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Welcome back to another episode of Value Nation, special guest episode. We're just going to

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dive right into it. Here we go.

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Now, seeing that this is my first guest that I've actually brought on the show. We previously

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had Mike Moron who works with us, but Charlie set that up and Charlie brought on another

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guest. Charlie set up some guests at trade shows. I need to pull them out and wait. So

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I finally did it and there's a lot of info on this guest online. His Wikipedia page is

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unbelievable. I mean, this man was born in Botswana. He speaks seven different languages.

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Fun fact, he actually learns English from cereal boxes while in Botswana. If you watch the film

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close, you will see him on the field tripping Missouri defenders to help Auburn win the

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2013 SEC championship game. Really kind of took my heart away on that one. Tiger Woods

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famous stinger. Actually, he taught him how to hit that shot. Jack Nicklaus once called

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him on a Friday to fly to Augusta for a private golf match and he stated he had closings to

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handle and couldn't make it. True man of the people, international man of mystery, the

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inventor of the French 75, Mr. Brian McKellar. Welcome, sir. Welcome.

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Thank you, Mike. Appreciate that.

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Man, there is a lot on you out there. That Wikipedia page is popping. I got to ask, like,

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is that like 50% true or was all of that spot on?

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It was like forecasting future rents. I mean, you know, it could be true. It's kind of a

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blend of truth and fiction and what could have been maybe. Yeah. I know, you know, you

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will find me on the Internet. Some good, some bad. Previous life was a vagabond golfer,

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high level amateur golfer, college golfer at Auburn. Ten years on the professional tours

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all around the world. South America ending up in a mortgage cubicle in Troy, Michigan

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selling FHA Streamline refinances.

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That's the dream right there. All comes full circle, baby. It all comes back around. It

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always comes back to you've got to get a real job eventually.

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Yeah. Yeah. You did like having to make 10 foot putts, you know, to be able to eat dinner

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the next night, did you?

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Yeah. Well, you know, a large group of us, we travel around the country and we would

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put our entry fees on our credit card. Enough money by the time the credit card payment

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was due in order to pay our payments or the dream would come to an end. So you want to

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talk about pressure. Try paying your bills by making putts on the mini tours.

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I'd be out. I'd be I'd be on the street.

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I still get nervous over a birdie putt in Men's League. I mean, you grow up pretty quick.

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You play some good, some bad and some pretty darn ugly golf courses for sure. And yeah,

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that was that was that was actually the bank I went to work for that was only supposed

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to work there for three months and then had back out on the road. But they were actually

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one of my sponsors. And that's kind of how it all came full circle. And when I got in

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the cubicles started, I think my second month, I closed 16 refinances and I was like, wow,

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this is a heck of a lot easier than making putts. Of course, the world had ended. Race

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were way lower than they were for the previous few years. And this was 2000. This was 2009,

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like, say, March. Oh, so right. Yeah. Right after everything happened. I paid days to

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find refinances with no appraisals, no credit check. It's beautiful. Everybody who everybody

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wants that day to come back. Those were the the cold call. They were the easiest cold

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calls you could ever make. I closed 200 transactions as an originator my first year. It's pretty

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good. Yeah. You just you just hit the ground running like that was and that's been what

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you've been what you've been doing since golf. Right. But I was so I was told I was told

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that here's these people's numbers. Everybody gets a five and a half percent. OK. This was

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we were calling through the portfolio of service loans for brokers that have gone out of business

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because it was 2009. So I call these people up. Hey, Mr. and Mrs. Johnson, this is Brian

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McKellar with XYZ Bank. I'm about to send you this. And I figured I said after a few

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calls, everybody was saying yes. I said, well, I'm not even going to ask them if they want

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to do it. I'm just going to say I'm going to send over this loan package. All I need

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you to do is sign it and return it with your copy of your driver's license and a bank statement.

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And I'm going to save you two hundred and fourteen dollars a month. And you'll probably

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skip a month's payment because, you know, we're going to refinance it. How does that

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sound? And not one person said, I don't like that. I was like, so it came to Friday. Everybody

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in the office went home and here I was, professional golfer, you know, that was used to scrub,

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scrap and for everything I got. And I said, hey, are we allowed to work on the weekends?

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They said, man, you're a hundred percent commission, brother. You can do whatever you want to. So

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this is before everybody had a cell phone. So I show up on Saturday in my shorts and

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t-shirt and I would just call everybody at home while they were watching, you know, football

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or hockey or basketball. I would just work the phones all day. And I said, look, I'm

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going to work Saturday and Sunday. And every Tuesday when FedEx ran on Monday, I'd get

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about 15 loan packages back into the office. And everybody looked at me like I was absolutely

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crazy because they were all still trying to do purchases and I was just riding the refinance

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wave. That's how I got into the business. That's the move. Like my background, like

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my family, we've my father and my brother are LOs. My father's been in the business

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for like 40 plus years. Right. So it seemed the good, the bad. He was a part, his company

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probably was a part of that whole crash, American home mortgage back in the day. They were a

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big problem. But, but yeah, I've seen it. And what he's, he would be out there recruiting

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guys. And to your point, like a lot of them, they were coming from maybe just purchase

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heavy shops and didn't really, you know, the refis, he said it was, it was like a foreign

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language to some of them. And it was crazy because it's just money on the table. And

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it's just, and to your point, like the something closes, like I'm just going to, Hey, I'm going

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to send you this stuff and I'm going to save you a couple hundred bucks. Like it's a no

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brainer. It was an absolute no brainer. Obviously that product doesn't, doesn't really exist

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anymore. But I'm at the time you would have been silly to not, to not participate. And

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you know, in some cases we probably delayed the inevitable for those people. And a lot

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of them probably shouldn't have got a new loan. But, you know, if you, if you've got

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to, if you're, if you're, if you're a lender and you have a giant servicing portfolio and

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you're not calling through and trying to retain your clients, when rates go down, somebody

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else is going to do it. And, and that was our, that was our theory. And I think it's

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still true to this day. Now rates have continued to come down since then until what, you know,

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when the spigot shut off in about June of this year. But since then we're about 97%

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purchase. So now we actually know what we're doing. Hey, there you go. And I had to order

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a plate on every darn deal almost. Yeah. But that's the model, right? I mean, the model

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is you get the purchases first, you do a good job doing it. And so then you have those people

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in your contacts list for when rates do happen to go down, then you call them like, Hey,

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let's do this. And it's an ongoing cycle. Then they use you, they buy another place

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since they had cycle that continues to go on and on.

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Look, if you're a loan originator, if you're, if you're a loan production office and you

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are not considering a purchase that runs through your office as a customer for life, then you're

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doing it wrong. Yeah, exactly. Exactly. We want to, we've already, we already know you.

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You know, like, and trust us already. And we want to do your loan. I would say, you

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know, if you have a first time home buyer, starting a family, buying a home from you,

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I would say they're probably going to use you five to six times throughout their life.

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If they keep coming back, they're going to need probably five or six mortgages. They're

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probably going to buy two or three houses and they're going to refinance when rates

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go down. And that's our goal. Our goal is to be a, your letter for life. And sometimes

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it's just informing them or having a conversation on the phone of, Hey, it's a great time to

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do this or Hey, it's not a great time to do this. You know, it's the client doesn't always

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know what they need. They need somebody they can trust. And that's, that's the goal. That's,

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that's the rewarding part of what we do for a living.

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Yeah. And you guys, you guys deal with, um, you're in one of those areas of the country

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because so say like loan officers that work in Kansas city where I am, we don't have to

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deal with too many short term rental type situations, but you guys down there do. And

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so you guys have had to learn as that that's been a new trend coming out. You've had to

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learn how to handle how income is coming from short term rentals and how you can get loans

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approved using short term rental income and so forth. So if you like, let us know a little

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bit that learning curve and how things are going with the situation.

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So VRBO Airbnb reality television and social media created this monster of everybody needs

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to buy a second home or an investment property and get rich. And, um, and so we're in one

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of those markets Gulf shores, orange beach, Perdido Key, Alabama, uh, Perdido Key, Florida.

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Uh, those are all in our, in our area, in our, in our sphere of influence down here.

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And we are in a destination where a, we're probably a tier two or three as far as cost.

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You get over to 30 a over to, you know, uh, 30 a areas, uh, Santa Rosa beach area, three,

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two, three, four, five million dollar properties on the beach. Come over here to Baldwin County,

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you know, you can still pick something up four or five, six, $800,000 that will cash

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flow on short-term rentals. And so everybody's doing it, you know, regular people bought

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second homes at the beach and they would use them three or four weeks a year and rent them

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out the other time. And, you know, I have friends that, um, have a two or three veteran

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condo on the beach that generates between 60 and a hundred thousand dollars a year of,

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uh, gross rental income and short-term and Airbnb and the ease of which those systems

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work have really increased the profitability and then a dollar you can charge per night.

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You know, originally back in the day in the nineties, we'd have snowbirds come down in

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the winter and they'd rent your place out for $1,500 a month because short-term rentals

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were kind of harder to find. You had to call an agency and they'd call you back and the

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internet didn't really facilitate that deal. Well, now you go and Google, you know, uh,

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vacation rentals in Gulf shores, Alabama, there's a thousand people renting out waterfront

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Gulf front condos anywhere from $150 a night to $3,000 a night. And so, um, that drives

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tourists. Tourists tend to turn into second homeowners because they want to live the dream.

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They want a vacation there and rent it out. And it drives, um, it drives their surrounding

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markets as well. A lot of people moved to the beach and realized, I don't want to live

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with the beach. I want to live in Daphne or Faro which is our more residential area. And

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so the whole market is really, we're, we're driven by tourism and we're a destination

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that you can drive to, uh, and get here in about eight hours from the majority of the

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Eastern United States. So during the pandemic, it was insane. The amount of people that I

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have, I bet man is like the lake of the Ozarks, like the lake of the Ozarks here in Missouri

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reported their highest volume of visitors, new purchases, rentals during, during COVID

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during the pandemic, like the lake of the Ozarks exploded. It was like COVID didn't

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exist at the lake. Like that's what everybody joked about.

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Well, and you know, everybody said, well, if you're outside, it's not a big deal. So

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everybody's like, well, well, you're telling me I can go ride around in my boat and sit

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on the beach and drink light beer and it's COVID compliant. Let's go do it. I'm going

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to send three or four emails a day and I'm still actually technically working for the

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time being from my office in Nashville or wherever you're, you know, supposed to be

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working. So it just created this whole, uh, new mindset of living where you want to be

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or vacationing and working all at the same time. And, um, we, we just had an incredible

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boom and I, I don't see it ever going away.

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No, no, it's here to stay. I mean, as long as we've touched on it on a couple of our

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previous podcasts at, uh, you know, some States in cities, counties, whoever's in charge are

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trying to put different laws in place where you have to be a resident to do the short

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term rentals and things like that. Like certain States are starting to push those kinds of

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things out, but I don't, it's, it's not going anywhere overall the business now.

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Oh yeah. I mean, you know, the smartphone with the addition of an Airbnb or a VRBL app

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has made it so that you can sit there, you know, waiting in line at Starbucks and go

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find a vacation rental anywhere in the world. So that's the way people vacation and pick

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where they want to go. Sometimes they don't really even put a whole lot of thought into

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it. They're like, ah, yeah, 1500 bucks for, you know, four nights, let's do it booked.

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And then they just kind of figured it out later.

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And then you see the surprise $400 cleaning fees.

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Yeah. And then they have this list of demands, walk our dog, you know, scrub the toilets.

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Like, what are you talking about?

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To your point about, you know, them trying to pull back the reins and restrict. We've

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had some of our more residential areas that have said, look, we want to limit rentals

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in this area to 30 days at a minimum, but they tend to be in more residential areas

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where people are occupying the homes as primary residences. And I get that. Like the home

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that I go to a home to every night, that's very residential in nature. I don't want spring

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break short term rentals right next door, you know, party until three o'clock in the

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morning. Now, if I'm in a beachfront, Gulf front condo, I think you can kind of expect

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that more. And that's kind of what comes with the territory. Yeah, it has to make sense.

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Like, no, we're not going to put, you know, a short term party house in the middle of

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residential neighborhood. So the HOA is and the cities have created guidelines just to

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kind of curb the craziness. And it, it has affected the values. It doesn't hurt values

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when no short term rentals are allowed, especially if it's a vacation type property.

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That makes sense. And plus, I mean, if you think about it, like if you're trying to be

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an economical traveler, and you don't want to spend the money for the beachfront, you

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could maybe be okay taking something a mile away from the beach and driving to the beach

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every day, and that's going to be cheaper, but then there's going to be restrictions

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on those because it's going to be more residential type area. So then it kind of takes that option

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away from people too.

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So sometimes you get like a mile from the beach and you're in the county. We've always

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seen this like unzoned county areas tend to not have the restrictions. But that is a trend

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for sure. Lending on condominiums at the beach has gotten more difficult and expensive. So

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we are seeing a lot of people more willing, maybe, maybe COVID caused this too. They didn't

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want to be around with so many people. Like, do you really want to ride an elevator to

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the 28th floor with a hundred other people to go back and forth every day? Or do you

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want to be at your little two bedroom, single family house with a pool in the backyard and

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then maybe drive a golf cart to the public beach access a mile down the road? We're seeing

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a lot more of those non beachfront single family homes that are serving as rentals.

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I'm actually in the process of trying to build two of them right now. I got to deal on some

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land that is very close to the public access, maybe about a mile from the Gulf. And I was

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going to build two, three bedroom houses with a pool in the backyard of each. So large parties

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could all stay in the same place. You know, and I come up with a couple golf carts and

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they're good to go, man. Yeah. Yeah. And I'm not granted. I got my quote to bill and I

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was like, Oh, yeah, it's a whole time out. So you remember, remember, went down. Have

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you, have you looked into the, uh, those, those kid houses that are like two or three

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bedrooms? I did like, I'm like, uh, like a modular home. Yeah. I find them on Amazon

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even like they're 50 grand. Yeah. No, no, not, not those that small. I don't know if

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they'd allow me to build those there, but I looked at like modular homes, but man, they,

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they were no cheaper. They were, they were still like, uh, I think the bare minimum was

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$195 a square foot. And then it was like a $50,000 delivery charge. So it was probably

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as expensive as building a stick built house. Okay. I just, I just, I was getting ready

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to break ground and say last July and I just kind of paused it and said, I want, I kind

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of want to see what happens with this market. You know, interest rates have gone up, uh,

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cost of buildings at all time high. I just wanted to see where it's selling out. I'm

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not at any kind of hurry, uh, to make a bad decision. So I just said, you know, give me

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six months to think about it. And I'm kind of glad I did. Yeah, definitely. Definitely.

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All right. Change, change the topic here. So, so tell us about what you got going on

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now. So we know that you started off for XYZ sling and refis. So like, what exactly are

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you doing right now? We haven't touched on where, like what, what the office is. I run

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a branch for bank of England mortgage. We are a mortgage lender based in England, Arkansas,

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which is not overseas bank of England. We are, you know, the bank of England is like

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the federal reserve. That's not even really a bank. So we're the bank of England mortgage

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from England, Arkansas, uh, established in 1898, originally an agriculture rice farmer

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bank, a very small humble beginnings. I think we're about a $350 million bank, which is

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very small comparatively. I believe we have over a hundred loan production offices around

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the country. And the last year, I believe we lent about $5 billion in residential mortgages.

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So, um, that's kind of our setup. We are a, we're a super lender that operates in, in

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a conjunction with a small FDIC regulated bank. And, um, people come here to stay. Um,

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we pride ourselves in keeping our staff for long periods of time. We are a kind of place

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where I can pick up the phone and I can talk to the people making the decisions. We still

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have a loan committee, which is kind of cool. It's old fashioned. Uh, we, we, we discuss

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loans. We don't just deny loans or approve loans. We can actually get on the telephone

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and work things out and come up with solutions. Um, which I came from a very large lender

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before this. And, you know, you would send an email to some inbox and wait three weeks

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for a response. And the response was usually, I'm sorry, we've already given all the exceptions

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for the month. I'm like, well, crap, I didn't, I didn't get any, what does that do? So,

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you know, moved here because I needed to have some personal touch. I needed to be able to,

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uh, create and make some decisions locally. I need to be able to stick my neck out for,

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uh, borrowers and clients that I, you know, that, um, that I believed in. And, and, um,

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and that's the luxury of working for a smaller company. Uh, I currently have six loan officers,

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three local production, uh, support staff. I use our corporate underwriters, which I

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know all of them. Uh, I talk to them almost every day. If they can't figure something

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out, they pick up the phone and they call me on my cell. That's awesome. That is something

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that you will not get at a lot of lenders. Um, like I was saying earlier, I think we

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did 96% purchase last year. So we're all purchase production. Um, I pride myself on educating

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the clients and, um, I route my, I'm really passionate about bringing loan officers in

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from different industries and teaching them the business and teaching them to be the best.

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That's what's really fun for me. I don't bring on loan officers that are retreads or burned

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out at a different lender. I like to bring people from the ground up, grow them organically.

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And um, you know, what ends up happening is every lender in town is trying to recruit

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my loan officers, but that's fine. We create loyalty and, um, um, I like the energy. So

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those guys are also really hungry, right? I mean that gender, that younger generation,

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typically, like you say, you don't want the guys that are all burned out and, uh, you

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know, you know, I, what I find is that, um, you know, you take a guy that's maybe making

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40 or $50,000, uh, in some jobs he's not passionate about. And if you, if you sense that he maybe

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is coachable, uh, and is willing to put in the time, you can show him that look in this

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industry, the sky's the limit and you have what it takes to do better than what you're

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doing currently. And those are the fun situations where you can take a young professional and

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teach them a skill they'll have for the rest of their life and that they can do better

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for themselves and their family. And that's, that's awesome. And you need that energy in

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this business. This business will wear you out. You, you, you need that young energy

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and it brings everybody else around them up a notch as well. Um, my kind of one of my

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pride and joy loan officers that I hired two years ago, he was spraying bugs for a termite

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company. Um, he applied to be a processor and I said, ah, I'm going to talk to this

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guy. I don't really need a processor, but let me go, go talk to him. He said, I want

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to be a processor. I said, you're going to be a loan officer. I said, you're going to

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come up to me, be a loan officer. He was hustling. He was working two jobs, trying to make ends

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meet. And, uh, last year he closed 94 loans in a second year. So, you know, that's awesome.

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I mean, if I can do that 20 more times in my career, I think that's, that's a success.

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Yeah, absolutely. That's impressive. That's really impressive. Like, and I can mention

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my brother just, he just became an LO last year. And after, after fighting back, I guess

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my father about getting into the business. Um, and he's, yeah, he's, he's figured it

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out though. Like his, his bread and butter has been, um, like two or three Ks fixed,

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you know, fix and flip stuff. Cause that's what he, what the world he came from. And

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so I'm trying to help educate him that way. Listen, go with what you know, like you can

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market this up. You can talk to these people and you can help them. You have those kinds

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of contacts. Um, and you know, he ended up at a, uh, at a predominantly, um, refi shop,

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or I'm sorry, a purchase shop in Ohio. So he's working through it, but he's, you're

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right. They make a hand over fist money better than it was before. And it's just a better

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quality of life. Well, and you know, um, it's a skillset and it's rewarding because you're

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helping families and you know, you, you run into a family and I have a quick story. I

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helped somebody close a condo that was denied by a couple other lenders. And actually the

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seller that I didn't even know came out to me at church a couple of years later and said,

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I want to know that you, you changed our lives. Like we, we really need to sell this and get

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our money out because we had to relocate to be with a, a relative that was sick and dying.

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And so if they weren't able to get somebody to be able to finance their condo, they weren't

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going to be able to move on with their life. And I didn't even realize that they recognized

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that I was the lender on the transaction, but we came up with solutions. We got the

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deal closed and she never forgot that. And like, I see this lady, you know, a couple

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times a year and she still brings it up every time. And I mean, you know, way better than

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the money is the recognition. And uh, that's what it's all about right there. But I helped

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somebody, you know, knowing that you truly helped out people in a situation where they

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needed it. And I didn't even know the situation was going on. Now, you know, it's probably

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one of the top 10 stories I've had in, I don't know, thousands of loans we've closed. What

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about top 10 appraisal stories? Oh, I don't know. Wasn't that you that sent me the one

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on the pilings that was like already underwater. And you're like, you think we can get the

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praise on this? So God calls us up since it's a picture of Zillow. Hey, I want to buy this

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house. Okay. So million dollars in dolphin Island. So we're looking at it and I'm like,

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that's cool. The interior pictures and like typically the exterior picture is the first

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one you look at. Right? The last picture on Zillow is like picture 45. I'm like, wait

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a second. This house is in the Gulf of Mexico, not on the Gulf of Mexico. It is in the Gulf

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of Mexico. And I don't know, you know, if you look at a map, dolphin Island is the barrier

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Island on the mobile side of the Bay. And you know, you go over bridge to get there.

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It's an Island. Well, every time a hurricane comes, you know, the shape of the beach changes.

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I don't know if you guys know this, but beaches, beaches move around. Okay. Oh yeah. And that's

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bad news for people living on the beach. Cause sometimes the beach under your house goes

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away. Well, that's what happened here on the west end of dolphin Island. The beach is absolutely

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gone. And so a lot of people just simply lost their house and it was, you know, imagine

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trying to, you know, give a value on a property that is no longer there and is in the Gulf

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of Mexico. I believe the Corps of engineer owns it at that point. I don't even know.

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We're like, sir, this house, this house is in the Gulf of Mexico. I don't think we can

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do this. And he's like, but I, but I love it. He's like, but look at the view. I was

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like, it's great. There was a kayak next to the front stairs. You had to kayak from the

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stairs to the beach, to your car. That's how you got in and out of this property. And it

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was sitting up 10 feet. Anyway, we couldn't get title insurance on it. We couldn't get

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an appraiser to take the order. I didn't want to do it. I didn't, I was like, I don't even

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want to waste time on this. Cause the underwriter is going to be like, I, you know, what if

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this house is gone next month? I mean, it very easily could be. So we, we financed them

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a different property, but actually somebody ended up buying that house with cash. No,

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you say it was worth, it was selling for a million dollars, a million bucks, which at

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the time was probably, had it been on the beach and not in the Gulf, it was worth about

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a, it probably would have been about a million five, but it was a good deal. So people were

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like, Oh, look at this. Yeah. What if the beach comes back? Another storm moves the

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beach back over there and then it's good to go. You know, I mean, if you're a gambler,

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I guess you buy those lots that are out in the Gulf and a way that the beach to come

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back, I guess, I don't know. It's a futures, it's a futures bet, you know, it's a future

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land speculation that the Gulf of Mexico is going to get smaller. Um, that was a good

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one. Um, we had a manufactured home, modular home slash trailer that had been converted

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into a single family home, which I'd never heard of. So said the story from the listing

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agent, the appraiser actually was not our appraiser. You guys didn't give them to us,

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but this was a deal that died somewhere else, came to life over at our doorstep. And, um,

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yeah, yeah, this is a, this is a manufactured home that's been converted into a single

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family home. I said, well, golly, I just didn't know that was possible. I was like,

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so they did stick, they did stick bill renovations and additions around the manufacturer. I don't

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know what they did, but they like, it looked like a house. It had a, they like, I think

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they ripped the top off a trailer and then like did an attic, you know, with the two

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by fours with trusses and stuff and blew some walls out. I mean, it was the fanciest trailer

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of the year. It wouldn't probably roll down the street. I'll give you this, but I think,

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you know, it walks like a dog talks like a dog. It's probably a duck. Like it has some

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I beams underneath it. And I was like, they're like, well, we can't find the HUD sticker.

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I was like, that's because you took it off. It's gone. It's long gone. So that died, but

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that was an interesting appraisal appraiser situation. We talked to the County and they

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said, we need you to come out and reassess this as single family, not a manufactured

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home. They said, okay, we'll come out and look. And the guy calls me up and says, nah,

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once it's a manufacturing home, he's always a manufacturing home. So can't change it.

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I don't know. Lots of good appraisal stories, but those are two that come to mind. Y'all

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do a good job. Y'all do a good job as an intermediary. A lot of people don't know what

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AMC does. And tell the people, tell the people we've been trying to say it for months now

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on this. Here's your short clip ready? This is what you're going to like. This is why

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you use an AMC as a lender. I don't want to have to deal with the back and forth of

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opinion between the homeowner and the realtors about what is or what is not on a property

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or what comps should have been used or not. You guys could be a buffer for us. And of

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course we can always say, well, the AMC said this. And it makes us look good. We don't

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want to get super involved in the process. Now, I want the correct comps. I want the

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correct value, whether it comes in higher, lower, or at the purchase price. And I want

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the correct value. And a lot of people don't understand that. If you're accepting an off

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runner property that's way out of the market, then everybody needs to know kind of before

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the appraisal even comes back that it's probably not going to appraise for what you wrote that

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contract for. Just because you wrote a contract 100 grand over the list price doesn't mean

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that the appraiser is going to say it's worth 100 grand over the list price.

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Amen. Amen. Amen. But you've been around long enough that you realize that you know how

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to have those kinds of conversations ahead of time with your clients, right? You could

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imagine the conversations we've had to have with borrowers or other LOs that weren't as

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experienced in the last two years?

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Look, this might be an unpopular opinion, but if I'm buying a house, let's say I'm buying

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a house for 300,000 and the appraiser comes back for 280, I'm ecstatic. I'm ecstatic.

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I'm going to say look, this thing only appraised for 280. Why am I going to pay 300? Prove

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to me the appraiser is wrong. Prove it. Show me the facts. And they're going to say, well,

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there's 12 other people that want to buy it for 300. Well, that may be. And our market

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is a little out of whack. But it still gives me some negotiating power. You know, it gives

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me some negotiating power as a buyer. And not too often do the buyers really realize

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that. You know, they just want it to go smooth. They just don't have the experience. They

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haven't bought or sold enough property to realize that that's just another step in the

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process. It's not the end of the world. Typically, 90% of deals will be worked out when an appraisal

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comes back short in some way, shape, or form. It's still going to close.

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Yeah. And that's the thing. What you're talking about with us is like, so usually I get notified

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like if there's an issue with the transaction, in your example, say it came in at 280 on

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a purchase price 300. You'll shoot me an email and be like, hey, can you take a look at this

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one? Like first place I'm going is immediately page one of the appraisal where it shows what

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it was listed for, when it was listed, and then now what's done a contract for. And it's

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like, this thing was originally listed at 260. And then the purchase price on it is

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300. So it's 40 over listed. Like, of course, probably the appraisal is not going to come

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in at 300. So then obviously you go look at the comps and see if everything makes sense

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and search for other comps. But it's like, that's immediately where you go. And you could

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put a story together where it's like, yeah, this thing probably didn't stand a chance.

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It didn't stand a chance. And you don't know whether the buyer thinks it's going to appraise

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or not. And that's the beauty of the AMC and appraiser to give you an opinion of value.

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That's why lenders don't give you an opinion of value. Now we do get some automated results

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00:34:11,720 --> 00:34:16,800
that say we accept the value of this transaction. And in some of those cases, it's kind of weird.

382
00:34:16,800 --> 00:34:21,160
We're like, hey, congratulations, Mr. Johnson. We approved your loan. We got your purchase

383
00:34:21,160 --> 00:34:24,760
contract. Oh, and by the way, DU said that you don't need an appraisal because they accepted

384
00:34:24,760 --> 00:34:31,200
the value of 300 for the sales price. And a lot of times they get pissed. They're like,

385
00:34:31,200 --> 00:34:35,960
wait a second. You're telling me I don't get an appraisal? I'm like, I mean, you're like,

386
00:34:35,960 --> 00:34:42,600
this is great. But we don't get one. So much stress in that situation. You can't win. Yeah,

387
00:34:42,600 --> 00:34:48,080
you can't win. And I get it. They want to know. Maybe they were hoping it under appraised

388
00:34:48,080 --> 00:34:54,440
so they could go back and renegotiate. Speaking of those, though, so the waivers, like, how,

389
00:34:54,440 --> 00:34:58,080
what are you seeing lately the past few months with waivers? Have waivers gone down? You're

390
00:34:58,080 --> 00:35:01,840
getting less. Obviously, we're doing less transactions probably than we were when they

391
00:35:01,840 --> 00:35:10,800
were really humming a year ago. But as far as the amount of waivers on loans, what percentage

392
00:35:10,800 --> 00:35:17,920
has it raised, has it gone down? I think it's not so much the amount of waivers on loans.

393
00:35:17,920 --> 00:35:27,720
It's where the loans are. You go into a very, very standardized neighborhood where say everything

394
00:35:27,720 --> 00:35:34,800
is a three bedroom, two baths with 200 homes. And there's been 25 sales in the last month

395
00:35:34,800 --> 00:35:41,280
in there. And they all are right in line. The system recognizes that address and is

396
00:35:41,280 --> 00:35:49,040
able to determine, hey, every home in here is 1928 square feet. They all sell for 306.

397
00:35:49,040 --> 00:35:54,040
The purchase price of 308 is probably smack in line. We're going to go ahead and accept

398
00:35:54,040 --> 00:36:01,000
this. Now, a lot of times it's on the loans where there's more money down. So not very

399
00:36:01,000 --> 00:36:06,060
often are we getting an appraised waiver on a 3% down conventional or a 5% down conventional.

400
00:36:06,060 --> 00:36:12,800
But really, if you're doing 20% down on a $300,000 house in a neighborhood that's very

401
00:36:12,800 --> 00:36:20,080
homogenous, is the word that comes to mind, that's the highest percentage of waivers we're

402
00:36:20,080 --> 00:36:26,120
seeing. Now, you go out in the country and you got one house is a $2 million horse farm.

403
00:36:26,120 --> 00:36:34,800
The next property is a 1960s brick ranch. The next home is a double wide. The system

404
00:36:34,800 --> 00:36:39,840
has a hard time recognizing value and placing value on the structure and what's around it

405
00:36:39,840 --> 00:36:47,480
and the comparable sales. So that's what I've seen. And I would say it's about the same.

406
00:36:47,480 --> 00:36:51,800
I know a lot of appraisers have called us and they're worried about losing their job

407
00:36:51,800 --> 00:36:59,160
because the appraisal process is going to get fully automated. But I just don't see

408
00:36:59,160 --> 00:37:04,520
it happening. I mean, you can't take the human element out of it completely. You just can't.

409
00:37:04,520 --> 00:37:11,440
I mean, two equal homes in the same neighborhood, one has got completely redone bathrooms,

410
00:37:11,440 --> 00:37:16,520
the other one has completely 30-year-old bathrooms. I mean, there's a difference in value there

411
00:37:16,520 --> 00:37:19,880
and no automated system can recognize that.

412
00:37:19,880 --> 00:37:20,880
Correct.

413
00:37:20,880 --> 00:37:29,880
Because, you know, so that's what I see. And again, that's just our market. But, you know,

414
00:37:29,880 --> 00:37:31,320
that's what I know is our market.

415
00:37:31,320 --> 00:37:36,240
All right. Rapid. I came up with a new name for these, the rapid rush requests.

416
00:37:36,240 --> 00:37:37,240
Okay.

417
00:37:37,240 --> 00:37:43,120
Right. I mean, we get our rapid rush requests all the time. So I'm going to hit you with

418
00:37:43,120 --> 00:37:49,880
our quickies here. Apple or Apple iPhone or you an Android guy? Blue or green text message?

419
00:37:49,880 --> 00:37:56,400
I used to be the problem. I used to be Android. And then I realized I was the problem.

420
00:37:56,400 --> 00:38:00,640
So you made the switch. So Charlie is still the odd guy out. Let's go. I didn't start

421
00:38:00,640 --> 00:38:03,080
keeping score on this. He's an Android guy. Norm.

422
00:38:03,080 --> 00:38:06,080
You are the problem. You are the problem. Yeah.

423
00:38:06,080 --> 00:38:11,080
Yeah. You are the problem. All right. So who is the best tiger mascot in sports?

424
00:38:11,080 --> 00:38:13,280
I mean, the Auburn Tigers. Hello.

425
00:38:13,280 --> 00:38:15,880
Like, aren't you guys a war eagle? Like what?

426
00:38:15,880 --> 00:38:17,400
Oh, I mean, well.

427
00:38:17,400 --> 00:38:21,640
This is so confusing to me. Like we're the Auburn Tigers, but our mascot's an eagle.

428
00:38:21,640 --> 00:38:28,560
Like kind of our chant is war eagle. War eagle. Hey. So would you go to the foot that we get

429
00:38:28,560 --> 00:38:34,240
the game, start the game? The eagle flies around the stadium on the inside and it comes

430
00:38:34,240 --> 00:38:40,240
down and circles the entire stadium. They're like, whoa. And then it does at the very end

431
00:38:40,240 --> 00:38:46,680
of center field and like land. Like the whole thing goes war eagle. Hey, like that's really

432
00:38:46,680 --> 00:38:51,520
cool. The story is it's a long story, but for the quick questions, it's probably not.

433
00:38:51,520 --> 00:38:57,640
So we're both, but we are the Tigers. All right. What is what is the gas station in

434
00:38:57,640 --> 00:39:03,800
the South? You know, like the East coast has wall was they got like the quick, we got a

435
00:39:03,800 --> 00:39:09,040
quick trips. Like what is like the go-to that you like, where you get your food, you get

436
00:39:09,040 --> 00:39:15,840
your gas. We have Buc-E's, we have a gas station that people go to just to eat and see it because

437
00:39:15,840 --> 00:39:20,200
it's that special Buc-E's. Buc-E's. Okay. I've never been to a Buc-E's. You ever been

438
00:39:20,200 --> 00:39:24,760
to a Buc-E's, Charlie? No, never. It has over 200 gas pumps.

439
00:39:24,760 --> 00:39:31,120
Is that like the one single... Wait, what? Is it like, is it the same as the one over

440
00:39:31,120 --> 00:39:35,360
in Texas? What's the huge one over in Texas? It's kind of the same way. That's Buc-E's.

441
00:39:35,360 --> 00:39:40,840
Okay. Okay. Now, like my, I have friends that go there on Friday night to eat and see it

442
00:39:40,840 --> 00:39:47,600
and shop. Yeah. Cause like the store is humongous, tons of that's wild. You don't have to wait

443
00:39:47,600 --> 00:39:53,600
30 minutes to get into the parking lot. No, I gotta, I gotta look this up. This is wild.

444
00:39:53,600 --> 00:39:57,240
Like what are you buying there besides the iPhone charger? Like what shopping are you

445
00:39:57,240 --> 00:40:04,800
doing? Barbecue, brisket, sandwich, they sell grills. They sell like souvenirs, coolers.

446
00:40:04,800 --> 00:40:12,640
They have clothes? Clothes. They sell like it's a... You see signs like a hundred miles

447
00:40:12,640 --> 00:40:18,680
away, like 88 miles to Buc-E's, 71 miles to Buc-E's. Like it's, it's world famous.

448
00:40:18,680 --> 00:40:24,320
All right. So who is your, your dream golf foursome? What, what three are you playing

449
00:40:24,320 --> 00:40:27,720
with? Alive or dead? It doesn't matter. Your dream golf foursome.

450
00:40:27,720 --> 00:40:34,400
I would say Ben Hogan, Lee Trevino, myself and my dad.

451
00:40:34,400 --> 00:40:39,360
Nice. Nice. What is the, what's your favorite chorus you've ever played anywhere in the

452
00:40:39,360 --> 00:40:44,760
world? So my boy, you know, Dufter, he was playing up at Shinnecock Hills for the US

453
00:40:44,760 --> 00:40:49,240
Cup. And so we went up the week before and we played a couple of guys on my team and

454
00:40:49,240 --> 00:40:56,480
him and he, he rented a house up there. We went up and played. I would say we played

455
00:40:56,480 --> 00:41:01,640
the national golf club up there, which is like top five in the world. That was really

456
00:41:01,640 --> 00:41:06,000
cool because of the history and we actually got kicked out because we couldn't remember

457
00:41:06,000 --> 00:41:12,320
the member that invited us there. So that was kind of interesting. I think that Dufter

458
00:41:12,320 --> 00:41:16,960
wrote a blog about it or something because he couldn't remember his agent had, you had

459
00:41:16,960 --> 00:41:22,000
to, it's very snooty. It's, you know, very exclusive. We got kicked out and then he couldn't

460
00:41:22,000 --> 00:41:26,840
remember who invited us and we played and the whole day was comped. And then they had

461
00:41:26,840 --> 00:41:31,400
him sign the major champions flag. We got kicked out. That place is amazing. But when

462
00:41:31,400 --> 00:41:35,200
I was in college, I got an opportunity to play Augusta national. We had a member that

463
00:41:35,200 --> 00:41:41,240
invited three of us to come over on a Sunday, about a month before the masters. And that

464
00:41:41,240 --> 00:41:45,560
was really special. I think it was us in one other group. We had caddies, man, you know,

465
00:41:45,560 --> 00:41:49,320
you just, the sad thing is, is you're, you know what it looks like on television. Then

466
00:41:49,320 --> 00:41:55,480
you get out there like, man, my ball didn't go nearly as far as those guys, but it wasn't

467
00:41:55,480 --> 00:42:01,280
as firm. So like 15, I blasted a drive, you know, the par five. And I had like two 55

468
00:42:01,280 --> 00:42:06,720
left. And I'm like, come on, I'm 23 years old. I can do this party. I got, you aren't

469
00:42:06,720 --> 00:42:15,280
clear the water. You aren't clear the water. So that was cool because you already knew

470
00:42:15,280 --> 00:42:20,840
the course in your mind, you know, and you're out there playing it really special. Yeah.

471
00:42:20,840 --> 00:42:27,440
Last one. What's your biggest pet peeve out there on the golf course? Biggest pet peeve

472
00:42:27,440 --> 00:42:33,440
slow play. I mean, always people that just, you know, they take themselves too seriously.

473
00:42:33,440 --> 00:42:37,360
They read golf digest on the way to the golf course. And then they're out there, you know,

474
00:42:37,360 --> 00:42:42,880
going through the motions and then they hit a crappy top shot in the pond. Like, you know,

475
00:42:42,880 --> 00:42:49,400
just just move along with the game. Like move along. No, no, no golf is worth slow golf.

476
00:42:49,400 --> 00:42:54,560
And bad golf is tolerable as long as you play quick. Exactly. Exactly. If you're playing

477
00:42:54,560 --> 00:42:59,040
bad golf, man, get up there, find your ball and hit it. And nobody really cares. Like

478
00:42:59,040 --> 00:43:03,160
you don't have to tell us why you're playing bad. Like just move on to the next hole. I

479
00:43:03,160 --> 00:43:07,240
like it. Bryant, man. Thank you. We've taken up way too much of your time. I appreciate

480
00:43:07,240 --> 00:43:12,760
it. I appreciate it, man. I can't wait to see it. Thanks. Take care. All right, man.

481
00:43:12,760 --> 00:43:18,240
I think that about does it for us today. Solid guest. How about that, Bryant? How about

482
00:43:18,240 --> 00:43:22,840
Beback? You said he would bring the heat. He was good, man. I really liked hearing the

483
00:43:22,840 --> 00:43:29,160
stories. All right. All you great listeners out there, go ahead and if you're not already,

484
00:43:29,160 --> 00:43:35,360
like, subscribe to our YouTube channel, IG, TikTok, Facebook. Make sure you're telling

485
00:43:35,360 --> 00:43:41,200
everybody about all the great stuff we're putting out. We'll tell a friend, you know,

486
00:43:41,200 --> 00:43:46,720
not just your mom or your dad. Just like the mortgage business referral system, referral

487
00:43:46,720 --> 00:43:50,040
systems, tell the person about it. Like, you know, these guys aren't that bad to listen

488
00:43:50,040 --> 00:43:56,520
to. Just give it a try. And we're getting better every week. Relative somewhat. Yeah.

489
00:43:56,520 --> 00:44:03,520
Subjective or objective. Subjective. All right, dude. Thanks, everybody. Take care.