Tulsa Mortgage : Podcast 154 – Part 2
Hey man I’m looking for a loan and just need some lean. Well Carol any look for oh about 30 acres with a house or just like Rawling.
Tulsa Mortgage Now it just does roll in. Yes sorry that’s not something we do we only loan on houses. OK. OK cool. Thanks. Good bye. That’s it. Number one to do again.
And then I’m looking to buy about 30 acres just to see land.
Oh. No house on it. No. What do you want to do on that land.
I don’t know. My wife likes to plant mushrooms and. I. Like to eat them.
Nice. You can plant mushrooms now. Didn’t know that. Yeah. Well I mean. What kind of mushrooms.
They’re special. This is a whole different special. So I mean do you want to eventually live there or what are you going to hunt on it.
What are you going to do with this 30 acres maybe like 20 years from now we might do something on it. I just kind of want to hang out there.
Tulsa Mortgage Got it. So have you already identified a piece of property that you’re looking at found. How much is. 30 grain. OK. So two things. One I’m going to be hard pressed to find a lender that’s going to do a loan for that small amount just hoping it’s going to happen. Secondly probably and have to have 20 percent down. You know you have to have 20 percent down. Most of the time if you’re wanting to get land like that. So I have a guy. I can refer you to. That can connect you and get that done. If you want to get it done.
But it’s not going to be your typical 30 year fixed. That type of deal you’re probably going to give up some money out of pocket is that something you can do.
You might be able to handle it.
Ok cool. So let’s do that now. So going off script there now. I’ve given him a resource to go down that path and what happens nine times out of 10.
Tulsa Mortgage And I’m just telling you this for a long time as people go down that path. And then they come right back. And they’re like man I talk to that guy and he was telling me about this and I really realized that property that I wanted that was 30000 wasn’t really going to work. I found settlements like 120000 But you know my wife and I are talking I think we probably want to build on you know we do. And so I don’t know man I don’t know if I screw with it.
I mean can you do alone. If I just found a house that was on 10 acres and then I would just say yeah sure enough. So do I turn Tyler into a customer. Where some people don’t turn him into a customer because they say no it’s a perfect exam. We talk plenty of times about credit repair people call and they say they’re it’s terrible their self assessment is that their credit’s terrible and they go oh SARMENTO happy. Now they call me I pulled a cut of my walls and others of you thought.
Pre-approve. How so. It’s just you have to. I’m not saying that you have to be all things all people. I’m not saying that you have to like bend over backwards and spend five hours with a client calls and that’s not the case but you need to have a script and you like a play button that you can hit of data that you can tell people and give them the good bad the ugly don’t sugarcoat stuff because a lot of times it’s an idea that isn’t going to go any further than that idea.
Tulsa Mortgage And they’re not going to buy land. OK. Let me tell you something. I think this is actually accurate. No one that I’ve talked to that’s called me. That said I want to go buy land. And probably the last 24 months has went and Butland they just haven’t unless they were purchasing it for construction purposes to build a house on it.
Done that plenty of times I did the permanent financing I helped them through that whole process.
But someone that’s just going to go buy 40 acres in the middle of nowhere don’t happen because then they get into realizing what that entails and now instead of you know if I can buy a house on 10 acres with FHA loan for 200 grand with three and a half percent down or buy a $200000 70 acre tract land out by Keystone lake that. I don’t have to put 20 percent down I don’t have it. I mean just. People quickly kind of figure out OK maybe that’s maybe that bag of worms is a little bit more than I wanted to open right now. And so don’t just kick somebody to the curb from the beginning because they want to land only low. You need to listen. It’s just like anything.
Tulsa Mortgage If you’re a doctor you got to like do your continuing ed. You’ve got to learn stuff you’ve got to be up to date on stuff otherwise you kill people. We don’t kill people but we kill customers because we take them we turn potential customers into what not a potential customer because now I’ve told them there’s nothing I can do for you. And what they do if you’re that loan officer out there you know what happens.
What they do after they hang out with you they go to the next guy. They call me. And then I help them. And then when they do need to buy that 400000 House they’re calling me so. So. Land only. We can do we find out a way to get it done. But you probably won’t Bailando only.
Tulsa Mortgage Broadcasting live from that koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show