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Tulsa Mortgage : Podcast 22 – Part 1

Tulsa Mortgage Steve: This is episode number 22 of The Steve N’ Tyler Show.

Announcer: Welcome to The Steve N’ Tyler Show with Steve Carrington.com and Tyler Wagner.

Tyler: Who negotiated the contract for you?

Steve: A realtor.

Tyler: You’re pretty smart. Good for you man.

Announcer: They’re talking about everything you need to know about mortgages, home loans, and more. Nobody knows mortgages like these two. Get ready, because here’s Steve and Tyler.

Steve: Tyler, what’s happening today?

Tyler: Que pasa?

Steve: Que pasa. Que pasa. We’re about to break it down.

Tyler: I think that that’s my favorite sound now. Let’s do it again.

Steve: Break it down for Mike Kradidck, just came live on Facebook. Hello Mike Kraddick, daddy.

Tyler: Who are we representing today, Steve?

Steve: What are we talking about?

Tyler: No, who are we representing today?

Steve: Who are-

Tyler: We are here on behalf of Tulsa Mortgage.

Steve: I totally forgot about that. We are talking about-

Tyler: Colorado Springs Mortgage.

Steve: -We are talking about Tulsa Mortgage and Colorado Springs Mortgage.

Tyler: Colombia.

Steve: Colombia Mortgage and Denver Mortgage. Just added that in the last podcast.

Tyler: Alamosa?

Steve: Alamosa Mortgage.

Tyler: Pueblo.

Steve: Pueblo Mortgage. All those places.

Tyler: Farmington.

Steve: We got no notable quotable on our W-2? Do we skip it?

Tyler: Not today.

Steve: [laughs] Not today.

[music]

Steve: That’s called farm logic, people.

Tyler: We’re showing that we’re from Oklahoma?

Tulsa Mortgage Steve: [laughs] Yes. That’s our Oklahoma music. Here’s the monk chant.

[music]

Steve: I think the monk chant’s my favorite one now.

Tyler: I just found my zen.

Steve: I’m in a better place now. Reminds me of seeing Tony Robbins, #TonyRobbins. So, Mike Kraddick said Colorado City? No, Mike.

Tyler: No, Colorado Springs.

Steve: Colorado Springs.

Tyler: Some people.

Steve: Old man, what’s wrong with you. Look, we’re talking about how W-2 income’s documented. Now, listen. Some people say, “What’s W-2 income?” To that I say, “You’re an idiot.” I’m just kidding. [laughs]

Tyler: Whoa, hey.

Steve: Whoa. I’m just kidding, listen. That was totally rude, I apologize not really. When I say W-2 income Tyler, what am I talking about?

Tyler: Employers are going to take taxes out for you.

Steve: Oh, that’s right.

Tyler: Pretty much. You get a paycheck, and you get a net check.

Steve: That’s right. What’s included in the income we can use for someone’s W-2?

Tulsa Mortgage Tyler: Well you got base income, are they hourly or salaried employee. They’ve got overtime. Some people get bonuses, that’d be nice and then commissions.

Steve: Some people get commission?

Tyler: Commission.

Steve: We get commission. That’s how Tyler’s income’s calculated. Bet you didn’t know that.

Tyler: Eventually. When I get paid. Still hasn’t happened since March.

Steve: That we haven’t been paying you?

Tulsa MortgageTyler: No.

Steve: This is great. To think, the amount of money we’ve saved. Because Tyler puts in 13 hour days, and we haven’t had to pay him. Dude, it’s not good for you, I realize that. It’s not. But for me? It’s amazing to find out that I haven’t been paying you. I’m just kidding. You get paid, get out of here. I think today’s pay day. You get a special paycheck today I think.

Tyler: I hope.

Steve: I think you get your first com check today.

Tyler: Holla.

Steve: So anyway. You got base income, which means you’re hourly salary, whatever. The overtime, bonus, commission, that kind of thing right? Tell me about somebody that we’ve recently done a loan for who had some interesting income that wasn’t just base pay Tyler?

Tyler: Recently, kind of getting ahead on our story here, but had somebody that got a promotion so they had a base salary for several years, they still make said base salary but now they make commission. Kind of a unique circumstance. They haven’t been making it for two years, they’ve only been making it for about a year. About a year on their tax returns.

Steve: Right.

Tulsa Mortgage Tyler: They make a lot more money now than they used to. They’re doing great at their job.

Steve: Can we do a loan for them?

Tyler: We can do a loan for them, yes. But-

Steve: Because they’ve got a year of commission?

Tyler: Well, we can’t use the commission.

Steve: Or can we?

Tyler: Maybe.

Steve: Sometimes you can use commission or bonus or overtime if they’ve received if for 12 months.

Tyler: Sometimes.

Steve: In some circumstances. Oh, Jose Daniel Miranda’s on here. Hello, Jose Daniel Miranda, my Facebook friend. I’m live in studio. What do you think? I’m W-2, then I went from– I’m still W-2, right? But I went from a salary– most of my income came from a salary based it coming from commission. Is that what you’re saying? Okay. What kind of issues does that create when qualifying for a home loan?

Tulsa Mortgage Tyler: Well, commission, even though you’re W-2 and you’re making commission or something along those lines, it’s almost like self-employed income. It’s a variable income, so you don’t really know for sure until you take an average of that commission. Is it likely to continue, are you increasing? Is your commission decreasing? There’s a lot of things to look at outside of that base salary if you’re making extra moneys.

[silence]

Steve: I’m texting right now, sorry.

Tyler: Oh, okay.

Steve: I’m listening to you though. Keep going. I need six minutes of this.

Tyler: There’s just a lot of things to factor in there when you’re making money outside of just your hourly salary type of income. Most people, they just get hourly or salary and those are pretty simple, straightforward. I make 13 bucks an hour. Great, you make X a year. Easy, move on down the road.

Steve: Right. We have a visitor in studio. What’s up, dude? I was live on Facebook and then it completely froze, look. It won’t even let me finish.

Tyler: Oh, nice.

Steve: Oh, Facebook isn’t responding. Do you want to close it? That’s pretty crazy.

[laughter]

Tyler: We just flow with it, it’s all good.

Steve: Yes. I said we were podcasting pizza for Eric [Vam?] and then I don’t know if it saved that entire thing.

Tyler: You should jump on Steve’s mike, give a hello to the peoples [sic].

Steve: You want to give a hello to the people here? Listen guys, we’re in a studio where there’s a radio station going on constantly.

Visitor: Welcome to the studio.

Tulsa Mortgage Steve: Wow. That is a visitor.

Tyler: Dropped it.

Steve: He dropped a bomb on it, bro.

Tyler: That was a good one.

Tulsa Mortgage Steve: So we’re talking about different kinds of income today. Well he says how about lack of? Yes, that’s another thing. How about lack of income? That’s kind of the problem with a lot of people. We wish we could them a loan, but they have a lack of income. [laughs] That happens, bro that happens. I did that review for you last night. I did that review for you. It’s in there. I did something good. So listen, if you’re listening to this podcast now, you should go give us a review on Google. So go find– go look up “Total Lending Concepts, Tulsa”, “Alamosa”, any of our places and make sure you give us a nice five star review. If you’re not going to give us a five star review, then don’t give us a review at all. Thank you very much.