The Jon Sanchez Show
06/20-How to make the dream of homeownership become reality
Well, we got a minute and I'm going to buy that truck I've been wanting. Wait, don't you need like weeks to shop for a car? I don't. Carvana makes it super convenient to find exactly what I want. Hold up. You're buying a car on your phone? Isn't that more of a laptop thing? You can shop wherever you want. I like to do my research. Read reviews, compare models. Plus, Carvana has thousands of options. How'd you decide on that truck? Because I like it. Oh, that is a great reason. Go to Carvana.com to sell your car the convenient way. Good Thursday, Virginia. Welcome to the John Sanchez Show on Newstalk 780K. Oh, wait, chance of a pleasure to be with you. One more day in the work week to go. Yesterday, a day off, four day week. You can't beat that, Corey Edge of Edulity. How you doing, my friend? I'm doing fantastic. How are you? But too shabby, not too shabby. Little lackluster session. No, just kidding. No, there's a lot of activity going on today. But anyways, yeah. Mark was decent, at least on the downside of things today, Corey. But I'm more excited about the topic, which I can't wait to tell everybody about here momentarily. So I'm doing great. You're doing great. Let's see if Mr. Mallard of Guild Mortgage is doing great. How you doing, my friend? I'm doing great. I'm glad everybody's doing great. Just a hunky-dory peachy keen world. It is, at least today, right? At least today. That's right. That's right. Well, good. Glad everyone's doing fine. All right, the boys, let me tell you everybody what we have lined up. We're going to go through today's stock market recap, of course. And like I said, it was a strong day for the downside, a bit weak on the Nasdaq side. One of the major players gave up some of its gains that we've been enjoying. So could this be the beginning of a little sell-off in that little tiny company called Nividia? We'll talk about that in its influence on the market. Then we will get into today's topic. So listen closely. This is a very serious topic that I just keep hearing over and over again from friends. Obviously, it's all over the press. You name it. This country is dealing with it. Here's the scenario. All right, for those of us that have-- let's just say a few gray hairs. In other words, a little bit of life experience behind us. It was an absolute given when you were growing up that you're going to own a home, right? Everybody owned a home in our generation. What was the scenario of life? You got a job, probably got married, bought a house, and you have a few kids, right? Everybody seemed to have done that. We called it, of course, the American Dream. But for millions of people these days, that American Dream of homeownership feels like it has never, ever, ever going to happen. Due to, of course, the number of factors-- housing inventory, 7% mortgages, difficulty qualifying. You hear the reasons night after night on this show. Well, how can we help those that are feeling that way? Helplessness, hopelessness. Make this dream of owning a home become reality once again. But we don't want anybody feeling that hopeless feeling. So tonight, what we're going to do is we're going to give you reasons, five reasons from each of the boys, so a total of 10, as to why, on the real estate side with Corey, on the mortgage side with Dwight, that it can become a reality. Now, you know, if you are credit challenge, you don't have a job, obviously that's a different scenario. But we're talking, guys, about the hard-working man, woman that is out there. They're doing everything right, right? Everything that they were taught to do, they're saving, they've got a good job, they've got a good credit score. But again, the down payment challenge, the qualifying challenge, the inventory challenge, list goes on and on. They're ready to throw in the towel. Corey, let's start with you. How realistic is this? Because, again, so many people I'm talking to you, and especially the younger generation. I'm not talking, you know, right out of college. I'm talking late '20s, early '30s. I just had a conversation yesterday. That's what prompted me to create this topic tonight. He was a very, very hard-working man, and he's like, you know, I'm locked in. He goes, you know, I'm paying $2,200 a month for a little two-bedroom, two-bath apartment. I don't know how I'm ever gonna have the American dream. And he was actually in what really got you, is he was of Hispanic descent, very hard-working man. Been in this country for 25 years. But he's like, I'm never gonna be able to have the American dream. So, Corey, how realistic is this? How often do you deal with this? Same question to you, Dwight, in a moment. I think you deal with it a lot, unfortunately, these days, because, again, going on a broader topic, you know, outside of real estate that affects your estate, the wages that not kept up with the level of inflation. And then, obviously, what we had through 2007 and '08, and Wall Street gets involved by no means blaming them. But, you know, houses, at some point, almost became a commodity that people buy and trade and investment vehicles and different things. And that kind of upped their utility and their value for people that normally would not have been in the market competing against someone who wanted to live in that house. So, there's all different factors. But, yeah, it's an issue, and, you know, how do you fix it that there's no one answer, I don't think? - No. - And, unfortunately, my biggest thing, and we'll talk about a little bit, is sometimes you just gotta have some patience. And I know that's very easy for me to say I own our own so I can sit back and tell everybody to have patience. But you look at times in history and how these cycles work and going through 2008, '09, '10, that's when you could've bought a house. And I know that sounds cliche and you're like, well, nobody was buying houses. That's exactly when you want to be buying the house. - Sure. - So, you know, sometimes don't get yourself off. - But to counteract your point though, Corey, what I'm hearing from people, they don't even care so much about buying the house for the bragging rights to say, you know, I bought it for five and it's worth seven. So I just made $200,000. They want to buy the house again to fulfill the American dream, right? Home ownership, they know over time the real estate's gonna go up. But, you know, again, I'm not in the trenches like you and Dwight, what I'm hearing from people is that doesn't even come out of their mouths, right? They may be thinking that, but they just want to own something, right? They want to say, this is mine, this is my place. I don't have to worry about a landlord raising my rent. I don't have to worry about being booted out, you know, a year from now when the landlord that owns my house says, hey, guess what? I'm gonna put it on the market. They don't have to worry about any of that. So it's more, you know, again, I just use that term, the American dream. And secondarily, it's the appreciation of the home. So I think, at least again, from my perspective, that's one thing that seems to be different this go around when things are tough. I mean, I've shared with you guys the story. You know, when I bought my first place, I couldn't afford it, it was 186,000. I was a credit analyst at GMAC, making 32,000, a wife, two kids, three kids at that point. I couldn't afford it, so I partnered with my dad and lived with my brother-in-law. And that was the only way that I got in. And then, you know, the next house, I was able to buy on my own, an actual house. But it was the same situation. I was like, man, I am so sick and tired of throwing away the rent. But at that point, it wasn't, I mean, I think we were, I think 13, 14% mortgages. It wasn't by any means at the peak. But it just, I don't know. It just seems like it was a different time. And I don't know, in my lifetime, at 60 years old, looking back over all the real estate ups and the downs, I don't know if I've ever seen a time where it's so challenging for people to buy a house now because of all these reasons, right? In the past, sure, you know, coming up with a down payment, qualifying, that's always been a challenge. But I don't know, this time guys, I hate to use the cliche, but this time, it just feels different. Do you agree with that, Corey? - Well, and I'm not saying to go back and buy at those times because of the equity that was brought on after them, saying the opportunity to buy because of the competition was low and inventory was plentiful. So, you know, and that was obviously a drastic time. You can go back to the very beginning of COVID, not the aftermath, but the very beginning of COVID. People were running a little scared, houses were plenty. People putting their house on the market were starting to negotiate with buyers 'cause they didn't know what was coming. So you're going to have these opportunities in time where things will slow down, it always happens. Right now, it doesn't feel like it's going to, but trust me, it will. And you just have to be prepared to do that, and patience, patience, patience. Again, I know it's easy for me to say, but it's key to this whole thing. - Okay, perfect, perfect. Do I jump in? - Well, I mean, there is a lot of fatigue and frustration, John. And I think part of the reason is they're paying such high rent payments, and they've been doing it for a year, year and a half, and all of a sudden, how come I can't buy? I mean, I've already been making that payment, you know, and so they're not understanding, you know, perhaps the credit or the debt to income, those things that they need to, you know, listen to this show, we talk about all the time, but you know, they need to have a better understanding of why they're not doing it. And that's what I try, and I know Cory does, I know, I explain why. Here's how you, you know, we get from A to B. And so I just, but yeah, you're right, I, this is very, very difficult times. I mean, people are just, they're frustrated, you know, they got to go out and ask a parent who says no, then you go ask your grandparents if I can't, you know, after a while you just like, you know, screw this, you know, I just, maybe I'm meant to be to rent and-- - That's it, there you go. - You know, and all three of us-- - That's what they hear a lot too, yep. - Yeah, all three of us is they don't give up. You know, there is eight, eight, there's a, well, there's a will, there's a way, but you know, it may not look bright right now, but maybe down the line, you position yourself a little bit better, you know, then, you know, and to Cory's point patients, I believe, this is me, I believe you've got a little bit of a correction around the corner, I think you're gonna see softening of prices, I'm maybe not dramatic, but, you know, if we're gonna get them to stabilize or even softer a little bit, you know, it might help, but people go look at something John today and they go too much later and it's 25, 30 grand higher. - Right, right, right. - You know, one point, and, well, yeah, we're really jumping ahead here, but it's good. One point, I want to go back to you, with you, Cory, I think you brought up, that's an excellent point, which is the wages have not kept up, right? Dwight's requirements, the down payments, the ratios, the, obviously, the higher interest rates, everything has risen, obviously, in the price of the home, everything has risen other than, besides your credit, the other, you know, as important aspect of qualifying for a mortgage, and that is the wages, you know, and, again, a single person, you know, a college, new college graduate, assuming they don't go into IT or, you know, AI or some crazy, but this kind of get, you know, your standard job, where they starting, Dwight, 40, 50 grand a year, you know, right around there, that's pretty hard to qualify for a $500,000 house at, you know, 50 grand. So, there's one of the challenges, too. - Well, when you got the student loan debt with it, probably, I mean, if you weren't off the college to get that 40, $50,000, $60,000 job, you've got a student loan payment kicked in in six months, I already got a hit you with it. - Yeah, so you're right, it's a building block that just keeps kind of, you know, or hurdles that just keep coming your way, but I mean, you can overcome them. I mean, we all have. - Exactly. - We all have. And we will help you all tonight overcome these. We promise you that. All right, let's turn it over to Kristen Snow. She's in the right now, traffic's in her. Hey, Kristen. Welcome back to the John Sanchez Show on his talk, 780-KOH with Dwight Mallard of Guild Mortgage, Corey Edge of Edge Realty. All right, before we get back to the markets and in our topic, quick reminder, my friend's over at SNW Tractor. They're staying cool, but it's the whole crew over there. They're such a great group of men and women, hardworking. They care about you, they're community oriented, and oh, by the way, they represent an incredible product called the Coyote Tractor. Small ones, big ones, everything in between. No matter what size property you have, no matter what the tasks, the jobs, they can set up a package for you. All you do is stop by and talk to them. Let them know what you need, and they will design it, and you're gonna be shocked at the affordability, and of course, zero percent financing for 84 months on select models. Located at 4880 East Nye Lane in Carson City, that is where, of course, they are. And online at s&wtractor.com, phone numbers 882-1225, 82-1225. All right, as far as the market, let's get to that real quickly here. 300 point gain on the Dow is how we finished, 3/4 of a percent, so now it's the Dow's turn to rally. Seems like 39,000, 134 is our closing level, still a long ways away from our just slightly north of 40,000 record set that we hit a month or so ago. Lost 141 on the Nasdaq, 3/4 of a percent to 17,721, and finished unchanged on the S&P 500, that isn't happening very often, at a close of 54.73. Nasdaq cited things pretty much rolled over when Nividia did, Nividia was up earlier this morning, finished the day, however, down four point, or excuse me, $4.80, a three and a half percent loss to 130.78, Apple down $4.61, 2.2, pull back to 209.68, Microsoft a small 64% give up at 4.45.70. Salesforce was the dominant performer in the Dow, with a rise there of $9.99, 4.3% to 2.41.80 a share. All right, on the economic side of things, starting to see, speaking of jobs, and how they impact a loan qualifying, people employed, not employed, pull back about 5,000 filings for the state unemployment benefit this morning, that was a good number for last week, 238,000, but the continuing claims gained at 15,000 filings. Corey, let's hit the housing data, housing starts down 5 and a half percent, building permits down 3.8%. And to what you're saying, Dwight just mentioned, little bit of signs of some slowdown may be coming. - Yeah, and I didn't read the stories and all the theories, why I saw the headline, I listened to a couple of people talk about it, but it was a big miss. I mean, I think it took a little bit back to the 2020, if I remember, right? - That's right, that's right. - So yeah, not sure exactly what is going on, but we've talked about this before, that these, you get in these big lenders, Fanny Freddie, they have good economists, you get in these big builders, and they have decent economists that see out further than what you and I see, and sometimes they can pick up on terms they're seeing nationwide that we may not know or are happening, but it is interesting. - Yeah, it really is. Dwight, no, okay, so before I throw my question at you, where do we finish on the 30-year mortgage today? - Well, the good news is, I was hoping for after that news came out, I was hoping we were gonna rally, right? 'Cause it just shows they, maybe things are working, but we finished what we left last week, 7.02, is the average on the 30-year fix, according to the mortgage used daily, so that's a victory, it's a win in my book. You know, I would have liked, like I said, I would have liked to have seen a little better improvement today based on those housing numbers, but we'll see. - Yeah, those generally don't have much of an impact, though, the housing data on mortgage rates, do they, isn't it gonna be more overall economic data? - Yeah, yeah, but you know, even there was some, you know, if you looked at some of the commentary, it was like they were surprised that there wasn't, I mean, we lost, on the mortgage backsecurities, we lost nine basis points, you would have, you know, thought maybe it had been flat, or maybe plus one or two, so it was a little confusion that we didn't get, you know, we didn't have a better day, but we'll see, we'll see. I had somebody, John, ask me today, and I wanted to get European, they said, "Hey, I'm holding on off to locking my rate." And I said, "Oh, when's that?" And told the debate, you know. (laughing) And I just didn't know, and I thought, "Well, they probably might have a market movement, "do you have any thoughts on that?" Because it was, you know, the Friday morning law. - Yeah, yeah, yeah, the debates went next Thursday, right? If I remember, right? You know, I laugh at that, but maybe not bad logic, in a sense, because as we've seen, and because there's not a lot of debates between the two presidential, soon-to-be, official presidential candidates, people could be making, I mean, I remember, of course, you know, the last presidential election, people start doing monetary decisions, financial decisions, obviously based upon who's gonna be in the White House, no matter how many times we have said, don't focus on that so much. Now, policy, you know, I think the biggest thing, again, I'm sure we'll hear some of this at the debate next week, is, you know, Trump's tax policy, right? I'll tell you right now, guys, I hear it almost every day from our clients, and you read it in the press, et cetera, people are very concerned about the sunset provision of the tax, Trump tax cuts, right? They're set to expire at the end of next year. If for some reason, people start to think that Trump's not gonna win the election, you're gonna start seeing a lot of different movements going on in jockeying, maybe not so much this year, but definitely next year, if Biden gets reelected. So that part of it will have an impact, but as far as, you know, major monetary decisions, as I've always said, presidents can't do it. It's up to the makeup of the house and of the Senate. That's really, if you're trying to make any major financial decisions, that's where you should watch. But short-term to what, yeah, I think you're gonna be hearing a lot of things like that. Hey, I'm waiting for the, you know, I'm not gonna buy my favorite stock. I'm not gonna buy, you know, or get a mortgage because of, I wanna see the debate, and then, and then they'll wait to the second debate, right? If there's gonna be, I think there's what, two more scheduled after this one next week. They'll make every excuse. I've heard it all as we get closer to financial, so we get closer to presidential elections and things. And then, you know, as I've predicted from day one, I think we're gonna start seeing a tremendous amount of volatility in the market. Probably, you know, August at the earliest, but definitely, you know, we get into September, October. You're gonna start seeing a lot of things as we learn more of the economic policies of these two candidates. I so, I'm just, you know-- Yeah, it just caught me off guard. I hadn't heard any-- Yeah, I bet it didn't. Yeah, I can imagine. Well, we're ready to lock it, doctor. I'm waiting 'til, you know, that's the debate. I'm like, oh, okay, okay, okay. So, he must think that Biden will win the debate because then everybody will flock to the bond market for the safe haven, drives the yield, and then-- (laughing) I don't know what he thought, but-- Yeah, he may not know what he thought, yeah, no. And then, the other thing I'll remind everybody about, you guys know this, the other thing that will happen as we get closer to the election, of course, you're gonna get all kinds of different stories and scare tactics and so on and so forth appearing on the internet, right? You'll get it coming out of Fox News and then you'll have the other side on CNN. Again, I've seen people make all of their investment decisions as, you know, not our clients, but wanna be clients based upon what they get, you know, they're reading on the internet or some newsletter they subscribe to or what Fox News said or what CNN said. It's gonna all start happening. So, you know, everybody get their rest and square up your portfolio now because I think, like I said, the, you know, Q, basically, you know, Q3 and Q4, I think are gonna be just one heck of a roller coaster ride and everybody, your world and my world specifically, Dwight and then Corey, you'll be the beneficiary of the volatility, maybe, you know, when it's all said and done, I don't know, but it's gonna be a wild ride. That's the only thing I know for sure in my heart of hearts. All right, when we come back, all of you that feel like you have given up hope of buying a home, we're gonna help you overcome that. There are ways, don't give up the hope, is Corey and Dwight so eloquently stated, just sit back and relax, we're gonna show you how and why we say that. But first, let's turn it over to Jack Saban. He's got news traffic and weather. Hey, Jack. Welcome back to the next show on Newstalk 780K OHH with Corey Edge of Ed Drilling Day, Dwight Mallard of Guild Mortgage. 300 point gain on the Dow. Lost 141 on the Nasdaq, a big old goose egg on the S&P 500, but that's behind us. Now it's time to focus on you. How is it that you can get yourself into a home, right? The American dream seems to be slipping away from everybody. You know, earlier in the show, when we were talking about this, we're referring mainly to the younger generation, right? Like I said, those of us with a few gray hairs, yeah, we had our challenges too, but it just did not seem as difficult as it is now for young people. But my point is we don't need to focus just on young people. This is a situation that everybody is facing. Maybe somebody, maybe you had a foreclosure or a short sell a few years ago and you're just now able to get back, you got your finances back in order and you're ready to buy a house. And again, again, you're facing these difficult conditions. Like we said, you can read the stories nationally, they're everywhere. This is a national situation. I'll call it basically a pandemic in a sense. It's not just local, but there are things you can do and that's what we want to help you accomplish tonight. So the goals that we have for you tonight is very simple. We've asked Corey again to give us five reasons or five things that people can do to get into a home, to psychologically overcome this challenge and this frustration and same thing with Dwight. What can we do on the mortgage, the qualifying, the financing side of things? So this is gonna be really interesting. Corey, let's start with you with your first point. Move, if the dream is to own a home, don't get stuck looking in your current town. Consider outlying areas in other states. I got goosebumps when you said that because at that point, I got a job promotion and that's how I was able to eventually buy my first house by myself as I got transferred from Oxnard, I got to Bakersfield, significantly lower cost of living and bought that first house for $110,000, right? I mean, sounds like a joke now, but you're absolutely right. So expand on that point, Corey. - Yeah, I mean, I have some friends of mine that Reno became just two unaffordable for them, they moved to Alabama and they're loving it. So I think it's really, you gotta sit back and you gotta figure out what's the goal, right? I have to go ultimately is to own a home and that's what you consider to be the American dream and you can't afford it here, then if that's the goal you're gonna stick with, you may have to move because sometimes you don't get everything you want. If your goal is to find an affordable home in Reno, it's just not happening right now, only because you've got the politicians against you, you've got all these other things working against you. And so that's where I think you sit down and really lift yourself in the mirror and say, okay, is the goal to find an affordable home here in Reno or is the goal to find a home affordable, regardless of where it's at? - Right, right. - And if that's what it is, then start looking around at different places. - Yep, that's great advice and I know one of your points that we're gonna be talking about switching careers is one of the, and that can kind of tie right in with this. So I love that one. All right, Dwight, from a lending perspective, your first point is, I love this one. I think anybody on this station loves this one. Reduce government regulations. It is adding approximately $30,000 per new home according to the National Association of Home Builders. Ooh, 30 grand. - Yeah, John, that just came out, I think it was last week. They came out, the president in AHB. It indicated that, you know, and other than the obvious, and maybe I missed kind of the structure of what you're looking for, the obvious is saving money, pay down or pay off your debt, shop for a, you know, a co-signer. I mean, these are things that, you know, and again, this goes along with Corey saying, is there are locations that have less regulations and less government, you know, overlay that would add to the value of the, and the cost of these houses. And as much as I'm a huge fan, I grew up, my dad's a builder, new construction. I love, you know, sometimes maybe you opt for the older house right now, and not the new one, the tax base will be a little higher in the new one versus the old one. You know, I mean, there's just, you know, that is killing the new home. And I just, I feel sorry for these home builders, large and small because they are just fighting this every day, every day, every hour. And it just, it gets passed along to the consumer, you know, that makes it that much tougher. - I think I know the answer, and I think the answer is no, but I want to throw it out there anyways. Did either of you get started with your first bit of real estate ownership in a condo like I did, or did you guys jump right into houses as your first real estate transaction? - Well, I was a condo. I was a condo on Carson, a really old one. - Yeah, yeah, yeah, exactly. Yeah, what about you, Corey? - No, I went straight to a house. So I did my own. - Okay. Yeah, there you go, there you go. And the reason I bring that up, what do you guys think about that as a starting point? I mean, little reduction in medium price of a condo versus a home nowadays, but that's not either of your lists. Should we throw that in there as a possibility? - Yeah, again, I go back to the, you got to ask yourself the question, if the goal is to own something, then you have to look at all those possibilities, including condos, and, you know, we'll get into budgeting stuff, but then you just got to look at the HOAs and make sure you can do it. But that's where it really boils down down. I guess if that is the goal to own something, then everything should be on the table. Modular homes, town homes, regular homes. - There you go. There you go. - You know, if that's your goal. - I want to just real quickly, it'll take me 40 seconds to share this story as we're talking about condos, just a little alert. Got a phone call over the weekend from a client. Recently moved out of Reno, moved down to Vegas. She bought a home in a HOA, like of course everybody does. Unfortunately, she got caught up in the emotions when she bought the home. And when I got the first phone call, and Dwight, you had talked to her also, when I got the first phone call, she goes, she was all proud of herself that she outbid the competition by $30,000, meaning she offered 30,000 more than the second highest bid. And I'm like, you did what? Long story short, she ended up paying cash for this house. I get this frantic phone call. I think it was Sunday morning. And she just attended a board meeting the day before at this new association. And she bought this place in Vegas because it had great shady trees, some ponds with ducks, and she just loved the wildlife. And she was informed at this board meeting that the ponds, the ducks, the lot of the trees are going by the wayside for pure zero scape. 'Cause remember, this is in Vegas. On top of that, which is again, was the primary reason she bought this. On top of that, she and the other homeowners are being assessed a $100,000 assessment to pay for all this new landscaping and filling in the ponds and so on and so forth. And I mean, you talk about somebody frantic. I know you guys have received those phone calls from clients and things. Heartbreaking, absolutely heartbreaking. So just as a reminder, if you do go the condo route, as Dwight and Cori both have said, research the finances of the condo association, make sure there's not any looming massive assessments down the road. First thing I told her, and she'll probably be contacting you, Cori, and I haven't heard back from it this week, is was this disclosed to you in your sales agreement? It was an attorney that owned the house and so on and so forth. So she's looking to point fingers and first words out of her mouth was, this was not disclosed to me. I'm following a massive lawsuit against the agent, against the seller, on and on and on for the lack of disclosure. So I'll keep you up to date, but just as a reminder, condos, yeah, maybe a little bit cheaper, but watch the HOA's and anywhere you go, even a home, of course, nowadays most of them have HOA's. So really, really tragic situation. All right, Cori, your second point, partner. Find like-minded people that can help you qualify. Down payment payments, yeah, with the down payment, the payments, so on and so forth. That's how you got started with- - Yeah, but before, but you can go to the family members, you can go to Grandma and Grandpa like we talked about, but the younger generation, you're all in the same boat. You're all having the same issues. So if you could group up and tackle the issue with two or three friends again, it's a lot easier than the way I'm making it sound 'cause you gotta drop contracts, who's gonna own oil, oil, oil, oil. - Right, right. - But it is a good way to at least get into something. And again, that goes back to my first point of, if that's the goal to own something, that's an extra way to do it, assuming that the major holdback is financial qualifying or all those things, so. - Dwight, since this involves you, this is a great point, Cori brings up. Let's say I'm a young single guy, and again, I wanna get in more than anything in life. What's the number of people that I could partner with as far as, let's say I've got some college buddies. Can I bring in two of them, three of them, five of them, 10 of them? Where's the rule, and then how do you qualify real quick? - There is no rule. I don't like more than about three or four, but I mean, there are some rules to how many you can bring on. And it's a blended ratios, right? So it's all in income, all in expenses. So it does help, you know, unlike the old days, you know, each individual had to maintain some qualification mechanism on their own, but now it's all blended. So there is not a limit. I mean, it's just a whole lot of work. There's not a limit, so yeah. - Okay, all right, very good. Cori, let's go back to your point three. Well, you know what, we're gonna go to break. Here's what we're gonna talk about. Switching careers, again, sounds very dramatic, but how bad do you want it? Turned over to Kristin Snow. She's in the right now, traffic center, hey, Kristin. Welcome back to the John Sanchez Show on Newstalk 780. Can't wait. Mr. Cori is a really neat phone number, so. 673-6700. - Thank you so much. Dwight Millard, Guild Mortgage, phone number. - 240-2022. - Beautiful. All righty, guys, let's continue down our list here. We got a hustle, we got a few minutes remaining, and a lot of things to talk about. All right, we're talking, and once again, if you just joined us about how we can fulfill the American Dream, so many people, again, not able to buy a house for all the reasons that we discussed so far tonight. We're trying to give you solutions, talked about sometimes you just gotta move out of the area, partner with a friend, family, whatever it may be, just get in, reduce government regulation as it adds about 30,000 per new home, according to the NAHB. Cori, you touched on this, let's hit it again. Switching careers, sometimes that's necessary to, again, if money's not, or if money's the problem, you know what? There's a lot of plentiful jobs out there right now. - There are a lot of, well, I mean, I'm assuming there's a lot of plentiful jobs, that's what the Fred told us, so. Yeah, maybe you gotta look, again, if money is the only thing holding you back from your dream of earning a home, then you might have to look at a different career, which will take a little bit of a while, and that might also force you to move somewhere else. - Mm-hmm, that's right. - But again, you gotta keep everything on the table if that's what the dream is. - Dwight, along those lines, you know, I'm more of a proponent of someone starting a business than, you know, taking on a second job or something to qualify. How long does someone need to be in business for you to be able to include that new business income in their qualifying process? - Well, if they're self-employed, John, you gotta have two years tax returns. So that puts a lot of, you know, that sets a lot of people back, you know, and I just wanna talk real quickly. I mean, the government can help right now in expanding flexible loan practice. What I mean by that, let me just, I have a gentleman that is in the medical field. You know, I had to go to school, has a full-time job, but just doesn't quite make it. So instead of taking overtime, which has been offered, it made more sense for him to go down the street at another hospital and get a part-time job. Well, now I'm two years typically before I can count that income. And you just go, what? I mean, this guy, you know, you saw his education, you see, and he's in the medical field. And so this is where we're falling short, I believe as an industry. His common sense is just gone. And so, you know, it would just be helpful if you could paint the picture like the old days and say, "Hey, here's what I've got." And this is, I mean, you're talking, it just, we're so hard to pass these black and white rules. Yeah. - Let me interrupt you real quick. Isn't it if they switch jobs and it's the same profession, you don't need that two-year rule? - Well, no, that's not a switch job. He just added additional income. - Just added. - So you have to have two years. - So you have to have two years to have the additional income. And you know, what are we gonna do if Trump gets in and we don't have to tax the tips? - Yeah, I mean, there just needs to be some common sense. You know, we can get people in-house a little easier, but yeah, it's just, this is mind-boggling to me sometimes. - It is. Corey, wrap us up on, you gotta have some patience. You started the show that way. - You gotta have some patience. - These markets haven't flow, so wait for it to add. - Yeah, there you go. Like you said, easier said than done, but excellent, very savvy advice. And then your final point was, yeah, think about who you're speaking of government. Think about who you're putting in the office. You know, are they pro-housing or against housing or looking at new programs, et cetera. There's a lot of things that need to be done out there. Unfortunately, we can't control the government, but we can control the people that we put in the government. So great job, guys. Excellent. We'll see you tomorrow night, everybody on the John Sanchez show, God bless. - This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taking a specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting John at Sanchez Wealth Management.com, or 775-801-801. John Sanchez offers securities and advisory services through Independent Financial Group LLC, a registered broker, dealer, and investment advisor. Member FINRA SIPC. Securities only offered in States, John Sanchez is registered in. Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. Dwight Mallard is not associated with Sanchez Wealth Management LLC or Independent Financial Group LLC. Dwight Mallard, co-host, NMLS number 241259. Guild Mortgage Company equal housing opportunity. NMLS number 3274, Dwight Mallard, NMLS number 241259. And free mortgage company number 11441. Pranch address 5370 Kitzley Lane Suite 101 and 103 Reno, Nevada 89511. Phone number 9723812410. The information provided today is for educational purposes only. The position strategies or opinions of the show do not necessarily represent the position strategies or opinions of Guild Mortgage Company or its affiliates. All information loan programs, interest rates, terms, and conditions are subject to change without notice. Guild Mortgage offers home loan financing only. Guild Mortgage Company is not affiliated with the John Sanchez Show. Any speakers, companies, or institutions featured. This is a paid advertisement. - It is Ryan here and I have a question for you. What do you do when you win? Like are you a fist-pumper? A woo hoo, a hand clap or a high-fiver? If you want to hone in on those winning moves, check out Chumba Casino. Choose from hundreds of social casino style games for your chance to redeem serious cash prizes. There are new game releases weekly plus free daily bonuses. So don't wait. Start having the most fun ever at Chumba Casino.com. Sponsored by Chumba Casino, no purchase necessary. VGW Group, void work prohibited by law. 18 plus, terms, and conditions apply.