:04:01.310 is still less than the Yankees payroll. Stop 00:04:01.310 --> 00:04:03.990 it. Three teams? Yeah, all three of those teams. 00:04:04.669 --> 00:04:07.349 Tigers, Guard Indians, Royals, combined their 00:04:07.349 --> 00:04:09.629 payrolls, it's still less than the Yankees payroll. 00:04:09.750 --> 00:04:13.250 Man, that's wild. Like, pretty solid. Yeah, I 00:04:13.250 --> 00:04:14.990 guess it's... All right, if you think about it... 00:04:15.150 --> 00:04:17.430 Those three teams are like all B markets, right? 00:04:17.730 --> 00:04:21.410 In comparison to New York. While you know they're 00:04:21.410 --> 00:04:24.069 going to have a lower payroll, but for three 00:04:24.069 --> 00:04:27.870 of them to still be lower than one than New York 00:04:27.870 --> 00:04:32.029 is insane. It's going to be sweet. It's going 00:04:32.029 --> 00:04:35.709 to be great. When this podcast comes out, and 00:04:35.709 --> 00:04:38.009 hopefully the Royals have a 2 -1 series lead. 00:04:38.449 --> 00:04:40.610 As of right now, as of filming, the Royals won 00:04:40.610 --> 00:04:45.050 last night. And my guard Indians are 1 -1. Yeah, 00:04:45.050 --> 00:04:47.370 we got some good series. A little bit of a goose 00:04:47.370 --> 00:04:49.149 egg last night. It was not with Class A on the 00:04:49.149 --> 00:04:51.389 mound. I was hoping it was going to be all the 00:04:51.389 --> 00:04:55.029 way around. All right. Well, I mean, we love 00:04:55.029 --> 00:04:57.910 talking sports, but let's talk about, I mean, 00:04:57.930 --> 00:05:00.629 not as fun of a subject, I would say, the current 00:05:00.629 --> 00:05:03.110 state of the United States and things that are 00:05:03.110 --> 00:05:05.569 going on right now that are also relevant to 00:05:05.569 --> 00:05:08.949 kind of what we do is the unfortunate situation 00:05:08.949 --> 00:05:12.629 that occurred a couple weeks ago with Hurricane 00:05:12.629 --> 00:05:16.319 Helene. And then right now, as we film this, 00:05:16.500 --> 00:05:18.879 Hurricane Milton is approaching Florida. And 00:05:18.879 --> 00:05:21.360 so by the time this comes out, your lane fault 00:05:21.360 --> 00:05:24.860 will have already happened. So thoughts and prayers 00:05:24.860 --> 00:05:27.000 with everybody still dealing with the aftermath 00:05:27.000 --> 00:05:29.399 of the lean in North Carolina, Georgia, the surrounding 00:05:29.399 --> 00:05:31.860 areas, and definitely thoughts and prayers with 00:05:31.860 --> 00:05:34.019 what's approaching Florida right now. And once 00:05:34.019 --> 00:05:36.019 again, when this airs, it will have hit. So hopefully 00:05:36.019 --> 00:05:38.579 something happens and it's not as bad as what 00:05:38.579 --> 00:05:41.339 it's projecting to be right now, but it's not 00:05:41.339 --> 00:05:43.399 looking good. It's not looking good. Fingers 00:05:43.399 --> 00:05:45.800 crossed. I mean, I was telling you earlier, my 00:05:45.800 --> 00:05:49.620 nephew's at a school in Tampa. And when they, 00:05:49.720 --> 00:05:53.000 I think it was the attorney general of Florida 00:05:53.000 --> 00:05:57.180 or somebody in office came out and said, you 00:05:57.180 --> 00:05:59.779 know, if you're in one of these counties, the 00:05:59.779 --> 00:06:01.899 affected counties that are going to get hit by 00:06:01.899 --> 00:06:05.000 this, and you decide to stay, you might as well 00:06:05.000 --> 00:06:08.199 write your name in Sharpie on your arm because 00:06:08.199 --> 00:06:11.420 it's not going to be good. It's not going to 00:06:11.420 --> 00:06:12.720 be good. Yeah, it's not looking good, right? 00:06:12.800 --> 00:06:16.379 So I texted my brother right after that. I'm 00:06:16.379 --> 00:06:20.699 like, what's the deal? Like, you going to get 00:06:20.699 --> 00:06:22.439 them out of there? And they were scrambling to 00:06:22.439 --> 00:06:25.699 find flights, no flights out of Tampa. And my 00:06:25.699 --> 00:06:28.199 brother's in upstate New York, so the only big 00:06:28.199 --> 00:06:31.600 airport up there is Buffalo. So he had to scramble 00:06:31.600 --> 00:06:33.759 and get them on the last flight out of Orlando, 00:06:33.879 --> 00:06:37.459 actually this morning, on Wednesday, to get them 00:06:37.459 --> 00:06:39.259 up there, to get them out and get them, you know, 00:06:39.279 --> 00:06:44.029 because. Even their school sent an email yesterday, 00:06:44.029 --> 00:06:46.829 two days ago, and said, you know, we're going 00:06:46.829 --> 00:06:48.790 to, we plan to have classes on Monday. Monday 00:06:48.790 --> 00:06:51.290 classes will be in session and we'll keep monitoring 00:06:51.290 --> 00:06:54.029 this and all that. Literally two hours later, 00:06:54.209 --> 00:06:57.670 everybody get the hell out. Yeah, get out. Please 00:06:57.670 --> 00:07:02.870 don't stay here. It's comical when people like 00:07:02.870 --> 00:07:05.689 schools or, you know, administrations try and 00:07:05.689 --> 00:07:07.449 do something like that when you know it's going 00:07:07.449 --> 00:07:10.829 to be bad. I would want to, I'm sure traffic 00:07:10.829 --> 00:07:12.490 is a nightmare, but I'd want to drive out of 00:07:12.490 --> 00:07:15.329 there. Cause if you have a car, your car's toast. 00:07:15.810 --> 00:07:20.189 Yeah. Orlando is at least going to be enough 00:07:20.189 --> 00:07:23.470 further up enough. So actually Delilah's in Orlando, 00:07:23.670 --> 00:07:25.670 our old guest, Delilah Ramos, the taco queen 00:07:25.670 --> 00:07:28.750 shout out. And she's been, you know, she's, she's 00:07:28.750 --> 00:07:30.310 sitting tight. They're going to get wet. It's 00:07:30.310 --> 00:07:32.389 going to be wet, but it won't be nearly as bad 00:07:32.389 --> 00:07:35.129 from the wind perspective. It was something like 00:07:35.129 --> 00:07:38.579 200 miles per hour winds, 200 plus. Just like 00:07:38.579 --> 00:07:42.720 yesterday? It got upgraded to a Cat 5. So, real 00:07:42.720 --> 00:07:49.680 quick, Katrina was like a 3 or a 4? Maybe a 3? 00:07:49.800 --> 00:07:54.040 Katrina was New Orleans, right? Yeah. I don't 00:07:54.040 --> 00:07:56.160 think it was a 5. I don't think it was a 5. And 00:07:56.160 --> 00:07:58.819 then what was the one that hit Houston? The problem 00:07:58.819 --> 00:08:01.279 with the one that hit Houston was it stalled 00:08:01.279 --> 00:08:05.160 and just sat in one spot and spawned and rained 00:08:05.160 --> 00:08:07.240 forever. Kind of like what happened in North 00:08:07.240 --> 00:08:10.540 Carolina, where it was just so much rain in an 00:08:10.540 --> 00:08:12.360 area that doesn't get that much rain. And so 00:08:12.360 --> 00:08:14.680 obviously you just can't handle it. That's what 00:08:14.680 --> 00:08:16.939 happened in Houston. Katrina, obviously, that 00:08:16.939 --> 00:08:20.759 city's below sea level. And it was a big one. 00:08:20.879 --> 00:08:23.699 The levees broke. It's just, all of it's very 00:08:23.699 --> 00:08:25.980 unfortunate. It's kind of part of what you deal 00:08:25.980 --> 00:08:27.800 with living in those areas of the country. You 00:08:27.800 --> 00:08:30.100 kind of know what's coming. It's a possibility. 00:08:30.939 --> 00:08:34.139 So with that, and tying it back into kind of 00:08:34.139 --> 00:08:38.019 what we do. So whenever there is a disaster, 00:08:38.120 --> 00:08:41.039 whether it be a tornado, earthquake, hurricane, 00:08:41.419 --> 00:08:44.639 and how it ties into the loan process is if you 00:08:44.639 --> 00:08:47.299 have a loan or you bought a house recently, done 00:08:47.299 --> 00:08:50.159 a refinance, I believe, also, and that loan is 00:08:50.159 --> 00:08:53.440 recently closed and it has not yet been purchased 00:08:53.440 --> 00:08:55.740 by the investor, they order something that's 00:08:55.740 --> 00:08:58.200 called a disaster inspection where they, you 00:08:58.200 --> 00:09:00.740 know, obviously it's a fresh loan, the house 00:09:00.740 --> 00:09:02.960 is the collateral, so they want to have somebody 00:09:02.960 --> 00:09:06.799 once. Once the disaster happens, FEMA then goes 00:09:06.799 --> 00:09:09.139 in and declares what counties were affected by 00:09:09.139 --> 00:09:11.679 that disaster. And so those become, what, FEMA 00:09:11.679 --> 00:09:15.080 disaster areas. Disaster areas, yeah. Yeah, is 00:09:15.080 --> 00:09:16.519 what it's called. And so you can go on FEMA's 00:09:16.519 --> 00:09:18.440 website and see what counties have been declared 00:09:18.440 --> 00:09:20.679 affected by a disaster. So if that house that 00:09:20.679 --> 00:09:23.960 you purchased is in that county and it has not 00:09:23.960 --> 00:09:26.179 yet been purchased by the investor, and don't 00:09:26.179 --> 00:09:28.620 take this as possible because we're pretty sure 00:09:28.620 --> 00:09:30.559 that's how it works. It's before it gets purchased 00:09:30.559 --> 00:09:34.210 by the investor. We're not in the secondary department 00:09:34.210 --> 00:09:37.029 at mortgage companies. We're appraisal guys. 00:09:37.490 --> 00:09:41.169 We fill these orders. We're sending the guy out 00:09:41.169 --> 00:09:43.250 on the boat to make sure that the house is still 00:09:43.250 --> 00:09:45.789 there. And so what they want to do is make sure 00:09:45.789 --> 00:09:47.710 that the house was not significantly damaged. 00:09:47.929 --> 00:09:49.690 And if so, obviously repairs need to be made. 00:09:50.169 --> 00:09:51.970 And so those are something that we deal with 00:09:51.970 --> 00:09:54.649 here at Nationwide Property and Appraisal Services. 00:09:55.289 --> 00:09:57.090 We will get an appraiser or an inspector to go 00:09:57.090 --> 00:09:59.629 out there. Sometimes they require it to be an 00:09:59.629 --> 00:10:01.409 interior inspection. Sometimes require it to 00:10:01.409 --> 00:10:04.070 be exterior. It usually depends on the type of 00:10:04.070 --> 00:10:06.029 disaster that's been declared. Usually flooding 00:10:06.029 --> 00:10:09.610 is a possibility. They will want the inspector 00:10:09.610 --> 00:10:11.610 to come inside the house. It just all depends. 00:10:11.929 --> 00:10:14.009 And that's also like, that's with an asterisk, 00:10:14.049 --> 00:10:16.730 right? Like, if possible. You know, we've seen 00:10:16.730 --> 00:10:18.950 a lot of these already in, obviously, well, North 00:10:18.950 --> 00:10:21.509 Carolina, South Carolina, some in Georgia. Yeah, 00:10:21.529 --> 00:10:23.289 a little bit of Virginia too. A little bit of 00:10:23.289 --> 00:10:26.909 Virginia. Yeah. And, you know, they just, they're, 00:10:27.009 --> 00:10:29.629 they trickle in to your point. Like it's, it's 00:10:29.629 --> 00:10:31.970 not every single loan and it's not the older 00:10:31.970 --> 00:10:34.769 loans. So, you know, there's been a lot of activity. 00:10:35.350 --> 00:10:37.850 Yeah. It's a fresher, it's a fresher loan, but 00:10:37.850 --> 00:10:40.549 the product they call it a CDAIR, see there. 00:10:40.970 --> 00:10:44.330 The old C there. Yeah. And so, yeah, if you're 00:10:44.330 --> 00:10:46.769 listening to this, wondering, you know, if you 00:10:46.769 --> 00:10:48.509 have any questions about ordering these, if you 00:10:48.509 --> 00:10:50.529 have any questions, you know, you're a mortgage 00:10:50.529 --> 00:10:54.899 broker, loan officer, and you just. closed a 00:10:54.899 --> 00:10:58.139 deal a month ago and you might want to look into 00:10:58.139 --> 00:11:01.779 it and get ahead of it and be prepared to order 00:11:01.779 --> 00:11:04.039 these. You're not missing out because whenever 00:11:04.039 --> 00:11:05.779 these things happen, you got to think how many 00:11:05.779 --> 00:11:08.539 homes have sold in these areas. There's going 00:11:08.539 --> 00:11:10.960 to be a mad rush once everything clears and people 00:11:10.960 --> 00:11:13.059 ordering these and inspectors, appraisers get 00:11:13.059 --> 00:11:16.000 behind. And so you want to be on the ball getting 00:11:16.000 --> 00:11:18.039 ready to order these things. Don't you have a 00:11:18.039 --> 00:11:22.539 place for people to reach out to? Yes, absolutely 00:11:22.539 --> 00:11:25.529 do. So, you know, if you have questions on whether 00:11:25.529 --> 00:11:29.649 the area has been designated a disaster area 00:11:29.649 --> 00:11:31.950 by FEMA or anything about the product and what 00:11:31.950 --> 00:11:34.070 it looks like and how it might compare to any 00:11:34.070 --> 00:11:36.330 other kind of exterior or drive -by inspection, 00:11:36.629 --> 00:11:41.889 shoot us an email at cdair at nationwideamc .com. 00:11:41.909 --> 00:11:46.889 That's C -D -A -I -R at nationwideamc. And the 00:11:46.889 --> 00:11:50.830 team will get you a quick response and hopefully 00:11:50.830 --> 00:11:53.970 help you out in what you're... I think this might 00:11:53.970 --> 00:11:56.389 be a good time to have a word from our sponsor. 00:11:56.590 --> 00:12:01.250 What do you think? That's right, folks. We're 00:12:01.250 --> 00:12:04.269 leveling up a little bit. We've got some paid 00:12:04.269 --> 00:12:06.610 advertisements, and I use paid in air quotes 00:12:06.610 --> 00:12:09.549 because we're not seeing any of that. Maybe Jordan 00:12:09.549 --> 00:12:13.070 is. Maybe Jordan's getting some stuff under the 00:12:13.070 --> 00:12:15.549 table. We'll see. Jordan's keeping all the kickbacks 00:12:15.549 --> 00:12:19.649 to herself. She's smiling. You guys can't see 00:12:19.649 --> 00:12:21.169 her, but we can. She's smiling. She's laughing 00:12:21.169 --> 00:12:25.629 at us. Alright, so anyways, you know what? I 00:12:25.629 --> 00:12:27.889 do think it's time to tell you about our title 00:12:27.889 --> 00:12:31.009 sponsor, Nationwide Property and Appraisal Services. 00:12:32.029 --> 00:12:35.210 Got a DSCR loan? You basing that loan on short 00:12:35.210 --> 00:12:37.470 -term rental income? How do I get the correct 00:12:37.470 --> 00:12:39.470 figures and satisfy these conditions? Trying 00:12:39.470 --> 00:12:41.649 to figure out what direction to go? If you've 00:12:41.649 --> 00:12:44.029 ever been asking yourself these questions, then 00:12:44.029 --> 00:12:47.700 do we have news for you. Introducing STR Pro, 00:12:47.940 --> 00:12:50.519 the standard 1007 RIT schedule form we've all 00:12:50.519 --> 00:12:52.820 grown up with. It's fantastic for what it is, 00:12:52.840 --> 00:12:56.240 but what it is not is a short -term rental analysis. 00:12:56.500 --> 00:12:59.940 This is where STR Pro comes in. This is a proprietary 00:12:59.940 --> 00:13:02.759 form created by the brilliant minds at Nationwide. 00:13:02.919 --> 00:13:05.559 It's a RIT schedule created for and tailored 00:13:05.559 --> 00:13:09.379 specifically to showing short -term rental income 00:13:09.379 --> 00:13:12.159 in a user -friendly and understandable way. Hold 00:13:12.159 --> 00:13:13.679 on, I'm going to interrupt Yadri for a second. 00:13:14.110 --> 00:13:17.830 Perfect example, I actually this week had a property 00:13:17.830 --> 00:13:21.149 down in Alabama, condo complex, all short -term 00:13:21.149 --> 00:13:24.330 rentals. The mortgage company ordered it as a 00:13:24.330 --> 00:13:28.250 1073 with a 1007 condo with a rent schedule. 00:13:28.429 --> 00:13:30.110 I got sent to the appraiser. The appraiser's 00:13:30.110 --> 00:13:32.129 like, hey, these are short -terms. I can't put 00:13:32.129 --> 00:13:34.090 them on this form. It doesn't work that way. 00:13:34.190 --> 00:13:37.289 Do you want me to just put a blurb in the addendum 00:13:37.289 --> 00:13:39.110 and kind of do it that way? We were like, actually, 00:13:39.250 --> 00:13:43.740 no. Do we have the form for you? And so we got 00:13:43.740 --> 00:13:45.179 with the mortgage company, told them what was 00:13:45.179 --> 00:13:48.340 going on, got the form switched. It should be 00:13:48.340 --> 00:13:50.120 getting uploaded today. This all just happened 00:13:50.120 --> 00:13:52.139 yesterday. And so we should be getting that in 00:13:52.139 --> 00:13:55.220 today. And that's Nationwide coming in to save 00:13:55.220 --> 00:13:58.299 the day with brick form, user -friendly layout. 00:13:58.399 --> 00:14:01.139 So anyways, if this ad read resonated with you, 00:14:01.179 --> 00:14:02.899 which it should, or if you just simply want to 00:14:02.899 --> 00:14:05.759 learn more, please contact your sales exec at 00:14:05.759 --> 00:14:08.700 Nationwide or feel free to reach out to sales 00:14:08.700 --> 00:14:12.549 at nationwideamc .com. Once again, for more information 00:14:12.549 --> 00:14:18.129 on STR Pro, sales at nationwideamc .com. All 00:14:18.129 --> 00:14:20.129 right, so let's talk about in the recent weeks, 00:14:20.250 --> 00:14:24.049 we've had the Fed drop some rates. Rate drop, 00:14:24.169 --> 00:14:29.070 rate drop. So, you know, what does that mean 00:14:29.070 --> 00:14:31.029 for the mortgage side, right? Because it's not 00:14:31.029 --> 00:14:34.110 a direct, like, we'll just say one -to -one correlation. 00:14:34.470 --> 00:14:36.909 Wait a second. You're saying when I see news 00:14:36.909 --> 00:14:39.940 that the Fed rates drop, that... Mortgage rates 00:14:39.940 --> 00:14:44.200 are instantly lower and I can't refi and get 00:14:44.200 --> 00:14:46.740 a lower mortgage rate? That is correct, Michael. 00:14:47.159 --> 00:14:49.779 That is what I am saying to you. It's not a direct 00:14:49.779 --> 00:14:52.960 one -to -one correlation. What? Let's try some 00:14:52.960 --> 00:14:55.820 knowledge on these people. So the Fed dropped 00:14:55.820 --> 00:14:57.860 it, what, 50 basis points? And that is, you're 00:14:57.860 --> 00:14:59.220 looking at, well, we're talking about these Fed 00:14:59.220 --> 00:15:01.440 rate drops. We're talking about interest rates 00:15:01.440 --> 00:15:04.720 on simple things like your car loans, your credit 00:15:04.720 --> 00:15:07.799 cards, things like that, right? Short -term. 00:15:08.320 --> 00:15:12.340 kind of loans if you will right mortgage bonds 00:15:12.340 --> 00:15:15.759 right like things like that yes thank you so 00:15:15.759 --> 00:15:18.080 you know when those numbers start to come down 00:15:18.080 --> 00:15:20.740 then people get we'll just say the banking industry 00:15:20.740 --> 00:15:22.580 gets a little more of an appetite to be able 00:15:22.580 --> 00:15:25.019 to lend because you're going to have more income 00:15:25.019 --> 00:15:28.940 available to send right there is also the misconception 00:15:28.940 --> 00:15:31.679 that when these rates drop that all of a sudden 00:15:31.679 --> 00:15:34.120 the banks and the lenders are going to just slam 00:15:34.120 --> 00:15:37.509 their rates which is not the case. Oftentimes, 00:15:37.549 --> 00:15:39.450 these guys are so far ahead of the curve and 00:15:39.450 --> 00:15:41.509 they know it's coming because they're in these 00:15:41.509 --> 00:15:45.429 Fed meetings. They understand what the Fed is 00:15:45.429 --> 00:15:46.870 going to do and when they're going to do it. 00:15:47.210 --> 00:15:50.490 They already bring the rates down in anticipation 00:15:50.490 --> 00:15:56.269 for the Fed to cut their rates officially. So 00:15:56.269 --> 00:15:59.429 you're saying it was preemptive? Yeah. And you 00:15:59.429 --> 00:16:02.289 might see half a percent, something like that, 00:16:02.389 --> 00:16:05.080 in the banking world already. And they're already 00:16:05.080 --> 00:16:08.120 there. And now with all this buzz and this energy 00:16:08.120 --> 00:16:11.340 from the Fed announcing it, you know, then that 00:16:11.340 --> 00:16:13.580 creates people picking up the phone, calling 00:16:13.580 --> 00:16:15.759 their broker, their LOs. Like, okay, what can 00:16:15.759 --> 00:16:17.679 we do to refi? Okay, I think I'm ready to get 00:16:17.679 --> 00:16:19.799 off the fence and actually go buy this house. 00:16:19.860 --> 00:16:23.679 That's what an offer is. Because they can, they're 00:16:23.679 --> 00:16:25.460 okay with it. I mean, you know, half a point. 00:16:25.620 --> 00:16:27.179 I mean, it might only be like a hundred bucks. 00:16:27.559 --> 00:16:29.580 Maybe you save a hundred bucks on your monthly 00:16:29.580 --> 00:16:32.820 mortgage payment, but that's enough for a lot 00:16:32.820 --> 00:16:35.559 of people. In a lot of markets. Yeah. A hundred 00:16:35.559 --> 00:16:37.220 bucks is a hundred bucks. I mean, have you been 00:16:37.220 --> 00:16:39.419 to the grocery store lately? Yeah, I have. Yeah. 00:16:39.580 --> 00:16:41.659 I have a 12 year old daughter and a wife and 00:16:41.659 --> 00:16:44.899 we dropped $300 like every other week. It's bad. 00:16:45.379 --> 00:16:49.019 There's only three of us. It's insanity. Yeah. 00:16:49.059 --> 00:16:51.340 So, I mean, it makes a big difference. And so 00:16:51.340 --> 00:16:53.019 what you were saying though, to circle back real 00:16:53.019 --> 00:16:54.620 quick, just so I fully understand. So what you're 00:16:54.620 --> 00:16:57.879 saying is maybe a bank is going to say, okay. 00:16:58.440 --> 00:17:01.080 We've been working with the Fed. We get the rumblings 00:17:01.080 --> 00:17:02.960 that Fed's going to drop rates here next month. 00:17:03.039 --> 00:17:07.099 So let's lower our interest rates maybe a quarter 00:17:07.099 --> 00:17:11.220 percent, 25 basis points, whatever you want to 00:17:11.220 --> 00:17:14.339 say. Let's lower it a little bit. I like the 00:17:14.339 --> 00:17:19.359 word bips. 25 bips? Bips. And then let's see 00:17:19.359 --> 00:17:21.200 if they do announce it. Okay, they did announce 00:17:21.200 --> 00:17:24.990 it. It was 50. And so then let's ride it out 00:17:24.990 --> 00:17:27.890 for a month or two and see how things kind of 00:17:27.890 --> 00:17:30.069 change and if there is more of an inflow. And 00:17:30.069 --> 00:17:32.250 then we have room to lower it a little bit more 00:17:32.250 --> 00:17:36.670 based on money getting spent, money moving across 00:17:36.670 --> 00:17:39.690 the board. And then once again, we got maybe 00:17:39.690 --> 00:17:42.650 another one coming in November. So that'll help 00:17:42.650 --> 00:17:45.349 keep things trickling in the right direction 00:17:45.349 --> 00:17:51.190 where people want to go. But that in mind. What's 00:17:51.190 --> 00:17:53.069 our housing inventory looking like? If you've 00:17:53.069 --> 00:17:56.970 been on the fence to buy a house, man, and you've 00:17:56.970 --> 00:17:59.950 been waiting for lower interest rates, I'm telling 00:17:59.950 --> 00:18:02.309 you, I know you've seen it. I mean, we live in 00:18:02.309 --> 00:18:04.789 a day of social media, TikTok, Instagram, everything. 00:18:05.069 --> 00:18:06.789 And, you know, you can't get away from this stuff. 00:18:06.890 --> 00:18:08.910 People are telling you now is the time to buy. 00:18:08.970 --> 00:18:11.150 They are not lying. If interest rates drop down 00:18:11.150 --> 00:18:15.529 to 5%, 5 .25%, 4 .75%, which I don't think will, 00:18:15.609 --> 00:18:18.549 who knows? That'll never happen. It's going to 00:18:18.549 --> 00:18:21.680 be quite a long time before we see it. But, I 00:18:21.680 --> 00:18:23.180 mean, even if they drop to five and a quarter 00:18:23.180 --> 00:18:27.099 for a 30 -year fix, five, I mean, it's going 00:18:27.099 --> 00:18:28.920 to be absolute mayhem where people are like, 00:18:28.940 --> 00:18:31.119 okay, I'm ready to buy now. And the problem is 00:18:31.119 --> 00:18:33.420 that home that they were looking at that was, 00:18:33.460 --> 00:18:36.460 say, $350 ,000 is now going to be $425 ,000. 00:18:36.539 --> 00:18:38.339 There's just more demand with less inventory. 00:18:38.740 --> 00:18:44.460 Oh, yeah. You bring up a great point that drives 00:18:44.460 --> 00:18:47.839 everybody crazy. Yeah. The inventory and the 00:18:47.839 --> 00:18:51.019 new construction, so delayed. You know, they're 00:18:51.019 --> 00:18:53.779 eight plus months behind, something like that. 00:18:53.880 --> 00:18:56.859 I don't even know. It's like the stock market. 00:18:57.160 --> 00:18:59.839 It's like, when do I buy? When do I sell? It's 00:18:59.839 --> 00:19:02.440 very similar. And, you know, this is why we encourage 00:19:02.440 --> 00:19:04.640 you to reach out to the professionals. This is 00:19:04.640 --> 00:19:07.859 why loan officers exist. This is why realtors 00:19:07.859 --> 00:19:10.920 exist. This is why it's not fully automated and 00:19:10.920 --> 00:19:12.859 you could do it by yourself on a computer. You 00:19:12.859 --> 00:19:15.920 know, like, and you have to talk to the people 00:19:15.920 --> 00:19:17.640 that are in the trenches dealing with this every 00:19:17.640 --> 00:19:20.960 day. This is why we exist. helping out with the 00:19:20.960 --> 00:19:22.779 appraisal process and helping appraisers and 00:19:22.779 --> 00:19:25.160 helping everybody guide them through it. There 00:19:25.160 --> 00:19:27.519 are so many ebbs and flows to this whole business 00:19:27.519 --> 00:19:30.200 and this whole world that you really do need 00:19:30.200 --> 00:19:32.019 to talk to people that are in it for true advice. 00:19:32.259 --> 00:19:33.759 Don't believe everything you see on social media. 00:19:33.880 --> 00:19:35.500 Don't believe everything you read in the news, 00:19:35.640 --> 00:19:38.000 especially about the doom and gloom that comes 00:19:38.000 --> 00:19:39.859 with the news when it comes to the whole real 00:19:39.859 --> 00:19:43.259 estate industry. Talk to the professionals. We're 00:19:43.259 --> 00:19:45.940 in it every day. We're not trying to dupe you. 00:19:46.000 --> 00:19:49.730 We're trying to help you. 100%. A lot of people 00:19:49.730 --> 00:19:53.269 will put a lot of faith in, you know, Zillow 00:19:53.269 --> 00:19:56.329 and Redfin Analytics and not to knock anything 00:19:56.329 --> 00:19:59.390 out because AI and what those guys do is great. 00:19:59.650 --> 00:20:01.950 And it's taken the industry, you know, leaps 00:20:01.950 --> 00:20:04.250 and bounds where it was, you know, five years 00:20:04.250 --> 00:20:06.789 ago, shoot, even three years ago. But you need 00:20:06.789 --> 00:20:09.329 more information, I guess, is the long and short 00:20:09.329 --> 00:20:11.769 of it. You need to talk to a true professional 00:20:11.769 --> 00:20:15.069 that's in the business and that's in the area, 00:20:15.089 --> 00:20:18.269 in the market, and not just... a computer algorithm. 00:20:18.369 --> 00:20:21.230 That's the smart move, right? And, you know, 00:20:21.269 --> 00:20:24.150 with the, also, you know, when it comes to the 00:20:24.150 --> 00:20:26.869 inventory and the, you know, getting off the 00:20:26.869 --> 00:20:29.309 fence and, you know, there's a lot of moving 00:20:29.309 --> 00:20:31.430 parts and we don't have time to get into it today, 00:20:31.529 --> 00:20:33.490 but a lot of moving parts with the NAR settlement, 00:20:33.789 --> 00:20:37.490 how that, the LO comp is going to come into play, 00:20:37.529 --> 00:20:40.750 all those things, like the buyers have a lot 00:20:40.750 --> 00:20:44.410 more, we'll just say control than they have in 00:20:44.410 --> 00:20:47.730 the past. Yep. Which is fantastic. Like, it's 00:20:47.730 --> 00:20:50.150 where we want it to be. And, again, reach out 00:20:50.150 --> 00:20:51.490 to your local professional on some of that stuff. 00:20:51.589 --> 00:20:54.829 And your local LO, they'll hook you up. They're 00:20:54.829 --> 00:20:56.670 there for a reason. They're there for a reason. 00:20:56.950 --> 00:20:59.430 Yeah, they're there for a reason. Hey, you could 00:20:59.430 --> 00:21:01.490 say they're right beside you. Okay, moving on. 00:21:03.009 --> 00:21:06.950 Bring it back. Snuck it in. Have you been on 00:21:06.950 --> 00:21:09.329 the road much lately? Have you been doing anything? 00:21:09.690 --> 00:21:13.109 Aren't you leaving today? I know you're a road 00:21:13.109 --> 00:21:14.779 warrior, man. I don't know how you do it. Yeah. 00:21:14.900 --> 00:21:17.539 And, you know, still married 10 years later. 00:21:17.619 --> 00:21:20.920 It's working. Yeah. So recently, yeah, October 00:21:20.920 --> 00:21:23.579 is a huge month for our teams and nationwide 00:21:23.579 --> 00:21:26.339 in general. So, you know, it keeps Jordan busy. 00:21:26.500 --> 00:21:28.920 She's taught a lot, a lot of our play from marketing. 00:21:29.420 --> 00:21:31.500 Don't roll your eyes at us. Do not roll your 00:21:31.500 --> 00:21:33.759 eyes at us. We can see you. Don't forget, we 00:21:33.759 --> 00:21:37.180 can still see you. Yeah. So, yes, this month 00:21:37.180 --> 00:21:39.819 I was at the Housing Wire IMB in Dallas. So the 00:21:39.819 --> 00:21:41.599 independent mortgage bankers. And that was kind 00:21:41.599 --> 00:21:43.079 of like a leadership conference, if you will. 00:21:43.480 --> 00:21:45.859 They had a lot of high -producing loan originators 00:21:45.859 --> 00:21:48.299 from around the country come out and speak. Some 00:21:48.299 --> 00:21:51.579 C -level execs, they're on a couple panels talking 00:21:51.579 --> 00:21:57.059 about what's coming in 25 and how to educate 00:21:57.059 --> 00:21:59.519 and coach your teams as the rates come down. 00:21:59.680 --> 00:22:01.859 And everybody wants to kind of pivot towards 00:22:01.859 --> 00:22:04.539 a mini refi boom. And I use air quotes, right? 00:22:04.779 --> 00:22:07.160 It's going to be super mini. But they all said, 00:22:07.259 --> 00:22:10.460 don't sleep on the purchases. What's been the 00:22:10.460 --> 00:22:13.609 bread and butter? right for so long as these 00:22:13.609 --> 00:22:16.170 rates have been high, purchases are still going 00:22:16.170 --> 00:22:19.789 to be very strong into the new year. Well, like 00:22:19.789 --> 00:22:22.069 the saying goes in the realtor world is what? 00:22:22.150 --> 00:22:24.630 Sell to survive? Sell to survive. Yeah, yeah. 00:22:24.730 --> 00:22:26.630 If you're not getting listings, if you're not 00:22:26.630 --> 00:22:28.930 selling homes, that's how you survive long -term, 00:22:28.950 --> 00:22:31.769 right? If you're getting people that use you 00:22:31.769 --> 00:22:34.150 to sell your homes, that's how you become a long 00:22:34.150 --> 00:22:36.890 -term established realtor. The same thing as 00:22:36.890 --> 00:22:38.950 a loan officer, you've got to have a purchase 00:22:38.950 --> 00:22:41.349 market. You can't rely on refi boom to stay in 00:22:41.349 --> 00:22:43.730 business. You have to begin leads and purchase 00:22:43.730 --> 00:22:47.650 those leads to long -term sustainability. 100%. 00:22:47.650 --> 00:22:49.630 So, you know, shout out to Housing Wire for that. 00:22:49.650 --> 00:22:52.710 That was a great show. I've only been to one 00:22:52.710 --> 00:22:54.529 other smaller event of theirs, and they did a 00:22:54.529 --> 00:22:55.609 really good job with this one. They're trying 00:22:55.609 --> 00:22:57.109 to get bigger. What else do we have coming up? 00:22:57.190 --> 00:23:01.670 This week, actually. Sorry. Cross -country mortgage 00:23:01.670 --> 00:23:06.250 sales rally down in Austin. Man, I didn't get 00:23:06.250 --> 00:23:09.399 invited to that thing. I bet that's huge. It's 00:23:09.399 --> 00:23:13.720 monstrous. What else? The NEXA sales rally, which 00:23:13.720 --> 00:23:17.180 is this week as well, in Dallas. I've got a couple 00:23:17.180 --> 00:23:19.160 team members there. Yes, I'm getting on the road 00:23:19.160 --> 00:23:20.920 this afternoon, going down to Virginia Beach 00:23:20.920 --> 00:23:24.440 to the Virginia NBA annual convention. That kicks 00:23:24.440 --> 00:23:30.000 off tonight. Get a couple crab legs. You know, 00:23:30.059 --> 00:23:34.099 what they do down there. Throw some dice. Man, 00:23:34.220 --> 00:23:35.799 I wonder if they've got a casino down there. 00:23:36.579 --> 00:23:39.069 What else this week? I'm sorry, this month. Apex, 00:23:39.170 --> 00:23:42.509 it's a credit union show in the Northeast. And 00:23:42.509 --> 00:23:45.289 then the big ones, guys. NAMM out in Vegas, which 00:23:45.289 --> 00:23:49.069 is a monster broker show. Yeah, we used to go 00:23:49.069 --> 00:23:51.690 to that. I think I've been to that three or four 00:23:51.690 --> 00:23:53.329 times I've been out to that one. Yeah, Caesars. 00:23:53.329 --> 00:23:55.970 So is it Caesars? Yes. It'll be at Caesars again. 00:23:56.289 --> 00:23:59.069 Caesars Palacios. He is hosting the event once 00:23:59.069 --> 00:24:02.230 again. Did Caesars actually live there? Like 00:24:02.230 --> 00:24:04.549 the real Caesars? You know what? I'll ask while 00:24:04.549 --> 00:24:06.150 I'm there. We'll see what they say. Appreciate 00:24:06.150 --> 00:24:08.309 it. For sure. I'll come back with a report for 00:24:08.309 --> 00:24:11.890 you. Thank you. We will be exhibiting there a 00:24:11.890 --> 00:24:16.569 full booth. Lots of entertainment for the clients, 00:24:16.750 --> 00:24:19.450 for our current clients and future ones. What 00:24:19.450 --> 00:24:22.289 else? NBA Annual. Another big one later this 00:24:22.289 --> 00:24:28.170 month. Big one. Our CEO, our CRO, myself, and 00:24:28.170 --> 00:24:30.950 maybe a couple others will be out there. Possibly. 00:24:31.710 --> 00:24:35.210 Possibly? Possibly. And I think we're going to 00:24:35.210 --> 00:24:37.670 wrap up October with the American Credit Union 00:24:37.670 --> 00:24:40.089 Lending Conference. So we got a mixed bag, right? 00:24:40.230 --> 00:24:44.109 October is a giant month. That's not even all 00:24:44.109 --> 00:24:45.630 the shows we did this month. That's just what's 00:24:45.630 --> 00:24:47.690 this weekend beyond. Yeah, it's coming up. You're 00:24:47.690 --> 00:24:50.630 going to see us on the road a lot. Watch out 00:24:50.630 --> 00:24:53.710 for the social media posts from the teams. Value 00:24:53.710 --> 00:24:56.990 Nation. We're going to be hitting it hard. Maybe 00:24:56.990 --> 00:25:00.049 some TikToks. You always say that. I don't think 00:25:00.049 --> 00:25:04.809 I've seen a Value Nation TikTok. Well, I guess 00:25:04.809 --> 00:25:06.049 we're just going to have to fix it. Partially 00:25:06.049 --> 00:25:07.990 because I refuse to put it on my phone. I refuse 00:25:07.990 --> 00:25:10.789 to download it. That makes two of us. So Jordan 00:25:10.789 --> 00:25:14.390 is going to have to show up somewhere and give 00:25:14.390 --> 00:25:17.829 us a TikTok. Yes. See, I'm just helping her out. 00:25:17.849 --> 00:25:21.349 Get on the road. I'm an adult. I watch TikToks 00:25:21.349 --> 00:25:24.670 two weeks later on Instagram. You and me both. 00:25:25.190 --> 00:25:29.049 You and me both. All right, man. Well, hey, it's 00:25:29.049 --> 00:25:32.940 been a great, I think, comeback episode. I feel 00:25:32.940 --> 00:25:37.480 like we've got some real good stuff going. We're 00:25:37.480 --> 00:25:40.480 trying really hard not to fall into that podcast 00:25:40.480 --> 00:25:43.299 that fail category. I feel like it's like you 00:25:43.299 --> 00:25:45.579 make it 10 episodes, then you drop off and never 00:25:45.579 --> 00:25:48.140 get going again. That's where podcasts go to 00:25:48.140 --> 00:25:51.400 die. We're survivors. And even if you don't listen 00:25:51.400 --> 00:25:52.920 to us, we're still going to keep pumping them 00:25:52.920 --> 00:25:55.619 out. It's going to happen. Yeah, they can't shut 00:25:55.619 --> 00:25:57.759 us off. We're like the guard Indians and the 00:25:57.759 --> 00:25:59.940 Royals. You know, we just super low payroll, 00:26:00.059 --> 00:26:03.640 but we keep fighting super low payroll. All right. 00:26:03.640 --> 00:26:06.160 Don't forget, if you are not already, go like 00:26:06.160 --> 00:26:08.960 and subscribe on all those beautiful social media 00:26:08.960 --> 00:26:11.799 platforms. Like we said, TikTok, IG, Facebook, 00:26:12.039 --> 00:26:16.380 YouTube, Spotify, Apple Podcasts, or wherever 00:26:16.380 --> 00:26:19.720 you may be streaming this wonderful show. Appreciate 00:26:19.720 --> 00:26:22.339 you for listening. This is Value Nation.