Tulsa Mortgage : Podcast 154 – Part 1
Tulsa Mortgage This is Steve Currington dot com in the Steven Tyler show episode number 154.
To Steven with Steve Curry tom tom and Tyler while. Negotiating partner. Is. Very smart. GOOD FOR YOU.
They’re talking about everything you need to know. Nobody knows what it is like to get ready. Here’s Steve.
Here it is my paypal podcast land. You total ending you people out there. Hey today Steve Currington dotcom here I’m here with the man the myth the legend. If you’re watching this and it’s 2027 this is what Tyler used. He’s great. He’s growing up there. Tyler is with us and we’re talking about land only. You know how many times do you get the request. Hey you’re a consumer out there and you call us and you’re like I think and I’m not picking on anybody. We’re in Oklahoma. So here’s what it sounds like. Hi man.
I want to buy. Some land. And it’s got like 16 trailers on it because my uncle and my cousin my mom and my dad we’re all going to have a trailer but we all want to have it all the same league and it’s like two hundred seventy seven thousand acres.
Is that about right. Yeah that’s pretty close. I talked to that guy. Yeah I’m pretty sure. That was me. I mystery shop all the time. I call him that guy that wants 277 acres.
So that’s one example and the other example is I want to buy some land because I want to build on it. I’ve got a guy right now that. Already owns some land and he’s going to do a construction loan like build on the land so we get that question all the time like well what does how do I do that.
Tulsa Mortgage How do I put it is a mortgage company a traditional mortgage company going to collateralize land.
Tyler. Probably not. No.
Tulsa Mortgage So I have a guy right now that’s got a bunch of land in Colorado we’re licensed in Colorado we deal in Colorado but he literally has like 80 acres in Colorado. There’s there’s no there’s like a cabin somewhere you know on there but it just isn’t going to fit your typical mold of what we would call like a fake Fannie-Freddie insured loan. FHA is not going to insure a loan where the the property’s got 80 acres and it has some 700 square foot house on it because the collateral the idea behind like an FHA loan program is for you know it was originally designed first time homebuyers even though it’s not any more but it’s it’s for a home not for land not for farming not for an investment not for that type of stuff.
Tulsa Mortgage Right. So what if Tyler I wanted to buy land only. I mean what is that. What do I do. Do you know what do we do. Do you know you may not know. That’s totally cool. You know what I do. I have a local bank that I refer people to to get landlords to just get what landowner. Period. What landowning. And here’s the different scenarios that can come up. I want land only because I just want some land by-God I want to go hunting and fishing on. Ok that’s cool. That is talk to your local banker. Do your community bank that can do something with it.
Tulsa Mortgage Then you’ve got I want to buy some land it needs to be cleared and it’s got a mobile home on it it’s got an old shack that I’m going to tear down because I want to own that 10 acres and I want to build on it because that’s another thing right. I still got to get them to a construction lender a local bank that is going to do that type of construction loan form right. Yeah. And then you might have somebody who says and this happens a lot believe it or not that says the scenario that I gave earlier which is me and my brother want to own this 10 acres and my parents and you know we want to put three houses on. So all those scenarios can work out. It just it takes you know really some expertise of some mortgage peeps of figuring out how to structure. But most of the time if you’re a mortgage lender out there this is your hip pocket right here or maybe is here where’s your hip pocket or is it like here that there used to be pockets on the side.
Tulsa Mortgage That’s why they call it the hip pocket. The little one that nobody I don’t really know what the hip pocket is but you’re supposed to have.
Certain things in your hip pocket.
Maybe it’s actually like referring to a holster because it’s your gown maybe your so your gun your ammo and your gun.
An officer is having a relationship with a local bank that can do some stuff that’s outside the box. Because my thing is and part of what’s helped me be successful Tyler seeing this because we worked with him for a long time is just being the resource for clients that have mortgage related questions period. Not every person can I do a loan for another person or I want to do a loan for it or is it something that is in my wheel house that I want to do. You can’t be all things to all people. But what I don’t do is help some people packing so I will have a solution. Hey. I got the guy I think from what you’re wanting to do. This might work. But what you’re going to find out consumers that are out there and loan officers that are out there listening you mortgage makers. Is people have ideas all the time that they don’t do anything when they don’t.
Tulsa Mortgage So if if this scenario Tyler you be the client you call me and say hey I’m looking for a loan on some land and I don’t do loan limits. So here’s scenario one you started.