Barbara, $9000, United States discussed on Best of Liquid Lunch with John Tabacco
About money and finances and mortgages, all the things that I I feel pretty passionate about because you know you only know what you know, and you don't know what you don't know. And sometimes it's too late. If you especially if you have someone that doesn't know the warning signs of red flags. Another example. I have this really nice agent that came in to see me the other day talking about one of her clients. Could I get him pretty approved and we're going to call her Barbara. It's not her name. Not even close to her name. So don't worry barbers out there. So, Barbara Came in and said, Okay, this is what I want to say. Hey, by the way, could you maybe help me with the mortgage, But I've got some issues and I'm like, Oh, don't we all everybody's got issues. What? What could your issues be? Well, she's a single mom. She has two kids. She is an American citizen. She is from Pakistan. No problem with any of that. She's a real estate agent. She's brand new. She had a big business, dry cleaning business and sold it right before Covid and then all during Covid. She studied for her real estate test, and she passed it. So now she's an agent, and she hasn't done any transactions yet, So everything is new to her and I went and spoke at a real estate function the other day, So I have a lot of new little agents calling me wanting to help. Which I am glad to give. I'm very happy to give because if they bring me deals, I can help them work out their deals. And then I get the mortgage. So I'm all for teamwork here. So she said, OK, Uh oh. I named her Barbara. I couldn't remember her name. So, Barbara said so. This is my story, she said. I make money off of investments. I haven't started making any money in my real estate business yet. And if you get into real estate you've got to have Two years worth of taxable income before we can end didn't use it anyway. So she's brand new that would never work. She doesn't have a job. This is it, Okay? You think that would be fine? Yes. Taxable income. She makes nine grand a month. Sounds wonderful. Love that idea, And then she said, so. I'm divorced. Um, I have the money in a fund and I said great. She goes well, I used to have it with and this is where things get dicey. Because people always have to explain their way out of where they're at. And why are there at where they're at, and that's when you know the story. The plot thickens. So, she said, So I used to be at Morgan Stanley and they had all of my money and I make $9000 off my initial investment. But they were only paying me 4%. I said, okay. I mean, that's about the going right here in the United States. She goes. So I called my dad and in Pakistan, I can get 12% like Oh, my gosh, You've got to be kidding. She goes. No, no. So I took all my money out and I moved it transferred into Pakistan. I'm like, Oh, she was like Is that a problem? I'll just and that's where I'm going to get the money to put down. Like it depends. So I started calling all my lenders and I'm like, how do I bring that money back to the states? See once you will you make it in this state. She was well, It's not a problem because I made it here. I mean, it was part of my divorced. I'm a citizen. It was in California said Yeah, but you took it away. You took it outside the United States so now bringing it back in its foreign money. She goes. No, no, no, I had it here. I'm like it doesn't matter what you had matters what you have. Now, What you have now is foreign money. And now we've got to get it back over here in the states, So she is going to get into a special program where I can use money from not the United States. Only because of the money is in dollars. It never transferred to whatever money they have over there, and the statements are in English, So I think probably she's going to come by again this afternoon. And we're going to print out all those statements so I can see where the money is at. I think they're probably having Affiliate banking relationship with someone here in the states. A lot of those banks do that They have foreign banks. But it's not really quote a foreign bank even though it's located there, But it has trading skills with the bank here in the U. S. U. S Bank has a lot of those trading things. Um, Banco Popular has a lot of trading capacity with other countries, so it's really important. Not that she doesn't have a job and not even that she has investments, which is great. We can use that. But it's where the money is coming from. And the reason that's a big thing is because the U. S department Treasury. Um, the government, the big guys. They're telling us right now where we can get money from and where we can't. There's a lot of countries. You can't bring money in from to buy anything here in the United States. So Egypt is one of those countries. I'm sure Pakistan might be. I've just got to find out. I've got to get that list. So I've got to log on to the State Department and find out what I can find out and then call my lenders. Once I get her, um Once I get her everything, and you know it really see where we're at. It's it's things that she didn't know back then or she probably wouldn't have. Well, I think she will still want to move the money because she got paid three times, four times what we paid here in the United States so anyone would move the money. The problem is There are ramifications for our actions and there are ramifications for our inactions. I got another call from a friend yesterday. I seem to tell you these stories all the time because it's easier. It's my real life. It's you know, I get a call every 10 minutes with something and somebody and they all have a story. Um, so I have a friend that's in a smaller community here in Texas. She got divorced, like 20 years ago. Been single all this time, and she is, um she has a regular kind of office job. Doesn't get paid a whole lot, maybe 100,000 year, which is good for her and what she does, and in a small communities she's in, and there was a mistake made when her husband, her ex husband retired, So in many states, you don't get a piece of their retirement when you divorce them until they take that retirement. So he was a member of a of a company and they had a pension plan and that pension plan once he retired, he had access to it, And it's a predetermined amount, like the railroad or the electric company or whoever you have your pension with and they tell you how much you're going to get based on how much you put in..