EYL #104 The Dynasty feat. MG the Mortgage Guy

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All right, God, welcome back, E y L. A lot has changed, as a fact, A lot of fact.

A lot has changed. Man, It's crazy what a year can do.

Bro nice table as you notice.

So if you're a loyal listener to E y L, you know that you know humble beginnings. When we first started, we was figuring our way out and we had a few episodes that really changed the trajectory of where we are. And the biggest episode twelve, Episode twelve, featuring none other than Matt Garland aka MG the Mortgage Guys.

So we shot the last number, the last number five seven zero.

Zero, that's a fact.

When we shot the episode, it was over a year go, probably a year and a half ago, and you know, we was doing good. But that episode, the clips from that episode just from viral on Instagram. One clip was like one hundred and fifty that in one clip was like two hundred thousand and three. It was just like going crazy, and that skyrocketed us into the top ten in the podcast Charged for the first time, the first time ever. It was it was crazy and it was

The monopoly money, the four three two one, We even talking about fifty.

You know.

Ever since then, you know, we just developed a real closes bond with Matt and we just been rocking and rolling ever since. We've done a bunch of different stuff together. We went on tour, hit different cities together and just did a bunch of stuff. But what we had not done, this is the first time we ever did this is have somebody on the podcast twice. Yeah, well we had people come on like live podcasts and.

Like the reunion.

Interesting, so I'm the first to govern the top double headed, the first doublehead doubleheader.

Yeah, so I think I think it was just it was a great time because Matt he's not just somebody that's on Instagram that's just talking about real estate, but he's actually in the industry, like he works. He's a licensed professional, he's a licensed loan officer. He helps thousands of people to get mortgages.

And try to call him, you know.

Yeah, so you know, I.

Appreciate your patience.

So so we spoke and he was talking, and I just felt like it was perfect timing to do this. A because we haven't had a real estate episode in a long time. We've been focusing on stocks. Shot that everybody checking out market mondays, shout out to Ian, shout out to Trap, shout out to the guys, shot, shout out to the Mark. So you know, we've been focusing on stock that's what's been in real estate has been allowed way longer than the stock market. Estate has been

We've been watching a number. It's a historic.

Ride DJ He's on tour with Envy before Corona Breakfast Club like five times. It's been mediocre.

Yeah, it's thank you. It's been a blessing man.

January twenty nineteen, I think I had eighteen hundred people on Instagram. Fast forward to today one hundred k or organically and people just you know, it surprises me all the time that people want to know about mortgages because I think it's boring. Like I tell you guys that all the time, Like this is boring, Like why would I want to do this? Like when we first started talking, I'm like, nobody wants to hear about this stuff, and it's like no, I'm.

It's like you'd be surprised, like they want to know about all of this information.

I think a lot has to do with the way you're delivering it, you know what I'm saying, So like, kudos to you because it's broken down in the language that we understand, something familiar, that we know something about, right, breaking it down in the way that people can understand it.

Yeah, I mean, look, the main thing with my delivery is just try to make it as simple as possible. You know, a lot of these terms, people have no clue what they mean. Hell shit, sometimes I don't even know, right, I got to Google, do my research.

And kind of figure it out.

And what I just try to do is just try to make it deliver that message to the folks to where they can understand it no matter where they are in their real estate journey, whether your first time home buyer or you got a hundred properties, you can kind of watch my content and get something of value from it and it can help you grow.

Yeah.

So, and then to icing on the cakes when you know we reached out. We spoke a few weeks ago east Sideyeah, I'm working on a blue print to help people navigate through it. And I'm like, a blueprint, Like, what does that mean? He's like, you know, so many people, you know, they have no clue about how to buy a home, the appraisal process, FSJA loans And he's like, you know, it's it's one thing to kind of go through all these podcasts and YouTube and kind of put

I told him up and I was like, yo, bro yo, this dude poured his life into this.

I'm like, Yo, this is a million dollars is you know it's a lot. It took a lot of energy out of me to do that. One hundred and fifty plus videos. I mean, we got pop quizzes, we have PDFs, we have links. I mean, I'm just giving you everything that you need to know, no matter if you want to go.

Conventional fha va. You know, your first time home buyer.

I mean, we're talking about refinancing in the blueprint because folks don't even understand refinancing. They don't understand homemaker line of credit. We have an asset protection, which you know after you buy the house. People think that's just it, but you got to protect your legacy too, because real estate the key to is building wealth and passing it on to your ears. And you can't build wealth without life insurance and estate planners. So we have that in

Right?

People just know they got to get insurance, But do you really understand how insurance works?

I never, I never, I personally never seen anything like it. So all of those factors coming into play, I'm like, you know what, why don't we just do make history and do a double back and get a people million dollars worth of games.

So who were going to do right now?

I let him get the album cover too. He's like, yo, trying to need that blueprint up there.

Shout out the wholeration.

So so yeah, man, first and foremost, welcome back, Welcome back.

Man, happy to be here for a lot has changed since what's different, doesn't it? It's definitely different. You know.

I like the vibe down here. You know E y L Studios, New York is in full effect.

You know.

I had to get the blueprint album covers behind me because it was just a beautiful thing.

Look, I love the platform that E y L has grown into. Even as I'm looking at all the equipment now, when I did I did episode twelve, y'all. Guys, y'all episode twelve. They had three iPhones. They were they were uneven. Fact the sound was like wires on the tables.

On the table, my son in the background playing video games, not loud, you know.

The sound. We didn't know if it worked properly. More time, it was crazy.

That shows you the growth, right, You guys didn't think about it. You didn't sit here and have analysis paralysis. You guys actually just executed. I remember when Shoty was hashtaging Earned your Leisure before the podcast even came out.

I'm like, what is he talking about?

But I knew it was something because he kept on hashtagging it every poach Earn your Leisure?

Like what is he talking about?

So when we got on the phone he told me was doing this, I'm like, okay, a podcast And then, honestly, guys, that's another podcast, Like everybody got a podcast, every fund everybody podcasting, which is great. But just to see from my episode of from this equipment to studio and just the quality wasn't even that good as far as the visual, you know what I'm saying. But the information power is powerful and that just goes to show you you don't need to be perfect, you just need to execute.

You guys didn't know how to do a podcast.

That's a fact.

You research boy equipment as you went along, and it just took off.

So I'm excited to be here and speak to you guys again and talk to the E Y L Nation and all the.

Earners they nation. I like that.

I'm gonna text you after that, get the paperwork credit.

So let's let's let's jump into it.

Man.

I got a lot to talk about. But first and foremot we want to talk about the state of real estate right now. The state of real estate. So it's a crazy time that we're living in. Everybody knows obviously we in you know, the age of Corona. And I remember texting you like when when Corona first hit. I'm like, Yo, that's when the stock market was crashing. And I'm like, it's real estate market about the crash and he was like, nah, it's not. And I'm like how people losing their jobs?

The market is on fire for residential you know. And I told you this back in March. I said, nah, bro, it's not going to happen because with people and everybody was kind of saying the same thing, like yo, two thousand and eight is coming back, wait, don't buy, don't buy. Wait, And I said, two thousand and eight was different. That was a credit crisis, right, This is a health crisis. Credit crisis means that banks, Wall streeters everybody, homeowners, you know, investors,

They didn't want to bail out.

Everybody, but they had no choice but to bail out the big names.

Right.

So with this one, I said, now, this is health This has nothing to do with nobody.

This is nobody's fault.

And if you think about it, if you look at the real estate market going into twenty twenty, it was already on fire. It was due for a correction at some point, because what goes up must have come down, right.

But I said, nah, this is not gonna crash.

There's no way, because the government is going to have to bail out everybody now, right from the big businesses to the everyday person. And when you told me that it's gonna crash, that's what was in my mind because I knew, especially with the election year, they couldn't just let all.

These people die, people lose their homes.

There's no way. And as you see, all these stimulus packages came out, everybody getting their ppee money and everything.

It was recklessly Hopefully they wasn't reless.

Hopefully they wasn't reckless, and hopefully they did the right thing. But you know, you have unemployment benefits, people are getting them with ease, with no problem, So you know, you gotta give the administration credit for what they tried to do to help as many people as possible. And that's why I just did to feel like the market was going to crash, but residential real estate is on fire

Just too hot right now.

It's too many buyers out there, and with these low interest rates, you know, with rates being in the mid twos to low threes, depending on your circumstance, Like everybody wants to buy a house because money is cheap now, right so it's easy to the person who couldn't afford the half a million dollar house last year when rates were three and a half four percent, Now it's two and a half.

Can can you explain like that?

Like, because the average person that maybe never brought a home might not fully appreciate because they say three and a half two and a half, it's only one percent, that's not that big of a deal. But because they look at it like it's stocks, Like it's like if you earn one percent, you know what I'm saying or just regular life, one percent doesn't move the needle. But in your world of mortgage is one percent is huge, right, So if you kind of put that in perspective out.

Yeah, I mean, look, one percent depending on your loan amount, right, that can be three four five hundred dollars a month, That could be six thousand, eight thousand, ten thousand a year, depending on the size of your loan.

Right. So the bigger the loan, the lower the rate, the cheaper the payment. Right.

So someone again who couldn't afford the five hundred thousand dollars home or get pre approved for a five hundred thousand dollar home a year ago because the rate was probably three and a half to four percent, now they're able to because now that brings their payment down and they're able to get approved for now that higher amount.

So one percent is huge in the real estate. In the mortgage world, interest that you're going to pay over the life of the loan is also very important too, because if you're looking at any house that you buy, let's face it, right, the way the mortgage in the banking system is set up, it's you know, you're gonna pay interest three times more than what the houses actually work.

But if you're getting a cheaper interest rate, that softens the blow a little bit.

And now you can focus on your.

Debt strategy, which is repaying back your debt and trying to beat that interest trap.

You know what I'm saying, and you know little things you can do to do that.

You can make one extra payment a year and you can pay off your loan in twenty two and a half years if you have a thirty year mortgage. You know what I tell folks all the time, take your income taxes refunds right and apply that every single year to your principal balance. That could bring down your debt.

Now that was a gym, what you just said. And I learned that in business. I don't want that to go on people's head. When I first got into into the industry working in finance, I learned that like one extra payment a year on your mortgage cut seven years off of your mortgage absolutely or eight.

Seven eighty twenty two and a half years.

Yeah, so that's that's huge if you think about it, it's like one extra payment a year absolutely can really take almost a decade off like.

Basically, and it has to be towards your principal balance only. So if you're making a payment, you can't just give the bank money because they're automatically going to apply it to interest, right, because you have to direct them where you want that money to go. How does that even look?

So if my mortgage is three thousand, I gotta pay six thousand if I'm doing that.

Yeah, So if your mortgage is three, you can pay six and you can tell them the difference to go to principal balance only. Some online everything is online right now with all the banks, right, so you can go pay your mortgage and you can specify there are two principal balance only. You can write a check, put on a check two principal balance only. So depending on how

You'll be surprised if you make two payments extra year. That's what in my mind, I'm thinking. If I make two extra payments now that's seven ers into fourteen, I'm really at a fifteen year.

Mortgage basically, And I'm glad you brought up fifteen year mortgages, right, especially right now folks want to go into fifteen year loans And look, the fifteen year rate. The lowest I've seen it since we've been in COVID was around two percent, which is phenomenas, right, that's incredible. But what I try to tell people is maybe not going to that fifteen year right now, because life happens. Right, you're committing yourself

I think for the.

Right people it works, right people who have substantial income and they can really afford the payment. But most people are trying to pay off their long fast, which I get, but they're now cash strapped, right, they're becoming house rich and cash poor because they're making their payment so much higher because they're just focusing on I just want to get rid of it, which again I understand, But you got to be a little bit smarter right now, because anything could happen.

As we've seen. We woke up in twenty twenty Kobe dead with God bless you know, then COVID came. Like this year has been crazy, you know what I'm saying.

So, like, if this doesn't teach anybody anything, you got to have cash flow right now. You got to have liquidity because anything can happen. So that's why I just try to tell home own future homeowners and current homeowners who are refinancing, if you don't have to go to the fifteen year, just stay with the twenty or.

Thirty years, so that way you can have a little bit more cash flow. Can I go back to something you said, because when you say, I'm like, oh, how does that work? Because I've heard of corrections.

Obviously in the stock market, and we know that's maybe eight to ten percent or eighteen percent. What does that look What does the correction look like in the real estate world? Is that interest rates go up? Like, what is the correction in the real estate world?

I mean it could be rates go up. It could be home prices depreciate, you know, it could be lenders tightening up their guidelines. You know, all of these things could be corrections in the market that can affect the buying power of Americans. Right if home prices decline like you thought it was, I mean, it sucks. But what

Buy them the.

Same way that you'll see a Caesar by them, or Envy buy them, or any investor that you guys are following online by the same way they're buying. You know, there's nothing special about anybody who's flipping real estate or doing anything. They just have more knowledge than you, and they know where to look and where to find these properties. You can do the same thing. The information is available,

Now buy a home that's undervalue.

Put that money into it, force the appreciation, and now you have equity in that home, and God forbid, the house does appreciate You. Still good because if you lose ten percent equity because the market is decline, and five percent equity, you're not over leverage, you're not upside down. So I try to promote don't buy retail if you don't have to. But I understand you have to in some cases buy retail because the school district's family needs thinks of that nature, and you don't have a choice.

So let me ask you this, because you know, obviously you said that it's a seller's market. Absolutely, the interest rates are extremely low right now, so that would say would be better.

It's good for the buyer so.

To get alan, but it's great for the seller because they're going to have multiple offers on their home.

Okay, So for people that's looking at maybe purchase a home, is this a good time to or should because like average, like let's say somebody hasn't brought a home yet and they looking at it, Like, all right, I got money saved and low interest rates, it's a good time for me to buy a home. But if it's a seller's market, should they be looking to buy a home or should they just be waiting for it to be a buyas market Again.

Good question, right, So this is what I tell everybody. If you have financial security, if you have down payment, closing costs and reserves, and you have the knowledge and your mindset is right and everything is where it needs to go, you have your team, and if your goal in twenty twenty, prior to COVID was to purchase, then I personally.

Believe you should still purchase.

Right because the money is dirt cheap. Now on the flip side, should you wait till the quote unquote buyers market come and the homes depreciate. When the hell is

How do you know that? How do you know that? No one knows? You know what I'm saying.

So for me, if you're financially secure and you want to buy real estate and you want to get in the game, and you want to invest and invest, do it. Just be smart about it. Take into consideration. If you're buying rental properties, make sure you're doing your due diligence. If it has tenants in the property, make sure you ask it for proof that they're paining. You know what I'm saying, because anybody can tell you anything. Yeah, I got three tenants in here, they're all good. Okay, show me.

The proof, home seller, you know what I'm saying.

Let me see two to three months of your bank statement, showing these deposits going in, show me the proof. Be smart, and that's what it's all about. Doing your due diligence and applying that information and going out there and executing at a high level and being a CEO of your real estate business. Even if it's your first home, it

Yeah.

One of the other things you said on episode twelve was that the equity in your home is monopoly money. Correct, And I feel like maybe thousands of people must have heard that right because the refive rates have been low and thousands of Americas been doing it right.

So what has that been like for your business during Corona, Well, it is a pandemic. Some people call it a pandemic or plandemic.

I'm calling it a pandemic because right now, if you're in a real estate industry, God bless you, you know, and you're having record breaking years all across the board in the industry, from the appraisers to the relators to shit, even the loan processors and loan assistance. They're levering up their bag because it's so much viole that companies need to hire. And now, look, I ain't gonna tell all my business, but I had to pay some people some money that I never.

Thought I would have to pay them.

To come work for me right because you need talent right now because there's so much volume coming in. It's not enough bodies in the real estate industry to handle the amount of people who want to do a refinance right now or buy a house. It's absolutely incredible, So what is enough for my business? It's blowing up. It's a great thing. I love it, but it's also overwhelming. It's stressful, like you're dealing with people's lives and that's

We talk about that a lot, just having balance in your life.

And like we've been watching the news and it looks like the races are going to stay that way for a while.

So business is going to be business, you know, God willing, you know, race will stay low. Me personally, I hope they do go back up a little bit, slow things down. That's just me, you know what I'm saying. I'd rather go up a little bit, get rid of some of these people so we can all breathe and get back to regular life so to speak.

In our world.

You know, the mortgage businesses set the break records this year in twenty twenty. Trillions of dollars are being went in twenty twenty. Like, I can't wait till the final number it's talied up to just see what.

The mortgage business did.

But it's it's incredible right now, what we're on pace to do right now, it's a couple of trillion dollars. Like I don't think people understand that it's a lot of money being lent. And people think COVID and quarantine slowed things.

Or stop anything. It didn't stop anything.

It may have slowed certain components down, like appraisals getting tired of reports and things of that nature, but it didn't slow nothing. Now people are buying homes. And that's why I tell folks all the time, if you're looking to buy, buy, what are you waiting for?

Go ahead? Because your opportunity may not be there.

Yeah, so let me ask you this.

As far as this is a business show, so a lot of people that listen to ernalisia Is are entrepreneurs or aspiring entrepreneurs. One of the hardest things for entrepreneurs, business people, ten hety nine contractors, things of that nature is to buy a home because it's like a lot of times, one of the benefits of being with business owners that you get to write.

Off a lot.

Absolutely, But the problem with that when it comes to getting a mortgage is that you don't show enough income. So now it's like, you know, you're in a tough spot because yeah, you might have made two hundred thousand dollars, but you only paying taxes on twenty thousand.

No blessed americass like that.

Or seven hundred fifty dollars.

Yeah, yeah, beautiful, beautiful old living.

So but yeah, it's like it's hard to get a mortgage.

But you was actually enlightened me, Like there's different programs for business owners, like especially like bank statement loan things that you could We haven't really covered that.

Can you talk about that?

Yeah, So you have loans out there that fall into that non QM category, non qualified mortgage. It basically means Fanny Mae or Freddie Mack who buys conventional loans from banks, right, they won't purchase this type of loan. But there's private lenders out there that will fund bank statement loans whereas you can put as little as ten percent down. You can borrow up to four million dollars with this type of loan, and we're using the deposits as.

Your income for your business.

So you can use either twelve months or twenty four months of those deposits in your business.

Bank account and that can be used to qualify you for your loans.

So it's no tax returns, there's no W two's obviously as your self employed, we're not looking at any of that stuff. We just need to see twelve months of your business bank statements and we use that for your income to qualify, and you could put down as little as ten percent with these loans.

How's the interest rates?

Oh?

Yeah, the rich interest rate.

You're gonna pay for it like you're gonna pay it like you're gonna talk probably like in the right now six to eight percent range, depending on the lender, you know what I'm saying. And you know, when you're talking six, you're probably gonna have to be more thirty percent thirty five percent down, you know, high credit you know, minimum credit score for this program six sixty. But you want to get that lower rate, you're gonna have to probably be in the high sevens with a larger down payment.

Can you refinance later?

Absolutely, you can always refinance right and it here's another gym. If you use the bank statement program and you get into let's just say you're raighted seven percent. Right, file your taxes and your business has been in business for five years, like legally in business, right, Like you have your filing receipt in this document. Freddie Mac has a program where you can use one year tax returns as a business owner.

Right.

So now this is a conventional loan, so you can refinance into the conventional loan. Just file your taxes the right way, show the income. Now pay the tax the tax man they what you owe them, or get into a payment arrangement so that way you have a monthly payment on your tax bill that's outstanding. We include that tax payment into your debt to income ratio. And now you can use one year your tax returns and you don't those negative tax returns. We don't even have to

How long you have to stay in the property.

If you're doing a primary residences one year I can perceive. But obviously bank stamer loans is not just for priminent residents. You can do vacation homes with it, you can do investment properties.

What it is well, but that's that's big, especially for business owners because if you compare, it's like a hard money. Hard money's like ten percent.

Yeah, hard money.

Right now, COVID rates are probably going to be ten to thirteen fourteen percent depending on who you're working with.

Yes, only in your LLC's name.

So these bank statement loans just to clarify us in your personal name. Still it's not in your LLC's name. So when you go asset based or hard money, that's strictly in your LLC's name. And that's why the rate is even higher because it's all LLC based.

But that's extremely valuable. And even if it's six percent or even eight percent, it's still depending on how much income you're not showing, because you gotta realize it's like it's a trade off, right, you either show a bunch of income. By showing a bunch of income, you have to pay taxes on that money. Correct, So like let's say you're making two hundred thousand dollars and you're showing

Independent contractors are considered self employed in the mortgage world because you're not having any taxes taken out of your checks. So you're self employed, So you're filing a schedule C, right,

Said, pick your poison, right.

You want to pay seven hundred and fifty dollars like you know, or you want to go buy real estate, So you're gonna have to pick what's your poison right now. So if you want to have, this program gives you the option of having your cake and eating it too, paying less taxes, using the deposits to qualify, and you still buy in real estate. You're just gonna have to pay a premium for it. So for me, I think the program is amazing and it helps so many entrepreneurs get into the real estate business.

Yeah, get you a good CPA. Yeah, get you a get you a great get you a great CPA.

That's a fact.

So you have you have a question, Seorge, No, I wanted to go into one of the things that you mentioned before, and that's the appraisal process. Okay, because obviously I've spoke about this a number of times of how my family was robbed of thousands of dollars doing.

During the appraisal process.

And one of the things in speaking to you, what I came to find out was something called the AMC.

Can you explain what that is? A little partch there.

So AMC stands for Appraisal Management Company. So when the market crashed, the government said it was the bank's fault in the appraises. So they took the control away from the banks and the brokers, the mortgage brokers.

They took the.

Appraisal control away from us, that process away from us. Right, we can't have direct contact with an appraiser, so when we do a deal, we go through the appraisal management company. The appraisal management company now picks from a round robbing of appraisers that's approved with whatever Linda they're working with, and then they're the ones who have the communication with the appraiser. They set up the order with them. You gotta contact this person whatever.

Right in my mind, I'm thinking the government did this because it's like if I was an appraiser, I know you work at the bank.

You're telling me, like, yo, just give them a good rate so we can make money on the deals.

Is that why it was kind of like this, Let me tell you how I went to tell you the story.

Let me tell you how it went. In a wild cowboy days, it would say, Yo, Giovanni, I need this deal to do this eight hundred thousand I know it's probably on the worth seven.

Well, what can you do? We can make we can pay you extra, and Giovanni will come back with the appraiser report of eight hundred thousand dollars. And there was no systems in place back then and no technology like we have now where underwriters were really vetting that appraisal. They would just close on it. Right, they will take their words. So the market was being inflated, and what they're saying is true. You know this call ispan this

This happen, make it happen.

And they would because there was really no regulation behind it. Now with the appraisal management company, that's out of the window. You can't even talk to the appraiser. It's illegal for US Sloan officers to talk to appraisers now, So I don't know who to hell the appraiser is going to be on a deal until I get the actual report, And even when I get the report, I can't make contact with them if I want to dispute something.

I have questions I think there's errors.

It all has to funnel back through the AMC, and then the AMC goes back.

To that appraiser to make whatever corrections.

And so my thing is like, and I've seen this a lot, is like, I wonder how many.

People look like us that are in this this management company.

Oh, it's slim to none. Because in most cases, right, we need black appraisers. We need we need people that look like us going into our neighborhoods valuate our property because we know the true value of our areas in our neighborhoods. Most most of these folks don't. And that's when you see people getting these homes of praise and like your situation, they devalued.

You, came in, spent ten minutes here, I paid them seven hundred dollars, devalued me.

We lost like one hundred thousand on the deal.

It's terrible, you know, it's terrible. So if anybody's looking to get into the real estate industry, looking to becoming an appraiser, there's a serious need to become an appraiser, and especially if you're a minority, this could be a good way for you to learn the real estate market because you learn how to value properties. Right, and if you're going to invest, what better knowledge to have than

Right.

So if it comes back as is.

I mean the house is fine how it is, right, but it comes back subject to repairs.

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Here's then whatever the appraiser list on that report that needs to be repair, it needs to be repaired prior to closing, and then they have to come back out and do a reinspection.

That's another trip fee that.

Could be an extra one to five hundred dollars just depending on the property.

Type and everything like that. So that's how they're making more money. You know what I'm saying.

They're making up for that loss is because now praisers are going in and they're looking for cracks, they're looking for mold, they're looking for whatever's out of order, you know what I'm saying, So that way they can put that feed on.

The appraiser is different from the home inspector. Right even though they come in and they look at the property, they may say, hey, you need a new furnace, Hey that bathroom needs new plumbing.

That's different from the home inspection.

Ger Absolutely, home inspection. The home inspect is coming in to look at the house and they're going to see about the mechanics of the house to make sure the roof, the baller, the heat, the plumbing, electrical everything is where

If it's a.

Flip, definitely get a home inspection because these investors are being cheap with their materials and they work, so you need to go in there and double check and have somebody with professional adds that you don't have to kind of look at this stuff because a lot of them are putting cheap materials.

I'm thinking like, yeah, they're probably gonna bring the cheapest material to get done.

The fastest, the quickest.

Absolutely, they trying to turn and burn, you know what I'm saying. So don't don't devalue your home and home inspection, you know what I'm saying. Make sure that you take serious notes. You're looking be there, you know, ask questions, learn about it because if you're going to invest, that's also free not free training, right because you're paying for it, but it's still training if you if you use that information that you're learning because now they work for you.

You have the blue print. You have the blueprints.

So you know one thing that or Alesia, we're not just tied to America. We get support from all over the world.

Like literally, we get tons of support in Canada.

Shout out to Toronto, Shout out to Montreal, Shout out to Vancouver, Shout out to the whole country in Canada. Shout out to the Caribbean, all the countries in Caribbean, Shouts of dr Shout to pr Shout to Jamaica, Shout out to Antigua.

Guys are like number one in all these countries.

We gotta shout to the Caribbean. Shouts to London. London, the UK is a big hub for us. Shout out to London, Shout out to everybody out there, and shout out to everybody in Africa. We've been doing a lot of stuff in Africa. We're going to go there. Yeah, Shout out to the whole continent in Africa. Shout out to Asia. Shout out that all over the world, every continent. So you know, a lot of post of our continent is kind of you know, based around America because that's

Right, absolutely, absolutely, So you have what's called foreign national loans, where if you're not living here or a US citizen, you still have the ability to get a loan and buy investment properties here in the US. So it's called the foreign national loan, and depending on the lender, you can put down as little as twenty to thirty five percent down payment on these loans and it's not a real difficult process to get approved for a foreign national.

They will tell you there.

Are different requirements, but the baseline of it is no credit score requirement because obviously you're not US citizen. Some lenders will want you to have a US bank account and have the money transferred over to the US. Some lenders don't they'll accept the money coming in from overseas the day of closing, but a lot of them want you to have the money in the US already, so check with the lender for their particular guidelines on what

Your income is and how long you've been in business and a lot of good standing and things of that nature.

If you are a W two employee, I'm not sure if they even call it W two employees over there, but whatever you guys call it. If you work for somebody and you get a paycheck from someone else, then we have to get a letter also from your employer just to verify your employment. Some lenders will rub I'm not rough, but run like you through a certain country, I forget the name what they call it, and just do make sure you're not on like any terrorist list

Right.

Shout out to my guy Malik caught out there in Philly said we did a lot of deals out there together. But shout out to my god real estate coach Cartter. But yeah, it's opportunities out there for foreign investors to invest here in the United States. So COVID slowed it down a little bit, so you know, it's not too many banks like it was prior to COVID that are doing it, but you can still, you know, find good financing out there.

What are some of the biggest hurdles that stop people from buying home credit score? Is it down not having enough for the down payment, because that's something that you know a lot of times people. Is it just not having a proper education, like what it's above, you know.

Not having a proper education first and foremost. That's the biggest thing I see. People don't they fear what they don't know, right, So most people who don't buy a home, and when you speak to them, they don't know nothing about the process. They don't know nothing about loans, they don't understand interest rates. It's just overwhelming for them. Right, So that's first things. First is the knowledge. Then credit,

Then I would probably say.

Cash the capital, you know, I think that's probably the third thing that I see that hold people back, especially in cities like New York.

LA was very expensive to buy real estate.

You know, a two family here is a million dollars, right, you got to talk about you need probably three point five.

Sid plus closing costs.

I mean before you know you can be close to one hundred k you know that you need to buy a house. So it's a lot that happens. I mean, it's a lot that stops home buyers. But these are the things that I see.

The top three that stop the lack of education, credit and capital. Yeah, like what you said, we don't know what we don't know, right, And part of that is the question. And so like when we're getting into this process, what are some things when we're trying to find the right loan officer or the right commercial bank or investment bank, what are the questions that we should be asking before we take that step.

When you're interviewing your loan offices. Right, oh man, there's tons of questions that you need to ask them. First of all, do they own any property themselves?

Right? Are they investing? Are they homeowners themselves? Right?

How long have they been in the business? Very important question to me because look, it's nothing wrong with rookie loan officers, right, but they don't have the experience. They don't have the product knowledge yet, they don't know how to maneuver, right, They're going to be more reacting. They're been proactive because they're learning on the job. So I experience. You know, how many deals are you really closing? How many did you close last month?

Right?

Just to get an idea of what that person is closing people, Are they really truly honestly helping?

How much is a season person? How many how many closings that they're having a season loan officer?

I mean you could be seasoned and still you know, not cool. Right.

So I mean, if you're a top producer, in my opinion, you closing well over one hundred plus deals a year. You know, if you're a top producing loan officer. But the mega producers are closing a couple hundred loans a year.

You know, they're they're out here really killing it.

So, but you know, the average loan officer is probably closing four deals a month somewhere around there, which is not bad. You know, depending on your compensation level, you can still make a great living closing four or five deals a month. But you know, you want to ask these people these questions. Do they have a team, very important, especially in times right now where everybody's overwhelmed and busy. Are you the only person that they're going to speak to?

Right? So team is very important. Are they underwriting their loans in house? Right? Is their underwright and being sourced to somewhere else? Or what kind of control do they have?

You know, these are all the things that are very important because you want to know that your deal is going to be able to go through the system with no issues.

So, speaking of the mortgage industry and working with a mortgage professional, you're a mortgage you're a loan officer, correct, So we haven't had this conversation either. We talk about like investing in real estate, but there's always two sides of the coin. So you can make money actually working in real estate as well. Like you know, we've interviewed to Keanu Wats we talk about like being a.

Real estate agent or realter.

So, like, how what are the opportunities for people if they want to become like where you are as far as a loan officer?

How do you do that? Like you have to go to school for that? Is it like a test that you take? Like do you how do you get hired? Like what's the deal?

Well, so first and first you have to get license, right, So you have to get license.

You have to take the.

Safe test and that's I think twenty five hours, which is not a long period of time. It's not a lot of hours, right, you can do that in the week. You can do it online with no problem. Of course, you're a couple hundred bucks. Once you pass the class, then you have to take the federal exam. And when you pass the federal exam, then you have to submit your information to NMLS, you know, National Mortgage Licenses System.

That's the acronym.

You keep saying, yeah, actually, and I'm saying that because I'm official telling you I'm a licensed loan officer, Like I'm not an Internet guy. I always say this, right, and that's why I started saying my license number one to be compliant.

At one point I knew about her. Yeah, I heard every video. Every video is like NMLS number five weeks. I almost forgot.

Right.

But it's important that once you once you pass, then you you submit all your documentation got to get fingerprinted. I mean, we're getting your credit gets looked at. So you can't really have bad credit. If you have any issues on your credit, you have the right explanations of why, if you have outstanding child support and things like that. This is serious. This is not like you. Just when I came into business, there was no licensing. They literally gave me a phone book and said call people.

Right.

I didn't know a damn thing. But now after the crash, they make people get licensed now.

So if you're a license loan offic shout out to all the licensed loan offices, by the way, that's how you start to get licensed.

But that doesn't mean you're going to get a job, right because most banks right now don't have time to hire and train new loan officers. It's too busy, right, So you have to find either a mortgage company, a mortgage broker or even a big bank right that's willing to take the chance with you and hire you. Or I would recommend anybody looking to get in the business try to join a team, right because if you join the team, like I run a team right my own division.

But I won't hire anybody. No, sorry, not right now, it's not even not right now. Please don't hit me up on that.

You need to hear his experience minimum, right, But there are there are people in my position that will hire new people because they may have the capacity to train.

I don't have that capacity right now.

Unfortunately, at some point I will, but not not today, right, But get on the team so that way you can get that experience, you can get that train and you can mess up and have somebody to guide you and hold your hand. Because there's a lot that goes into originated loan. People think, you know, especially with the digital stuff that we have and the information and technology era that we're in, it's so easy to go on these websites and people get a pre qualification letter and they

Right. So it's not it's.

Like, what are some of the guidelines that you have to memorize?

Man, Everything guidelines changed today, all certain things right, like especially in COVID Right, things are changing rapidly. It seems like almost every other week there's something coming out from the government saying this or that right, especially with self employee borrowers making sure that their businesses operate and they're running.

Right.

We got a document you're receiving rent now right There's a lot that's happening, and all of our discussing blueprint, by the way, but there's a lot happening in the market right now, and it happens at a rapid pace. We wake up and the guidelines are changed, and then we have to just learn them and adapt, and it

Remember we had a conversation.

I was reading an article and I think they gave you like a week.

I think it was September. It was for the refinance feed that.

Yeah, they added the refinance fee, and the whole industry got pissed off, Like the entire mortgage industry was pissed, right, and then they they delayed it to December first.

What did that?

So they added so Fannie Mae and Freddie mac came out. I think this was August that they're taxing lenders now, basically saying, hey, y'all doing a lot of refinances.

Rate is low.

We need to make some of my stimulus money too, basically, and we're going to tax y'all half a point per every refule that you're going to sell to Fanny Mae and Freddy Mack, effective immediately. So that means that you're gonna sell to them, right. So they basically said, we want our money, and you have. You could have a pipeline of a thousand loans, two thousand loans in your pipeline right now.

You gotta pay a half a point per loan.

That could be twenty thirty forty fifty million dollars worth of loans, one hundred million dollars a long times are half a point that you didn't expect. They're taking your revenue, right, but they're not gonna take the lenders revenue.

I know it is. It's gonna take your revenue. You're gonna get charged, charge you more. We're gonna we're gonna charge you more because we're not gonna pay for that, right And and anytime things like this happened, it gets passed on to the consumer like the lenders are not gonna pay for it, you know. So the industry went crazy and they decided to delay it to December first, so people who are.

Originating refinances right now. That half a point is already built into your rate sheets already. You know what I'm saying, Which in town made interest rates for refinances to pay then on which Linda go up by eight to three eighths of a point over the past week because now.

It's loans that's sold by a certain period of time.

So we have to cut. Once loans are closed, it takes a while for it to get sold to the agencies, you know what I'm saying. So you got to price that in now because you don't know when they're gonna buy it from you, you know what I'm saying.

So the potentially is going to be a spike in refinances, I would assume it's already a spike. It's been a spiking more so in November.

It started right now because people people want to get in before December first, but they don't understand that it's already started for them, right because they think December first then it's going to start. No, it started already because the loans that if I take an application October first, it's not closing to the middle of November, maybe December,

Right.

I want to talk about the education cause it's like, I mean, told me you was doing this blueprint, and I really thought about it, and I'm like, you know, all years that we go to school, high school, college, they never really teach you how to buy a home. And if you really think about it, there's a lot to go into buying a home. Right, It's like where do you start? Do you look on Zillow? Do you look online? Do you get a real estate agent? How do you know which mortgage? Because it's not like it's

Right?

How you know if you're not getting the best interest. How do you know if you're not working with the best professional. If you're doing a rehab project, how does that work? And it's like, and that's my whole thing with education is like, to me, that's the greatest investment. So it's like, yeah, you kind of sometimes you pay for convenience, right cause it's like, if you're a single mom, you got three kids and you're making you're making a nice amount of money. You can buy a home, but

Parents that owned home.

Absolutely, So it's like, what was your inspiration in developing that curriculum?

Honestly?

The people, right you know, all the followers man, people who reach out to me, you know, every single day, asking questions that I think they should know already, you know what I'm saying, And when you really hear you know, folks acting the same questions, just in a different languages, like Okay, you know there's Google and YouTube University, right, and they're not taking the time to Google or go

Instead of me doing.

A book called The home Buyers Blueprint, Volume one, well, I'm gonna just do a course and do it to where it's you know, super detailed from the beginning to the end of everything that I believe that a home a future home buyer should know. You know, from getting started, how to prepare your file, what's the income documentation that's needed for the different sources of income. There's so many different sources of streams of income now from you know,

Like it's there.

We're breaking down all the three I think most popular loans out there, FHA, conventional VA loans. And you know those those chapters by itself, I mean they're like two hours long. So like these these these chapters are filled with just information, you know, how to get approved, what a land is looking like. And I'm talking from an

You know, they have the closing table drinking the champagne. I don't like no disrespect because you work hard to do that.

You know what I'm saying. Oh yeah, they work hard to do the shimmy. You know, do your shimmy, do your boomerang. Celebrates your success as you should, right. The professional, the homeowners, the sellers celebrated. But for me, I'm like, yo, there's a lot that went on to get you there.

What happened?

Right?

So when I when I try to post anytime I close, I like to post a story. I want the people to talk about it because I really feel like they can educate now the people behind them because they went through the process. So the blueprints giving you again step by step booklet for you to get your game more track that you would push back get it A lot of knowledge is twelve hours, one hundred and fifty videos it's a lot of information. It's pop quizes in there.

What am I doing? You know what I'm saying.

So, if you want to get into the business, this is a good step for you, a good training manual for you so you can understand how these products work.

Especially for the realtors. There's a lot of Like New York I think probably has thirty thousand licensed realtors, who knows right, eighty five percent of them have no clue about the mortgage process. They have no clue about mortgage loans. They're so uneducated when it comes to this stuff. They can't have conversations with their clients to educate them more. You know, the great realtors understand products like.

Shout out to Keanu. You mentioned her earlier, amazing agent. She understands loan products, right, we have conversations about loans. She understands guidelines. Those are the relatives who are the most successful, who can put the deals together right and from the mortgage too now to the closing table and make sure you get a scene this transaction. So this blueprint is just not for the first time home buyer. It's for the up and coming real estate professional who want to learn this business.

Even when I look through it, man, as a homeowner, I was I just learned things. I was like, even from the appraisal contingencies and sales concessions and refine sid I was just like, damn, there's so much I didn't know in myself and I have a home and I went through this process myself and learned. And so I mean kudos to you for that.

Man.

It's like you poured twenty years of your life and you duplicated yourself and gave it to the people.

Yeah, it's like, look here you go investing yourself. Right, you want to buy a house, you can. This can save you tens of thousands of dollars in closing courts and or unnecessary fees. If you retain this information in the proper way, right, and if you and if you utilize it quite frankly, I'm teaching you said, refinance, and folks don't know about refinancing, right, that's important part. You got to know how to refinance. People just think, oh,

Yeah, you know what I'm saying.

Nah, it's crazy, like Ty said, like you know, you don't You never really realize how much information until you actually look through something. So I was looking through it, I'm like, yeah, there's a lot of information and it's like yeah, I mean, you know, God bless you if you could figure if you know all of it yourself or you can figure it out. But me, I always invest in my education. That was the first thing I did when I was seventeen years old. Like my first

That's a fact.

Out to Mickey Man, Mickey Fact, that's my guy man. So now I mean I salute you and putting that together.

Man.

I know that was a lot of a lot of work, a lot of long hours, and you're doing something special right here.

Right absolutely, man. So look, I love EYL.

I love everything about the platform, and you guys played a major role in my popularity on social media and people, you know, finding out who I am and learning learning the mortgage business and being able to help people execute on their real estate transactions. So I'm dropping the home Buys blueprint right now, right.

Right now. Surprise, surprise, drop right now.

So the regular price on this is seven hundred bucks, guys, right but for all you guys, all the earners, for all the eyl nation out there, all right, we're gonna do fifty percent off. Okay, fifty percent off of the seven hundred dollars, which is three forty nine. I'm gonna do it for the first five hundred people, all right. So if you go to my Instagram page MG the Mortgage Guy, you can click the link in my bio

Yes, that's appreciation.

Look, and I know I know we're gonna have people in the comments, so I'm gonna address this now. Yes, you can probably find a lot of this information for free.

Right.

Yes, you can go to Google, you can go to YouTube university, blah blah blah. Great, do that if you want to write. But this, again, is a step by step blueprint for you to get your game on track, not your wig pushback. There's nothing in the market that's comparable to this. You can't go to YouTube and find one hundred and fifty videos that's going to lay out the entire process for you. And it's coming from a credible license professional that does this every single day and

I never understood that.

Like you know, it's like you pay fifty thousand dollars to go to liberal arts school to major in history. Yeah, to put yourself in debt because you don't have the money to pay it. Absolutely to be broke, and you don't want to invest in your education a couple hundred dollars to get you thousands.

And what you left out when you go to YouTube university is how do they assess what you're learning? And I think that's one of the best things about your blueprint is like there's assessments. Right, you can't go on until you actually absolutely learn from the video.

You learn, you retain, you pass your assessment, Now you move on. Right, this is a course. This is not just videos and just YouTube type of content. This is a course. This is a lecture. Right, you go to college, you'll spend all this money. But our people in our community, if it's free, it's for me, right, Like I want it because it's free. But no, you have to invest into yourself.

Right.

I invest into myself for almost twenty years in the mortgage business. I'm constantly taking courses in class is to better myself.

You know, I'm doing so much.

I spend so much money on my brain, right to feed my brain so that way I can have intelligent conversations with anyone.

In the room. And I know I'm a college dropout. They didn't teach me nothing. I wasn't interested.

And I don't remember them having a home buying course or class in college, which they should, but they don't have it, you know what I'm saying. High school, they don't have it. They don't talk about any of this stuff because they don't want us to know this information. So yes, can you get probably some of this information for free on these other things. Absolutely, But ultimately, at the end of the day, nothing's going to be put together for you where you can have this for your life.

Court, added to the situation, add.

Into the course every time something that I notice a value one of about them.

Yeah, and it's volume one, right, So this is volume one, but I'm going to keep it's going to continue to go because you're going to see twenty twenty one updates, you know, faha, Like I have sections for this already. That's not going to be published now obviously, but once it happens, because it will happen, it's going to be in the course.

Right.

So if someone is looking to buy a year from now, they can take this course and get the updates all through the year and be in position and ready to execute because now they already know when it happened. And this is going to happen real time. If I get up a guideline change today, it's going to be in the course tomorrow, you know what I'm saying. And I'm going to put out the emails to everybody. Hey, this new video is uploaded to the course. Make sure you

All I'm thinking about is in school, when I was hens the whole cover.

I was in school, right, And when you bought a book one semester and the next semester was a new edition, you.

Have to pay another three fifty for it. Absolutely. I'm just like, yo, damn, they could have just updated this. It's only two to different pages.

Exactly, but you got to pay another three fifty four hundred dollars for a textbook that and then you're like, you're never.

Gonna use it ever again. You might use it during the semester, but once once that class is done, you ain't never used it.

This is something that you can use, you know, for life. And then also now you can teach your inner circle and your people and your community behind this material and keep that going.

Yeah, it's important. Man. Everybody gonna need a place to live, so that's important.

Absolutely, appreciate you, brother, Appreciate you, brother.

So once again, man, y'all definitely need to check out that blueprint. It's in Matt's bios. We're gonna put it in the link and the description of this so if you're watching it on YouTube or if you're listening on Apple or Spotify, we'll put it in a description. We'll also put it on our website. EUYO earn your leisure than dot com.

Appreciate that.

Yeah, we'll put it on the alumni tab on our website. So Matt Man, once again, bro, it's always always a pleasure. How can the people hit you up if you have that.

Do that?

How can how can they that sounds better? Yeah, So look MG the mortgage guy on Instagram or YouTube.

You can guys follow me there, Please don't d m me. If you do dm me, you will speak to the order responder. I'm so thankful for Facebook for showing me how you can put an order responder in the d MS. And I say this humbly because there's too many people reaching out and I can't.

I can't answer everybody's d MS.

And that's why I did the blueprint because a lot of the questions you guys are asking me, it's in the blueprint. So now just go get it and you have all the questions you need answer. So if you do dm me, understand when you see that quick response, that's the order response.

Right.

That's just not me. But I do jump on lives.

All the time on YouTube and Instagram, and I treat those like home buying seminars, right. I bring people up for Q and are all the time. So if you attend one of my Instagram lives or YouTube lives, you'll see you'll learn a lot from that.

Or EYL University.

Almost importantly most important.

Is a letter faculty member university.

I am a letter faculty member at and I need a varsity jacket getting you know, But you know I am a member of e y L University. I have classes I don't even want to call those classes. We call it the break Bread session. So every other Sunday I host the break BREASD Session. I mean, our longest break bread session was four hours. Guy, it was crazy. And it's like a couple hundred earners on there and just it's like Q and E all day long and just camaraderie.

Shout out to all the earners. Man.

I love these calls. I look forward to my st when I have to do this. I just got to tell them like, hey, look, today can't be four hours. Maybe I gotta tell them at the beginning, like listen, two hours, follow the guidelines, can't ask eighteen thousand questions.

But you know, it's a lot of information being poured.

In these sessions, and we're talking about everything real estate right from commercial real estate, we're talking about residential real estate. So it's not just for first time home buys these calls. It's you know, everybody's at a different level, so everyone's learning at a different level. And the beautiful thing about y L University, there's so many different investors a part of eyl University, and they're on these calls and they're giving game to the other students, right, So it's just

There, you have it, you know what to say now that we definitely we definitely are We think that you that you you know, are a lettered faculty.

Letter jacket on the what I appreciate that. Yes, we gotta do something records. Now, he's been here twice, so we called them alumni.

We might have to. I'm gonna think of something we need a new name for.

Like, Yeah, graduated ey L with honors with honest two times.

I'm I like that knocked it out the parts. Nobody's been on here twice. You're the first one to be in here, so that makes it even more special. Damn, that's fire. Shout out to me Troy.

Yeah, shout everybody on Patreon dot com. Y'all know that's our proudly paid program. Our Tier five members have access to myself and Shoddy. So I just want to give a big shout out to Leslie who joined a Tier five and my man Jay, shout out to you. I can't wait to talk to you, my brother, and shout everybody that's part of our investment group on Facebook and all of our members on E Y L University. It is an incredible place to learn. Like he said, I

Purchase this property exactly. I'm looking a person that I need a part of in this and.

So amazing the community has grown, man, So shout out to everybody that's part of that and we appreciate you. And shout everybody that is supporting the merch. We got some really big things on the way. Talking about the merch, the merch is on the way. We got some new lines that are about to drop. Our collections are coming together really nicely and I can't wait to put them mouth for you.

I'll see it, yeah for sure, man. So once again, thank you guys for rocking with us. Matt, It's always a pleasure, bro. Thank you, Like I said, honor to have you as a faculty member at the Eyo University. And congratulations on your blueprint. I highly encourage everybody to go check that out. First five hundred people fifty percent off. Thank you again for that is in a bio now yeah right now, so yeah, man, we made history the first time. We're gonna make history again. Thank you guys

Peace, Peace, Peace.

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