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Two real estate agents and a lender talk about real estate in Utah. It‘s a homegrown real estate podcast for buyers, sellers, investors, and agents.
Episodes
Tuesday Mar 08, 2022
Tuesday Mar 08, 2022
You can watch this episode on YouTube.com: https://youtu.be/S4cqIZqnV0Y
What isn’t written down could kill your deal. Make SURE you get it in writing! 🖋
0:00 – Introduction
1:29 – Section 18 of the REPC is Notices. They must be submitted in writing. Yes, text is legit writing…but do you really want to stand in front of a judge and defend a text?
2:12 – Receipt. The other part must receive the notice. Do it multiple ways: send a text, then email the contract piece, then follow that up with a call, and keep the communication alive. It must be “confirmed” received to be received. A football pass isn’t complete until it’s caught. 🏈
5:27 – Non Verbal. The notice has to be signed. We’re trying to get away from verbal contracts, in favor of written ones. It must be in writing, it must be received, it must be signed, and it must be dated.
6:51 – What’d We Learn Today?
8:36 – Bloopers.
* No Oompa Loompas were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Mar 01, 2022
Tuesday Mar 01, 2022
You can watch this video on YouTube.com: https://youtu.be/77l_Juz8G3E
How much equity's in your house? Well, if you haven't refi-ed and you've owned for more than two years...probably more than $80,000!
0:00 Introduction
1:32 – The Homeowner Investor. Utah numbers Since 2019: median home was $320,000. Today that home is worth $444,000. Tap your equity in one of two ways: sell your house or home-equity loan. What if we DON’T sell? Go full homeowner investor. Equity is the difference between current value and what you owe. If you’ve owned your home longer than 2 years and you haven’t refinanced, you have at least $80,000 equity!
4:08 – Example House. $161,000 equity.
5:15 – HELOC. Home equity line of credit. Very common is 80% Loan to Value (LTV). Here’s the formula: (Current Value * LTV) - Mortgage Balance. In our example: $444,000 * .80 = $355,200. This is the loanable amount. Now subtract the mortgage balance. $355,200 - $283,000 = $72,200. This is the HELOC loan ceiling — i.e. how much equity you could touch.
6:20 – Invest it! My first property cost my $320,000, why would I buy a townhome for $485,000? You can make money buying a way more expensive property? Yes. What if I don’t move out (which would allow me to owner occupy with 5% down payment)? You can get an investment loan (20% down, and higher interest rate). And for putting down 4 times as much, you’re payment will only be about $127 less expensive per month. Use your dollars wisely, and move.
7:55 – Strategy. Make a plan, and have the tenacity to stick to it. Use ratios (math!!) to make you money. You could make 3% on $400,000 or 3% on $800,000. Which one sounds better? This can finance your retirement. “House Hacking” is a strategy for owner occupying (5% down payment). Live there for a couple years, then HELOC, rent it out, and get another property. Build your portfolio.
11:35 – Agents. Investment strategies call for a deal every year or two, instead of every 5 – 7 years. Build your team, and work on your strategy.
13:05 – What’d we learn today?
14:56 – Bloopers.
* No equity was harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Feb 22, 2022
Tuesday Feb 22, 2022
You can watch this episode on Youtube.com: https://youtu.be/MyNC0Dt1e5I
Who pays for the attorneys when you go to court? Well, that depends on who wins.
0:00 - Introduction
0:55 - Losers Pay. REPC 17 is about attorney fees. Spoiler: loser pays all attorney fees. M.A.L. in that order: Mediation, Arbitration, Litigation. Know what your risks are.
2:10 - Venue matters. The purchase contract is for property in Utah, and so the laws of Utah govern the contract. Anything could go to court - performance, seller disclosers etc.
2:51 - Survives closing. This section survives closing - meaning this applies even after the transactions concludes.
3:57 - What'd we learn today?
5:49 - Bloopers.
* No lawyers were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Feb 15, 2022
Tuesday Feb 15, 2022
You can watch this episode on YouTube.com: https://youtu.be/_6ekRBudk2M.
Do you know how hard money works? You should!
0:00 – Introduction.
0:53 – What is Hard Money? Lending against a hard asset. Different than traditional lending, which is lending against the credit of a borrower. Hard money is usually a short-term loan.
3:10 – What’s Private Money? Private money is funding from a friend or family member that’s generally not a real estate person.
4:37 – Why Hard Money? Traditional lenders won’t lend on property that is trashed. Hard money is also fast — can fund in a matter of days or even hours!
7:10 – The Process. If both sides are very organized, it’s gonna be fast. I want it to be easy. I’m not interested in fluff. Need to know what the value is, condition of the property, and what the ARV is. I need contract, and the entity documents. I like to do 80% loan to value.
11:35 – Fees. I’m a 2 and 12 guy. 2 points is 2% of purchase price. 12% APR. Points + days of interest + amount you borrowed = total loan payoff. I prefer two accounting periods: when I fund it, and when we close. All fees are paid at closing. Dirty estimate is take the borrowing rate and multiply it by 8%. It’s more expensive than a regular loan, but they’re not the same instrument. Hard money is designed for speed, flexibility, and short term. Hard money enables you to take advantage of deals now…yes it costs, but would you rather have a piece of something or none of something?
17:19 – BRRRR Strategy. Buy, Rehab, Rent, Refinance, Repeat.
18:40 – Horror Stories. Understand first vs second position. Understand the value.
26:25 – Vetting Borrowers. You can learn a lot by how quickly borrowers get information back. Check out their car — is it clean an organized? So’s their business strategy.
30:35 – The Ecosystem Needs Everyone. We need long-term lenders, we need short-term lenders. We need agents, title, etc. We need everybody.
31:45 – What’d we learn today?
35:03 – Bloopers.
* No points were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Matt Strong is the 2/12 Hard Money Guy
bit.ly/StrongHardMoney
- Fix & Flip Calculator
• BRRRR Calculator
• Helpful YouTube Channels & Podcast
• Other Helpful Resources
• All My Social Links:
https://www.facebook.com/matt.strong.73744
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Need Hard Money? (801) 244-3888
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Feb 08, 2022
Tuesday Feb 08, 2022
You can watch this video on YouTube.com: https://youtu.be/uWKHSmYVvM4
Breaking contracts is a bad idea…and it’s gonna hurt if you do.
0:00 – Introduction. Section 16 of the Utah Real Estate Purchase Contract (REPC) is about breaking the contract — also called “Default” — and what the remedies are.
2:16 – Options after Default. You’ve got three options. 1) Earnest money is forfeit. 2) Maintain earnest money where it is (in a trust account) and sue for performance (completing the contract). 3) Return the earnest money, and sue for damages and any other remedy at law.
3:38 – Examples of Default. Going past a voidable section, and then backing out for that section.
6:17 – Story Time With Aric: Buyer Default. Faulty furnace, and the buyer asks the seller to replace it (a $10,000 expense). Buyer defaults on loan after seller spends $10,000, but only has $5,000 earnest money for remedy. Your agent can protect you from risks like this.
12:40 – Story Time With Jason: Seller Default. Contractor gets a For Sale By Owner (FSBO) under contract. Contractor starts spending money for an extended close. In the meantime, the seller doesn’t want to wait and ends up entering into another contract with another buyer who can close now. Contractor sues for damages and performance.
16:00 – This is NOT Legal Advice.
17:20 – What did we learn today?
19:05 – Bloopers
* No judges were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Feb 01, 2022
Tuesday Feb 01, 2022
You can watch this episode on YouTube.com: https://youtu.be/y0ADGZgcfOM
Can I even afford a house in Utah? Yes, but it’s getting harder!
0:00 – Introduction
1:52 – Storytime with Tyler – There’s an Affordability “CRISIS” in Utah! Is there? If you own property, you are relatively unaffected because your equity is increasing rapidly. The $7000 / month gains we talked about in the economics episode are going into your pocket. The problem is if you don’t own property.
3:34 – Our cities are growing into a high-density metropolis. There’s limited space, which means higher-density living is becoming the norm — whether you want it to be or not.
4:50 – Story time with Aric. His choices were Las Vegas, Nevada; Utah; or Sacramento, CA. Las Vegas didn’t offer any land — there wasn’t space. Aric chose to move to somewhere where he could have a job he could work out, and buy a house with land.
6:25 – What is a starter home? If you’re looking for a 5-bedroom, .5 acre lot…you’re doing the “starter home” thing wrong.
7:20 – “Future-Associability” is assigning yesteryear’s values with today’s features. When people buy a house, they mark that time and price, and that becomes the standard in their mind. Then, they tell their kids 20 years later that the price of a home should be the same, but things have changed!
8:06 – How much does a burger cost in Disneyland? It costs way more than outside the park, and people are WILLING to pay it because of the disadvantage of having to leave to spend less. Utah is our own little contained theme park, and when it comes to housing, you’re going to pay more to “stay inside” a certain area. In Utah, we now have to build “up” instead of “out” because we’re running out of land.
10:29 – If you want to identify a major contributor to the affordability crisis in Utah, just trot on over to your local city council, where there’s a good chance they’re talking about affordable house. Everyone votes “Not in my back yard” for affordable housing while complaining about the price of homes! People, you’re voting no on the things that would make it more affordable!
11:15 – How do we deal with affordability? 1) Get on the moving train. Convert your dollars into something that keeps pace with inflation. Let that thing carry you into your next home. 2) Buy at the edge of their capability. Ratios and history tell us that you’ll be better off. 3) Purchase outside urban centers. 4) Complaining won’t help. 5) Recognize the affordability crisis is really only a crisis for renters. 6) Think outside the box – get a partner to buy with you, for example. Talk to knowledgeable agents and lenders who will help you buy differently. 7) Accept less, seriously. Buy a real starter home. 8) Parents, teach your kids what a starter home is and help them understand today’s market.
15:51 – What’d we learn today?
17:46 – Bloopers
* No housing affordability was harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Jan 25, 2022
Tuesday Jan 25, 2022
You can watch this episode on Youtube.com: https://youtu.be/1QlUCJzMHwM
What's gonna happen to Utah housing in 2022? Nobody knows for sure, but these statistics and economic data will help paint the picture.
0:00 – Introduction
1:30 – Should I wait to buy? It’s gonna crash!
2:26 – Unemployment. Utah’s awesome, and there’s so much attraction here. We have a highly educated, under-employed work force, and businesses are coming to take advantage. Unemployment rate is 2.1%, the lowest since at least 1998. The U.S. is 4.2% as of November 2021. Housing follows employment – it’s a leading indicator. The most-important information to look for when it comes to housing is jobs.
4:52 – 2-Yr Job Growth Chart. 3.6% Utah job growth. U.S. is -2.0% over a 2-year span. There are already several companies here, and there are many more that are in the process of moving infrastructure here. Companies follow companies.
6:20 – Aric predicts 2022 will match 2021 in terms of price increase (appreciation rate), largely because of inventory shortage. New construction takes 10-ish months to build, and builders are selling out now. Interest rates are climbing, but there’s still historically great rates. We’re also in an “appreciation state,” meaning investors look for deals that will gain value rather than cashflow.
7:59 – Supply & Demand. We’re not building enough homes (housing starts are down). There aren’t enough permits being supplied to home builders. November 2021 is down 9%, after being up 20% in 2021. We’re outbuilding what we’ve done in the past, but we’re still short of demand. Construction is taking longer because there are shortages of materials. There’s a high demand for homes because there is strong job growth, but we’re underbuilding normal demand (this doesn’t account for an increased demand, which magnifies the issue).
11:12 – Conventional Loan Limits. There’s been a huge increase in the limit: almost $100,000. For most of Utah, the loan limit went from $548,250 (in 2021) to $647,200. This is because everything costs more. The conventional conforming loan limit is what Freddie and Fannie Mac say you can borrow for a house for without special provisions. As of 1/11/2022, there are only 479 existing homes (514 if you count homes under construction) that would qualify for a conforming mortgage out of a total of 860 homes for sale in Utah and Salt Lake counties.
13:04 – High Appreciation due to supply and demand pressure. There’s a lot of pressure on supply and pressure on demand. That leads to an inference of a high-appreciation year. People are likely to sell because they see additional equity in their home. However, it will take more equity to get into a new home. Move up buyers will remain mostly unaffected, but first-time home buyers need to buy sooner than later or they will be left behind.
14:12 – Not a Bubble. This is the memory people surface because they link high prices with the collapse of 2008. You’re not likely to be able to out-save appreciation. At 3% appreciation on a $400,000 home, that’s $1,000 appreciation per month. If you’re not saving more than $1,000 per month, you’re being left behind. Now increase that to the 20% to 30% rates we’ve seen across Utah in 2021: most people are not capable of saving $6,000 or $8,000 per month to keep up.
17:05 – Sold:List Ratio. List price to final sale price expressed as a percentage. In October 2021 we came back down to just 100%, where it remained to January 2022. 102% in January so far. You need to be working with someone who can get and interpret statistical information.
20:30 – Lots of Stats. We hit a lot of data points to paint a clear picture. You cannot base an analysis on cherry-picked information and numbers. You must consider multiple data and how they describe a situation in order to have an accurate reading.
21:18 – What did we learn today?
* No housing starts were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Jan 18, 2022
Tuesday Jan 18, 2022
You can watch this on YouTube: https://youtu.be/fl7Y4IG_eBc
When you hire a Realtor®, remember the advice of Warren Buffet: “In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first, the other two will kill you.”
0:00 - Introduction. Also, Jason explains ethics with a great reference to the Pirates of the Caribbean’s Pirate’s Code. 1) Your return to shore wasn’t part of our deal. 2) You have to be a pirate to subscribe to the Pirate’s Code — and you’re not. 3) “The Code is more what you’d call guidelines than actual rules.”
2:36 - Who does the Code of Ethics apply to? Is there an order to it? Yes. The Code of Ethics is provided by the National Association of Realtors (NAR), so it doesn’t apply to all agents. Realtors are bound by it. The duties of the Code of Ethics apply to clients first, the public second, and other agents third.
5:03 - Fiduciary duty. “How do I know you’re going to be a good agent?” We have a fiduciary duty, which means your Realtor has duties to clients including care, obedience, accounting, loyalty, and disclosure.
7:26 - Article 11: Comparative Market Analysis (CMAs). If a Realtor doesn’t understand or have experience in an area, type of property, etc; they are required to disclose this fact as well as seek assistance from knowledgeable professionals.
11:56 - Out-of-state agents. Storytime with Tyler & Aric. High-dollar seller in Utah was buying in another state with a close family friend. Some issues arose with the out-of-state purchase, which jeopardized our seller’s financial position. The out-of-state agent advised our client on Utah laws, and this represents a serious ethical breach. Open communication and intentional ethical posturing go a long way to avoiding ethical issues.
17:13 - Interview your agent! Put your best questions in the comments.
18:15 - 2 Phrases that guide ethics. First: intention. What do you intend to do? Second: acting in good faith. Are you doing everything you can to represent your intention clearly? The Golden Rule is a pretty good way to evaluate how ethical behavior is.
22:48 - What’d we learn today?
24:37 - Bloopers.
Pirates of the Caribbean: The Curse of the Black Pearl is copyrighted in 2003 by Walt Disney Pictures and Jerry Bruckheimer Films. The Utah Real Estate Show implies no ownership or rights whatsoever regarding the clip used in this episode.
* No Realtors were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Jan 11, 2022
Tuesday Jan 11, 2022
You can watch this on Youtube.com: https://youtu.be/57pdJ3jU7mE
What makes a transaction smooth or rough? Knowing these 4 principles goes a long way to making sure your buy or your sell goes smoothly.
0:00 - Introduction
1:27 - What makes good loan officers or real estate agents is someone who's been through rough experience. There's a reason we host the podcast: because we've run into serious challenges.
3:09 - You need education to make educated decisions.
3:35 - 1. Know what you want...what you REALLY want. Knowing what your options are gives you a chance to select your experience. The smoother you want your transaction, the less money you'll end up with in your pocket. Most home transactions are complex. Realtors have fiduciary duty to ensure our client is not harmed. First piece of advice: seriously consider what exactly you want, and know what will happen because of the route you're taking.
7:28 - 2. Collaborate and communication. Bring all professionals involved together and communicate openly and clearly. Communication is the most important part of the any transaction. Be super open with your communication. The lender will always find out. Don't guard stuff...it's going to get uncovered.
10:33 - 3. Don't assume. Double check your own work and the work from the other side. Don't assume you know what other team members know. Keep the professionals in their lanes. Take tax advice from an accountant, not a solar guy, for example.
14:07 - 4. Reduce emotions. Emotions are dangerous. People will spend more on what they want than what they need. Professionals who ask a lot of questions are trying to help you approach decisions wisely. Story time with Aric.
19:09 - What's we learn?
21:08 - Bloopers
* No incredibly muscular and hairy chests were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Jan 04, 2022
Tuesday Jan 04, 2022
You can watch this episode on YouTube: https://youtu.be/T3jiwSqvmy0
What's a "Domino Contract"? Why does it matter? Are you making sure that your contract falls inline with other contracts? Then you're playing dominoes well in real estate!
0:00 - Introduction
0:49 - The "Domino Effect" or "Domino Contracts" is when one contract has to close before another can close before another can close, etc. This can lead to a lot of stress if we don't plan how to handle the dominoes.
1:34 - Story time with narrator, Aric: properties A through E. Dollars complicate things, though. Not just purchase money, but earnest money as well. Make sure you have enough earnest money to cover your earnest money in the counterpart deal. Give yourselves a gap between deadlines - this is the same as the gap between falling dominoes. You can have those dominoes fall smoothly or fall chaotically. Does your agent care about this transaction happening smoothly?
6:48 - Settlement dates. You can't have all the settlement dates be the same. There is time needed between each property settling to allow each property to close. Allow gaps.
8:27 - Aric continues his story. Each property required time to close including time for wiring funds. Be aware of wire-cut-off times.
9:36 - Possession time. Pay attention to your possession and negotiate it according to your needs.
10:20 - White-hair wisdom with Tyler. People feel stress because they feel like they don't have control. How do you get control? Explore your options (get education), and take action. Is your agent allowing you to select the type of transaction you need / want? Or are they just allowing the transaction to unfold? All parties need to be sharing information up and down the domino chain.
14:02 - Just getting a transaction done is not the same as getting a transaction done smoothly.
14:30 - What'd we learn today?
16:27 - Bloopers.
* No dominoes were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Dec 28, 2021
Tuesday Dec 28, 2021
You can watch this video on Youtube.com: https://youtu.be/1JlOmaHi9uU
Is the home you're considering mobile, manufactured, or modular? Well, that's a really important distinction!
0:00 - Introduction
0:59 - Glossary time with Jason Christiansen. Mobile home: built on a chassis and has wheels, it can move. Though it’s a home, it’s more like a vehicle than a home. They’re considered personal property. Manufactured home: manufactured somewhere then brought to the final home site and affixed to the property. Modular home: it’s built in sections, then assembled at the final home site, and is considered easier to build, but essentially no different than a “stick-built” home.
3:52 - Can I lend on a mobile home? Well, mortgage lenders cannot because it’s in a park. A REAL estate agent can’t technically sell mobile homes since they’re PERSONAL property. If you take earnest money on a purchase and put it in a trust account for real estate…that could be considered fraud. Did you look at the lot fee or lot rent for the mobile home? The house is cheaper, but the lot fees can be MUCH higher than an HOA. Mobile home lenders can have much higher interest rates, and require a much higher down payment.
7:13 - Manufactured homes MIGHT be able to get financing.
7:34 - REAL property vs PERSONAL property matters. If it’s affixed to the land it’s considered “Real Property,” but there is debate about what “affixed” means. “Personal Property” is NOT affixed to the land. It can be carried off, or towed off, so it’s considered personal property.
9:06 - Manufactured homes, can they get lending? They can if they were built after April 1976 – because of HUD standards that were put in place. There’s a tracking system for all manufactured homes. Don’t pull the plate off. Many types of financing are available on anything built after April 1976 (June 15, 1976).
10:27 - Modular homes can take “normal” mortgage financing. People can get really confused about what type of home they have: mobile, manufactured, modular.
11:11 - What did we learn today?
13:02 - Bloopers.
* No real personal property was harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Dec 14, 2021
Tuesday Dec 14, 2021
You can watch this video on YouTube.com: https://youtu.be/ttlmN1-KXTE
Happy Grinch-mas, y'all!
We're celebrating with the Grinch again this Saturday, the 18th of December. And by "celebrating," we mean we are giving away stuff. HIVE Collective is matching donations up to $5,000!
Donate today on Venmo: @HiveRealEstate (https://venmo.com/u/HiveRealEstate).
The Grinch will buy groceries, buy meals, buy gas, and all sorts of stuff. Tune into Hive Collective's (https://www.facebook.com/hiveREcollective) Facebook page on Saturday afternoon to see the festivities.
0:00 - Introduction
0:30 - Jason Christiansen's reason to believe in Santa. The Spirit of Christmas is about people who give back.
2:23 - How the Grinch works. Every year, Hive Collective saves a portion of EVERY transaction, and we give it away in fun ways: we buy meals, groceries, gas, toys, Christmas presents. We ask for donations, and Hive Collective matches those donations.
6:10 - Goal: Give away $10,000 this Christmas!
6:50 - A present from the Grinch — what? The Grinch sent Tyler a new pink shemaugh!
7:49 - Watch for us on Saturday on Facebook (https://www.facebook.com/hiveREcollective) for what the Grinch is giving away. This is how you get the most out of the holiday season! Merry Christmas, y'all!
Music used with permission:
Canon and Variation by Twin Musicom is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/
Artist: http://www.twinmusicom.org/
Hip Hop Christmas by Twin Musicom is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/
Artist: http://www.twinmusicom.org/
Tuesday Dec 07, 2021
Tuesday Dec 07, 2021
This episode can be viewed on YouTube.com: https://youtu.be/ZrYi6Zn_k7Y
Do you know how a contract works? Do you know when it binds versus when it can be voided? When can you legally walk away from a contract without penalty? These are all important aspects of contract law.
0:54 - What makes a contract? We're using a lot of vocab today: void, voidable, executory, executed, duress, misrepresentation, etc. Is your agent qualified to represent you and your contracts?
1:30 - The basic elements of a contract: $500,000 for Jason's blue house. The represents an offer of consideration (something of worth) in exchange for other consideration. Tyler's $500,000 represents the buyer's "valuable consideration" and Jason's blue house represents the seller's "valuable consideration". When they agree to exchange, we have "acceptance." Without consideration or acceptance, there is no contract. For everyone's protection, it's wise to have this agreement in writing.
2:38 - Both parties also need to be competent and have the capacity (informed authorization to transact). There needs to be no duress (coercion to accept and agreement someone wouldn't otherwise accept, see 7:30). There also must be no misrepresentation (offering something as truth which later proves NOT to be the case, see 8:12). Finally, there must be no undue influence (when someone puts their finger on the scale and influences the transaction, see 9:30).
2:50 - Story time with Tyler. Here's a commercial transaction that was presented for signature at a bar, after the one party had been drinking, and lacked the capacity to bind a contract. This results in a voidable contract - the presenting party is bound by the contract, but the individual without capacity is NOT bound to the terms...the contract is voidable at the option of the wronged party.
5:25 - The great thing about the Utah Real Estate Purchase Contract (REPC) is that it's voidable, meaning people can back without penalty out for contingencies.
6:10 - Executory vs Executed. "Executed" means all terms of the contract are completed. This really only happens at closing. Most people mean "Executory", meaning "signed by both parties".
7:30 - Duress. "Sign this or else ___________" is a good indicator there's duress. Interestingly, the person you presented the contract is bound by its terms, but the person under duress is NOT bound by its terms. The contract is thus, "voidable" by the person under duress.
8:12 - Misrepresentation. Something about the contract is not represented correctly. Even if a contract is executed, there is still legal remedy to be sought in court. The core of misrepresentation is knowingly deceiving someone.
9:30 - Undue Influence. Story time with Aric. What happens when relatives get involved? They're not on title, but they exhibit influence over the transaction. Bringing a posse of people to review a home you're considering purchasing creates influence over the purchasing decision. That can result in undue influence.
11:49 - What did we learn today?
13:33 - Bloopers.
* No undue influence misrepresented duress in this executed video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Nov 30, 2021
Tuesday Nov 30, 2021
This episode can be viewed on YouTube.com: https://youtu.be/5bwBs7ncc3A
How do you get started in real estate when everything seems to be stacked against you? Can you really get into real estate? How? We talk about how to get started, and the things we wish we knew when we were in our twenties.
0:57 - Story time with Aric. Lots of people in their 20s have asked, "How do I get started in real estate when the world is stacked against me?"
1:44 - You need to have a desire to get ahead. That will lead to a plan. Desire fosters consistency, and more than anything, this is what twenty-somethings need if they want to get ahead. Sports teams practice consistency — and the more they practice the more reliable they become. Same applies with real estate.
3:20 - Credit is a major issue. A credit report is largely composed of consistent credit history. Best thing you can do is to get yourself a credit card when you're 18. (If an adult will co-sign with you, you can start establishing credit before you turn 18, and this is huge.) A credit card continually extends credit, and you're continually responsible for it. This is the fastest way to build credit. Use a portion, pay it off in full. Keep your balance to 25% of your limit if you can.
5:19 - If you don't have a credit card, contact a lender to get your bearings. Average home in Utah is $500,000. That can blow your mind, but you need a lender to help you figure out where you are and what you can really afford.
6:00 - Tyler put his daughter on his card before she was 18, and it really boosted her credit.
6:44 - FICO score breakdown. 35% Payment history. 30% Amounts owed. 15% Length of credit history. 10% New credit. 10% Credit Mix. DEVELOP A CREDIT HISTORY and DON'T MAX IT OUT.
7:32 - Make a plan, and get going. You could own several homes by the time you turn 30. Work with a lender to figure out what your payment could be, then "pay" yourself your theoretical mortgage payment every month. Get to know what it feels like. It will accrue into a sizeable down payment. Look for 3% – 5% down. That's $10k to $17k!
8:50 - Go get some business partners. Your buddy could be the easiest way to get into a property.
Rent out the rooms.
10:00 - Rinse and repeat. Just keep buying homes.
10:17 - Parents, your kid could live in your basement for FREE, or they could live in their OWN basement for FREE. Which one sounds better? You get peace and quiet, and they get a real retirement.
11:15 - What'd we learn today?
12:59 - Bloopers
* No one percenters were harmed were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
Tuesday Nov 23, 2021
Tuesday Nov 23, 2021
You can watch this episode on YouTube.com: https://youtu.be/SFXf-nblDCo
The real estate purchase contract (REPC) provides for the ability to mediate dispute or to litigate dispute. Which one should you choose?
1:10 - What's mediation? A non-biased third party evaluates the dispute, and helps resolve the issue. Litigation happens in front of a judge, and the loser pays all fees. If you mediate, it happens in front of a mediator, and the parties split the fees. Mediation tends to be less expensive and faster.
1:56 - When you present an offer, you have the chance to determine how disputes are resolved.
2:28 - "May be subject to mediation" means you can go to mediation, or you can go straight to court.
2:55 - "Shall be subject to mediation" means you have to go to mediation first, unless it's particularly egregious.
3:22 - There are good arguments for both sides.
4:02 - It's really about what YOU want to do. Be aware and be prepared. Everyone goes into a contract happy. Think of this more in the vein of how you act when you get into a tangle with people. If an agent has a dispute with their client, they ALWAYS do mediation first. Buyers and sellers have the option to go to mediation first or go to litigation.
5:15 - What'd we learn today?
7:02 - Bloopers.
15. MEDIATION. Any dispute relating to the REPC arising prior to or after Closing: SHALL / MAY AT THE OPTION OF THE PARTIES first be submitted to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must agree before any settlement is binding. The parties will jointly appoint an acceptable mediator and share equally in the cost of such mediation. If mediation fails, the other procedures and remedies available under the REPC shall apply. Nothing in this Section 15 prohibits any party from seeking emergency legal or equitable relief, pending mediation. The provisions of this Section 15 shall survive Closing.
* No mediators were harmed were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.