Jerry Santa, Tucson, Warren Buffett discussed on Home Solutions with Win 3 Realty
Here's the win three team leader Bob sack Meyer. Good morning and welcome back. I'm in the studio with Jerry Santa VIP mortgage. And right before the break, we were talking about one of our mutual clients that we've had for years, and, you know, their their decision to you know, what I'm going to not have the rental properties anymore. And I really am getting you know, where I don't know how much longer I'm going to make it. And and and my family really doesn't want anything to do with these rentals. Some people never want to have anything to do with them. Personally. I've owned rental houses since two thousand I'm sorry since nineteen eighty two and I have one left, and and the only reason I kept that one is I've had a tenant in one of my houses. It's the new house. I built in the back. I took advantage of the zoning. And I and I have a home with a home built on the back, and that same tenant is the first guy I ever gave the keys to back in March of two thousand and five and he gets a check from the Veterans Administration every third of the month. And I just I've been paid like clockwork, and until recently when I just, you know, in the process of refinancing, the home with Jerry son to be happy mortgage. I needed to meet the appraiser that was the first time I've actually set foot in the property since two thousand and five I mean, never once a trouble, call never anything. So it's just a that's the only reason I kept that one all the rest of my properties that used to own and we used to have sixteen rental houses around the unit. Arizona's and basically we've traded all that off for notes in real estate notes. And now instead of owning the property we own the paper on the property, which is the mortgage, and we just get a check in the mail. And and you know, one of the best parts you talk about asset protection. There's two kinds of people's people in this world. There's makers and takers. Right. And you know, when you own things you put a big target on your back and people go out to the corporation commission. Say, wow, this guy's got seventeen. LLC's? Let's go after him. And and you know, when it becomes obvious all the things you have, you know, people will sue you. And and what if someone does a slip and fall on your on your sidewalk? And now all of a sudden, they can sue you because you're the landowner and trying to penetrate, your LLC income after other things that are in different entities. And unfortunately, I've had that happen. And and the the good news is when you have the note on a property. Nobody sues. Wells Fargo because they had the loan right? So so basically the liability belong to the landowner not the paper owners. I would rather have paper then property, and this is something that you know, Jerry son is is also are a right hand guy for for qualifying all the borrowers that you can't fit in a Bank box. And doesn't mean you're out. That means that there's playing be, you know, you go to plan B, and we've had you know. Dennis with multiple practices that make you know, well over six figures year, and and. Not be able to get a Bank loan. And and just as we addressed earlier in the program somebody with an eight hundred credit score and twenty percent down payment, and then work ethic. You know, you find quite commonly in immigrants Asher a mile long. And actually, you know, he is an immigrant, and and, you know, an illegal immigrant in this country, legally, and and work ethic. Well, mile long, and saving money, and and taking advantage of the economy that all of us take for granted. But so anyway, that's an opportunity to to fill the void for the the investors that don't want to to hold rental property. So Jerry, let's talk about the types of properties that are currently for sale in Tucson on the MLS manufactured homes during the recession loan what happened to loans for for manufactured homes, aided stopped. They went away. I mean, nobody could finance them. So the whole industry just took a hit and Warren Buffett in his wisdom went in and bought several you know, he bought Clayton Holmes. And and you know, some of the biggest manufactured homes builders any also bought or Warren Buffett owns more manufactured home communities than anyone else in this country. So he sees the writing on the wall the normal person in Tucson, Arizona. The median income is forty seven thousand dollars well that quaint to about a hundred and fifty thousand dollar loan single family homes are pushing to fifty on the median, so you're already one hundred thousand dollars pass what most people can't afford that leaves you to townhomes condos manufactured homes. Well, if you. Had a choice. Would you rather be crammed in, you know, tight-knit association in a Condor, which is like living in an apartment, you have no yard, you have, you know, people above you people beside you, or would you rather have acreage with with manufactured home, and they build these manufactured homes. So well, I mean, you walk inside you'd never know once you're inside, and even sometimes some of them from the outside their ground set, and and it's hard to even tell anymore that that you're you have that in manufactured home. But there are total believe it or not a hundred and forty two for sale in Tucson and Pima county one hundred and forty two manufactured homes for population over a million, and then the older anything older than nineteen seventy six when they changed the building standards there twenty of those available for sale. So I think that's a huge opportunity is offering homes on land for the people that are priced out of the of the inner city now, and we're seeing more manufactured homes. Purchase contracts and I've seen in years. I mean, it's I'm getting to a month, which for me is a lot. And and again, it's just for that reason. There's just not enough for for for many people. That's what they can afford. Someone is listening, and they're actually have a lady who just recently lost a spouse, and she is relocating to live with with her children. No, big rush. But got to thin out before she's ready, but I've got a manufactured home ground set on a on a very nice west side lot coming available in the next probably two to three weeks. So if you're interested again, it's Bob Zak Meyer win.