# Real Estate: She helps first-time home buyers, self-employed individuals, and those with unique challenges.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 9 Jul 2026, 27 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/e6345d7b-8624-4ec0-b1c2-b480009f9e56/audio.mp3?utm_source=Podcast&in_playlist=35a10561-3e1b-4d05-a529-af62012aab6a

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Latrease Price-Gistard. Purpose of the Interview The interview aims to educate listeners on the mortgage industry, highlight the role and benefits of working with an independent mortgage broker, and provide practical advice on home financing options, credit challenges, and programs that support homeownership. It also shares Latrease’s entrepreneurial journey and lessons learned. Key Takeaways • Background and Career Path • Latrease has a finance degree and started in investment operations in 1999. • Transitioned from auto financing and co-owning a car dealership to mortgage lending. • Became an independent mortgage broker in 2022 after being laid off during rising interest rates. • Role of an Independent Mortgage Broker • Holds her own license and partners with multiple lenders to offer tailored loan products. • Advocates for borrowers to ensure they get the right product, not just approval. • Specializes in helping first-time buyers, self-employed individuals, and those with unique challenges. • Home Financing Insights • Reverse Mortgages: Typically for seniors 62+, often used by those 75+ with equity and limited retirement funds. Provides tax-free cash without monthly payments; debt settled upon sale or refinance. • Zero Down Payment Programs: Offers up to 3% for down payment, attached to the mortgage; other programs provide up to 5% for down payment and closing costs. • FHA 203K Program: Allows buyers to finance home purchase and renovations in one loan—ideal for fixer-uppers. • Credit Challenges • Programs exist for credit scores as low as 500, but require higher down payments (10–20%) and result in higher interest rates. • Latrease consults and provides “what-if” scenarios to help clients improve credit over time. • Entrepreneurial Lessons • Mistakes: Starting without enough capital and a strong pipeline; economic timing matters. • Advice: Build capital, secure a solid client pipeline, and understand market conditions before going independent. Notable Quotes • On independence: “As a broker, you serve as that advocate for your borrower to make sure they’re getting the right loan product.” • On reverse mortgages: “The beauty of it is there are no monthly payments going back to the institution. The debt is paid off when the home is sold or refinanced.” • On credit challenges: “Programs go as low as 500 credit score, but those borrowers need 10–20% down.” • On entrepreneurial advice: “Make sure you have strong capital and a solid pipeline before stepping out on faith.” • On perseverance: “It’s all about follow-through. It’s all about your dream and whether you want to make it happen.” #SHMS #STRAW #BEST Money Making Conversations Master Class with Rushion McDonald is America's premier entrepreneurship, business leadership, financial literacy, and wealth-building podcast featuring successful entrepreneurs, executives, founders, celebrities, and industry experts sharing actionable insights for professional and financial success. Business Podcast Entrepreneurship Small Business Business Growth Financial Literacy Wealth Building Black Entrepreneurs Minority Business Leadership Executive Leadership Business Funding Marketing Strategies Personal Development Startup Advice Sales Training CEO Interviews Founder Stories Professional Development Economic Empowerment Business Success…

## Transcript

[0:00] Speaker 1: Welcome to my show. I'm Rashon McDonald, a host of
[0:02] Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop
[0:06] Speaker 1: reading other people's success stories and start planning your own. Now,
[0:10] Speaker 1: you don't want to miss an episode, so please take
[0:12] Speaker 1: a MoMA right now to follow or subscribe to Money
[0:14] Speaker 1: Making Conversations Masterclass.
[0:16] Speaker 2: It's free.
[0:17] Speaker 1: You can follow me on iHeartRadio, app, Spotify, Apple Podcasts,
[0:21] Speaker 1: or wherever you listen to your podcast. New Money Making
[0:24] Speaker 1: Conversations Masterclass episodes drop daily. I want to keep you
[0:28] Speaker 1: on alert because my guests provide tips on how you
[0:30] Speaker 1: can uplift your community, improve your financial planning, motivation, or
[0:34] Speaker 1: advice on how to be a successful entrepreneur. Now, let's
[0:38] Speaker 1: get this podcast started. My guest is an independent mortgage broker.
[0:42] Speaker 1: She's committed to delivering exceptional service to a focus on
[0:46] Speaker 1: accountability and securing the right mortgage for your home. They'll
[0:50] Speaker 1: ensure a smooth and seamless home buying process. Please work
[0:55] Speaker 1: with the Money Making Conversations Masterclass. Latre's price get stalled
[1:00] Speaker 1: like French that gest you got to put that get
[1:03] Speaker 1: star except from Houston, Texas. The tree so you know
[1:06] Speaker 1: down there y'all do all the San Antonio people just started.
[1:11] Speaker 2: How you doing? My friend the tree, So, how you doing?
[1:13] Speaker 3: I'm doing great? How are you doing?
[1:15] Speaker 2: Finance? What's your what's your background?
[1:17] Speaker 1: When you start talking about, you know, mortgage brokering and
[1:20] Speaker 1: brokery and accountability and finance, give us a little history
[1:23] Speaker 1: on you before we get started and get deep into
[1:25] Speaker 1: this interview.
[1:26] Speaker 4: Well, I am originally from San Antonio, Texas, and I
[1:30] Speaker 4: have a bachelor's degree in finance, and I've been in
[1:35] Speaker 4: finance since nineteen ninety nine. Where I originally started out
[1:39] Speaker 4: working in investment operations, which consists of like settlements operations
[1:44] Speaker 4: and investment accounting, and then like around twenty twelve or so,
[1:50] Speaker 4: I moved over to doing.
[1:53] Speaker 3: Auto of financing.
[1:55] Speaker 4: My husband and I we opened up a car dealership
[1:58] Speaker 4: and I was part owner also our finance manager, where
[2:02] Speaker 4: I helped customers get financing for their cars.
[2:06] Speaker 3: We focused a lot.
[2:07] Speaker 4: On first time buyers and just pretty much took care
[2:11] Speaker 4: of them to make sure that they were not being
[2:12] Speaker 4: taken advantage of and getting good interest rates and good
[2:16] Speaker 4: payments that they could maintain. Because a lot of the
[2:19] Speaker 4: customers were like your college students and first time buyers
[2:22] Speaker 4: who had just who had just actually just graduated from college.
[2:26] Speaker 4: And then right in the middle of all that, you know, well,
[2:30] Speaker 4: at the time, there was a lot of favor with
[2:35] Speaker 4: auto lending and so forth, and so a lot of
[2:37] Speaker 4: that changed, unfortunately, And so then I started looking into
[2:40] Speaker 4: mortgage financing just to kind of like compliment what I
[2:43] Speaker 4: was already doing. And that's pretty much how I ended
[2:46] Speaker 4: up in mortgages. I started well, I obtained my license
[2:49] Speaker 4: in twenty eighteen, and then in twenty twenty two I
[2:54] Speaker 4: decided to go ahead and take the leap and become
[2:56] Speaker 4: an independent mortgage broker where I.
[2:58] Speaker 2: Have my I don't think you just took a leap.
[3:00] Speaker 2: You're a planner.
[3:01] Speaker 1: You're a planner now because you're dealing with numbers, so
[3:06] Speaker 1: you already know about taxes, you already know about understanding
[3:11] Speaker 1: the you know that profit margin that you have to
[3:14] Speaker 1: achieve now. As in the car dealer industry, first of all,
[3:18] Speaker 1: are rarely meet a person of color who said they
[3:21] Speaker 1: went in the car dealership. You know, you re meet
[3:25] Speaker 1: car sellers of car mechanics of people of color. How
[3:29] Speaker 1: did y'all get into the auto industry from a dealership standpoint.
[3:35] Speaker 4: Well, actually, my husband he had his first car dealership
[3:39] Speaker 4: in San Antonio in the early nineties and it went
[3:43] Speaker 4: fairly well for him. He ventured off into doing some
[3:46] Speaker 4: other things, into promotions and so forth, and then around
[3:52] Speaker 4: that time he decided to just go ahead and start
[3:54] Speaker 4: to do the car dealership again. But he didn't want
[3:56] Speaker 4: to do it the same way he did it before.
[3:58] Speaker 4: He decided to do it differently the time. And it
[4:01] Speaker 4: went very well for a while because it was around
[4:04] Speaker 4: the time when Obama was, you know, issuing out all
[4:07] Speaker 4: of the rescue money, and so the lending guidelines were
[4:10] Speaker 4: very helpful for those who were having a difficult time,
[4:14] Speaker 4: you know, at that particular time. And unfortunately they had
[4:19] Speaker 4: to go back and tighten up those lending guidelines again
[4:22] Speaker 4: and that changed the industry. And then COVID came right
[4:25] Speaker 4: behind that and made it even more tighter.
[4:29] Speaker 1: So cool, now, just be could I ask this one
[4:32] Speaker 1: car question about car dealerships. You know, you know, I've
[4:36] Speaker 1: had a lot of used cars in my life and
[4:38] Speaker 1: I've traded them in. Now, should I have haggled to
[4:42] Speaker 1: get the price down the trees because I always traded
[4:46] Speaker 1: in my used car, which would have been a better
[4:49] Speaker 1: rite that you way that you would have recommended, and
[4:52] Speaker 1: just listening and people listening may follow your advice or
[4:55] Speaker 1: they might do their own thing.
[4:56] Speaker 2: What would you suggest haggling a trade in and used I.
[5:00] Speaker 3: Think that you should do.
[5:03] Speaker 4: Definitely negotiate and make sure that you get in the
[5:06] Speaker 4: right deal. And you know a lot of people they
[5:08] Speaker 4: go to Kelly Bluebook to reference the value for their car,
[5:13] Speaker 4: but I personally recommend you going to Nada dot com
[5:17] Speaker 4: their Power by Genie Powers and Associates now and they
[5:21] Speaker 4: tend to give a better explanation of what the value
[5:24] Speaker 4: is of your car because it gives it whether or
[5:26] Speaker 4: not if it's in good condition or a bad condition,
[5:29] Speaker 4: or if it's even in a syllable condition, and so
[5:33] Speaker 4: you can kind of you can negotiate off of those numbers.
[5:36] Speaker 4: A lot of times of dealerships they don't. They just
[5:39] Speaker 4: assume that you don't really know what the value of
[5:41] Speaker 4: your car is. And if you come in and you
[5:44] Speaker 4: and you're educated and you can, you know, discuss on
[5:48] Speaker 4: those particular parameters, you could say, well, no, you know
[5:51] Speaker 4: my car, you know, I just did this, this and
[5:53] Speaker 4: this to my car, so it's actually valued at this
[5:56] Speaker 4: particular number.
[5:57] Speaker 3: This is what I would like to have because they're.
[5:59] Speaker 4: Going to pay you what they're going to pay you
[6:01] Speaker 4: and turn back around and sell it and make sure
[6:03] Speaker 4: that they get.
[6:06] Speaker 2: Yeah, like anything, do your homework.
[6:11] Speaker 1: Yes, going there and have a stand a value stand
[6:15] Speaker 1: on your vehicle before you start trying to ask somebody
[6:19] Speaker 1: what they think is going to cost.
[6:20] Speaker 2: Yes, them, because.
[6:21] Speaker 3: They're going to make sure they make their money.
[6:24] Speaker 1: Stay with us more Money Making Conversation master Class coming
[6:27] Speaker 1: up next. Welcome back to Money Making Conversation masteric Class
[6:34] Speaker 1: with me Rashaun McDonald.
[6:35] Speaker 2: Well.
[6:36] Speaker 1: I brought you on the show to talk about being
[6:37] Speaker 1: an independent mortgage broker.
[6:39] Speaker 2: The word independent is powerful. Yes, you know.
[6:43] Speaker 1: How are you an independent mortgage broker? First question? Secondly,
[6:49] Speaker 1: why are you an independent mortgage broker?
[6:51] Speaker 3: Okay?
[6:53] Speaker 4: I am an independent mortgage broker because I basically hold
[6:57] Speaker 4: my own license as a broker. So I go out
[6:59] Speaker 4: and I established relationships with various lenders to provide different
[7:05] Speaker 4: loan options to my borrowers. You know, I have lenders
[7:09] Speaker 4: that will catered to individuals who may be self employed
[7:13] Speaker 4: who may have a difficult time getting approved. I also
[7:16] Speaker 4: have lenders who cater to first time buyers. I have
[7:20] Speaker 4: lenders that cater to those who may need help, you know,
[7:26] Speaker 4: due to citizenship, you know issues and so forth. I mean,
[7:29] Speaker 4: there's all type of lenders out there. And so as
[7:33] Speaker 4: a broker, you serve as that advocate for your borrower
[7:37] Speaker 4: to make sure that they're getting the right loan product
[7:39] Speaker 4: and not necessarily just getting approved, but you know, do
[7:42] Speaker 4: they have the right product that fits their particular needs
[7:46] Speaker 4: and so forth.
[7:48] Speaker 2: Okay, so, but but why.
[7:53] Speaker 4: Well, what made me become well, decide to become a
[7:57] Speaker 4: mortgage broker was I had actually been laid off at
[8:01] Speaker 4: a company.
[8:01] Speaker 3: It was a builder.
[8:03] Speaker 4: It was like in late twenty twenty two, the interest
[8:06] Speaker 4: rates has started to really go up, and so they
[8:09] Speaker 4: had lost like sixty eight percent of their contracts due
[8:13] Speaker 4: to borrowers falling out because they could no longer fit
[8:17] Speaker 4: the home because they were in the middle of construction
[8:19] Speaker 4: and so forth.
[8:20] Speaker 3: And so I was faced with.
[8:22] Speaker 4: Having to go and find something, find new employment and
[8:26] Speaker 4: so forth. And so I just noticed that, you know,
[8:29] Speaker 4: the commission negotiations just did not fit my needs. And
[8:34] Speaker 4: so I'll just figure I might as well just go
[8:37] Speaker 4: ahead and advocate for people like I do, and also
[8:40] Speaker 4: keep my commissions.
[8:41] Speaker 1: At the same time, there are certain things as you
[8:46] Speaker 1: gain equity. That's the big thing. That's the goal in
[8:49] Speaker 1: any house is to gain equity. Explain to us the
[8:52] Speaker 1: value of reverse mortgages when you hit a certain age
[8:56] Speaker 1: and you have a certain equity in your house.
[8:58] Speaker 4: Okay, Well, I will say this due to the fact
[9:02] Speaker 4: that a lot of people do not really have very
[9:05] Speaker 4: much knowledge in reversed mortgages. The usage of them are
[9:09] Speaker 4: only like about two to three percent of senior citizens,
[9:12] Speaker 4: and it's typically in the age range like around seventy
[9:15] Speaker 4: five and older. And that's typically when people will you know,
[9:20] Speaker 4: will have enough equity in their home and or have
[9:24] Speaker 4: exhausted their retirement funds and have high medical costs and
[9:27] Speaker 4: so forth, and so it's just a way for them
[9:30] Speaker 4: to be able to have tax free cash coming into
[9:33] Speaker 4: their home. They could either take a lump sum amount,
[9:37] Speaker 4: or they can get they can receive a monthly payment,
[9:40] Speaker 4: or they can open up a line of credit where
[9:43] Speaker 4: they just withdraw the money out every month. I feel
[9:48] Speaker 4: like it is a good option for those, you know,
[9:50] Speaker 4: for individuals that are in that particular age range who
[9:53] Speaker 4: have exhausted their retirement funds or have limited retirement funds.
[9:58] Speaker 4: And you know, it's unfortunate that people typically do not
[10:05] Speaker 4: have enough education, you know, about them because what happens
[10:08] Speaker 4: sometimes is is that you know, they'll take out the
[10:11] Speaker 4: reverse mortgage and the family is unaware and when they
[10:14] Speaker 4: pass away, they don't know that the debt is there.
[10:18] Speaker 4: And so but what the family can do is if
[10:20] Speaker 4: they want to keep the keep the home and the
[10:22] Speaker 4: family they can refinance it, you know, if they want
[10:25] Speaker 4: to keep it, or they can just sell it to
[10:27] Speaker 4: pay off the debt. Flowers while they're here. You know,
[10:34] Speaker 4: they paid all the equity into the house, so you know.
[10:38] Speaker 1: Okay, let me ask you this question right quickly. The
[10:40] Speaker 1: tree I'm talking to, the tree's price gets started. And
[10:43] Speaker 1: independent mortgage broker based in Houston, Texas. Okay, you take
[10:48] Speaker 1: out a lump sum? How does that work? How you
[10:51] Speaker 1: paying it back? If you have no money and you
[10:55] Speaker 1: having financial issues and you do a lump sum or
[10:59] Speaker 1: how exactly walk me through how a reverse mortgage works
[11:03] Speaker 1: and how exactly does it benefit because if you if
[11:07] Speaker 1: you take some money, they're going to want it back.
[11:09] Speaker 1: So how are they making those payments back of the
[11:13] Speaker 1: lump sum? Are the monthly songs that they're requesting.
[11:16] Speaker 4: Well, the beauty of it is there are no monthly
[11:18] Speaker 4: payments going back to the institution. The data is paid
[11:22] Speaker 4: off when the home is is paid off, you know,
[11:26] Speaker 4: like when the person passes away, the family can either
[11:28] Speaker 4: refinance it into their name or they can sell the home.
[11:33] Speaker 1: Yeah, I'll see what you're saying. So so let's use
[11:36] Speaker 1: some numbers. So if the house is two hundred and
[11:38] Speaker 1: fifty thousand dollars, then you can do a reverse mortgage
[11:42] Speaker 1: on the equity or the value of the home.
[11:45] Speaker 3: The equity, that's what you're saying.
[11:47] Speaker 4: Yes, and you would need fifty percent of equity in
[11:52] Speaker 4: the home to be able to do it.
[11:54] Speaker 1: Okay, cool, So that means that you can do a
[11:56] Speaker 1: reverse mortgage on one hundred and twenty five thousand dollars.
[11:59] Speaker 2: Yes, if it's two hundred and fifty.
[12:02] Speaker 1: Thousand dollars house, and then they receiving payments, they don't
[12:07] Speaker 1: have to make any payments back.
[12:09] Speaker 2: But that's why you were saying, Rashan.
[12:11] Speaker 1: Generally people who do these reverse mortgages are in their seventies.
[12:15] Speaker 2: Yes, because it's not something you want to do in
[12:17] Speaker 2: your fifties.
[12:18] Speaker 1: No, no, okay, cool, Now that.
[12:23] Speaker 4: I have to be at least sixty two years old.
[12:26] Speaker 4: I'm just saying that typically most of the barbers in
[12:30] Speaker 4: that range are around the seventy five.
[12:32] Speaker 1: It's range, right, so it has to be sixty two
[12:36] Speaker 1: years old. So do you handle those type of situations?
[12:39] Speaker 1: There do zero down payment programs. Okay, I'm speaking to
[12:46] Speaker 1: Lutrese's price. Get stared. What exactly is that zero down
[12:50] Speaker 1: payment program?
[12:52] Speaker 4: What they do is they loan the amount that's needed
[12:56] Speaker 4: for the down payment.
[12:57] Speaker 3: It's up to like three percent of the loan.
[13:01] Speaker 4: And what they do is they put the loan, they
[13:05] Speaker 4: attach it to the actual mortgage itself, and then it
[13:07] Speaker 4: is paid. It is paid off once the loan is
[13:11] Speaker 4: either sold or either refinance, but up until then it
[13:15] Speaker 4: is part of the part of the mortgage. But I
[13:18] Speaker 4: also do have other down payment assistance programs that will
[13:22] Speaker 4: give up to five percent of the value of the loan.
[13:26] Speaker 4: So what happens is some people they'll use like the
[13:29] Speaker 4: three to three and a half percent that's required for
[13:32] Speaker 4: the down payment, and then the remaining of the five
[13:34] Speaker 4: percent to pay off to help with the closing costs.
[13:37] Speaker 5: Please don't go anywhere We'll be right back with more
[13:40] Speaker 5: Money Making Conversations Masterclass. No need for you to do
[13:43] Speaker 5: me a favor right now to follow or subscribe to
[13:47] Speaker 5: Money Making Conversation. It's free and you can find it
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[13:55] Speaker 5: get your podcasts. Please do me that favor, follow or
[13:58] Speaker 5: subscribe money any Making Conversations. Welcome back to Money Making
[14:05] Speaker 5: Conversations master Class hosted by me Rashaan McDonald. Money Making
[14:09] Speaker 5: Conversation master Class continues online and Moneymaking Conversations dot com
[14:13] Speaker 5: and follow Money Making Conversations master Class on Facebook, X
[14:17] Speaker 5: and Instagram. Let's walk through the process of how you
[14:20] Speaker 5: handle clients latrese when they come to you, the educational process.
[14:25] Speaker 5: How does your business model for you work and how
[14:28] Speaker 5: does it benefit the customers that come to you.
[14:32] Speaker 4: Well, the first thing that I ask each person when
[14:35] Speaker 4: they called is if they've purchased a home before and
[14:40] Speaker 4: how soon do they need to buy.
[14:43] Speaker 3: A home.
[14:45] Speaker 4: And then I'll ask like key points like how long
[14:48] Speaker 4: they've been on their job, what their credit score is like,
[14:52] Speaker 4: and what you know? Do they have any money for
[14:55] Speaker 4: down payment? You know anything and savings And I just
[14:58] Speaker 4: kind of like gauge off of what they tell me
[15:00] Speaker 4: and just kind of like take it from there. But
[15:02] Speaker 4: I do when I do offer the different type of
[15:07] Speaker 4: loan products, I do explain like the difference between the
[15:11] Speaker 4: you know, between each kind because you know, you you
[15:13] Speaker 4: have fah A v A conventional and U S D
[15:17] Speaker 4: A and and each one caters to a particular you
[15:22] Speaker 4: know customer, you know, whereas you I have like fah
[15:25] Speaker 4: A you know, that's that's that's really more for like
[15:28] Speaker 4: the customer who may need a lower down payment but
[15:31] Speaker 4: also may have like a lower credit score than than
[15:35] Speaker 4: the average, or have like a lot of open debt,
[15:38] Speaker 4: because that particular program allows for a higher DTI versus
[15:45] Speaker 4: someone who could go conventional, who may have like a
[15:48] Speaker 4: higher credit score, but their down payment will start like
[15:52] Speaker 4: around three percent and go up to like about five percent.
[15:55] Speaker 3: And so I guess to answer you a.
[15:57] Speaker 1: Question, is or it permits their interest rate.
[16:03] Speaker 4: It is a very it's a very key component, you know,
[16:07] Speaker 4: because we do have programs that will go as low
[16:10] Speaker 4: as five five hundred credit score, but of course quite
[16:14] Speaker 4: naturally those who are like I would say, like around
[16:17] Speaker 4: seven to twenty and above will have your more favorable
[16:21] Speaker 4: you know, interest rates.
[16:22] Speaker 1: Okay, let's talk to it, because there's a lot of
[16:23] Speaker 1: people out there in that five hundred ranges probably listening
[16:26] Speaker 1: to my show now. But you can still help people
[16:30] Speaker 1: that's a pretty low score. Now, that's a pretty low
[16:32] Speaker 1: score out there trying to buy a home. Yes, how
[16:35] Speaker 1: do you help somebody in that five hundred to six
[16:38] Speaker 1: hundred credit score range get in the house, because right
[16:42] Speaker 1: now I think that's I think this be nearly impossible.
[16:46] Speaker 2: But you're saying you can make that happen.
[16:48] Speaker 4: Yes, The main thing with that particular group is that
[16:52] Speaker 4: they're going to have to have a higher down payment.
[16:55] Speaker 4: They're going to be the ones who's going to need
[16:57] Speaker 4: that ten to twenty percent down in most cases because
[17:01] Speaker 4: those programs are not going to allow down payment assistance
[17:06] Speaker 4: and the interest rate is going to raise the payment,
[17:10] Speaker 4: which is going to make the DTI hard to fit.
[17:12] Speaker 4: So that particular group of people is going to really
[17:14] Speaker 4: need that big down payment in order for that to work.
[17:17] Speaker 2: Okay, cool.
[17:18] Speaker 1: So that means that, again, do you work with individuals
[17:23] Speaker 1: latrees over a six month period or do you coach
[17:27] Speaker 1: them along? Somebody comes to you, say in January and
[17:31] Speaker 1: they said look, this is where I stand them at
[17:34] Speaker 1: five hundred, and you said, well, come back to me,
[17:38] Speaker 1: do your homework. You get your credits trade by making
[17:43] Speaker 1: consistent monthly payment. Let's see, we can get that credit
[17:46] Speaker 1: score up. Because right now, if you roll into a
[17:49] Speaker 1: plan right now, your interest rates is going to be
[17:51] Speaker 1: higher and your down.
[17:52] Speaker 2: Payment is going to be higher. Do you work with
[17:55] Speaker 2: individuals like that.
[17:56] Speaker 3: Latrese, Yes, I do.
[17:58] Speaker 4: I do offer the the opportunity to consult while they
[18:04] Speaker 4: get ready and so forth, and I do offer suggestions
[18:08] Speaker 4: and so forth. I have to be very careful about,
[18:10] Speaker 4: you know, credit counseling, per se, but I do offer
[18:13] Speaker 4: suggestions and you know, go over there file and just
[18:16] Speaker 4: give them what's called a what if scenario, And it
[18:19] Speaker 4: is it is provided by the credit bureau, and not
[18:21] Speaker 4: not the credit bureau, but but the credit reporting agencies
[18:24] Speaker 4: that I use. They have a report called what if
[18:26] Speaker 4: scenario and I go in and I'll put you know,
[18:29] Speaker 4: like say that they paid these particular credit cards down
[18:32] Speaker 4: or what have you, this is what it could possibly
[18:34] Speaker 4: look like if they did this and so forth, and
[18:38] Speaker 4: I would give that to them, and you know, we'll
[18:40] Speaker 4: work over you know, their plan over those months and
[18:43] Speaker 4: so forth, and I will say about sixty percent of
[18:48] Speaker 4: the people actually follow through. And really, do you know
[18:52] Speaker 4: come back and say, okay, listen, it's.
[18:55] Speaker 2: All about follow through.
[18:55] Speaker 1: It's all about your dream, all about whether you want
[18:58] Speaker 1: to make it happen. Yes, and that's what we're talking about, right, Yes,
[19:01] Speaker 1: making it, putting it, putting forth one hundred percent. Now
[19:05] Speaker 1: in this world as being an independent mortgage broker, what
[19:09] Speaker 1: frustrates you about it? And what benefits do you feel
[19:13] Speaker 1: you bring to the table.
[19:14] Speaker 4: Okay, I will say what frustrates me is, you know,
[19:18] Speaker 4: basically what we just talk about just now, is the
[19:20] Speaker 4: customer that does not follow through or the customer that
[19:24] Speaker 4: is not honest and forthcoming.
[19:27] Speaker 2: Do you ever get mad in the little tree?
[19:28] Speaker 1: Do you ever get mad if some of your customers
[19:30] Speaker 1: come on that this is money making conversations? Okay, somebody
[19:34] Speaker 1: wasted your time for three or four months.
[19:36] Speaker 2: Now.
[19:37] Speaker 3: Yeah.
[19:38] Speaker 1: Basically, the reason she's an independent because a lot of
[19:41] Speaker 1: traditional outlets won't even look at you, they won't even
[19:46] Speaker 1: walk in the front door. She is giving you an
[19:49] Speaker 1: opportunity because early in our conversation she spoke about she
[19:53] Speaker 1: sets up relationships. She's kind of like it's a lot
[19:56] Speaker 1: of people out there, like independent insurance people. Well, you
[19:59] Speaker 1: can come there and they can do insurance with anybody
[20:01] Speaker 1: out there. And that's what you're saying that you can
[20:03] Speaker 1: do as an independent You're not limited to one particular
[20:07] Speaker 1: financial outlet.
[20:09] Speaker 2: Correct, Yes.
[20:13] Speaker 1: And now with that being said, do you have a
[20:15] Speaker 1: place you'll go to outlet? You don't have to say
[20:18] Speaker 1: the name and why is that outlet that you go
[20:20] Speaker 1: to you feel works for you the most in your
[20:24] Speaker 1: independent platform and the type of customers that you bring
[20:28] Speaker 1: to the table.
[20:28] Speaker 4: I'll be more than happy to say that my outlet
[20:31] Speaker 4: would be you not at Wholesale Mortgage u w M.
[20:35] Speaker 4: They are okay, number one wholesale lender in the you know,
[20:38] Speaker 4: in the States, and they have a very quick turnaround time.
[20:45] Speaker 4: My executive there is top notche The process is just
[20:51] Speaker 4: is just it's impeccable, you know, every time. And what
[20:58] Speaker 4: the customer that that I would take there is actually
[21:03] Speaker 4: well I can't say the majority of them, but I
[21:04] Speaker 4: would just say.
[21:07] Speaker 3: The customers that they cater to are more of like
[21:10] Speaker 3: you know, your well.
[21:12] Speaker 4: Your experienced buyers is where's your first time buyers? But
[21:17] Speaker 4: a particular product that I like that they have there
[21:19] Speaker 4: is there one time construction loan, like say you want
[21:22] Speaker 4: to buy land and build a house at the same time. Well,
[21:26] Speaker 4: you know, traditionally you would have to finance both separately,
[21:30] Speaker 4: but they will do the loan all in one, you know,
[21:34] Speaker 4: And that's what That's one of the main things that
[21:37] Speaker 4: I really like about them.
[21:39] Speaker 3: And so just as a process and the loan products
[21:43] Speaker 3: that they offer.
[21:45] Speaker 2: Cool.
[21:46] Speaker 1: As we close out the interview, I want to talk
[21:47] Speaker 1: about the benefits of utilizing FHA two thousand and three
[21:52] Speaker 1: is it two thousand and three K program.
[21:54] Speaker 3: Two or three K?
[21:55] Speaker 4: That is that is a home innovation, yes, And what's
[22:00] Speaker 4: I don't know is you can buy a fixer upper
[22:03] Speaker 4: at the you know, and and and finance the renovations
[22:07] Speaker 4: as well as as the home within the the within
[22:10] Speaker 4: that that one transaction and that's that's where the f
[22:15] Speaker 4: h A two or three K comes into play.
[22:17] Speaker 3: And it just it could be something.
[22:19] Speaker 4: As low as as you know, replacing windows all the
[22:23] Speaker 4: way up to remediating mold. It just depends on what
[22:26] Speaker 4: the needs are for it, you know, for your project
[22:29] Speaker 4: and so forth.
[22:31] Speaker 3: And so.
[22:33] Speaker 1: That particular problem when you stay that when you stay
[22:36] Speaker 1: in the f A h A and F stands.
[22:38] Speaker 4: For what Federal Housing Association and that that's basically the
[22:42] Speaker 4: the the government agency that monitors those particular types of
[22:48] Speaker 4: loans and they and that's it's it's basically there to
[22:51] Speaker 4: protect the lenders against the the you know, in case
[22:56] Speaker 4: the bar defaults.
[22:58] Speaker 3: On the loan.
[23:01] Speaker 2: Okay, cool, okay cool.
[23:02] Speaker 1: And this particular program you're telling me, a lot of
[23:04] Speaker 1: people are not aware of it. And I always get
[23:07] Speaker 1: mad when I hear that, and I say mad, mad,
[23:09] Speaker 1: but I guess frustrated mad because there are so many
[23:12] Speaker 1: programs out there that are to benefit the buyer, but
[23:15] Speaker 1: nobody knows because guess what, they're not promoted. So how
[23:18] Speaker 1: does one find out by programs like this that can
[23:21] Speaker 1: benefit them that somehow don't make it trickle down to
[23:24] Speaker 1: the people that need them.
[23:26] Speaker 4: Well, I mean you would have to consult a mortgage broker,
[23:32] Speaker 4: you know, because it's not you know, just everyday knowledge
[23:35] Speaker 4: that is out there.
[23:36] Speaker 3: Now. Most people know about.
[23:37] Speaker 4: FAH loans, but they're not as well aware of the
[23:41] Speaker 4: of the FAHA two or three K program that is
[23:43] Speaker 4: there a lot of times people think that they have
[23:45] Speaker 4: to buy the house first and then finance the renovations
[23:49] Speaker 4: and so forth. But if this particular product, you can
[23:51] Speaker 4: do both at the same time being.
[23:53] Speaker 1: An independent broker. First of all, that's fearlessness. You seem
[23:56] Speaker 1: to be a person. If someone wanted to do this
[23:59] Speaker 1: for a living, somebody wanted to step out on faith
[24:02] Speaker 1: or just go for a leap. What steps would you
[24:04] Speaker 1: tell people to make sure that you did that you
[24:08] Speaker 1: will not do that would help them be successful as
[24:11] Speaker 1: independent as an independent mortgage broker, I would do, you
[24:18] Speaker 1: would not do because you made the mistakes to respond
[24:21] Speaker 1: that was I can tell you right now. There were
[24:22] Speaker 1: some things I did when I started my company and
[24:25] Speaker 1: I hired people who were not qualified for the job.
[24:28] Speaker 1: They were family, they were old friends, and I paid
[24:31] Speaker 1: them checks. They were overpaid because I knew they needed to,
[24:35] Speaker 1: you know, paid a certain amount of expenses for their family.
[24:39] Speaker 2: I didn't. I just had the bad business model.
[24:41] Speaker 1: Yes, and I would never do that again and so,
[24:45] Speaker 1: and it was a hard decision because it eventually it
[24:48] Speaker 1: led to me laying these same people off that I
[24:50] Speaker 1: was trying to support. So those are bad business decisions.
[24:55] Speaker 1: Now you became an independent mortgage broker, what did you
[24:58] Speaker 1: do or would recommend so people would make the same
[25:02] Speaker 1: mistakes that you did, because we all make mistakes when
[25:04] Speaker 1: we start businesses.
[25:05] Speaker 3: I would say that I would have had more capital.
[25:10] Speaker 4: Before deciding to not move forward with with with other employment.
[25:16] Speaker 4: And that's because what I had to do was since
[25:19] Speaker 4: I did not have as much capital, I had to
[25:21] Speaker 4: kind of like do a lot of side gigs and
[25:25] Speaker 4: so forth that took me away from my business and
[25:28] Speaker 4: so forth, and so and then also to have a
[25:31] Speaker 4: stronger pipeline. You know, even though I had been had
[25:34] Speaker 4: been originating loans for as long as I had been,
[25:37] Speaker 4: I don't feel like I had a full enough pipeline
[25:41] Speaker 4: to really take off. So not having a capital and
[25:43] Speaker 4: not having a full pipeline, that that kind of stagnated me,
[25:47] Speaker 4: and it made it a little bit more difficult to
[25:49] Speaker 4: really you know, get going and so forth, and so
[25:52] Speaker 4: and then also the time frame. It was during a
[25:54] Speaker 4: time when interest rates were just out of control, and
[25:59] Speaker 4: it made it really hard to get people, you know,
[26:02] Speaker 4: approved and so forth, and so I would say to
[26:04] Speaker 4: definitely look at the economic you know market at that
[26:10] Speaker 4: particular time, make sure you have that strong, solid pipeline,
[26:14] Speaker 4: and then have that capital so that you can focus
[26:17] Speaker 4: more on the business versus you know, just just going
[26:21] Speaker 4: for it.
[26:21] Speaker 2: Thank you for listening to this episode.
[26:23] Speaker 6: Now I need for you to do me a favor
[26:26] Speaker 6: right now to follow or subscribe to Money Making Conversation.
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[26:42] Speaker 2: Keep winning.

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