The Texas Real Estate & Finance Podcast with Mike Mills

In this episode of the Texas Real Estate and Finance Podcast, host Mike Mills discusses the current state of the economy, the potential for a recession, and the recent class action lawsuit against the National Association of Realtors (NAR). He also examines the impact of interest rates on the housing market and the potential changes in the real estate industry. Mills emphasizes the importance of real estate agents and the challenges they face, advising them to effectively communicate their value to clients. He concludes by encouraging agents to find opportunities within the problems they face.

The US Economy and Recession (00:01:54) Discussion on the current state of the US economy, including the recent GDP growth and potential indicators that things may not be as positive as they seem.

Class Action Lawsuit Against NAR (00:01:09) Explanation of the recent class action lawsuit judgment against NAR and its potential impact on the real estate industry.

News Stories Impacting the Economy (00:03:39) Coverage of various news stories, such as wage increases in the auto industry, international financial decisions, and the launch of JPM Coin, that may have implications for the overall economy.

The Tax Dollar Impact (00:08:23) Discussion on how both the red and blue teams are using taxpayers' money to cover expenses and fight inflation.

Interest-Bearing Accounts (00:09:14) Importance of keeping savings in interest-bearing accounts to earn higher returns, with a focus on smaller local community banks.

Indicators of a Recession (00:10:16) Various signs pointing towards a possible recession, including high levels of interest spending, low commercial real estate lending, and the Fed's decision to pause interest rate hikes.

The impact of interest rates on home prices (00:16:51) Discussion on how interest rates affect home prices and the potential for skyrocketing prices if rates remain high.

The likelihood of interest rates staying low (00:17:41) Exploration of the artificiality of low interest rates in the past and the prediction that 5% is the best rate we'll see for a while.

The benefits of owning real estate in a changing market (00:18:29) Explanation of how owning real estate can be advantageous during times of decreasing rates, increasing demand, and a potential recession.

The impact on real estate agents (00:25:19) Discussion on how real estate agents may react to the changes and the opportunities that can arise from the new norm in the industry.

Understanding NAR and its benefits (00:26:15) Explanation of what NAR is, its significance in the real estate industry, and the benefits of being a member.

Potential changes in commissions and mortgages (00:28:05) Exploration of the current lobbying efforts by NAR to bring changes in how commissions are paid and how mortgages are governed, and the potential impact on buyers and agents.

The importance of buyer's agents (00:33:34) Explains the value and challenges of being a buyer's agent, and the need to educate buyers and sellers about their role in the transaction.

Educating buyers and sellers (00:34:30) Emphasizes the need for real estate agents to educate clients about the buying and selling process, and to counter misinformation from the media.

Finding opportunities in a tough market (00:35:32) Shares a quote from Sun Tzu about finding opportunities in problems, and encourages listeners to persevere in the challenging market.

If you're feeling overwhelmed by the amount of taxes you're paying on your real estate business, despite your efforts to maximize deductions, then you are not alone! Many small business owners in the real estate industry are frustrated by the lack of results from their current Realtor tax strategies. They may be meticulously tracking expenses and utilizing common deductions, but still facing high tax liabilities. Instead of the desired outcome of minimizing taxes, they are left feeling burdened by the financial strain.

In this episode of the Texas Real Estate & Finance Podcast, you'll hear host Mike Mills interview tax expert Ruth Brooks about tax deductions for businesses. Ruth shares her insights and expertise on various topics, including the importance of keeping detailed records and receipts for business expenses, different methods for home office deductions, and the significance of accurate documentation for vehicle expenses. She also discusses the benefits of working with a CPA for tax preparation and the importance of estimated tax payments to avoid penalties. Whether you're a small business owner or a real estate professional, this episode offers valuable advice and practical strategies to maximize your deductions and minimize your tax liabilities. Tune in to gain valuable insights and navigate the complex world of tax deductions in the real estate industry.

In this episode, you will be able to:

• Discover the key tax deductions that could save your real estate business money.
• Learn how to take advantage of home office deductions to maximize your tax savings as a small business owner.
• Find out how to legally deduct vehicle expenses as a real estate professional, reducing your overall tax liability.
• Understand the importance of making estimated tax payments to avoid penalties and keep your finances in order.
• Discover the benefits of consulting with a CPA for expert advice on tax planning and minimizing your tax obligations.

Connect with me here:

• https://www.twitter.com/twitter.com/mikemillsMTG
• https://www.linkedin.com/linkedin.com/in/mike-mills-49a09621/
• https://www.facebook.com/facebook.com/millsmortgage/
• https://www.youtube.com/youtube.com/@mikemillsmortgage
• https://www.youtube.com/youtube.com/@mikemillsmortgage

Welcome to another informative episode of the Texas Real Estate and Finance Podcast, where our knowledgeable host, Mike Mills, shares his expertise as a seasoned mortgage banker with over 13 years of experience. In this episode, Mike delves into the current state of the real estate market, providing valuable insights backed by data.

Mike begins by highlighting why now is the opportune time to venture into the real estate market. With his extensive knowledge, Mike offers listeners a compelling case for taking advantage of the current market conditions.

Moreover, Mike introduces an innovative solution for addressing the issue of affordable housing in Texas. He sheds light on the concept of accessory dwelling units (ADUs) and their potential benefits. Not only can ADUs help individuals qualify for a mortgage, but they can also generate additional rental income. Mike explores the various ways in which ADUs can be utilized to maximize financial opportunities in the real estate market.

In addition to discussing market trends and innovative housing solutions, Mike emphasizes the importance of building a robust database for real estate professionals. He highlights how having a comprehensive and up-to-date database can significantly contribute to success in the industry. Mike shares practical tips and strategies for creating and maintaining an effective database, enabling real estate professionals to stay ahead of the competition.

Tune in to this episode of the Texas Real Estate and Finance Podcast to gain valuable insights into the current state of the real estate market, discover innovative housing solutions, and learn how to build a powerful database for success in the industry. Whether you're a seasoned professional or a newcomer to the real estate market, this episode offers a wealth of information to help you thrive in this dynamic industry.

The housing crisis and the Great Recession (00:03:33) Explains the housing crisis of 2008 and the risky loans given by banks, bundled with good ones and sold to investors.

The indicators that the economy isn't as strong as it appears (00:05:18) Discusses how consumer spending and increased inventories contribute to the GDP growth, but may not reflect the true strength of the economy.

Exports and their impact on GDP (00:06:11) Mentions that exports, potentially including weapons, have contributed to the increase in GDP.

Government Spending and National Debt (00:07:07) Discussion on the increase in government spending and the national debt, potential motives behind the spending, and the impact on the economy.

September Jobs Report and Economic Confidence (00:08:00) Highlights of the September jobs report, including job growth and wage increases, as well as the confidence expressed by Janet Yellen and President Biden in the economy.

Fed's Rate Hike Cycle and Economic Outlook (00:12:44) Insights into the Federal Reserve's rate hike cycle, predictions for a recession, and the current stance on interest rates, indicating a high-interest rate environment for the foreseeable future.

The best time to buy a house (00:14:26) Explains why now is the best time to buy a house, despite the data suggesting otherwise.

Housing affordability and inventory (00:15:23) Discusses the decrease in existing home sales, affordability issues, and the impact of cash buyers on the market.

Impact of supply limitations on housing prices (00:19:15) Explains how supply limitations, including fewer new builds and foreclosures, will keep housing prices high in the foreseeable future.

The adus and rental income for mortgage qualification (00:21:31) Explains how having an accessory dwelling unit (adu) on a property and establishing a rental agreement can help qualify for a mortgage.

Regulations and challenges of using rental income from adus (00:22:27) Discusses the challenges of using rental income from adus, including the need for a comparable rent schedule and the difficulty in establishing income.

The importance of managing and utilizing a real estate database (00:24:00) Emphasizes the importance of maintaining and utilizing a real estate database for generating transactions, including tips on managing the database effectively.

Building a Robust Review Database (00:28:08) The speaker discusses the importance of asking for reviews and building a robust review database to improve online visibility and ranking.

Consistently Growing Your Database (00:29:01) The speaker emphasizes the need for consistency and diligence in growing one's database, suggesting allocating a portion of each day to add or update contacts.

Collecting Data and Using QR Codes (00:29:58) The speaker advises collecting data from various events, such as open houses, and using QR codes to gather contact information. They also suggest using QR codes to collect additional data like birthdays and anniversaries.

Do you want to unlock your full potential and achieve remarkable success in the real estate industry? Are you ready to conquer challenges and take your mindset to new heights? Join me as I reveal the key solution that will empower you to attain your desired outcome in the real estate world. Discover the path to unleashing your true potential and achieving extraordinary results in the real estate industry.

This is Nicole Christopherson's story:

Nicole Christopherson, a real estate professional and entrepreneur, embarked on a journey to enhance her mindset and achieve success in the real estate industry. After starting her own brokerage in California, she experienced the changing landscape of the market and the rise of digital platforms like Zillow. Determined to adapt and thrive, Nicole adopted the mantra of "Work Hard, Smile Large," a mindset that fueled her drive and passion. Balancing a demanding work schedule and family responsibilities, she found the motivation to push through challenges and maintain a positive outlook. When she relocated to Austin, Texas, Nicole sought to build a new community and establish her presence by embodying the values of hard work and positivity. Through her brokerage, NMC Realty Group, and her affiliation with EXP, a global digital brokerage, Nicole has become a mentor and leader, sharing her expertise and collaborating with professionals in the real estate industry. Her dedication, resilience, and commitment to personal growth continue to inspire others on their own paths to success.

In this episode, you will be able to:

Mastering the Real Estate Industry Mindset

Embracing a positive mindset is integral to conquering the demands of the real estate industry. Strong mental fortitude paves the way toward clear goal-setting and consistent, intentional actions toward achieving them. By maintaining optimism and resilience, real estate professionals can successfully navigate any market conditions, seize opportunities, and exceed expectations.

• Mastering the Real Estate Industry Mindset: Discover how to cultivate a winning mindset that keeps you motivated and focused on achieving your goals.
• Conquering the Challenges of Entering a New Market: Learn proven strategies to navigate the complexities of entering a new market and position yourself for success.
• Unlocking the Power of Networking in Real Estate: Explore the importance of building a strong network and discover effective networking techniques that can exponentially grow your business.
• Harnessing the Power of a Positive Mindset: Uncover the keys to maintaining a positive mindset, even in the face of challenges, and unlock your full potential in the real estate industry.
• Mastering Marketing and Branding in Real Estate: Discover innovative marketing and branding tactics that will differentiate you from the competition and attract the right clients to your real estate business.

Connect with me here:

• https://www.facebook.com/facebook.com/millsmortgage/
• https://www.linkedin.com/linkedin.com/in/mike-mills-49a09621/
• https://www.twitter.com/twitter.com/mikemillsMTG
• https://www.youtube.com/youtube.com/@mikemillsmortgage
• https://www.youtube.com/youtube.com/@mikemillsmortgage

Welcome, listeners! Your host, Mike Mills, is here with another weekly Market update on the Texas Real Estate and Finance Podcast.

Today, we're zeroing in on the pulse of the market. We'll be analyzing the latest real estate news and shining a spotlight on the high cost of living these days. This in-depth episode promises to give you a clear view of the current economic landscape, providing necessary insights as you navigate through it.

Our main feature story will be the intriguing debate surrounding RealPage. Are they fostering a rental cartel or ingeniously preventing rents from spiraling out of control? We’re delving into the heart of this controversy and you definitely won’t want to miss it!

Curious about interest rate buydowns? We're laying it bare - discussing their impact and why it's important to understand them. Should you use them, are they are good value, and what is the cost? Tune in and we will unlock the secret world of rate buydowns!

But we’re not stopping there! We're also revealing the top five home improvement projects that guarantee a healthy return on investment and attract more buyers for all your potential listings. From minor kitchen upgrades to the magic touch of refinished hardwood floors – we've got the pro tips that you need to get your listing sold off the market in no time.

In this packed episode of the Texas Real Estate and Finance Podcast, we're providing you with knowledge and insights that promise to enlighten, inspire, and guide you whether you're a first-time home buyer, a renter, or an established investor. Don't miss out, tune in now!

Timestamped Summaries:

00:00:09 to 00:00:40] Welcome to the Texas Real Estate and Finance Podcast. I'm your host, Mike Mills, a seasoned mortgage banker in the Dallas Fort Worth metroplex with over 13 years of experience in banking and finance. Today, I'm thrilled to bring you the latest installment of the real estate market update for the week of October 22nd.

[00:00:41 to 00:01:16] Last week, I had the privilege of chatting with Sue Buswell, where we delve deep into the world of credit. We covered topics such as initiating proper credit management for your children, the intricacies of credit score calculations, strategies for managing debt and maximizing your credit score.

[00:01:16 to 00:01:39] Nicole Christopherson, an accomplished Austin-based realtor who has successfully launched the Work Hard Smile Large brand in Texas, will be sharing her inspirational story with us.

[00:01:40 to 00:01:58] Find my contact information in the show notes. Thank you for tuning in, and I invite you to stay tuned in for more valuable insights and updates in the world of real estate.

[00:01:58 to 00:02:23] Today's topics include a brief rundown of the news stories affecting the real estate market, interest rate buydowns, and how to get more listings in the competitive market.

[00:02:23 to 00:02:47] Redfin reported that a homebuyer in the United States must earn $114,000 to afford the median-priced US home.

[00:02:47 to 00:03:07] The median American household income is $75,000 a year. The median price for a US home was $420,000 in August.

[00:03:08 to 00:03:38] The median asking rent right now is almost $2,000 a month. The average new car payment is $740 a month, and the average student loan payments are about $500 a month.

[00:03:38 to 00:03:56] The percentage of subprime auto borrowers 60 plus days past due hit a record 6.1% in September.

[00:03:56 to 00:04:27] According to Redfin, 2023 is poised to end with the lowest number of existing home sales since 2008.

[00:04:27 to 00:05:00] The 30-year fixed mortgage rate increased to 7.8%, hitting its lowest level since 1995. The number of licensed loan officers fell to 89,000.

[00:05:01 to 00:05:39] The REBNY new rules will prevent listing brokers from paying buyer agents. Possible outcomes are buyers negotiating their own fee, buyers going directly to listing agents, or new buyer's brokers charging a flat fee.

[00:05:39 to 00:06:23] Multi-generational housing is growing to combat affordability pressures, with one in five Americans sharing their home with adult children, parents, or grandparents.

[00:06:23] Many multigenerational families live together, but Accessory Dwelling Units (ADUs) provide a practical solution.

[00:06:37] China injects $100.2 billion into the lending market; the US is involved in multiple wars; inflation is high; the housing market is unaffordable.

[00:06:53] The 30-year fixed rate mortgage is now above 8%; affordability issues will persist until 2024.

[00:07:15] High-yield savings accounts offer a 5.5% return; treasury bill yields are at 5%.

[00:07:50] Cash and T-bills have higher yields than real estate and the stock market.

[00:08:21] This is the first time since 2000 that T-bills yield more than the S&P 500.

[00:08:37] Class action lawsuits against NAR affect homebuyers, but another antitrust situation affects renters and investors.

[00:09:19] RealPage, a technology platform, enables landlords to set rental prices using data analytics.

[00:10:08] RealPage's algorithm coordinates pricing among landlords, possibly violating antitrust laws and limiting competition.

[00:10:52] Critics suggest RealPage created a rental cartel, while the company claims to prevent rents from becoming unaffordable.

[00:11:41] RealPage's algorithm helps drive rents higher, contributing to the affordability crisis in the housing market.

[00:12:05] In an antitrust case, competitors using the same algorithm to stabilize pricing can violate the law.

[00:12:44] Renting instead of buying leaves the cost of living in the hands of data-driven software and large companies.

[00:13:07] The two-one rate buydown is often hyped up, but why isn't everyone using it?

[00:13:25] A rate buydown is a strategy to reduce the interest rate and monthly payment on a home.

[00:13:54] Temporary buydowns reduce interest rates for a set period but don't provide real savings.

[00:14:24] Permanent buydowns lower interest rates for the whole loan duration, but the amount is smaller.

[00:14:45] Buying down the rate must be calculated based on loan size and market offerings.

[00:15:11] To determine if buying down the rate makes sense, calculate the breakeven point.

[00:15:42] If the breakeven point is reached within three years, it may be a good idea.

[00:15:59] Anything beyond five years may not be worth the expense due to life's unpredictability.

[00:16:41] Personal approach: prioritize cash by not buying down the rate and using seller-paid closing costs.

[00:17:04] Consider long-term plans and market conditions before committing to a rate buydown.

[00:17:30] Help sellers navigate challenging markets by recommending home improvement projects.

[00:18:02] These projects can sell homes faster and provide the highest rate of return for clients.

[00:18:02] In today's competitive market, sellers need data-driven home improvement recommendations to attract buyers.

[00:18:27] Kitchen refresh offers a 377% return on investment, updating countertops and appliances are cost-effective.

[00:18:47] Refinishing hardwood floors has a 348% return on investment, as buyers prefer move-in ready homes.

[00:19:03] Basic listing prep like painting and updating fixtures offers a 297% return on investment.

[00:19:36] Roof replacement, though expensive, is essential to avoid red flags during buyer inspections.

[00:20:01] Flooring replacement gives a 280% return on investment, as outdated carpets deter buyers.

[00:20:26] Suggest strategic improvements to increase the home's value and attract more buyers in the competitive market.

[00:20:56] Buyers prefer move-in ready homes, so critical renovations are necessary to sell houses quickly.

[00:21:24] Grateful for your attention, the host shares a sports prediction and encourages being the best humans.

In this episode of the Texas Real Estate and Finance Podcast, host Mike Mills and credit expert Sue Buswell discuss the importance of understanding and managing credit. They delve into topics such as teaching children about financial responsibility, the differences in credit scores and how they're calculated, and the significance of credit history. They also discuss the role of credit repair companies and the upcoming changes in credit scoring models for the mortgage industry. The episode concludes with a discussion on the importance of data in the mortgage industry and the responsibility of professionals to educate borrowers on credit management.

Becoming a Credit Ninja [00:02:05]

Sue Buswell shares her journey of becoming a credit expert and her experience in the credit industry.

Starting Credit Education Early [00:05:25]

Sue Buswell and Mike Mills discuss the importance of teaching kids about credit and financial responsibility from a young age.

Using Apps to Teach Financial Responsibility [00:07:32]

Mike Mills talks about an app called Busy Kid that he uses to teach his children about chores, earning money, and managing their finances.

Teaching kids about credit and debt [00:09:16]

Discussion on the importance of teaching kids about credit and debt, and the necessary evil of debt in certain situations.

Getting a credit card for young adults [00:10:41]

Exploration of whether it is advisable to get a credit card for an 18-year-old and how to teach responsible credit management.

Credit monitoring and credit scores [00:13:41]

Explanation of credit monitoring systems, the importance of regularly checking credit reports, and the differences between credit scores used by different industries.

The impact of different credit models [00:19:09]

Explanation of how different credit models can result in different credit scores for the same individual.

Factors that affect credit scores [00:20:14]

Discussion of the factors that contribute to credit scores, including payment history, debt utilization, and length of credit history.

The importance of credit history length [00:21:15]

Explanation of how the length of credit history can significantly impact credit scores and the importance of establishing credit early.

Teaching about credit and financial education [00:28:59]

Discussion on the importance of empowering people with financial knowledge from a young age and the need for better education on credit.

Generational differences in financial education [00:29:44]

Exploring the lack of financial conversations and education in previous generations compared to the progress made in educating younger generations.

Impact of technology on financial education [00:31:50]

The role of technology in providing access to information and educating the next generation on personal finance and credit management.

Timing is crucial [00:39:26]

Importance of timing in credit reporting and how it can affect credit scores.

Credit report dates and balances [00:39:57]

The significance of credit report dates and how balances can impact credit scores.

Disputes and their consequences [00:45:38]

The potential negative impact of disputes on credit reports and the importance of removing them when applying for a mortgage.

Legitimate dispute and credit reporting act [00:49:12]

A coworker's experience with inaccurate credit reporting and the legal action they took to resolve it.

National Foundation for Credit Counseling [00:50:55]

Recommendation to seek assistance from the National Foundation for Credit Counseling for credit repair and financial empowerment.

Changes in medical collections reporting [00:52:08]

Discussion on the changes in reporting medical collections and their impact on credit scores and loan eligibility.

Reducing Debt and Working with Creditors [00:59:00]

The speakers discuss the importance of communicating with creditors to reduce interest rates and lower payments.

Starting the Path to Paying Down Debt [01:00:30]

They discuss the best route to start paying down debt, including starting with the smallest balance and gradually moving on to larger debts.

Establishing and Managing Credit Cards [01:04:43]

The speakers provide advice on the number of credit cards to have, the importance of keeping older cards active, and how credit utilization affects credit scores.

The credit repair agencies [01:08:15]

Discussion about the role and reputation of credit repair agencies and the importance of finding reputable ones.

Changes in credit scoring models [01:11:21]

Explanation of the upcoming changes in credit scoring models, including the transition from tri-merge to bi-merge and the use of different scoring models by different lenders.

Concerns and considerations with the new scoring models [01:14:46]

Discussion about the potential impact of the new scoring models on borrowers, including the possibility of different scores with different lenders and the need for monitoring and ensuring fair treatment for consumers.

Competition Amongst Mortgage Lenders [01:18:19]

Discussion on the importance of data and system for delivering information in the mortgage industry.

The Impact of Credit on Our Lives [01:19:00]

Exploration of how credit reports and scores affect our daily lives and financial decisions.

Upcoming Resources for Real Estate Professionals [01:21:40]

Announcement of plans to create resources for real estate agents and loan officers to easily access and explain credit information to their clients.

Mentions by topic:

Credit Reports and Scores:

AnnualCreditReport.com: 00:13:41, 00:43:23

Free credit monitoring or credit journey: 00:14:12

Credit card on one: 00:14:12

Credit union on the other: 00:14:12

FICO: 00:17:09, 00:19:09, 00:18:22

VantageScore: 00:17:09, 00:21:28, 00:34:14

FICO Eight: 00:19:09

VantageScore 30: 00:21:28

FICO Score: 00:21:28, 00:35:12

MyFICO: 00:22:49

Credit Expert Tools: 00:41:16

Credit report and scoring systems: 00:28:59

Sunosi Score: 01:20:54

Websites and Links:

Mike Mills Mortgage and Finance YouTube Channel

Busy Kid app

AnnualCreditReport.com: 00:43:23

National Foundation for Credit Counseling: 00:50:55, 00:59:37, 01:07:52

National Foundation for Credit Counseling: 00:50:55, 00:59:37, 01:07:52

CFPB website: 01:08:38

CFPB website: 01:08:38

FHFA (Federal Housing Finance Agency): 01:11:03

FHFA website: 01:11:03

Other Mentions:

Dave Ramsey's debt repayment method: 01:01:14

Dave Ramsey's Debt Snowball Explained: 01:01:14

Credit utilization: 01:04:56

Authorized user: 01:06:18

Fair Credit Reporting Act: 00:47:07

NCAP (National Consumer Assistance Plan): 00:54:50

Fin Locker: 00:37:21

TikTok, YouTube, and Spotify: 00:31:50

Credit repair companies: 00:51:30

VantageScore: 00:52:08

Keywords: Texas Real Estate and Finance Podcast, credit expert, credit ninja, Jedi master, mortgage credit arena, credit scoring, empowerment through education, budgeting, managing money, TransUnion, Equifax, Experian, Busy Kid app, chores, money, responsibility, credit and debt, responsible financial management, teaching children about credit, credit monitoring systems, annualcreditreport.com, credit reports, credit scores, FICO, VantageScore, mortgage industry, credit history, authorized user accounts, tier one credit, tier two credit, credit utilization, trended data, disputes on credit reports, credit repair companies, medical bills, late payments, debt management, communication with creditors, reducing interest rates, paying off debt, credit card accounts, credit utilization, credit repair agencies, credit counseling agencies, credit scoring models, tri-merge system, bi-merge system, FHFA, interest rates, eligibility for loans, data and information in the mortgage industry, resources for real estate agents and loan officers, maximizing credit scores, high interest rates, financial difference.

In a changing housing industry, real estate professionals are faced with the challenges of rising home prices and a shortage of affordable housing. Join Michelle Young as she reveals the secrets to navigating these obstacles, but just as she's about to share the solution, a shocking revelation leaves her and the audience hanging in suspense. Find out what happens next on the Texas Real Estate & Finance Podcast!

This is Michelle Young's story:

Michelle Young, a senior advisor at America's Homeowner Alliance, has been passionately advocating for homeownership for 17 years. Her extensive experience in housing policy at all levels of government has given her valuable insights into the challenges and opportunities facing homeowners and prospective buyers. Michelle's journey in this field began when she first learned about the pressing need for affordable housing. Witnessing the rising home prices and the impact of institutional buyers, she felt compelled to take action. Michelle joined forces with America's Homeowner Alliance to promote affordable housing in the United States. Through her work, she strives to make homeownership more attainable for all individuals and families. With her wealth of knowledge and expertise, Michelle is here to shed light on the complexities of the housing market, discuss the factors contributing to skyrocketing home prices, and explore the path toward affordable homeownership. Join us as we delve into this crucial topic and uncover solutions to address affordable housing challenges.

In this episode, you will be able to:

• Understand and overcome affordable housing challenges to drive positive change in the industry.
• Unlock the economic potential of homeownership by exploring its importance in the overall economy.
• Harness the power of low-interest rates and discover their impact on the real estate market.
• Gain insights into the crucial role of the government in addressing housing needs and creating sustainable solutions.
• Take action and promote industry unity to tackle affordable housing challenges together.

Harness Power of Homeownership

Homeownership in the United States is not just a dream, but an instrumental socioeconomic factor. Ownership traditionally serves as a significant pathway to accumulate wealth for average Americans. Understanding the value and the impact of homeownership on the economy can shed light on the need for greater affordability and accessibility, especially in light of recent market changes that could hamper this potential.

Connect with me here:

• https://www.twitter.com/twitter.com/mikemillsMTG
• https://www.youtube.com/youtube.com/@mikemillsmortgage
• https://www.youtube.com/youtube.com/@mikemillsmortgage
• https://www.linkedin.com/linkedin.com/in/mike-mills-49a09621/
• https://www.facebook.com/facebook.com/millsmortgage/
• Subscribe to Mike Mills Mortgage and Finance: Hit the subscribe button on your podcast platform or check out the YouTube channel at Mike Mills Mortgage and Finance for more content.
• Join America's Homeowner Alliance: Become a member of America's Homeowner Alliance to support their advocacy for sustainable and responsible homeownership.
• Stay informed: Stay up to date with expert insights by subscribing to the podcast or YouTube channel to never miss out on valuable information about homeownership, real estate, and personal finance.
• Advocate for change: As a homeowner or realtor, advocate for policies that make homes more affordable and accessible for all. Get involved in local housing policy discussions and support organizations dedicated to promoting homeownership.
• Take action: Take actionable steps to promote homeownership yourself. Consider becoming a homeowner if you're ready, or if you're a first-time home buyer, educate yourself on the process, and seek out resources and assistance.
• Support affordable housing initiatives: Look for ways to support initiatives that promote affordable housing in your community, such as volunteering with local organizations or donating to affordable housing projects.
• Educate yourself: Continuously educate yourself on the complexities of the housing market and personal finance to make more informed decisions on your journey

In this episode of the Texas Real Estate and Finance Podcast, mortgage banker Mike Mills offers a market update and discusses the current financial landscape. He provides insights into the real estate industry, including the impact of recent lawsuits against the National Association of Realtors. Mills also discusses various loan programs available for homebuyers and debunks common myths. He provides tips on how to make a strong impression at open houses and previews upcoming interviews on housing affordability and credit optimization. The episode concludes with Mills encouraging listeners to stay tuned for more valuable content.

• Market update for the week of October 16th
• Pending class action lawsuit against the National Association of Realtors and its potential impact on real estate commissions
• Special programs available to help buyers with lower cash outlays and interest rates
• Seven steps to become an open house expert
• Ways to save children $1,800 per year for the rest of their lives
• Earning interest on money through small banks
• Class action lawsuits against the National Association of Realtors and its effects on the industry
• Different types of loans and programs available for homebuyers
• Importance of making a strong impression at open houses and steps to become an open house Jedi master
• Upcoming interviews on the housing affordability crisis and credit optimization

Mentions with timestamps:

Topic: Podcast Episode

• Podcast Episode: Texas Real Estate and Finance Podcast - 00:00:08

Topic: Mortgage and Real Estate Market

• Mortgage Banker: Mike Mills - 00:00:08
• Real Estate Market Update for the Week of October 16th - 00:00:08

Topic: Real Estate Commissions Lawsuit

• Real Estate Commissions Lawsuit against National Association of Realtors, Remax Keller Williams, and Anywhere Real Estate (formerly Realogy) - 00:01:44

Topic: Special Programs for Buyers

• Special Programs for Buyers - 00:02:34

Topic: Saving Money

• Saving $1800 a year for kids - 00:02:34

Topic: Economic Indicators

• Consumer Price Index (CPI) - 00:03:23
• Federal Reserve (Fed) and Interest Rates - 00:03:23

Topic: Mortgage

• Conforming Loan Limits - 00:04:16

Topic: Small Banks and Interest Rates

• Small banks offering 4 to 5% interest on checking and savings accounts - 00:07:56

Topic: Loans and Credit

• Car loan rates - 00:07:56
• Credit card APR - 00:07:56

Topic: Mortgage Interest Rates and Real Estate Market

• Mortgage interest rates - 00:08:49
• Real estate market appreciation - 00:09:43

Topic: Lawsuit Update

• Lawsuit update regarding the National Association of Realtors (NAR) - 00:09:43
• NAR rules violating antitrust laws - 00:09:43
• Lawsuit settlement by Remax - $55 million - 00:10:37
• Lawsuit settlement by Realogy (Coldwell Banker and Sotheby's) - $835 million - 00:10:37
• Changes in practice due to the settlement agreements - 00:10:37
• Changes in compensation policy by NAR - 00:11:45
• Potential future class action lawsuits against NAR and other brokerages - 00:11:45

Topic: Non-QM Bank Statement Loans and Special Programs

• Non-QM Bank Statement Loans, DSR Loans, Asset Depletion Loans - 00:15:52
• Power Five (FHA, VA, USDA, Conventional, Jumbo) - 00:15:52
• Homes for Heroes program - 00:16:45
• Southeast Texas Housing Corporation (SETH) - 00:19:16
• Texas Department of Housing and Community Affairs (TDHCA) - 00:19:16
• Texas State Affordable Housing Corporation (TSHAC) - 00:19:16
• Individual banks with special programs - 00:20:25
• Community Re-Invest Loans - 00:20:25

Topic: Open House Jedi

• Seven Steps to Become an Open House Jedi - 00:02:34
• Open House Jedi - 00:22:06

Topic: Marketing and Technology

• MLS (Multiple Listing Service) - 00:23:53
• Facebook - 00:23:53
• Instagram - 00:23:53
• TikTok - 00:23:53
• Facebook Groups - 00:23:53
• Nextdoor - 00:24:41
• QR Code - 00:26:36
• Busy Kid app - 00:29:18

Topic: Upcoming Interviews

• Michelle Jung, an affordable housing advocate
• Sue Buswell, a credit expert

mortgage banker, Dallas-Fort Worth metroplex, Texas Real Estate and Finance Podcast, market update, real estate professionals, interviews, current headlines, market update episodes, informative, helpful, subscribe, share, feedback, suggestions, news stories, real estate market, interest rates, class action lawsuit, National Association of Realtors, real estate commissions, special programs, lower cash outlays, interest rates, open house expert, save children, financial landscape, real estate industry, interest rates, debt, credit card APRs, car loan rates, class action lawsuits, realtors, antitrust laws, fees, buyer's agents, brokerages, settlements, practice changes, shrinking pool of agents, loans, homebuyers, FHA, VA, USDA, conventional, jumbo, first-time homebuyer loan, incentives, Homes for Heroes program, down payment assistance programs, open houses, emotional connection, online promotion, nosy neighbors, signage, data collection, welcoming atmosphere, potential clients, interview, affordable housing, housing affordability crisis, credit expert, credit potential, improving credit scores, valuable content

What if you could invest in real estate with just $1,000? Joe Pizzurro is revolutionizing the industry through fractionalization, making commercial real estate more accessible and affordable for everyday investors. But as Joe lowers the entry point, seasoned investors may be left questioning their place in this new landscape.

In this episode of the Texas Real Estate & Finance Podcast, you'll hear an interview with Joe Pizzurro, a commercial real estate investor who is revolutionizing the industry through fractionalization. Joe's journey into real estate started with no prior experience, but his passion for multifamily investing and his interest in blockchain technology led him to create a new way for everyday investors to enter the market. By dividing real estate into digital tokens on the blockchain, Joe is making commercial real estate more accessible and affordable. This episode explores the potential of fractionalization in real estate and how it can change the way properties are bought, sold, and invested in. If you're an individual investor looking for an affordable entry into real estate, this conversation with Joe Pizzurro is a must-listen. Discover how fractionalization can increase accessibility and affordability in real estate investments.

• Discover how fractionalization in real estate can give you affordable access to the investment market.
• Learn about the impact of blockchain technology on the title insurance industry and how it can benefit your real estate investments.
• Find out how you can enter the world of fractionalized real estate assets and start building your portfolio without breaking the bank.
• Educate yourself on the advantages of fractionalization and why it's a game-changer for individual investors like yourself.
• Explore the fascinating world of non-fungible tokens (NFTs) and their relevance to ownership in real estate.

The key moments in this episode are:

00:00:14 - Introduction to Commercial Real Estate Fractionalization,

00:01:42 - Introduction of Guest Joe Pizzurro,

00:02:38 - Joe Pizzurro's Background in Multifamily Investing,

00:07:49 - Joe Pizzurro's Exploration of Blockchain Technology,

00:10:27 - Fractionalization of Real Estate and the Future of Blockchain,

00:17:10 - The Impact of Blockchain on Industries,

00:19:33 - The Potential Disruption in the Title Insurance Industry,

00:22:43 - The Impact of Blockchain on Real Estate,

00:24:35 - Tokenization of Real Estate on Exchanges,

00:26:57 - Challenges in Adopting Blockchain in Multifamily Syndicates,

00:32:18 - Real Estate as a Safer Investment,

00:33:18 - Fractionalization of Real Estate,

00:34:55 - Entry Point for Investors,

00:36:41 - Certified Accredited Investors,

00:38:47 - Educating Investors and Driving Adoption,

• Subscribe to Mike Mills Mortgage and Finance on your podcast platform or check out their YouTube channel at Mike Mills Mortgage and Finance for more content.
• Explore the world of real estate fractionalization by learning more about Joe Pizzurro and his trailblazing approach to property investment.
• Consider investing in multifamily properties as a way to diversify your real estate portfolio and take advantage of the potential for forced appreciation.
• Learn about the concept of cap rate and how it can impact the value of commercial real estate investments.
• Understand the benefits of investing in multifamily properties in the DFW market, including population growth, job growth, and the need for affordable housing.
• Discover the potential of blockchain technology in the real estate industry, including the ability to tokenize and fractionalize properties.
• Explore the online degree program in Blockchain offered by MIT to gain a deeper understanding of this transformative technology.
• Stay informed about the latest developments in the crypto market and the potential for real estate-backed cryptocurrencies.
• Consider the potential benefits of fractionalization for real estate investors, including increased liquidity and the ability to trade digital tokens representing ownership in a property.
• Research security token exchanges, such as T zero, to learn

In this episode of the Texas Real Estate and Finance Podcast, host Mike Mills brings you market updates and news stories that every industry professional needs to know. Unfortunately, the news isn't all positive. Mortgage rates have crossed 7.8% for the first time since 2000, and existing home sales are at their lowest level since 2010. Delinquencies on mortgages are at historic lows, but credit card debt delinquencies are rising quickly. The government shutdown was avoided, but Kevin McCarthy, the speaker of the House, was voted out for the first time in US history.

Mike also dives into the topic of interest rates and how they have affected the real estate market. He discusses how money has been cheap for a long period of time, leading to low borrowing costs. However, this has negatively impacted the housing market, and the government is currently not doing anything to fix the problem. Mike explains how the COVID-19 pandemic has impacted the housing market and led to high prices, low inventory, and high interest rates. He also highlights the importance of understanding how the market reached this point to prevent similar situations in the future.

Additionally, Mike touches on other interesting topics such as the commission structure in real estate and how it is being challenged in class action lawsuits. He explores both sides of the argument and discusses the potential consequences of changing the commission structure.

Finally, he recommends the book "Atomic Habits" by James Clear as a transformative read for breaking bad behaviors and adopting good habits. He emphasizes the importance of programming daily routines with good habits to improve motivation, health, and efficiency.

Tune in to the Texas Real Estate and Finance Podcast to stay informed and gain valuable insights into the real estate industry. Don't forget to check out previous episodes featuring Joe Pizzuro and Conrad Jackson, and don't miss the episode on fractionalization and making money in real estate.