Dwan is joined by a very special guest on this episode of The Most Dwanderful Real Estate Podcast Ever: her husband, Bill! The two describe their fantastic trip to Manhattan for Dwan’s birthday and outline some of the upcoming travel they have going on. Bill finishes up this series on the Fed Up packet by talking through options 9 and 10: refinancing and doing nothing. The key to both of these options is understanding the mindset of the homeowner and telling them up front how these options really play out.
Time Stamped Show Notes:
- 1:29 – Dwan and Bill recap their family trip to Manhattan for Dwan’s 60th birthday.
- 5:39 – They talk about the particularly crafty pranks that they played on the kids.
- 13:40 – Dwan and Bill check in with you to see how your week has been and how things are going with your real estate investing.
- 14:24 – Bill talks about the learning curve that he has had to adapt to with Dwan’s birthday, Valentine’s Day, and their anniversary all in the same month: buying one batch of roses doesn’t cover all three!
- 15:51 – Bill makes sure that listeners know that the Fed Up packet was his first, and Dwan started passing it off as her own after they got married. Dwan chooses to see it as one of the perks of combining forces after they got married.
- 18:05 – Bill walks through option #9 in the Fed Up packet: refinancing. This could be an option for homeowners depending on their credit, the amount owed on their home, the number of back payments, and the status of the market as a whole, but it is more likely going to be a waste of the homeowner’s time. Bill’s rule of thumb is that if the homeowner owes more than 65% and is more than 90 days behind on their payments, it is not in their best interest to pursue refinancing.
- 25:54 – Part of helping the homeowner is making sure that lenders and realtors don’t waste their time or deceptively get their hopes up.
- 26:45 – Option #10 is to do nothing and lose your house. Bill says that he has encountered about 15 people during his career that have chosen this option because they have completely given up and they want to cut all ties with their home and the horrible chapter in their lives that it represents. What the homeowners who choose this option don’t understand is that if the bank sells their home for less than is owed on the home, the bank will send the homeowner a 1099 or a judgement for the remaining amount they feel they are owed. This could become an issue with the IRS if the homeowner doesn’t file a 982 form, and you can be there for them to make sure they know about this option.32:39 – The main thing you need to remember about the Fed Up packet is that your goal is to be educated and help the homeowners in the best way you can. Help them understand the options and maybe even help them reestablish their credit.
- 35:29 – If you haven’t listened to Episode 1 of the Most Dwanderful Real Estate Podcast Ever, you should go back and listen. Dwan and Bill outline who they are and who they are not and talk about drive-bys.
- 37:08 – Dwan received two pieces of meaningful advice from very influential women in her life around the time of her 60th birthday: her 92 year old aunt told Dwan that her 60th birthday was the point in her own life where she decided to do what she wanted to do, after a life of always taking care of others; Dwan’s 80 year old mom told her to stop complaining about her body. Dwan encourages listeners to decide to be the person you want to be.
- 43:09 – If you haven’t downloaded the Fed Up packet, be sure to go to Dwanderful.com/FedUp to get the special podcast pricing, and don’t forget to check out Bill and Dwan’s workshop calendar at the bottom of the Dwanderful.com homepage!
- 45:19 – Your homework after this episode is to go back and review the previous 4 episodes so you know everything you need to know about the Fed Up packet.