Episode 37 - Master the Market: How to Buy Investment Properties with Jeff Welgan
Have you ever wondered how to navigate the challenging real estate market and make smarter investment decisions?
In this episode, Stephen is joined by Jeff Welgan, better known as Jeff the Mortgage Expert. Jeff is a seasoned mortgage professional with years of experience helping investors and homeowners find the best strategies to finance their dreams. With his expertise in both conventional and unconventional loan programs, Jeff brings a treasure trove of actionable insights for anyone looking to make smart moves in today’s market.
Stephen and Jimmy talked about:
00:00 – The Benefits of Podcasting for Business
03:08 – Challenges in the Mortgage Industry
05:27 – Investment Strategies and Market Dynamics
08:37 – Financing Options for Investors
13:09 – Lessons from the Market
15:52 – Navigating the Current Real Estate Market
21:06 – Advice for New Investors
29:48 – Starting the Home Buying Conversation Early
30:28 – Political Impacts on the Mortgage Market
31:29 – First-Time Homebuyer Benefits and Assistance Programs
33:46 – Challenges and Strategies for Homebuyers
34:22 – Regional Differences in Down Payment Assistance
35:46 – The Realities of Homeownership
37:53 – Overcoming Setbacks in the Home Buying Process
44:42 – The Importance of Planning and Strategy
48:34 – Reflecting on Missed Opportunities and Future Prospects
56:01 – Final Thoughts
TRANSCRIPT
∎ Teaser / Highlighted Clip
[Jeff Welgan] (0:00 - 0:52)
Up markets and down markets, there's still plenty of people that make money either way, and the investors that have been able to capitalize on this and seize on the opportunity while so many people have been stuck on the sidelines because they either can't qualify because rates went up too high or they're watching too much news. This is the period that the professionals rise to the top, people that are true operators or true investors, and see the opportunity that lies ahead. If people really took the time to research it and figure out, okay, what's the true cost of owning a home versus how much they're spending on rent?
It is a no brainer. Real estate has created more millionaires than anything else, and you just got to get started with it. And most people, you just start with their primary residence.
There's plenty of opportunities out there. Just a matter of saying yes to the right ones and no to the wrong ones. And I'll tell you, at this stage in the game, I say no to so much more than I say yes.
∎ Podcast Intro:
[Stephen Husted] (0:52 - 2:25)
Brace yourself for a wild ride into the unexpected. This ain't your typical success show. I'm here talking to real folks who've been through it all, skipping the fancy business talk for authentic stories.
We're diving into childhood dreams, teenage escapades, and everything in between. No scripts, just the stories that truly mold success. Each episode takes you on a journey through those breakthrough moments that paved their way.
No fluff, just genuine stories. So whether you're chasing dreams or just love a good story, buckle up for wisdom, laughs, and the unexpected. This is The Breakthrough Podcast, where success is a journey, not just some fancy destination.
Don't miss out. Hit the subscribe button now and join our breakthrough crew. I got some incredible stories to share, and you won't want to miss a single one.
∎ Guest Introduction:
If you're looking to make big moves in real estate, but aren't sure where to start, today's guest is the one you want to listen to. I've got Jeff Welgen joining us. He's a mortgage pro with Blueprint Home Loans, who's been in the game long enough to know exactly how to turn complex financing into simple, actionable strategies.
From FHA 203k renovations to unconventional loan programs, Jeff's your go-to guy for making big moves in today's market. He's been featured on BiggerPockets, and today he's here to drop some serious knowledge on how to help you figure out how to turn your real estate goals into reality. Buckle up.
It's going to be a good one.
∎ Podcast Proper:
Jeff.
Hey, Steven.
How are you, buddy? Thanks for joining on.
[Jeff Welgan] (2:25 - 2:27)
Yeah. Thanks for the invite. Appreciate it.
[Stephen Husted] (2:28 - 2:32)
Yeah. I was going through your Instagram. I'm like, oh, he's been on...
everybody that I know, you've been on their podcasts.
[Jeff Welgan] (2:33 - 2:33)
Yeah.
[Stephen Husted] (2:33 - 2:43)
It's been a lot of fun, but I've definitely been making the rounds here over the last year. Yeah. So do you find going on podcasts beneficial to your business?
Absolutely. Like do you get a lot of business from it?
[Jeff Welgan] (2:43 - 3:29)
Yeah. It increases exposure and really more importantly, it just helps get the message out. Really try to take an educational stance with these podcasts and really cut through some of the noise because I know there is so much misinformation surrounding mortgages in general.
And I've been doing this for 20 years, and I really have tried to make a point of trying to bide clear information on where the mortgage market is now, the programs that are available, and really where the boundaries are for real estate investors. Because there's so many myths and so many concerns and different things out there that investors are worried about when it comes to investment financing. And there are so many people out there online, YouTube and Instagram, that are just putting so much misinformation out there.
So yeah, it's been a lot of fun. I've really enjoyed it and happy to be on yours now. So thanks again for the invite.
[Stephen Husted] (3:29 - 3:35)
Yeah. Thank you. I really appreciate it.
I think I've met you before at BiggerPockets conference.
[Jeff Welgan] (3:35 - 3:55)
I think so. Yeah. You were...
did you go to San Diego? Yeah. I think that's where we met originally.
Yeah. Okay. Did you go on Rich Sommer's boat party?
I did not go on the boat party because that was my first year going. But we sponsored last year, and then we're actually sponsoring again this year down in Cancun. So we're getting ready to go here in a few weeks.
Are you going?
[Stephen Husted] (3:55 - 4:16)
I'm not going to the Cancun one. I've passed on that one. I've been spending a lot of time recently in Seattle because we've shifted markets in our full force in Seattle.
So I've been out there three times in the last six months. And then we're just going to conferences out there and little meetups. So yeah, I think the Cancun is going to be fun.
[Jeff Welgan] (4:17 - 5:33)
It's going to be a blast. Yeah. It's going to be a lot of fun.
You had a booth at the one in San Diego, right? No, not in San Diego. So that was my first BP con.
And we actually had a booth in Orlando, and that was a lot of fun, very productive. And yeah, I think the backstory, I think this is how we originally met is that I'm the LO and the team that helped Tony Robinson with Bigger Pockets, him and Sarah build and scale their business. And so the backstory to that, quick story, I've been, again, doing this for 20 years and working with investors the majority of my career.
I grew up in Southern California and I had a group that was the first to see the vision out in Joshua Tree about 10 years ago now, and started buying short-term rentals out there, hand over fist. And I've been kicking myself ever since for not following their lead, but it ultimately led me to the tiny home builder out there that Tony and Sarah bought all the homes from, and I became his preferred lender in 2017, 2018. And then when Tony and Sarah were getting their start, having lender troubles back in 2020, 2021, he introduced me to them and the rest has been history.
We've been going on sponsoring their events and got teamed up with Bigger Pockets. We're one of their preferred lenders now. And I was on their podcast a few times here recently, which has been a lot of fun.
So yeah, it's definitely created a lot of momentum and the snowball effect has really kicked in and it's just a great feeling to be helping as many people as we're able to.
[Stephen Husted] (5:34 - 5:42)
Yeah. And it's an interesting space to be in too. I think last, would you agree last year was a challenging year?
It was a challenging year for me.
[Jeff Welgan] (5:43 - 6:47)
Let's keep it real. It was pretty challenging. I was here for the collapse and we wrote it then.
And I'll tell you, this was the last two and a half years, ever since March, 2022 has in a lot of ways been more challenging than the great recession and the mortgage industry. It's very similar. We went through a very similar cycle, but the big difference was, is the money spigot was turned off on 08, 09, when the S hit the fan.
And then this time around we were able to lend, but the cost of capital has been so high. And there has been such limited inventory out there that it's just caused a totally different set of problems. It's a totally different dynamic.
There's definitely similarities in my industry and yours as well. We went through mass layoffs, company closures. There hasn't been quite as many mergers and acquisitions as there was last time, but there's been a few.
And so now the good news is we're coming out of this. We're what, two a week away now from the Fed meeting. They're going to lower rates next week, September 10th right now.
So we're finally, there's a big light at the end of the tunnel. Things are starting to open back up. And I know you've been seeing it right too in your markets.
[Stephen Husted] (6:47 - 7:49)
Oh yeah. Yeah. Like the one thing that never changed when the rates went up is housing didn't go down.
Sellers just entrenched even further and said, no, we're not budging. We know what was going on for years and we want a piece of that. So we'll just wait.
It was really interesting. Even in the markets, like a lot of my wholesalers, like out in Kansas City, they were bringing me deals and I'm like, dude, this is not a deal. These numbers do not make sense.
It has to make sense. That's make sense across the board. Here's where the rates are now.
Here's the timelines to hold. You got it. And they're like, we can't do anything more.
These are where these sellers are at. That was very interesting. And so at that point, I had to just hold back and just go, okay, if we don't keep scaling, that's fine, but let's hold onto these projects that we're in the middle of.
And I was just grateful that we didn't get stung as bad as I've heard others.
[Jeff Welgan] (7:50 - 12:13)
Yeah. Especially if you're using the flip strategy, it was tough there for a while. Just trying to, like you said, make the math, math was extremely challenging.
And it's interesting because we saw what you were touching on. One of the differences, we just didn't, property values didn't come down this time. There was this huge expectation that we were going to see another 08 style implosion.
And I'll tell you, that probably generated more marketing revenue than anything else over the last couple of years of the amount of clickbait stuff that surrounded all of this. But if you looked at it, we were out trying to put this message out back in late 2022, that this is totally different than 2008 because of the supply and demand imbalance. If you look at what created the 08, 09 great recession, it was an oversupply of homes and we were doing horrible loans.
The builders built way too many homes because of all the speculation. There weren't enough buyers and we were doing fake loans. They were horrible loans.
Anybody could get them. Much better loans. And there was no inventory because if you look back at the birth rate cycle back in the 80s, there was a huge population boom during that period.
All of these younger adults were coming of age and the builders stopped building after the great recession. They learned their lesson. And it was that combination where we just had too much demand, not enough supply, which there was just no recipe there for an 08 style implosion as much as some of the media and people on YouTube would want you to believe.
But it's good that that's finally becoming more and more common knowledge now. I think everybody knows we're not, nothing's imploding the way it did in 08. It's just now we're, as we come out of this, the opportunities are still there.
Investors have been buying during this entire period. It's just been harder to find those opportunities. But I think just up markets and down markets, there's still plenty of people that make money either way.
And the investors that have been able to capitalize on this and seize on the opportunity while so many people have been stuck on the sidelines because they either can't qualify because rates went up too high or they're watching too much news and they still think the market's going to collapse. So it's been an dynamic that's been reminiscent of 08, but definitely a lot different. What parts do you think that it's similar to 08?
As far as the money cycle was concerned, it became challenging to lend. The good news was, we were able to continue to lend this time where last time we literally were sitting in the office kicking rocks and watching tumbleweeds roll through the office, wondering what we were doing because Fannie and Freddie, there was no money supply there. The jumbo market would lend money to the people that didn't need it, that were overqualified.
And then there was hard money. So that was really the only avenues that were available for quite some time. It was a good part of 2009, where this time, because rates shot up so fast, everybody got so scared that they got stuck on the sidelines.
Everybody hit the pause button. And what's been interesting is that looking at the two time periods leading up to it, we're going through a very similar cycle as far as the money supply and the priority of lending is concerned. Because if you look at coming out of the Quinn administration through mid to late 90s, through up to the collapse, the big priority or what they were trying to do is get as many first-time homebuyers and low to moderate income families and renters into homes.
So they released a ton of down payment assistance money. We were doing 100% financing. Some cases even going all the way up to 125% financing back then, which is just crazy.
Nowadays, it's a much different story, but we're going through that same cycle, where the current administration has released a lot of down payment assistance money. And it hasn't been this easy in the last 15 plus years as a first-time homebuyer, or even somebody that currently owns real estate. You can still do 100% financing with down payment assistance.
It's just the big difference between the two periods is this time around, they're trying to slow down real estate investors. There was no emphasis on investors last time. Money was there for everybody.
This time around, they've gone after specific programs like the 10% down vacation home loan and the 15% down investment property loan, which were the preferred methods for investors to scale. They made those more expensive. They increased the rate spread on investment property loans because they really wanted to slow down investors from buying up limited inventory that's available in the market to really open that opportunity for people that need to buy or looking to buy their first house to use some of this down payment assistance money that's available.
[Stephen Husted] (12:14 - 12:49)
I hear that a lot, especially out in Camden City, where they really need investors to invest to get this product ready to be bought. A lot of them are so in bad condition, you can't even get financing on it. You have to get somebody in there to rehab them and make it livable that they can get financing in place, which is pretty interesting.
I heard that, is Fannie Mae doing a 15% financing on duplexes now program?
[Jeff Welgan] (12:49 - 14:12)
On the investment side, no. For what you were saying real quick, typically it's not going to be a first-time home buyer that comes in there and renovates a property. Yes, there is such a need for investors and markets to come in and rehab properties.
But as far as the question was concerned about 15% down on duplexes, as a primary residence, it's always been 15% down. What's changed was is we can now do one to four units, 5% down with Fannie Mae. You can buy up to a four unit with 5% down.
And the FHA option has always been available to buy units, but it's challenging for three and four units. There's a self-sufficiency test that you have to pass. And it's, unless you're in a market like Kansas City, where the purchase price is a little lower, it's very hard to pass.
Like out here in California, good luck getting the four units to pass. But if you're in the Midwest or in certain markets, you still can. But the Fannie Mae 5% down product for primary residences took that out of the equation.
There is no self-sufficiency test. It's much easier to qualify for. But on the investment property side, it's still 25% down for investment two to four units.
That hasn't changed. And I don't see that changing anytime soon. But there is a non-conventional product that does allow for a minimum of 20% down between the two to four units.
[Stephen Husted] (14:12 - 14:57)
So for a new investor, or first-time buyer, really when it comes down to financing, is you have to be good at just finding somebody that can give you all the options so that you can make a clear decision. I think a lot of people that either want to start investing, want to buy a property, maybe want to buy a property and house hack it. Really what you have to do in the very beginning is to really do some research and figure out, because I think a lot of people don't realize what the programs look like.
And if they did, they could structure something that they could pull off that they thought maybe they couldn't. You just got to find the right people.
[Jeff Welgan] (14:57 - 16:00)
Well, you hit the nail on the head. There are so many people that jump in and out of our industry on both sides as loan officers and realtors that the second rates start coming in, down, everybody's going to jump back in. And you really have to do your research, find the professionals, the people that have their own reviews, that are on social media.
You can really verify who they are and their credibility. Especially as we start coming out in this cycle and things start getting easier, there's going to be a lot of people jumping in for all the wrong reasons again. And you just got to be very careful and ask a lot of questions.
You got to make sure that you're vetting whoever you're talking to, whether it's your realtor or your loan officer and if you're not getting a good feeling about it, move on. If you're an investor, ask them about their investments, ask them about their clients' investments, anything that they've closed recently. Most investors are going to, especially loan officers and realtors, are going to show their investments online.
They understand the power of social media and getting that out there so you can go on there and verify it versus somebody that's just jumping back into the business because times are getting better again.
[Stephen Husted] (16:00 - 16:02)
I don't understand that.
[Jeff Welgan] (16:03 - 17:11)
That's the challenging part. But as a first-time home buyer or somebody that's just starting out, because we work with investors that are investor curious, that are just trying to get their start and figure it out, all the way to seasoned investors that have hundreds of doors. And when you're just starting out, you have to be your own best advocate.
You have to ask a lot of questions and really go into that with the attitude of, there are no stupid questions. You're going to ask those questions. And if somebody is pushing back on you that is supposed to be the person helping you, find somebody else.
Because there's a lot of great loan officers and realtors out there to connect with. And I like to get out there too, that this is not easy. Buying a home is not easy.
It's not meant to be easy. Real estate investing isn't easy. It's even harder than buying your first house.
But if it was easy, everybody would do it. And you have to be, you have to stay committed to it. It's going to get challenging.
It's frustrating. Anybody that you see that's built a business, help yourself, Stephen. And we've gone through so much over the years.
It's never a straight line. There's so many challenges and failures and lessons that the more you do it, the more you learn, the more you talk to people, the better you're going to be. And learn from other people's mistakes.
That's my best advice.
[Stephen Husted] (17:12 - 20:13)
Yeah. It's interesting you bring that up and it's timely. I was just thinking about this recently in the last few months.
Last year was tough. All the way across the board, everything was tough, period, end of story. And then I was seeing everybody online and everybody's like, everything's business as usual.
I'm like, there's just no way. I know what, I'm seeing deals come through on Facebook and I'm hearing all this stuff and I'm like, none of this makes sense. And I'm like, then I started second guessing myself.
But I have partners and I'm the ring leader. So when I'm running the show, I don't want to lose money. I'd rather be cautious than try to overextend and try to make a deal work when it won't clearly work.
It's razor thin, yeah. You know what I mean? And last year we closed on one big project.
We locked up one towards the end of 2023 into 2024. And that one we were able to negotiate with the seller, a delayed close, so that I could lock up the financing when I got permits on this flip. That's how I was, I needed to structure that way to save money because the cost of capital was so much more.
But I just kept seeing so many, everybody was doing great. And then a week ago, I saw Ryan Panetta and David Green's podcast about David's issues he went through. Well, I think it was over him getting fired at BiggerPockets, but it really went into all the big issues he went through doing that 1031 exchange and he bought all these properties and everything went wrong.
And that's coming from somebody who lives below his means, is a seasoned investor, thought he was doing everything right. He did admit the things that he did wrong. He dropped the ball on the big picture and seeing things in contracts and things like that.
He just had a lot on his plate, but it was probably one of the best podcasts I've heard in a very long time because it was finally somebody coming at that level that everybody looks up to that showed how things can go bad. He was being honest. He was being honest and now it was needed.
And I hope that episode gives permission to everybody to do the same because I find it hard on a daily basis. If I recorded my day, if I recorded everything going on in my day and I just put it online, people would go, oh my God, dude, I don't even want to invest. And you're nuts.
And you seem stressed out or whatever the case may be, because there's so much, especially when you have a lot of property and you've got a lot of things going on, you just wake up and things are just thrown at you. It's one after another. It's crazy, but- It's never a dull moment.
It's never a dull moment. And what have you been seeing with your clients that you've been working with for a while? What are the problems that they've been facing besides the obvious rates and things like are making a deal pencil out?
[Jeff Welgan] (20:13 - 22:26)
Yeah. Honestly, it depends on what strategy you're talking about, but the same problems, the fix and flip that kind of ground to a halt for a while and couldn't get anything to pencil out. Short-term rental operators, we work with a lot of them and obviously certain municipalities are starting to crack down.
The numbers aren't as great as they once were, but they are coming back in a lot of markets. So it's just, this is the period that the professionals rise to the top, people that are true operators or true investors and see the opportunity that lies ahead. We've got a huge opportunity coming up.
Rates are going to drop. We're probably going to hit some kind of a recession here. I don't like to prognosticate.
I don't like getting up on a soap box and try to say exactly where things are going to go here because nobody knows for certain, but it's looking more and more like we're going to hit some kind of a recession and it's, we're knocking on the door of it. They may hit this soft landing. And if they do, I think we're going to see rates maybe stay a little bit higher longer if they managed to achieve it.
But we're starting to see some big kinks, bigger kinks in the jobs markets. I think there's going to be an opportunity here coming up for investors and for home buyers that are just looking to get into their first, second or third house, because as rates drop, we're going to start, it's going to be easier for them to buy. And as far as specific issues that we're having right now with some of our clients, what's interesting is over the last, I would say six months, we've had more appraisals that have been coming in lower, especially on refinances because the appraisers don't want to go too far out on a limb right now.
Because this, what happened back in leading up to 08 is appraisers were pushing value. It was part of the problem that created the implosion. And a lot of those appraisers got blacklisted.
So this time around, we're seeing appraisers being more cautious. And so that's been one of the issues. We've also seen some operators that have been trying to get out of their short-term rentals and out of flips that they're over-leveraged and it hasn't been working quite as well.
But that again, creates opportunities for other people that are able to capitalize on it. This isn't consistent. This isn't across the board.
It's just some people are still doing very well. Others are right in the middle. Others are, they're shifting and trying to change strategies and offload some of their portfolio.
[Stephen Husted] (22:27 - 23:27)
And I really think it comes down to how long you've been in the game too. I think that's a huge part of it. I think people that, I call them the ODs that were probably doing this in 2010, it was really hard to screw up.
If you were investing from 2010 to 2021, there's no problems. And then I think COVID came and people are at home, people are getting on YouTube, people are bored. Maybe they got some money sitting aside and people are like, oh, I'm going to buy a cabin out in the Smokies.
That sounds like a great idea. And then prices are crazy. And I think that it just really, I think the home buyers right now and the newer investors coming in right now, I think it's actually a little bit of a better time because we see a little bit where we're going compared to 2022 going into 2023 when the race shot up, you know what I mean?
That really changed a lot of things. The Airbnb market, once again, I think that all comes down to like social media and content. People just, you want to arbitrage, you want to do, there's so many strategies.
[Jeff Welgan] (23:28 - 23:46)
People are just jumping in everywhere. A lot of people selling a lot of different things on social media. So yeah, it's the buyer beware of it.
And don't believe everything you see. Like you were saying, the things that you saw last year, people doing great. There were still plenty of people that were doing great, but not everything that was put out on social media was accurate.
It's never is.
[Stephen Husted] (23:46 - 24:46)
Yeah. Yeah. Our cabin in the Smokies, I think we bought in 2022, was it 2022?
When did the rates first start? March of 2022. Okay.
Yes. All right. All right.
All right. So DSCR, we were in an exchange. We're selling a property in San Jose.
It was an investment property. We're going to move that capital trying to figure out a market. We were looking at Joshua Tree.
Somehow I ended up in Smokies. I just liked the overall location and how much it rents out there as far as yearly. Locked up a property, definitely probably overpaid.
But we had a 45-day close and every week the rates were just going up and you couldn't rate lock. So- On the DSCRs now, it was a mess. It was the worst conversation.
It was like every Friday. He called me, he's like, dude, I hate to do this to you. And they went up every week for that month.
[Jeff Welgan] (24:46 - 25:12)
Imagine being on our side of the fence. I had to make so many of those calls and it just, it made us look terrible, but we have no control over it. And this is specific to the non-conventional side for DSCR financing, the business bank statement loan, the asset qualifier.
On those loans, if rates start going up, they weren't honoring locks back then. We had rates jumping so quickly we couldn't fund them fast enough. So that was exactly when you got caught up in so many other people and it was a mess.
It was insane.
[Stephen Husted] (25:12 - 27:29)
And we underwrote the deal differently. And here, let's just back this up to just because you're a seasoned investor and you know how to run numbers and you know how to do research and you have a good team, sometimes you cannot control what's going on out there, the outside forces, the rates going up when they did. And there's just so many other nuances that can happen.
You can only control so much. And I truly believe that. And I heard that too, when David Green was talking, he's like, look, I've done X, Y, and Z.
I did all this, but still this is what happened. And with that one in the Smokies, I think our payment was going to be $39,000 something like that. And by the time we were done, it was $5,000.
Sounds about right. $52,000. And we put down a chunk of money.
So we're like, all right, cool. It is what it is. We'll refi down the road.
We'll just sit on this. No big deal. And we knew, okay, this gentleman was running this at $300 a night.
He had bad photos. The property didn't show good. We're going to get good photos.
We're going to revamp the inside. We're going to get this up to more like $500, which we did. But then that market, and I knew this too, I knew at some point that COVID market was going away, but I didn't know when.
And then that happened. So then I'm like, okay, we're not winning on this one. And at this point, we maybe make eight grand a year.
Well, at least you're positive. Yeah. But to me, it's a lot of work for that.
Absolutely. And so now I'm like, okay, can we sell this? No, we can't sell it for $1.1. Probably worth $9.75 now. So we're like looking on sites to do for sale by owner, help you sell signs, just because I'm an agent. So we're like, well, let's get it online and let's see what we can get on pricing. And we've had a couple of leads call us, but they're like, you're only grossing this much per year now?
I'm like, well, it is what it is. So we're stuck. We're stuck at the moment.
I love the place. I wish I can visit it, but I live in California, it's far away.
[Jeff Welgan] (27:29 - 28:14)
You're out there a little more. There's going to be a refi opportunity and it's not going to be like this forever. As we start seeing rates come down, we're going to see property values go up, not at the same rocket ship pace that we saw in 2020 or anything like that, but we're going to get back into a more normalized market.
I think you're going to have an opportunity to either bring the payment down, to increase the revenue. And so I would say, I'm sure there was more or less in this one than a lot of the other ones. And same thing with what you're saying about David Green.
I'm sure he learned more lessons from that period than just about anything else. And it's always those, whether they're actual failures or perceived failures or challenges like this, where we learn. That is where the most valuable lessons come from.
And I'm sure on the next one, you're going to do it a little differently. I can imagine.
[Stephen Husted] (28:14 - 28:43)
Yeah, definitely. I try to learn for every situation, good or bad. And I've had a lot of bad ones, but that's the kind of the cool point of it is you learn from this and it just makes you a little bit better, a little bit better.
And you can only do what you can do. We got stung on a couple of other properties at the end of that too, that we went to refi, they didn't appraise, we brought money to the table to close them. These are solid bird deals.
Well, you got out of them. That's the important part.
[Jeff Welgan] (28:44 - 28:44)
Yeah.
[Stephen Husted] (28:45 - 30:20)
And I remember the day my lender called me and he said, Hey, we need to talk. And usually he doesn't say that. He usually just goes, Oh dude, the value came in at this.
We're ready to go to docs. Okay, cool. He's like, we need to talk.
I'm like. Favorite conversation to have. He hates it.
Yeah. He hates them. I know.
And it's good that I have a good relationship with him. No matter if it's a good thing or a stressful thing, we know how to work through it. So that part has been good.
But he's like, Hey, it came in at this. We can fight this appraisal. We can order a new one.
We can do this. We can do this. But to close this, you're gonna be out of pocket 30 grand.
I'm just like, Oh. And he goes, and then we got to talk about the next one that's getting done too. I'm like, Oh.
So we closed on them. I think we break. The good news is, yeah, we brought probably about $40,000 on those two, which I feel grateful that it, from what I hear from others, now that finally people are talking about things that it's okay.
We went through what we went through. We couldn't control it and we couldn't control those. But I did feel bad because my business partner, she works in tech.
She's W2 and she doesn't really understand the day to day, like how much of a grind it is and just all the different things moving through. And I always feel bad. I hate having these kinds of conversations with her because things have been pretty good.
But even back when 2019, 2020, 2021, you could have three contractors screw up on a project. You could have all these things going wrong and it wouldn't even matter because the appreciation was there. The rates were so low.
[Jeff Welgan] (30:20 - 30:20)
It's all worth it.
[Stephen Husted] (30:20 - 30:29)
You made out of it and it didn't matter. You're like, Oh shit, that was tough. That was a shitty scenario, but everything worked out because money was cheap and stuff.
[Jeff Welgan] (30:30 - 30:54)
Yeah. Yeah. It was wild times.
I don't think we're going to see rates that low again anytime soon. Personally, I hope we don't because it's just so unhealthy. It created so many other problems, but there were a lot of lessons in that period and the people that made it, congratulations.
You made it. You're not bankrupt. You're here and you're able to tell people about your stories.
We all have them. Nobody got out of the last couple of years unscathed. Just wait.
It was a wild ride back then. This was a wild ride and we're all stronger for it.
[Stephen Husted] (30:56 - 31:12)
So I got a question. What would a new first-time home buyer or first-time investor, what are the things they should be looking out for right now going into this market when they're getting ready to look into financing it? What do you think the things that they really need to pay attention to?
[Jeff Welgan] (31:12 - 35:12)
So pay attention to, the best advice I would say is get the conversation started early. If you're thinking about buying a house, the time to have the conversation is not after you've gone out and found the house and then trying to get pre-approved after the fact. Start it as early as possible because that's one of the biggest disappointments that first-time home buyers and early investors will have is that they go into thinking that, oh, I'm going to go find the house, then go get pre-approved, then come to find out it's going to take three months or six months worth of work and planning to get them into a position where they can be pre-approved for the property. So that can be one of the big letdowns.
The other things too, as far as keeping an eye out for and changes, I stay out of politics. I'll never touch it with a 10-foot pole and I don't want to have a political conversation. But as investors, we're within 60 days of this election.
This is going to go one way or the other as far as the mortgage market is concerned. And with where we are, like I was talking about earlier, if an accomplice gets in, she's already talking about rolling out a $25,000 home buyer credit or down payment assistance credit. And so there's going to be more money coming because if Democrats stay in, they're really going to go all in on what the Biden administration has done over the last four years.
If it goes the other way and let's say Trump gets in and Republicans are back in, I expect that they're probably going to roll back a lot of these programs very quickly because they did last time. It was a big shift when Trump got in back in, what was it, 2016. And it just, it'll be interesting because it's, for now, I would say, if you're thinking about buying something here in the next few months between now and let's call it January, and you qualify for first-time home buyer benefits, which means you haven't owned a home in the last three years, it doesn't mean that you can't have ever owned a home, but just in the last three years, you haven't been on title. There is more down payment assistance money and government help than we've seen, like I said, in 15 plus years. And time is of the essence on that if the Democrats don't win.
And so that money will go away. On the other side of it, as looking at it from an investor, the Republicans get back in, I think the cost of capital, at least from the investment side, is probably going to get a little less expensive on some of these programs that have become more expensive, like that 10% down vacation home loan and 15% down investment property loans. So those are really the two considerations.
But I would say that if you can buy something now and qualify for one of these down payment assistance programs, definitely look into it because it varies by state. Each state has their own HFA, it's Housing Finance Authority or agency, and they govern each state independently. And so like in California, we can do up to 105% financing, where we could do 100% of the purchase price, all the way up to 5% of the closing costs.
Some states are 100%, some are 102, 103. So you'd have to check with your local, whoever you work with, or if you have a, we lend it nationwide, you guys reach out to us if you have questions. But there are programs out there that you should definitely look into.
The one caveat to this is there's a program that rolled out last year that does not get enough airtime. And I don't hear very few people talking about it. There's a program that goes up to 101.5% financing that does not have a down payment assistance, or excuse me, a first-time home buyer requirement. So you can currently own real estate, you can buy your next property with using down payment assistance, do 100% of the purchase price, plus one and a half percent of the closing costs. It's an FHA program. So you do need to, if you're buying in the same area, you can't currently have an FHA loan, or you need to be relocating to a different area, but there's a lot of flexibility with this.
And one of the big game changers with this one was, is that they allow for up to two units, where most of the down payment assistance programs out there are one unit only. With this particular program that's nationwide, they allow for up to two units. So these are some of the things that are available now that may not be here come January or February.
[Stephen Husted] (35:14 - 35:41)
The only problem is you have to be able to qualify for that. These are some big payments in California. I hear this, well, I think for somebody who's maybe a young couple, or they want to get their first investment, they can buy a duplex and house hack it, and live in that for a couple of years, and then move on.
I think that's always a cool strategy. But where the prices are, since they haven't gone down, your payments are pretty crazy.
[Jeff Welgan] (35:41 - 36:27)
It's expensive. So it depends on the market. We have branches all over the country.
And for instance, we have two branches up in Idaho, and they have a great down payment assistance program up there. And that's all they do, because they've got a ton of new bills. The prices are still relatively affordable, and it's all down payment assistance financing.
So in California, yeah, it's tough. The payments are high. Good luck getting into contract in most markets with a down payment assistance program, that kind of thing.
But if you look at other markets, like the Midwest, where a lot of people are moving, Arizona, the South look more inexpensive, lower purchase price markets, we're still doing them all the time. It's just, when you get to the major population centers, big cities, the closer to the coast, it gets harder in the higher purchase price markets.
[Stephen Husted] (36:28 - 36:47)
I think there's a lot of opportunity. And I pass this information over to some of my tenants sometimes. I've talked to a few of them, and I'm like, you guys, get into real estate.
Your rent payment is close to buying. What are you doing? Buy that down payment.
You need to buy it. And they're paying your mortgage.
[Jeff Welgan] (36:48 - 36:50)
They're already paying a mortgage. It's just not their own.
[Stephen Husted] (36:50 - 37:22)
Yeah. I have a lady in this one property in Michigan, and I keep telling her, she's a nurse, and I say, you need to buy it. I'll sell it to you.
I'll do some type of creative financing for you. I'll pay your clothing costs. We can work something out.
You should own this. You've been in it long enough. Buy the house.
And I think some people just don't want to deal with it. They don't want the what if. If the water heater goes out, or the roof needs to be replaced, they don't want to take on these.
They know that the landlord will take care of that. But I think you got to start because I don't... I think you had mentioned this.
Real estate's not going down.
[Jeff Welgan] (37:24 - 37:24)
Pricing...
[Stephen Husted] (37:24 - 37:33)
It's a point in the future, but not in this cycle. Do you really think we would see what happened in 2008?
[Jeff Welgan] (37:34 - 40:30)
And not without a lot of supply coming to the market quickly, which is not happening anytime soon. The builders are building, but they've got about a five-year backlog just to catch up with demand right now. And so, yes, anything's possible later down the road, but not anytime soon.
And I think we were talking about earlier. It's just people get in their comfort zones, and they get so comfortable renting. The problem is that if they've just changed the way of looking at it, they're paying a mortgage.
It's just not theirs. They're paying your mortgage or somebody else's mortgage. It's taking that first step, getting out of their comfort zone, or at least finding out what's involved.
Because like you said, with your tenant, she could probably be paying the exact same amount or maybe a little bit more, and in some markets, less. And on a home, they just don't... They think that they need 20% down, or they're so afraid to even make the call, or they don't want, like you said, what ifs.
They don't want to deal with a water heater going out or whatever it may be, but that's all a part of homeownership. And when you look at the benefits, the long-term benefits, not even bringing in appreciation, obviously that's the biggie, but the tax benefits, it just doesn't get enough airtime either out there about how much that impacts their bottom line at the end of the year and how much that will increase their refund or minimize their tax liability. And I think if people really took the time to research it and figure out, okay, what's the true cost of owning a home versus how much they're spending on rent?
It is a no-brainer. It's just a matter of getting out of your comfort zone and pushing yourself and sticking with it until you own a home. The hardest part right now is making that first call and then going through the setbacks of once you're pre-approved, understanding that that's just the first step.
In a lot of markets, our clients are having to put in five, 10, 15 offers in some cases on multiple properties. There's not a lot of inventory out there, but the people that are successful with it are the ones that are able to stick with it and understand that, hey, this one didn't work out, onto the next one. And try not to get emotionally tied to each property because where a lot of first-time homebuyers will falter is they get pre-approved, they're very excited, put in their first offer and they don't get it.
And it takes them three months to get back on the horse. And then they do it again and they don't get it. They're like, oh, this is too difficult.
And they go back to renting and then they end up renting the rest of their lives. And it has that longer term impact. They don't get that wealth from home ownership.
Their kids don't get to experience generational wealth. The reason why I'm here is because my dad smart enough to buy houses years ago. I grew up with a real estate investor dad and he grew up in a trailer.
So he went out on a limb, he went all in on real estate and he did well, but he had a lot of failures himself. It's the nature of what we do. You're going to have setbacks, challenges, and failures.
It's just how you react to those and adapt to them is what will ultimately lead to your long-term success. Yeah.
[Stephen Husted] (40:31 - 41:19)
And it's a long-term game too. Yeah. You might have a few months of some bad things going on, but then if you can stay hyper-focused on it and move that ball forward and you still got that clear vision of where you want to be down the road, it usually works itself out.
I was doing a little bit of some calculations with this one tenant because it just got my mind going when you were talking, but she's paid me $45,000 so far. And that property, and this is Michigan, so it's not a high appreciating. It's been appreciating well, but it's not like California or Seattle, but it's gone up $50,000.
That's pretty darn good. That's great. And that's why I brought it up to her.
She has one kid, let's get into it. But I keep asking her and she's, no, I'm good.
[Jeff Welgan] (41:19 - 41:45)
I'm like, okay. And some people, that's okay. They want to rent and they like that comfort.
And I'd say home ownership is definitely not for everybody. It's not. That being the business that you're in, you can show them all the math and how much they would have made so that you're blue on the face.
And so people just like having that flexibility of knowing that they rent there. And then at some point they're going to move somewhere else and not having to deal with what comes along with home ownership, like fixing the water heater. There's a lot of hassles.
There is, yeah.
[Stephen Husted] (41:45 - 43:13)
There's a lot of hassles, a lot. One of our properties that was one of the success stories during the COVID time, it was a mold house. We rehabbed the whole thing down the studs, got it ready, really great property, had tenants in it.
They were great, three guys. Then we got three new tenants and literally every month they would be putting in three work orders a month. Just insane over and over to the point where I'm like, how did we go from having three guys in the property, not one work order.
And now we're getting two to three a month. So we started getting to the point where are they breaking things? What is really going on?
They put their leg through one of the deck boards. How did you even do this? And then wanted free rent, which we gave it to them since we didn't want them to sue us.
So we did, but we ended up just not renewing their lease and got it back on the rental market. And we dropped the ball between the property management and contractor on rekeying the property. We had a washer and dryer that had been in there since day one.
We let the tenants use it. Property management calls us and said, hey, I know the property's ready, but where's the washer and dryer? Did you take them out and store them somewhere so they didn't get stolen?
No, we didn't touch them. They're like, they're gone. And so is the AC unit in one of the bedrooms.
That's gone. No forced entry.
[Jeff Welgan] (43:15 - 43:17)
So basically that's crazy.
[Stephen Husted] (43:17 - 44:47)
Well, we haven't seen a lot of that. Oh, okay. So you're not renewing the lease?
Okay. You know what? I have to come to think of it.
We moved out, but we're going to come back and take the washer and dryer. And my property manager says, so are you going to put a new one in? I'm like, nope.
No, I don't need to put a washer and dryer in there. That was a freebie because it was left there. No, take that off.
And those are the things that I go, this is why the government is not involved in investment properties and rental. They don't got time to deal with this kind of stuff. That is the reason why they give us all these tax incentives to be investors.
It's because we take all these losses one way or another, and we pray that we're going to have appreciation and some principal pay down and some tax benefits. That is it. Actually at this point, my Midwest properties, it's just a tax play.
Seriously, I'm not retiring off $200, $300 of cashflow. Let's be real. You need a lot of property.
You need a lot. And I think that's another thing you hear out there on social media. Of course, you can talk about what you've done and all the different strategies.
You could talk about the BRRRR strategy. You can talk about whatever, but it takes a long time to get where you want to be in real estate. You have to lock in and you have to think 10, 20, 30 years down the road
If you're thinking you're going to be rich in a year, you're in the wrong scenario.
[Jeff Welgan] (44:47 - 44:48)
You really are.
[Stephen Husted] (44:48 - 45:01)
And maybe some get lucky. Maybe some get a property like during COVID and put it into an Airbnb and next they make a ton of money and they have a course and they're selling stuff on Instagram and that's great. But at the end of the day, that's not really reality.
[Jeff Welgan] (45:03 - 47:53)
It's hard work. Yeah. It's definitely not for the faint of heart, but it's- But it's fun.
It's fun to go through those. I understand. It keeps us on our toes.
It's never a dull moment. And it's good to put the right information out there like this. You'll like what David Green did.
It's so important that people hear this, but also know that it's not impossible because I think this kind of stuff, as helpful as it is, and I think it's much more helpful than putting on just rose colored glasses and saying that you're going to get rich in a year or two because this is a long game. It's not a get rich quick scheme, but the barrier to entry, and this is where I really try to get this out as much as possible. When you look at first time home buyers and the investors that are just starting and maybe have a couple of properties, the barrier to entry to scaling up just seems a mile high.
And that's where a lot of investors, they either stop or they make bad choices. They just throw it by the next property or change strategies or whatever it may be. The important part is, and I always love to talk to clients about this, putting together a plan and a strategy.
So you have a clearly laid out plan of how you're going to scale your business on an annual basis. So we do a lot of annual planning with our clients, but that's one of the important things. Just knowing that even though we talk about our horror stories, you could sit here, I could tell you so many of them.
There's been so many challenges and failures and things. I'm like, I wish I could go back and do that over again, but it is so worth it. This is where the growth occurs.
This is where you go from just being working your W2, clocking in and out to really starting to create wealth. Real estate has created more millionaires than anything else. And you just got to get started with it.
And most people, you just start with their primary residence. That's get your foot in the door, live in it for a year, and then buy your next one. This is the easiest way to get into real estate.
Use down payment assistance to buy your first property. The rule is you need to move into it within 60 days. So you can go in there, fix it up, whatever you want to do, but you have to be in within 60 days.
You live in it for a full calendar year from when you purchased it. So technically only 10 months, then you can buy your next property and you can do it with another down payment assistance program potentially, or as little as three and a half to 5% down. And this is how most investors will get their start where you just buy a property and buy your next.
And you can do this every year. I have one client that has done this eight times in the last 11, 12 years. He finally got married and his wife put her foot down and so they're done moving, but he's created a business just with this strategy.
And it's a slow way to scale, but you can do this in combination with doing other flips or you're buying short-term rentals, doing 10 or 15% down. So there's ways to get very creative with this. It's just, again, asking the questions, starting the conversation.
And that's the most important part. It starts with that first phone call.
[Stephen Husted] (47:53 - 48:02)
So tell me, break down this particular client of yours. Where was he buying? What was he buying?
And what was he doing once he closed?
[Jeff Welgan] (48:02 - 48:43)
He moved around actually. So they started out in Texas and came out here in California. He's actually in the healthcare industry.
And yeah, literally eight times a cent, he got started. I met him in 2010. And yeah, I think they just finished here.
I think in 2021 was their last, his last property that he purchased. He's out here in Southern California, out in the Inland Empire. And he's like, I'm done.
I sold a couple of them over the years. They do short-term rentals as well, but it's just, it's Tony. He's like, nope.
I was like, we're not moving anymore. She hung in there when they were dating and they got engaged. But he's also a little younger than me too.
So he had a little more flexibility there and he started a little younger.
[Stephen Husted] (48:44 - 48:48)
Were the properties in need of a rehab or was he- Yeah.
[Jeff Welgan] (48:48 - 49:41)
So primarily he was buying places. Yeah. They needed a little bit of work.
He actually did, years ago, we did the FHA 203k. We actually have done a couple of Fannie Mae home styles over the years too. It's another great program that, I mean, we can touch on if you want to talk about it, but it's a renovation option.
That's a Fannie Mae product. That's a 30-year fixed. And so we did a few of those.
And what he did is he was basically going in and doing the BRRRR method. And this was also where the BRRRRs were much less expensive and easier to do than they are right now. I know there's a lot of people still on social media that say how easy it is.
It's not as easy since March of 2022 than it was during COVID and before because the rates are a lot higher and the cost of capital is what it is. But yeah, so he specifically did that a few times, cashed out, bought the next one and created a business that way, his portfolio that way. Did you say 2010?
Yeah.
[Stephen Husted] (49:42 - 49:49)
That was very- Like I said, if you got into real estate in 2010 and up until 2022, you did fine.
[Jeff Welgan] (49:49 - 51:27)
You're good. Absolutely. That was a once in a lifetime opportunity.
And I wish I could go back and buy 20 properties back then. We all have regrets too when it comes to real estate investing. But I still think going forward here, it's obviously that it's harder to get into a house, but I still think there's a great long-term opportunity here where the property values aren't coming down anytime soon, even if they were to.
So let's just say worst case scenario, because that's what everybody's afraid of. Let's say in 5 to 10 years, the builders have now built too many homes. Our population is starting to go down.
And all of a sudden we end up in a similar situation where property values do come down. I think one of the biggest lessons that we learned from the great recession was the people that were able to keep their real estate during that period within four years in most markets were back at where they were in 2007. And within five, six years, they were doing great.
So the problem where people got scared, they either were over-leveraged, they couldn't afford the payment, or they just said, hey, my neighbor's walking away from his house and not having to pay his mortgage. I'm doing the same thing. It was crazy.
Some of the things that people were doing, people that could afford their mortgage were saying, no, sorry, it's not worth what it was. So I don't want it anymore. Take it back and destroyed their credit for seven years.
And those are the people that got hit the hardest. Because anybody that went through that cycle and got stuck in that, the modification cycle or the bankruptcies or foreclosures, it was a long time before they were able to buy again. And they missed out on all of that appreciation once the market started to turn and smart people were buying in 2010, as much as they could, they had the capital.
[Stephen Husted] (51:28 - 52:52)
I got my real estate license the day Bear Stearns went under. So I walked in there, yes, I got my license. And they're throwing papers up.
That was back when they had the little loan reps and come in and bring the sheets and stuff. And they're just throwing papers up and, oh, we're going under. And I'm like, I just got my license.
What are we doing? What? Now I'm doing short sales and REOs.
And I wasn't savvy enough. I hadn't been in real estate long enough to understand that was the opportunity. If that happened again, if that really did happen again, one, all the investment properties are in 30 years.
So cool. We'll sit there. We wait.
No big deal. You're going to have plenty of renters, right? So we're good there.
And you would literally just get so many partners and buy as much real estate as possible. It's going to come back around. Heck, I remember these condos in this little area by downtown San Jose, they were going during the short sale period and REOs, they were like 300,000.
You could buy one. And now those are one, two. That's crazy.
You know what I mean? You could have bought three of this. At that point, you could retire depending on where you're at.
It was just such a... It's a different time. You can't look back at the time.
I know we're talking about it right now. And I go, I should have... Well, of course.
[Jeff Welgan] (52:53 - 55:31)
For us, we had a flip that we were in the middle of that was supposed to take six months. It went over a year and we were in a six-month LIBOR. So every six months it was adjusting on us.
We were getting ready to adjust again. And this was within, I don't know, 45 days of market imploding. We closed, got out of it.
Problem for us was it scared the hell out of us because we were that close to ruin that we ended up, because of that experience, it traumatized us where we popped the brakes. We did very well on it. It was the high comp for, I don't know, four or five years in that neighborhood here in Southern California, but it really, it took us a while before we jumped back in and that's why we missed it.
So I think some of the biggest lessons, like anybody that's younger that hasn't experienced a cycle like this before, we're going to hit a recession again and we will. With capitalism, with the US, we go through boom-bust cycles. So this is just the way our economy runs.
And there's opportunity. The important part is to not get caught up in the hysteria of the moment. Pay attention to the opportunities because this is when the money's made is when you hit these recessionary periods.
It's more millionaires than any other time period. And if you can catch those opportunities as they're coming and it may not be real estate, maybe something else, maybe the stock market like during COVID. I mean, there are always opportunities out there.
And I think the biggest takeaway for me and all of the things that we've been through over the last 15, 20 years is don't get hung up on the missed opportunities. We all miss them. There's always those ones where we're like, we should have done this.
We should have done that. Important part is, again, don't get emotionally tied to those. Don't let them drag you into a hole for a long period of time.
Pay attention to the next one because there's always the next one. They're always there. It's just, can you catch them?
And I heard an interesting thing recently that it was a Warren Buffett-ism. And he came out and basically said, if you had 20 opportunities in your life, we all think we have all these opportunities and I'm not going to do this justice, but if we had 20, would we slow down and pay attention? Knew we only had 20.
Now think about it. If you only had seven, how many of those would you capitalize on? It was a great way of looking at it because as these opportunities come up, like you've been looking at properties, taking a hard look at those, is this the one?
Don't get emotionally tied to them because if this one isn't working, move on to the next one. There's plenty of opportunities out there. Just a matter of saying yes to the right ones and no to the wrong ones.
And I'll tell you at this stage in the game, I say no to so much more than I say yes. And yeah, it's one of the most important lessons you learn in life as you get older, you can only say yes to so much. And you've got to learn to use it very strategically and say no to the majority of the opportunities that come along.
Absolutely.
[Stephen Husted] (55:32 - 57:26)
I have a lot of people that reach out to me that first want to have coffee and pick my brain or they want to partner. And they're in that very beginning stage when they're online and they're like, oh, I want to build an apartment complex. I want to rehab apartment.
I want to do this strategy and this. And I'm just like, no, no, no. And I told them, I can't do that because I'm going to get distracted from what I'm really doing right now.
And I go, you're in that phase where it's the shiny objects. You've seen a lot of things and you haven't really found that path where you're going to see the opportunity. It makes sense, you're going to start to dive into it.
But I have to just say, no, I don't have time to get my brain refocused on learning how to build an apartment complex in Indiana. That's just too much. But yeah, you really do need to stay, you need to stay focused.
Focused. Absolutely. Focused.
And that doesn't mean you have to stay on the same strategy for 30 years. That's not what I'm saying about focusing. But when you do commit, whether it's, hey, I'm buying my first single family home and I want to burr it as long as I can find a really good deal.
This is a strategy. Great. Find that, execute it, learn from it, rinse and repeat, do a few more, have them under.
Then when you get to that point where you're like, okay, this has been working good. I've learned a lot. Feel free to go to another strategy.
Yeah. Diversify. Yeah.
No problem. Move on. But it's when you're like, hey, I want to do this and then I want to jump to that.
You end up not doing anything that great because you're not giving enough attention to it all. And that's what's really hard about real estate. Yeah.
Nobody can juggle 18 balls. You can try. You can have 15 VAs and all this stuff.
You're still the one running the show. Yeah. Lose a lot of hair
You're hiding on the dotted line. You're taking these loans. Yeah.
Well, Jeff, I'm glad I finally got you on. I appreciate your time today. Where can the audience find you?
[Jeff Welgan] (57:26 - 58:10)
Yeah. So you can go to our team website. It's bpinvestorteam.com.
And that's for blueprintinvestorteam.com. We're Blueprint Home Loans. And then I'm on Instagram.
It's jeff.themortgageexpert. So there's, it turns out there's a Jeff underscore the mortgage. That's not me. It's McMaster out there.
I'm jeff.themortgageexpert. And then our team line is 888-343-1043. One more time. That's 888-343-1043.
And you can go to our website again, the bpinvestorteam.com. And there's a link on there to schedule a strategy call. So feel free to use that and look forward to connecting with you.
[Stephen Husted] (58:10 - 58:48)
Yeah, that's great. I think the big takeaway from today's podcast is to, if you're getting ready to buy an investment property, buy a house, get out there, look and see what all your options are, first and foremost, understand that. Because then you can figure out the strategy, how you're going to go out there and look for it.
Because if you don't start in the beginning, just knowing what you can afford or what kind of program you can do with downpay. Heck, you taught me a lot today. I didn't realize there was this big problem.
I've been in some other kind of bubble. Wow. These are some good ones.
So yeah, you reach out, see your options. That's a big, that's a big part of it.
[Jeff Welgan] (58:48 - 59:24)
No matter where you are in the United States. Absolutely. Yeah.
And on that note too, if you guys want to take a look, so it's interesting that you said that Steven, a lot of these programs don't get out there enough. So I was on Bigger Pockets 939 and 943, and Dave Meyer and I do a deep dive into all of these programs. The first one is all about down payment assistance and first time home buyer financing.
And then the second one is all of the non-conventional products. So if anybody's interested, that's a good place to start with that. And then also the Rookie Show with Ashley Antonio was on 409, where we did a deeper dive as well on some other stuff.
Fantastic.
[Stephen Husted] (59:24 - 59:59)
Great. Well, I appreciate your time today, Jeff. Thank you so much for getting on the podcast.
I appreciate it.
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