What is money for?
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Is it a helpful
resource to use for good
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or is the love of it
the root of all evil?
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Actually, it's both.
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But God may have a
different definition of success.
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Real success
doesn't come overnight.
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It takes hard work
and faithful planning.
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To use your dollars well,
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it takes more
than a little sense.
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Hi and welcome to
Dollars and Sense.
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I'm Yvonne Lewis,
co-host of this program
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and our primary
host is Ryan Mack.
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Ryan is a
financial literacy expert,
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author, speaker,
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and he has given us
some great information.
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Right now, we're doing part two
of responsible home ownership.
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So if you missed part one,
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make sure you get it
from our call center.
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Just contact them and watch it
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because it's some
great information.
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You don't want to buy a home
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without watching these programs.
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So, hey, Ryan!
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Thank you for
having me as always.
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It's so great,
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it's so great that we're able
to do these programs together
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because I'm
learning a ton of things
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and I know, our
viewers are going to want
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to just have the whole series.
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Well, I think to be
able to purchase a home
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and do everything
in a Christ-like way.
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Yes.
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It's a blessing to
be able to be on earth.
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Every day above ground is
a blessing from him as well.
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Take full advantage
of it. That's right.
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And as we look
to purchase homes,
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I mean, as we talked
about in the first episode,
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I mean, the foreclosure
crisis could have been averted.
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And we talked about
consultation, wisdom, patience,
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budgeting, business practices,
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all of these things are
talked about in the Word of God.
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All based on scripture?
All based on scripture.
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What is our
scripture for this one?
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Well, our
scripture for this one?
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Again, and I will review
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some of the other
scriptures that we have here.
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Proverbs, 11:14 says,
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"For the lack of
guidance a nation fails,
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but many advisers
make victory sure."
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And again, the Word, if
we would have followed that,
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and it's almost as if
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you know, you don't
want to keep reliving things
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as hindsight as 20-20,
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but this isn't hindsight
because the Word is timeless.
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So the Word was here before
us, it will be here after us,
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and the principles
that are within the Word
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if we were to
follow these things,
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and that's what we
talked about in part one,
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and it really is amazing
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when as a finance
expert that really analyzes,
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you know, the
graphs, and Bloomberg's,
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and charts, and
all these things,
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it breaks it down to
very hardcore principles
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that we need to just
stick to and live by.
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And we talked about,
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we were asking
ourselves a question,
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is it born of the
promise or born of the flesh
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when you're
trying to buy that home
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and many times,
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too many times that caused
the whole economy to crash.
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We bought the
home born of the flesh
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and not of the promise.
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And we have to pay attention
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to exactly, is
God speaking to us
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or is this commercial
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that wants us
to go out and spend
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and make some
commission speaking to us
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because the world will
make you do a lot of things
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and the world is pulling you
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in a lot of different directions
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that you're not
supposed to be go in.
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The world will tell you
that you should move forward
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when you should
be standing still.
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So all of these things,
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we really just have
to be cautious about
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before we're going in
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and purchasing a
home responsibly.
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So I have some tips,
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I wanted to get into
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a little bit of nitty-gritty of,
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to make sure that as we go on.
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We talked a little bit last week
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about making sure that
you're acting your own wage,
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and we gave the
website, fincalc.com.
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fincalc.com.
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We talked a little bit about
faking it till you make it,
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and that basically means
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that you act as if
you're paying a mortgage now
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so the
difference between your rent
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and what your mortgage would be,
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because you've calculated,
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you put that
difference in amount
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into a bank account,
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and then you
save all the expenses
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that you would have to pay
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if you own that
piece of property
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including your property
taxes, your plumber costs,
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and all the things that
your landlord is paying for you
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that all your
buildings will have.
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You do that yourself.
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But here's some additional tips
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that I really wanted to get down
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to make sure that we
can start to itemize things
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as you're ready to close.
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You read it, you're out there,
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you're searching
for a piece of property,
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and you say, you know,
well, I want to get out there.
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So I wanted to
just really make sure
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that we can nail down
some additional tips, okay?
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Good, good.
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The first one is making sure
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obviously, you're
cleaning up your credit, okay?
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You need to talk
to a credit coach.
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Operationhope.org
is a great site.
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It's a great source and
they have credit coaches
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that even if you
are not in an area
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where you can go to
a live credit coach,
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you can call and get a
virtual credit consultation
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over the phone free of charge.
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And you can call
up a credit counselor
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to say, "Listen, I
want to buy a home.
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I want to make
sure my credit is clean
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and I want to make
sure I can get some help
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on how much I can afford,"
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and they'll be able to
sit down and work with you
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and walk you
through the process,
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and all free of charge
making sure you're doing that.
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Another organization
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is National
Foundation of Credit Counseling.
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They offer free services,
free of charge as well, HUD,
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they offer free
services as well,
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and GreenPath is
another organization
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that I like,
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they have paid-for services
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but I'd advocate
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that you stop before you
have to pay for those services
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and just to use
the free services.
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But there are
tons of free services
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that will help you
get your credit together.
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And you can find
out what they are
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if people aren't taking notes
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which you really
do want to take notes.
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But if they aren't taking notes,
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they can just go on the internet
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and type in Free
Credit Counseling.
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Yes.
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And get a list of...
Resources Tons of them.
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Now, again, we
ought to be very cautious.
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We should never
have to spend a cent
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on repaying our credit, okay?
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Never spend any money,
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there are many organizations
out there that say,
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hey, pay me
$400, $500, $600 even.
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$1,000 I've seen
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and in six or seven months
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I'll get your credit repaired
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or in 12 months I'll
get your credit repaired.
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Well we're gonna actually have
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a credit repair
show on this show
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and the same thing that
we're going to talk about
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on this show in a
later program episode
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essentially will be
the exact same thing
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these credit
counselors will be doing
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and those
individuals who charge so.
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All of our
dollar means something,
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every single cent
that goes into our pocket
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is a blessing from God.
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And as we see in the
parable of the talents,
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we want to make
sure that we can multiply
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and do the responsible
thing with every single cent.
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Be good stewards. Exactly.
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We have to be, I mean,
these are not our resources,
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these are God's resources.
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We're just
managing them. That's right.
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We're just the host
carrier of these resources.
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And God is watching
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and saying how,
how good and well
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we're being faithful stewards
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over each and every single cent.
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So if you can
avoid spending the money
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on a credit
counselor, please do so.
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So that's the first thing.
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We want to make sure
we're cleaning up our credit.
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And when you talk
to the credit coach,
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do exactly what he or she says
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and stick to that
plan as much as possible.
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And definitely
check out this episode,
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for the later episode
we're gonna expound on
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how to go about
cleaning up our credit.
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So that's going
to be good episode
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they should
definitely tune into.
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Absolutely. Absolutely.
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And so what we have
to do in the next step
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is setting your budget, okay.
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When we set your
budget, there's two budgets,
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one budget is figuring out
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exactly how much you can afford.
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That's fincalc.com,
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we talked about that
in the first episode,
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fincalc.com,
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but you also have to
do your personal budget.
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Your personal
budget really monitoring
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every single nickel-and-dime.
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I mean, these next few months
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when you're getting
ready to buy that home,
00:07:57.41\00:07:59.57
every single penny counts
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because you're
never going to know
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exactly how much
is the closing cost.
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There is always going to
be some fees attached to them
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and some things that
are going to come about
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that you just didn't
necessarily expect to see.
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So when you're
setting your budget,
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you know, you're
asking yourself questions
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when you're going out to dinner,
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"Do I need to go
out to dinner tonight
00:08:17.19\00:08:18.86
or can I cook
from home and save?"
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Do I need to go out for
lunch or can I brown-bag it?
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All these are questions.
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Can I save on
shopping for clothing
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and can we use coupons?
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I mean, we have to
start scrimping and scraping
00:08:32.41\00:08:35.01
every single nickel-and-dime
00:08:35.04\00:08:37.68
over the next few months
getting ready for closing.
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When are you are
setting your budget,
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getting it
pre-approved by a lender,
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they're going to
look at your income,
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your debt, and your credit.
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Now again, when you get
pre-approved by the lender,
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understand that they
are going to make sure
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you want to have
about a two-week period
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where it used to be
00:08:55.93\00:08:57.27
where it would
negatively impact your credit.
00:08:57.33\00:09:00.67
Now it doesn't ideally.
00:09:00.70\00:09:02.47
I've actually seen individuals
who when they got pre-approved
00:09:02.50\00:09:05.57
their credit went down slightly.
00:09:05.61\00:09:07.88
Being pre-approved,
00:09:07.91\00:09:09.24
because it's a hard
inquiry into your...
00:09:09.28\00:09:10.61
Yeah, yeah, it inquires.
00:09:10.68\00:09:12.01
It used to be where they say
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it should not be
being pre-approved,
00:09:13.58\00:09:15.75
it should not
impact your credit at all.
00:09:15.78\00:09:18.89
But again, I've seen
where it has impacted it
00:09:18.92\00:09:20.89
or maybe they
had some other things
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that they did
00:09:22.29\00:09:23.63
in the midst of being
pre-approved by that lender,
00:09:23.66\00:09:26.56
but I did see a
few FICO scores go down
00:09:26.59\00:09:29.50
but they have said
getting pre-approved
00:09:29.53\00:09:32.20
should not impact
your credit negatively.
00:09:32.23\00:09:34.80
But when you do that,
00:09:34.84\00:09:36.17
they're actually going to
get a more specific answer
00:09:36.20\00:09:37.94
of exactly how
much you can afford.
00:09:37.97\00:09:39.51
But again, you need to be
the one to drive that bus,
00:09:39.54\00:09:42.78
not let them dictate about
00:09:42.81\00:09:44.41
because they actually
have a vested interest
00:09:44.45\00:09:46.18
in seeing if they can
get a larger mortgage,
00:09:46.21\00:09:48.62
make a little bit more money,
00:09:48.65\00:09:49.98
so they might
have pre-approved you
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for something that's four, five,
00:09:51.39\00:09:53.36
eight times your income level.
00:09:53.39\00:09:54.82
A lot of folks in
the foreclosure crisis,
00:09:54.86\00:09:56.73
they were pre-approved
00:09:56.76\00:09:58.09
for things eight
times the level of income.
00:09:58.13\00:10:00.43
So don't just go by them,
00:10:00.50\00:10:02.86
we need to do our
own research on this.
00:10:02.90\00:10:04.60
So, Ryan, was there just no...
00:10:04.63\00:10:07.00
On the part of the lenders,
was there no expectation
00:10:07.04\00:10:10.07
that people just
wouldn't be able to pay this?
00:10:10.11\00:10:12.51
Well, again
because they were able
00:10:12.54\00:10:14.54
to relieve themselves
of liability for that loan.
00:10:14.58\00:10:18.15
If I gave Susan a
loan or got her a mortgage,
00:10:18.18\00:10:23.15
I can take that
mortgage and I would take it,
00:10:23.18\00:10:25.65
and sell it in
the secondary market
00:10:25.69\00:10:27.52
and I would make my
commission, I will get paid,
00:10:27.56\00:10:30.39
but I wouldn't have
to have the liability
00:10:30.43\00:10:31.89
because Lehman and
Fannie and everyone else
00:10:31.93\00:10:34.23
were buying up
all these mortgages
00:10:34.30\00:10:35.80
and bundling them.
00:10:35.83\00:10:37.20
So I didn't have any liability.
00:10:37.23\00:10:38.87
So the initial lenders,
00:10:38.90\00:10:42.40
there was a free for all
00:10:42.44\00:10:43.84
and they can do
whatever they want to do
00:10:43.87\00:10:45.24
because they had no
repercussion from it.
00:10:45.27\00:10:48.04
So I mean, again there,
00:10:48.08\00:10:49.51
eventually was
repercussions for everybody
00:10:49.54\00:10:52.01
because when the market
crashed everybody was impacted.
00:10:52.05\00:10:54.48
So again when you
get that pre-approval
00:10:54.52\00:10:57.59
just speak very cautious
00:10:57.62\00:10:59.29
that you've done
your own research on that.
00:10:59.32\00:11:01.72
Make sure that if
that pre-approval says
00:11:01.76\00:11:03.93
that you can buy a home
00:11:03.96\00:11:05.29
that's over three
times your income level,
00:11:05.33\00:11:07.50
it should be a red flag, okay.
00:11:07.60\00:11:09.76
And your monthly home payment
00:11:09.80\00:11:12.23
should not exceed 36% of
your gross monthly income.
00:11:12.27\00:11:17.81
So again, I'll say that again.
00:11:17.84\00:11:19.41
All of your
monthly home payments
00:11:19.44\00:11:21.81
should not exceed 36% of
your gross monthly income.
00:11:21.84\00:11:26.05
And a good financial coach
00:11:26.08\00:11:28.32
they can help you
with this calculation.
00:11:28.35\00:11:30.25
I know these are
numbers that people say,
00:11:30.29\00:11:31.65
"Man, how can I calculate that?"
00:11:31.69\00:11:33.42
A good financial coach
00:11:33.46\00:11:34.79
as you can get it in
operationhope.org, HUD,
00:11:34.82\00:11:37.76
I urge you to please go there
00:11:37.79\00:11:39.49
and they can help
with these calculations
00:11:39.53\00:11:41.06
so you're not out
there by yourself.
00:11:41.10\00:11:42.66
Yeah, yeah.
00:11:42.70\00:11:44.03
The next step is we
need to find some cash, okay.
00:11:44.10\00:11:47.80
We got to get
that 20 percent down.
00:11:47.84\00:11:50.44
You know, there's going to
be a lot of different loans
00:11:50.47\00:11:53.11
that will be able to
accommodate individuals,
00:11:53.14\00:11:55.01
I know that the VA loan
requires very little down,
00:11:55.04\00:11:57.61
FHA loans require
maybe 3 percent down.
00:11:57.65\00:12:01.82
But we don't necessarily
want to go that route
00:12:01.85\00:12:03.82
because again we
want to develop the habits
00:12:03.89\00:12:07.36
to say that if I can
get to 20 percent down
00:12:07.39\00:12:09.76
the habits that we have
00:12:09.79\00:12:11.69
and when we talked about
when Jesus cured the blind man,
00:12:11.73\00:12:14.83
walk two miles to the
riverside you'll be able to see,
00:12:14.86\00:12:17.27
you know, that walking allows
us to develop the practice
00:12:17.33\00:12:21.10
and the habits of saying,
00:12:21.14\00:12:22.47
you know, I can
actually afford this home now.
00:12:22.50\00:12:25.44
I actually, I'm a huge advocate
00:12:25.47\00:12:27.08
of a 20 percent
down conventional loan.
00:12:27.14\00:12:29.71
Some people will say,
00:12:29.74\00:12:31.08
"You know, Ryan, I
have to wait a longer time."
00:12:31.11\00:12:32.85
Okay, well, that's fine
00:12:32.88\00:12:35.08
and there is
nothing wrong with that.
00:12:35.12\00:12:36.85
If you ask someone
00:12:36.89\00:12:38.92
when is the time that
they're going to be able to,
00:12:38.95\00:12:40.92
when would you
want to buy your home?
00:12:40.96\00:12:42.66
Everyone always says the
exact same time, one year.
00:12:42.69\00:12:46.49
They always say the same time.
00:12:46.53\00:12:47.86
When would you
like to buy this home?
00:12:47.86\00:12:50.00
A year from now.
00:12:50.03\00:12:51.37
Well, have you ever
done any calculation?
00:12:51.40\00:12:52.73
No, no, but
about a year from now.
00:12:52.77\00:12:54.44
Because somehow in their mind
00:12:54.47\00:12:56.20
they've calculated
00:12:56.24\00:12:57.57
that they can't
wait longer than a year,
00:12:57.61\00:12:59.47
otherwise, they're
less than adequate, right?
00:12:59.51\00:13:01.84
So we have to do the
things that are necessary,
00:13:01.88\00:13:04.65
if you have to wait five
or six years that's fine.
00:13:04.68\00:13:07.72
You do it
according to your schedule,
00:13:07.75\00:13:09.32
according to
God's schedule for you,
00:13:09.35\00:13:11.49
and that will make sure
that when you get the home,
00:13:11.52\00:13:13.89
you can keep the home
00:13:13.96\00:13:15.29
and everyone
else in the community
00:13:15.32\00:13:16.76
won't be impacted
by that foreclosure
00:13:16.83\00:13:18.63
because it's
never going to happen,
00:13:18.66\00:13:20.00
you've done it
in a responsible way
00:13:20.03\00:13:21.33
so we got to find some cash.
00:13:21.36\00:13:22.70
Right, and that's
kind of a tall order
00:13:22.73\00:13:25.67
if you are in the inner city
00:13:25.70\00:13:27.40
and either your
income is really, really low
00:13:27.44\00:13:32.07
and you don't have a
network of family members
00:13:32.11\00:13:35.31
that you can kind
of tap into and say,
00:13:35.34\00:13:37.31
can you help me
with this or whatever?
00:13:37.35\00:13:39.71
So it makes it
kind of hard to find,
00:13:39.75\00:13:41.15
and then people start going
00:13:41.18\00:13:43.28
to the wrong
places to get money.
00:13:43.35\00:13:45.72
And I know that you
teach about that as well.
00:13:45.75\00:13:47.76
Well, we have a list
here of a few different places
00:13:47.79\00:13:50.39
that people can find
some cash and you said one.
00:13:50.43\00:13:53.36
One is from your
gifts, relatives or friends.
00:13:53.40\00:13:56.13
A lot of times
individuals might be saying,
00:13:56.16\00:13:57.93
"Hey, you know what,
00:13:57.97\00:13:59.30
let me assist you with
buying that first home."
00:13:59.33\00:14:01.17
I think parents should do this
00:14:01.20\00:14:03.44
if they can for their
kids buying that first home,
00:14:03.51\00:14:06.17
putting themselves
in a good situation
00:14:06.21\00:14:07.78
where they can actually gift
some, some funds to doing that.
00:14:07.81\00:14:11.05
Private loans,
00:14:11.08\00:14:12.91
be careful about taking
these from family, friends
00:14:12.95\00:14:15.52
any private loans.
00:14:15.55\00:14:17.85
I think that I've
seen a lot of relationships
00:14:17.89\00:14:20.86
get destroyed
because of these loans.
00:14:20.89\00:14:23.36
You know, we might watch,
00:14:23.43\00:14:25.06
you know, everybody watches
Judge Judy and Judge Mathis
00:14:25.09\00:14:27.03
we all see all that,
00:14:27.10\00:14:28.46
you know, all
those type of loans
00:14:28.50\00:14:30.13
that go in all
those judge shows.
00:14:30.17\00:14:31.50
All that drama.
00:14:31.53\00:14:32.87
Yeah, all this
drama that happens.
00:14:32.90\00:14:34.24
So equity from previous homes
00:14:34.27\00:14:36.97
if this is your first
home, it's obviously not for you
00:14:37.01\00:14:39.44
but that's some place you
might be able to tap into.
00:14:39.47\00:14:42.78
Stock sales, if you own stock,
00:14:42.81\00:14:45.31
you might be able
to sell some stock
00:14:45.35\00:14:46.68
but again be cautious
as you sell this stock
00:14:46.72\00:14:49.12
you might have capital gains
you have to take account for,
00:14:49.15\00:14:51.79
if you sell it for a loss,
00:14:51.82\00:14:53.15
you can actually take that
00:14:53.19\00:14:54.52
and get a tax deduction on that,
00:14:54.56\00:14:55.89
but if you are purchasing stock
00:14:55.92\00:14:57.29
which we're going to talk
about on this show as well
00:14:57.33\00:14:58.73
in a later episode.
00:14:58.76\00:15:00.53
Stock sales might
generate some cash for you,
00:15:00.56\00:15:02.83
but again be
cautious about doing that
00:15:02.86\00:15:04.90
and making sure
that it's not hindering
00:15:04.93\00:15:06.37
your long term strategy
00:15:06.40\00:15:08.24
or your retirement strategy
00:15:08.27\00:15:09.60
and we'll be
talking about that as well.
00:15:09.64\00:15:11.84
Life insurance, talk with
your life insurance agent.
00:15:11.87\00:15:14.41
There's a way with
whole life and universal
00:15:14.44\00:15:17.38
where you might be able
to borrow against this thing
00:15:17.45\00:15:19.01
and pull cash out
of the cash component
00:15:19.05\00:15:21.68
to put down on your new home.
00:15:21.72\00:15:24.09
Personal item sales,
00:15:24.12\00:15:25.69
I mean, garage sale,
00:15:25.72\00:15:27.49
it might be garage sale time,
it might be yard sale time.
00:15:27.56\00:15:30.99
Again, it's time to start,
every single dollar counts.
00:15:31.03\00:15:35.10
And there's the IRA
00:15:35.13\00:15:36.77
you can withdraw up
to $10,000 in a lifetime
00:15:36.83\00:15:39.50
from your IRA penalty-free,
00:15:39.53\00:15:42.44
you still are liable for taxes
00:15:42.47\00:15:43.97
but as long as this
goes towards a purchase,
00:15:44.01\00:15:46.14
you're able to do that.
00:15:46.17\00:15:47.61
And then 401K,
now the IRA and 401K
00:15:47.64\00:15:51.95
just because
you have this money,
00:15:51.98\00:15:55.15
I'm not a proponent
of being able to do that
00:15:55.18\00:15:58.25
just because you can,
00:15:58.29\00:16:00.39
I like the fact that
these are retirement,
00:16:00.42\00:16:02.32
this is for your rainy day fund,
00:16:02.36\00:16:03.96
when you get to,
00:16:03.99\00:16:05.33
you're not working
for the Golden Arches
00:16:05.36\00:16:06.73
in your golden years.
00:16:06.76\00:16:08.06
Right, right.
00:16:08.10\00:16:09.43
So I'm not a proponent of
using your IRA or 401K fund,
00:16:09.46\00:16:13.34
but this could
be a viable place,
00:16:13.37\00:16:15.84
but again make sure
you do replenish it,
00:16:15.87\00:16:17.97
this is your retirement fund.
00:16:18.01\00:16:20.18
Trust me, down the line
I've seen many individuals
00:16:20.21\00:16:23.58
over the age of 40, 50
00:16:23.65\00:16:25.45
when they start
looking back and saying,
00:16:25.48\00:16:26.82
"Well, I wish I
had not done that.
00:16:26.85\00:16:28.35
Right.
00:16:28.38\00:16:29.72
I've seen more individuals
00:16:29.75\00:16:31.09
who were upset
00:16:31.12\00:16:32.45
that they had tapped
into that retirement fund
00:16:32.49\00:16:34.26
than had not tapped into it.
00:16:34.29\00:16:35.62
So those are places
00:16:35.66\00:16:36.99
where you can get some cash out.
00:16:37.03\00:16:38.36
I think it's about
deferring gratification.
00:16:38.39\00:16:42.20
Because you know,
we're a microwave society.
00:16:42.23\00:16:44.50
I want it now, I want it,
you know, the way I want it,
00:16:44.53\00:16:47.84
and what you're saying is
00:16:47.87\00:16:50.07
tap into some of these resources
00:16:50.11\00:16:53.38
but have some patience.
00:16:53.44\00:16:54.78
Right, exactly.
00:16:54.81\00:16:56.14
If you have to build it yourself
00:16:56.18\00:16:59.28
or save it yourself,
00:16:59.31\00:17:00.85
which you gave
some excellent ways
00:17:00.88\00:17:02.55
to save some money,
00:17:02.58\00:17:04.95
I think, you
know, you have to look
00:17:04.99\00:17:08.02
at deferring gratification.
00:17:08.06\00:17:09.92
I can't have it now but
I will be able to have it.
00:17:09.96\00:17:13.83
God willing, I
will be able to have it.
00:17:13.86\00:17:16.33
And so the next tip
is locating a good agent.
00:17:16.36\00:17:20.27
Now, I feel very
strongly about this
00:17:20.34\00:17:23.81
because any financial counselor
00:17:23.84\00:17:26.78
that you have,
anything, whether it be,
00:17:26.81\00:17:28.98
or any counselor,
whether it be an attorney,
00:17:29.01\00:17:32.75
CPA, or a real estate agent,
00:17:32.78\00:17:35.45
financial adviser especially,
00:17:35.48\00:17:37.62
they should be
willing to educate you.
00:17:37.65\00:17:40.49
They should be willing to
00:17:40.56\00:17:42.19
not only be so
concerned with commission
00:17:42.22\00:17:45.16
that they're
actually sitting down
00:17:45.19\00:17:46.53
and talking to you.
00:17:46.56\00:17:48.06
Edwin Davis, he
does my taxes for me,
00:17:48.10\00:17:52.43
he's a CPA, he's
an enrolled agent.
00:17:52.47\00:17:56.17
He's not a tax attorney.
00:17:56.20\00:17:57.57
There's only three individuals
00:17:57.61\00:17:58.94
that can represent
you in court for taxes,
00:17:58.97\00:18:00.38
CPA, enrolled
agents, and a tax attorney
00:18:00.41\00:18:02.24
but he's two of those,
00:18:02.28\00:18:03.88
and I'll tell you Edwin Davis,
00:18:03.91\00:18:05.55
he, every single time
I've ever left his office,
00:18:05.58\00:18:08.78
I've been more
educated than when I came in.
00:18:08.82\00:18:11.62
And I'm not an expert on taxes,
00:18:11.65\00:18:13.05
I know a little bit about taxes
00:18:13.09\00:18:14.42
but he is the expert.
00:18:14.46\00:18:15.82
He's written books, he
can write manuals on taxes
00:18:15.86\00:18:18.33
and he educates it to you.
00:18:18.36\00:18:19.83
We should be
expecting more from individuals
00:18:19.86\00:18:22.43
that we're paying services from
00:18:22.46\00:18:24.33
to make sure that
they're educating us
00:18:24.37\00:18:27.07
and talking to us
00:18:27.14\00:18:28.47
and making sure that
we're not just signing things
00:18:28.50\00:18:30.51
without any knowledge
or understanding of that,
00:18:30.54\00:18:32.54
so as you look for a good agent,
00:18:32.57\00:18:34.91
do they rush?
00:18:34.94\00:18:36.31
Are they able to be flexible
with your time schedule?
00:18:36.34\00:18:39.35
Do they have a
concern about your livelihood
00:18:39.38\00:18:42.12
and making sure
that they can give you
00:18:42.15\00:18:44.59
all the information
in a timely fashion?
00:18:44.62\00:18:49.89
All these things and more.
00:18:49.92\00:18:51.39
Are they upfront with
the way that they are,
00:18:51.43\00:18:54.66
are they an exclusive agent?
00:18:54.73\00:18:56.10
Actually you getting
an exclusive buying agent
00:18:56.13\00:18:58.17
where they're not
having any dual agency,
00:18:58.20\00:19:00.27
and they're representing
buyers and sellers and whatnot.
00:19:00.30\00:19:02.67
With conflicts of interests.
00:19:02.70\00:19:04.04
Exactly. That's actually legal.
00:19:04.07\00:19:06.17
You can be a dual agent
00:19:06.21\00:19:08.68
and represent the
buyer and the seller
00:19:08.71\00:19:10.58
as long as you disclose it.
00:19:10.61\00:19:12.51
You can do that
00:19:12.55\00:19:13.88
but at the same
time do you want that?
00:19:13.95\00:19:15.98
Right, exactly.
00:19:16.02\00:19:17.35
You should not want that. Right.
00:19:17.42\00:19:18.75
And they should
be upfront with it.
00:19:18.79\00:19:21.02
You just want to make
sure they are ethical.
00:19:21.06\00:19:23.66
They have fair
business practice.
00:19:23.69\00:19:25.23
So you want to talk to them.
00:19:25.26\00:19:26.86
This is a big decision
00:19:26.93\00:19:28.33
and they're very excited
00:19:28.36\00:19:29.93
to make sure they can
get a commission off of you,
00:19:29.96\00:19:32.27
but don't let that excitement
allow them to push you
00:19:32.30\00:19:36.10
into doing something
that you don't want to do.
00:19:36.14\00:19:38.94
So searching for
the right neighborhood,
00:19:38.97\00:19:41.21
we have to make
sure we're looking
00:19:41.24\00:19:42.68
I mean, looking for signs,
00:19:42.71\00:19:44.48
I mean, literally
looking for signs.
00:19:44.51\00:19:46.92
If there's a lot of for-sale
signs in that neighborhood
00:19:46.95\00:19:49.85
that might be a sign
that people are selling.
00:19:49.88\00:19:52.32
That might be a sign
00:19:52.35\00:19:53.69
that you know, why
is everybody moving away
00:19:53.76\00:19:55.09
from this neighborhood.
00:19:55.12\00:19:56.46
Right.
00:19:56.49\00:19:57.83
The beautiful part about it
00:19:57.86\00:19:59.19
now is that as we're searching
for various neighborhoods,
00:19:59.23\00:20:01.60
there are
websites like zillow.com
00:20:01.63\00:20:03.63
zillow.com
00:20:03.67\00:20:06.37
where you can go online
00:20:06.40\00:20:07.74
and see exactly what
the houses are selling for
00:20:07.77\00:20:10.81
in the various neighborhoods.
00:20:10.87\00:20:12.21
So you can do
some comparable pricing
00:20:12.24\00:20:14.14
all on the internet.
00:20:14.18\00:20:15.68
`Ten, fifteen years
ago you can never do that.
00:20:15.71\00:20:18.71
So if there are homes
that are selling for at
00:20:18.75\00:20:22.58
or even in rare cases
above their appraisal prices,
00:20:22.62\00:20:27.12
then that means it's
a hot commodity market,
00:20:27.16\00:20:29.02
that means that this
neighborhood is selling
00:20:29.06\00:20:31.93
but if there are homes that
are selling for deep discounts,
00:20:31.96\00:20:34.50
below even
their appraisal prices
00:20:34.56\00:20:37.20
then we ought to be
very cautious about that.
00:20:37.23\00:20:39.27
So we just got to do
a little circular tour
00:20:39.30\00:20:42.34
around the neighborhoods.
00:20:42.37\00:20:43.74
Look at the schools,
00:20:43.77\00:20:45.11
the agent, the real estate agent
00:20:45.14\00:20:46.71
is not allowed to tell you
00:20:46.74\00:20:48.08
about the quality of the schools
00:20:48.11\00:20:50.38
because it's viewed as leading,
00:20:50.41\00:20:52.08
it's viewed as
basically discriminatory
00:20:52.11\00:20:56.32
and giving you information
00:20:56.35\00:20:58.85
that they don't
have all the information
00:20:58.89\00:21:00.76
so any information
00:21:00.79\00:21:02.89
that a real
estate agent provides
00:21:02.92\00:21:04.39
that particular client,
00:21:04.43\00:21:05.76
they must be able to make
sure it is well documented
00:21:05.79\00:21:07.40
against all the information
that's available out there,
00:21:07.40\00:21:09.80
not on this particular school
00:21:09.83\00:21:11.17
so you can't ask
your real estate agent
00:21:11.20\00:21:12.87
on certain things,
00:21:12.90\00:21:14.24
so there are certain things
00:21:14.27\00:21:15.60
you got to do your
own research about.
00:21:15.64\00:21:16.97
I was looking for an apartment
00:21:17.01\00:21:18.34
and the real estate lady
00:21:18.37\00:21:21.74
was showing me
through this apartment
00:21:21.78\00:21:23.21
and I asked her,
00:21:23.24\00:21:24.58
"What's the crime
rate around here?"
00:21:24.61\00:21:27.28
And she couldn't tell me.
00:21:27.32\00:21:28.65
Can't tell you, no.
00:21:28.68\00:21:30.02
I had no idea that that
was, that kind of information.
00:21:30.05\00:21:31.45
It would be violation.
00:21:31.49\00:21:32.95
Really? Yeah, it
would be a violation.
00:21:32.99\00:21:34.39
It's viewed as
leading and leading
00:21:34.42\00:21:37.83
and so for her to give
that assessment of crime mean
00:21:37.86\00:21:41.90
that she has to be
able to give that assessment
00:21:41.93\00:21:43.43
of every neighborhood.
00:21:43.50\00:21:45.20
And there were
some real estate agents
00:21:45.23\00:21:46.57
that will say, "Oh,
this is a high crime area
00:21:46.60\00:21:49.04
and I don't think you
ought to live here," right?
00:21:49.07\00:21:52.07
Maybe I was
giving that information
00:21:52.11\00:21:53.81
because I don't
want you to live here
00:21:53.84\00:21:55.78
in this particular neighborhood,
00:21:55.81\00:21:57.18
so that's a violation.
00:21:57.21\00:21:58.55
And so I mean,
those are the rules
00:21:58.58\00:21:59.91
so there are certain
things that we have to make sure
00:21:59.95\00:22:01.82
that we do our own research on,
00:22:01.85\00:22:03.69
especially in a neighborhood
00:22:03.72\00:22:05.32
and a couple of
other quick tips is
00:22:05.35\00:22:07.49
when we're making the offer,
00:22:07.56\00:22:09.06
can you find at
least three other homes
00:22:09.09\00:22:11.43
that have sold
in that neighborhood
00:22:11.46\00:22:13.60
and see what they sold for.
00:22:13.63\00:22:15.60
You want to get
some comparable sales.
00:22:15.63\00:22:17.53
You don't want a lowball
00:22:17.57\00:22:18.90
because you don't want to
get the seller to be disgruntled
00:22:18.93\00:22:21.17
and next, you know,
they'll take the sale
00:22:21.20\00:22:22.54
off the table for you
00:22:22.57\00:22:24.41
and sell it to somebody
else who is not lowballing them.
00:22:24.44\00:22:27.04
When you enter into a contract,
00:22:27.08\00:22:28.58
make sure you get an
attorney to read the contract.
00:22:28.61\00:22:31.75
And if nothing else, make
sure you read that fine print.
00:22:31.78\00:22:35.38
Again, Operation Hope
again, they have, they'll allow,
00:22:35.42\00:22:39.12
they'll read the
various contracts
00:22:39.15\00:22:40.72
and make sure that the cost
from a financial perspective
00:22:40.76\00:22:43.99
is within your budget
00:22:44.03\00:22:45.36
of what you can actually afford.
00:22:45.39\00:22:46.76
So I always
encourage individuals to get
00:22:46.80\00:22:48.33
two, three, four or
five different sets of eyes
00:22:48.36\00:22:50.90
to doing that
00:22:50.93\00:22:52.27
and then make sure
you get an inspection.
00:22:52.30\00:22:54.17
The inspections should be,
00:22:54.20\00:22:55.84
they may cost you $300
up to maybe $800 to $1,000
00:22:55.87\00:23:00.18
depending upon
the size of the home
00:23:00.21\00:23:02.14
but the inspection is crucial
00:23:02.18\00:23:03.58
because that
individual is unbiased
00:23:03.65\00:23:07.62
and they are objective
00:23:07.65\00:23:09.22
and they will be able to
look at that piece of property
00:23:09.25\00:23:11.15
and tell you all the things
00:23:11.19\00:23:12.52
and give you the
best of settlements
00:23:12.55\00:23:13.89
just like when you buy a car,
00:23:13.96\00:23:16.16
you get a mechanic,
an independent mechanic,
00:23:16.19\00:23:18.36
to look under the hood and say,
00:23:18.39\00:23:19.73
"Hey, let me
check out this vehicle
00:23:19.76\00:23:21.20
before I purchase it."
00:23:21.23\00:23:22.60
And then lastly when
you're closing the deal,
00:23:22.63\00:23:25.13
you just want to make
sure, you're going to get that,
00:23:25.17\00:23:28.34
you'll receive a
final HUD settle statement
00:23:28.37\00:23:30.47
from your lender
that lists all the charges
00:23:30.51\00:23:32.61
you can expect
to pay at closing.
00:23:32.64\00:23:34.18
You want to read that over.
00:23:34.24\00:23:36.54
You want to be caught,
you want to take it slow
00:23:36.58\00:23:38.91
but not too slow where
you're going to lose the deal,
00:23:38.95\00:23:41.82
but you want to
be very deliberate
00:23:41.85\00:23:43.25
at going about
doing these things
00:23:43.28\00:23:44.99
so I mean this is from
looking to closing process
00:23:45.02\00:23:49.22
that I would love for
people to just to just
00:23:49.26\00:23:51.29
and if they
needed additional help,
00:23:51.33\00:23:52.66
they have any questions
then, my mother always said,
00:23:52.69\00:23:55.70
"When in doubt, do without."
00:23:55.73\00:23:57.30
So don't move forward
unless you fully understand
00:23:57.33\00:24:01.07
because for most individuals
00:24:01.10\00:24:02.80
it's going to be the
largest purchase of your life.
00:24:02.84\00:24:05.71
That's right. That's right.
00:24:05.74\00:24:07.38
You shouldn't move forward
00:24:07.41\00:24:09.34
without
consulting with the Lord.
00:24:09.38\00:24:11.98
To find out
00:24:12.01\00:24:13.35
is this one of
promise or the flesh.
00:24:13.42\00:24:15.85
Exactly. This is
you've said before.
00:24:15.88\00:24:17.89
Because you can be
moving on your own,
00:24:17.92\00:24:20.09
you want that so
badly that you just like
00:24:20.16\00:24:23.73
I got to have
it, I got to have it.
00:24:23.76\00:24:25.66
But does the Lord
want you to have it now?
00:24:25.69\00:24:27.40
He's not going to withhold
any good thing from you.
00:24:27.50\00:24:30.33
So if you can't
handle it He knows what's,
00:24:30.37\00:24:33.64
He knows the end
from the beginning.
00:24:33.70\00:24:35.34
So He knows if, you
know, things happen,
00:24:35.37\00:24:37.47
people get sick,
they can't handle things.
00:24:37.51\00:24:39.94
He knows what's going to happen.
00:24:39.97\00:24:41.71
So ask God,
should I get this home?
00:24:41.74\00:24:45.31
Yeah, and so I know
00:24:45.35\00:24:47.22
that there've been a
lot of predatory lending,
00:24:47.28\00:24:49.18
people are still cautious
about that in this environment
00:24:49.22\00:24:53.19
and these times it's
probably a little bit more
00:24:53.22\00:24:55.42
where they're not
lending enough if anything
00:24:55.46\00:24:57.39
but there is still
a lot of many cases
00:24:57.43\00:24:59.06
of predatory lending out there,
00:24:59.09\00:25:00.53
so I actually have 13 tips
00:25:00.56\00:25:02.13
that I want to
read off for the viewers
00:25:02.16\00:25:06.50
so they can
essentially just know
00:25:06.53\00:25:08.04
that these are some things
they could look out for, okay.
00:25:08.07\00:25:11.31
So tip number one,
00:25:11.34\00:25:13.48
read everything
carefully before you sign.
00:25:13.51\00:25:17.35
Tip number two,
00:25:17.38\00:25:18.88
hire a qualified
real estate attorney
00:25:18.91\00:25:21.45
to help you
understand the documents
00:25:21.48\00:25:23.32
that you're about to sign.
00:25:23.39\00:25:25.29
Tip number three,
00:25:25.32\00:25:26.69
do not sign any blank documents.
00:25:26.76\00:25:30.93
Number four,
00:25:30.96\00:25:32.39
hire an adviser or
a free financial coach
00:25:32.43\00:25:35.70
to help you calculate how
much you can actually afford.
00:25:35.73\00:25:38.80
Number five,
00:25:38.83\00:25:40.20
do not purchase
property for another party.
00:25:40.24\00:25:44.27
Number six, be honest
about your employment status.
00:25:44.31\00:25:47.98
Number seven, do not
exaggerate your assets.
00:25:48.01\00:25:52.01
Number eight,
report all of your debts.
00:25:52.05\00:25:55.82
Number nine,
00:25:55.85\00:25:57.19
by all means do not
alter your tax returns.
00:25:57.25\00:26:01.46
Number 10, tell the truth about
all gifts and financial help.
00:26:01.49\00:26:07.30
Number 11, be truthful
about credit difficulties.
00:26:07.36\00:26:11.70
Number 12, do not
provide any false documentation.
00:26:11.73\00:26:17.01
And number 13, do not mislead.
00:26:17.04\00:26:20.31
I think these are things that,
and I emphasize the tax returns
00:26:20.38\00:26:25.08
because many people did that,
00:26:25.11\00:26:27.05
may people alter
their tax returns
00:26:27.12\00:26:28.65
so they can say,
00:26:28.68\00:26:30.69
you know, they had income loans
00:26:30.72\00:26:32.42
where people all
they had do to is,
00:26:32.45\00:26:34.26
their stated income
00:26:34.29\00:26:35.62
and just say
what their income is
00:26:35.66\00:26:37.36
and they get a loan.
00:26:37.43\00:26:38.76
So people would
alter their tax returns
00:26:38.79\00:26:40.13
so they can get
that income level
00:26:40.16\00:26:41.80
and get that loan.
00:26:41.83\00:26:43.16
So all of these things
00:26:43.20\00:26:44.53
at the end of the day
it's just about being honest,
00:26:44.57\00:26:46.57
but I think the
Word talks a lot about
00:26:46.60\00:26:48.90
being honest, right.
00:26:48.94\00:26:50.27
Absolutely.
00:26:50.31\00:26:51.64
Thou shall not lie is one
of the biggest commandments
00:26:51.67\00:26:53.01
that we can have.
00:26:53.04\00:26:54.38
So all these things together
I think will be all right.
00:26:54.41\00:26:56.91
Wonderful, wonderful.
00:26:56.95\00:26:58.28
Hey, you have a takeaway for us?
00:26:58.31\00:26:59.65
I sure do have a takeaway
00:26:59.68\00:27:01.08
and it was a good two days
and I'll have something to say.
00:27:01.12\00:27:04.02
Thanks for the info.
00:27:04.05\00:27:05.42
All right.
00:27:05.45\00:27:06.79
You're thinking
about buying a home?
00:27:12.56\00:27:14.30
You must ask
yourself this question:
00:27:14.36\00:27:16.33
Is this born of the
promise or born of the flesh?
00:27:16.36\00:27:19.30
Being a homeowner
takes much responsibility,
00:27:19.33\00:27:21.60
so we need not take
this decision lightly.
00:27:21.64\00:27:23.74
God wants us to
receive all His blessings
00:27:23.81\00:27:25.94
but we must not
insert our schedule
00:27:25.97\00:27:28.11
over the one He has for us.
00:27:28.14\00:27:29.94
We have seen what it looks like
00:27:29.98\00:27:31.31
to purchase homes
in the worldly way.
00:27:31.35\00:27:33.08
We crashed the economy.
00:27:33.11\00:27:34.72
How about we try God's way?
00:27:34.75\00:27:36.25
With consultation,
wisdom, and patience
00:27:36.28\00:27:39.02
we will uplift the
economy and everyone in it.
00:27:39.05\00:27:41.79
At Dollars and Sense,
00:27:41.82\00:27:43.16
we want you to receive
the blessing of homeownership.
00:27:43.19\00:27:45.63
Send us an e-mail at
dollarsandsense@3ABN.org,
00:27:45.66\00:27:48.80
and ask us your questions
00:27:48.83\00:27:50.17
on the Dare to Dream
Network Facebook page.
00:27:50.23\00:27:52.13
Until next time, be the change
00:27:52.17\00:27:54.24
and remember the purpose of life
00:27:54.27\00:27:56.00
is a life of purpose.
00:27:56.04\00:27:57.37
Signing out.
00:27:57.41\00:27:58.74