The Get Rich Slow Podcast

By: Lance Johnson Robert Delavan and Adrian Schermer
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  • Summary

  • Welcome to the Get Rich Slow Podcast! Our goal is to pass on the knowledge that we and our expert guests wish we knew a decade ago to get the most out of your financial life. We'll provide you with insight into wealth-building activities and practices that can help expand your net worth. Get insight from top professionals who will reveal tips on how to build wealth, by working smarter - not harder, and help you identify your financial blind spots. With over 50 years of combined experience in the financial industry, Lance Johnson, Investment Advisor Representative Registered Investment Advisor, Robert Delavan, Licensed Principal Broker in Oregon, and Adrian Schermer, licensed Senior Mortgage Specialist in Oregon and Washington, will teach you what it means to get rich slowly and grow your Net Worth by being Brilliant at the Basics. https://www.getrichslowpodcast.com/
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Economics Personal Finance
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Episodes
  • 78. Introduction to 1031 Exchanges with Milissa Ormiston

    78. Introduction to 1031 Exchanges with Milissa Ormiston
    Oct 18 2023
    Tune in today as Lance, Rob and Adrian are joined by Milissa Ormiston to discuss the basics to 1031 Exchanges.   Links & Resources Mentioned: ROI Disclosures: https://tinyurl.com/48xfx2wu Adrian Schermer @ Directors Mortgage: https://www.directorsmortgage.com/loan-officer/adrian-schermer Rob Delavan @ Delavan Realty: https://delavan-realty.com Lance Johnson @ ROI Financial: https://roi-fa.com Milissa Ormiston: https://www.ipx1031.com/locations/name/milissa-ormiston/  Events: https://roi-fa.com/events   Transcript Adrian Schermer (00:03.062) Hello future millionaires and welcome back to the get rich slow podcast. We are your hosts Rob Delevan, Lance Johnson, and I am Adrian Schermer Rob Delavan (00:09.193) Good morning. Lance J. Johnson (00:12.1) Hello there. Adrian Schermer (00:15.366) On today's episode, we are going to be exploring some new topics with our guest, Milissa Ormiston. Milissa, hi, how are you doing this morning? Milissa Ormiston (00:24.495) Good morning. I'm doing well. Thanks, Adrian. Just trying to stay dry in this drizzly Oregon morning. Lance J. Johnson (00:31.768) Summer is over. Adrian Schermer (00:31.844) Yeah, it feels like home again. Yeah. Milissa Ormiston (00:33.716) Yeah, officially I think so. Lance J. Johnson (00:38.976) It's funny because usually I always go to Cabo at this time to extend my summers and I didn't this year. And so yes, the rain is here early. Adrian Schermer (00:39.126) You can catch us online. Oh, go ahead. Rob Delavan (00:48.926) Hmm. Milissa Ormiston (00:51.215) Is it your fault then, Lance? I said, is it your fault that we now have rain? Yeah. Okay. Adrian Schermer (00:51.298) That last little bit. Rob Delavan (00:51.476) You're in. Lance J. Johnson (00:53.444) Excuse me. Lance J. Johnson (00:56.932) I think so. I think you could probably blame me. Adrian Schermer (01:00.214) Sounds good. You can catch us online, Apple podcasts, Spotify, Audible, Amazon Music, YouTube, if you'd like to see the video that accompanies this presentation along with some visuals and on Stitcher as well. In today's podcast, this is a precursor to our one hour tax seminar that we're holding live on the 19th of November. As a prep for this seminar, we're gonna cover a few of the basics within 1031 exchanges. We're defining and mapping out what a 1031 exchange is, including the qualifications, timeframes, address, address vacation home requirements and explore primary residence and combining residence exemption with 1031. Adrian Schermer (01:46.102) And let's start things off with a success story about this topic. Milissa, it sounded like you had something for us. Milissa Ormiston (01:52.699) Well, yeah, Rob was asking me, you know, did we have any of those last minute oo-oos and just had one a couple of weeks ago. Hate to see this type of thing. You know, the phone call I always hate to hear is I sold my property because that means it's too late, guys, if you sold your property and you don't have your exchange in place. So I was boarding a flight from Seattle to Portland. So just like a little quick flight here and late afternoon and a gentleman reached out to me to say, hey, my property is supposed to be closing today. I wanted to do an exchange. Well, that's not exactly something we like to hear. And so I asked him if the property had funded and recorded and he said, well, it was supposed to. And I said, well, it was late enough in the afternoon that I thought that was maybe a possibility that hadn't happened. So I said, well, if it hasn't funded and recorded, we can make it happen. Rob Delavan (02:32.656) Mm-mm. Milissa Ormiston (02:50.491) I got me some information, reached out to escrow as it turns out, fortunately for the seller, the buyer's funds had not shown up to escrow that day. And so we were able to, he was very lucky, had escrow send those things to one of my exchange officers as I'm getting into my seat, I'm calling an exchange officer saying, Hey, you're doing a last minute exchange. There's an email. Here's some information. Get this set up. Adrian Schermer (03:00.566) Lucky. Hey. Milissa Ormiston (03:18.899) Once I landed in Portland back on the phone and my port exchange officer is like, well, I have everything, but there's a seller carry note, which, you know, is a little bit of a challenge with doing a 1031 exchange, which is definitely something we'll talk about more on the 19th is how do you work with a seller carried and a 1031 exchange? Um, cause we're trying to get creative out there right now with interest rates and everything. We were able to work our way through that and successfully close the following day when the buyer's money showed up. So it was definitely a win for the guy and for us. So and my team being that pretty much most of the time I was on a plane. So I was glad we made it happen for him. Rob Delavan (03:53.469) Wow. Adrian Schermer (04:02.71) Ha ha Rob Delavan (04:02.841) Wow. Moral of the story. You guys are incredible. Also ...
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    28 mins
  • 77.News of Interest Rate Drop

    77.News of Interest Rate Drop
    Aug 25 2023
    Tune in today as Adrian, Rob, and Lance talk about news of a recent interest rate drop in an article from CNBC “Mortgage demand jumps nearly 28% in one week, as interest rates drop to lowest point in months” Published Wed, Jan 18 2023 7:00am. We’ll share our thoughts on this article and then take a deep dive on the best strategies for buying and refinancing in this changing market.   Links & Resources Mentioned: Referenced Article: https://bit.ly/interest-rates-drop ROI Disclosures: https://tinyurl.com/msywepvw Adrian Schermer @ Directors Mortgage: https://www.directorsmortgage.com/loan-officer/adrian-schermer Rob Delavan @ Delavan Realty: https://delavan-realty.com Lance Johnson @ ROI Financial: https://roi-fa.com Events: https://roi-fa.com/events   Transcript: Adrian Schermer: Hello future millionaires and welcome back to the get rich slow podcast. We're your hosts, Adrian Shermer, Rob Delavan and Lance Johnson.   Robert Delavan: Good morning, fellas.   Lance Johnson: Good morning everybody.   Robert Delavan: Nice to see you, bright and early.   Adrian Schermer: Good morning guys.   Adrian Schermer: Today we are going to be digging into a fresh topic. You can reach us online at Apple podcasts, Spotify, Audible, Amazon, and along with a number of other streaming platforms. We're also on YouTube if you'd like to see our smiling faces. If you'd like to get links to all of this, including our own personal sites, you can go to getrichslowpodcast.com for more information. And today's episode is about mortgage demand. We've seen a jump in mortgage demand as interest rates are dropping. This is going to reference a CNBC article. The link is in the show notes, as well as a quick short link that you can get to through Bitly. And it's pretty interesting.   Robert Delavan: Yeah, and this is the end of January, right? So 2023. It's, it applies to right now but what's really interesting is when it's really the concepts that matter here, because rates are gonna go up and down.   Adrian Schermer: Yeah, this is real fresh bleeding edge data. I'm usually more interested in seeing how the ninth month, I'm sorry, 90 day rolling averages end up looking. But it's an indicator as we enter a new season, you know, as we break past the holiday, this is as much data as we have so far and we're seeing some indicators. So what are those indicators? Well, there's an increase in mortgage demand by 28% in just one week. As interest rates drop, it's the lowest point it's been in months. Applications to purchase a home increased by 25% week to week, and while that can be a bit anecdotal, again, we want to look at larger totals when we talk about data like this, or I like to. It's still an indicator of where things are trending at least. We'll see how it shapes out. But let's take an aside real quick. Rob, you had a success story to share with us?   Robert Delavan: Oh yeah, so my mom actually took a fall three, four weeks ago, Lance, Adrian, you both were very aware of it. Thank you guys for the well wishes there. And just, and initially we thought she really hurt her knee. It really ended up just being kind of a bruise. She's in her seventies, you know, and had some health issues, and this morning was the first time in about three and a half weeks that she came over and... helped me get the kids ready and I took off and had business meetings and all that sort of thing. And she's driving and she's mobile. And she said she she walked around Fred Myers yesterday. And she wasn't sore today. So just a big personal milestone, you know, you guys both know her well and...   Adrian Schermer: Such a sweet lady.   Robert Delavan: you know, just wishing good things for Marsha and so forth. So   Adrian Schermer: Yes.   Robert Delavan: that's all, big success story, and my kids were very happy to see her this morning.   Adrian Schermer: Oh, I bet.   Lance Johnson: Well, mobility is half the battle in retirement, right? So you start to lose mobility and depression sets in and people get heavier and all sorts of medical stuff. So mobility is one of the biggest things that we see with clients. So,   Adrian Schermer: Yeah, even if it's a shuffle, if you can keep your legs under you, keep em moving.   Robert Delavan: Yep. Hey, just, just yeah exactly. Keep moving. Love it. All right. Keep us, keep us moving fellas.   Lance Johnson: So, well, let's start off with the first question to Adrian. With interest rates rates dropping, what does that mean for somebody who recently got a loan?   Adrian Schermer: Oh man, you missed out man. Terrible time. You shouldn't have done it. No, I'm just kidding. What it means for someone who's getting a loan is that we're seeing a trend in the direction that you probably were hoping for. We had this great saying that I loved kicking around, marry the home, date the rate. So especially for a lot of buyers, they were looking at their payment as, you know, obviously you gotta qualify for it, you ...
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    27 mins
  • 76. Buyer Credit and Seller Concessions

    76. Buyer Credit and Seller Concessions
    Aug 3 2023
    Buyer Credit and Seller Concessions   Tune in today as Adrian, Rob, and Lance talk about buyer credits and seller concessions. We’ll dive into what these are and how you can leverage them to your advantage in your next real estate transaction.   Seller Concession Caps  Conventional Loan for the purchase of a Primary Residence Less than 10% down - 3% of purchase price 10% or more but less than 25% down - 6% of purchase price 25% down or more - 9% of purchase price FHA or USDA Purchase 6% of purchase price VA Purchase 4% of purchase price   (confirmed May 2023 - subject to change)   Links & Resources Mentioned: Referenced Article: https://www.realtor.com/advice/sell/what-are-seller-concessions/ ROI Disclosures: https://tinyurl.com/msywepvw Adrian Schermer @ Directors Mortgage: https://www.directorsmortgage.com/loan-officer/adrian-schermer Rob Delavan @ Delavan Realty: https://delavan-realty.com Lance Johnson @ ROI Financial: https://roi-fa.com Events: https://roi-fa.com/events Transcript: Adrian Schermer: Hello future millionaires and welcome back to The Get Rich Slow Podcast. We are your hosts, Adrian Schermer, Robert Delavan and Mr. Brilliant at the basics, Lance Johnson. Good morning gentlemen!   Robert Delavan: Good morning, happy to be here.   Lance Johnson: Good morning there, Adrian. Good to be back. Back in the saddle   Adrian Schermer: Yes, back in the saddle. You can watch The Get Rich Slow Podcast, or I should say you can listen to it on Apple Podcasts, Spotify, Audible, Amazon Music, as well as a few other platforms that are smaller. We are also on YouTube if you'd like to see the video, and you can follow along with the presentation that we have with some slides showing what we're attacking. And today, this week, we're gonna talk about some... seller credits and I want to start this off by talking about a big win I had with Rob's team. We were doing a purchase. We had a first-time home buyer, which is always awesome. They really wanted to have a seller credit to assist them with closing costs. We've talked about this before, you've got your down payment, but seller or closing costs can be something that especially first-time home buyers don't necessarily expect and it's great if we can have the seller pay for that. We're going to chew into that a little bit more in the episode. But in this particular case, we had someone with an accepted offer. It had a $10,000 seller credit on it. We actually got a little bit more because of some needed repairs on the property after the inspection, which…   Robert Delavan: Mm-hmm.   Adrian Schermer: …is a whole episode on its own. But the property still also appraised for 10,000 over the contract price.   Robert Delavan: Mmmhmm.   Adrian Schermer: And we'll dig into this a bit more what that really means, but I'll tell you, the end result is that this client effectively won $20,000 thanks to excellent negotiation and just the way that seller credit works you know? They bought the house, the seller paid for $10,000 of their closing costs, and it's still appraised for over.   Robert Delavan: That was a killer deal, and we can use the term “won”. I prefer to say that it was leveraging what the market will allow right now. And this is winner 2023 so... But yeah…   Adrian Schermer: Mm-hmm.   Robert Delavan: …it was a total win. I mean, the clients were ecstatic with getting a new house and having less cash out of their pocket through this process.   Lance Johnson: And just think about it a year ago, you know, interest rates are down coming out of a great market during a pandemic, which, whole separate episode.   Robert Delavan: Mm-hmm.   Adrian Schermer: Yep.   Robert Delavan: Mm-hmm.   Adrian Schermer: Yep.   Robert Delavan: Right.   Lance Johnson: And people were paying 150,000 over asking price, having to come in with money because it wouldn't appraise, and you feel like a win because you're getting a seller concession, which we haven't seen for a while.   Robert Delavan: Right.   Lance Johnson: What a change from a year ago.   Robert Delavan: Yeah.   Lance Johnson: you know, just great.   Adrian Schermer: Oh, yeah. Yeah. We all heard the stories, right? 10, 20, 30, 50, 100,000 over market value houses selling for.   Robert Delavan: Yeah.   Adrian Schermer: The demand super, super high, and this is kind of one of these advantages. There's always a win, right? Like there's no, I don't want to say there's no bad market, but it's true. It could be bad for one party or the other, but generally, you know, it's a matter of negotiating advantage, right?   Robert Delavan: Yeah, exactly. So this will be a fun episode. Today's episode we're going to focus on buyer credit and seller concessions as you guys probably are already kind of figuring out. We do work on a Realtor.com article that we're pulling from, that just had a advice, sell, what are seller concessions, that sort of thing. So we have a baseline there and that'll ...
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    34 mins

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