all right welcome to another mortgage coach 10x Tuesday uh this is the first 10x Tuesday of of March uh we're going into the end of the first quarter so you know uh can't believe we're almost at the you know end of q1 in 2024 and and the the topic is really clear I mean it was really clear to me at um momentum Builder last week I talked to a lot of seite Executives I talked to a lot of loan officers uh you know in I think it was middle of December I interviewed Jeremy bourcier and someone had actually put a question in comments at about 35 minutes in that conversation saying Hey I Love The Mortgage business you know I've done really well in it but I'm literally like I've got a couple months left of cash reserves of to where I'm going to you know need to leave the business or do something very dramatic so so and here we are two to three months later and for anyone that's on this you're still in the mortgage business and there's still a lot of people that are that are feeling feeling it and so Josh actually reached out to me I think Josh when you reached out and suggested this you had not heard the interview with Jeremy yet is that right no we were doing the business planning tool with Tim and we were going through that tool and somebody put in the chat hey I've got three to six months for the savings left I I love this business I'm good at this business but I have to make a decision in the near future how am I going to support my family and my little girls and I was like holy I I was having a hard time finishing the podcast to be honest or the the episode we were on and I called Dave the the minute it was over I sent him a message and I just said man I am haunted by the reality that somebody that loves this industry is a true mortgage advisor um is going to be forced out of the industry so let's get back in the saddle as soon as possible I want to come up with a massive action plan and I want to share like look I there was a moment in 2010 that I had 29 days with the savings left I had 63 rental properties I was $4 million in debt I was re renovating five of them at the same time and the 57 that I wasn't renovating uh or 58 that I wasn't renovating uh they weren't on 3% fix rate 30-year fixed mortgages okay I was hemorrhaging cash I had 29 days left before I was going to have 63 foreclosures and I created a massive action plan with my coach Bill and my thought as soon as we got off of that call was I've been there before I survived I made it and I want to share a very similar Massive Action Plan updated for 2024 that I implemented in 2010 very successfully so that's why we're here today all right well I am super pumped I see some loves coming in Josh meal this is gonna be amazing I do want to remind folks that interview I did with Jeremy we'll we'll put a link to the full interview of below and then also we're we're doing an edited version of that so it was about 35 minutes into that interview and it was about a 20 minute conversation it was just not planned it was just Jeremy a great question Jeremy actually teared up almost teared up while answering it because he's got a similar story of of how he was in massive debt and what did he do and so um link down below make sure you watch that 20 no more than 30 minute uh well really 20 20 25 minute session with Jeremy and I talking about it so before I hand it off to Josh and he gives us his Massive Action Plan I really want to know folks like where where are you at you know I love this emotional roller coaster I'm sure a lot of people have seen this before where you know the point of Maximum risk is Euphoria and and this was you know middle of 2020 when we we really realized that rates are falling and we're going to have a huge opportunity it was all of 2021 uh you know and and that's when things start to shift that's when you have the least opportunity and you've got a big canyon coming down well I don't I want to know where you're at you know uh so far I've done some informal surveys uh in our community I've just sent texts out and I'm finding that people are between capitulation and hope but let's put a let's put a a a survey up right now and I would love it if you would tell us where you're at um are you at capitulation when you think of this emotional roller coaster are you at despondency are you at depression are you at Hope um by the way Josh how many people you think know what capitulation even means yeah capitulation just means giving up and normally you give up right at the wrong time like in Think and Grow Rich Napoleon Hill talks about this um Gold Miner who had mined a gold for years sold everything he had in order to get there and to buy his equipment and then literally 2 feet from striking gold and it was the largest uh vein of gold ever discovered in the California he decided to sell the mine rights and all of his equipment for like two bucks and he left and then the next Miner hit the gold so capitulation is giving up right at the Apex of pain so so guys only 46 of you have participated you know let's get it to 70% and we'll get into the content at hand so just give us a click I really want to have something statistically valid from the people on this call and Massive Action Plan number one tell us where you're at yeah tell us where you're at by the way that is also how you get more value out of this calls is to participate you know like raise your hand you know participate okay we're at 66% I just need a few more votes and we'll be at 70 come on L let's get us there 68% let's go couple more votes all right poll here here we go here's here's the poll guys uh so hope so Josh uh almost 70% are at a at a point of Hope um so that's that's really positive news I'm glad to hear that and uh you know we're we're going to do our best over the rest of this call Josh has got some very prepared Massive Action plans I've had time to reflect on what I said during that call with Jeremy and have some more clarity and insights on like hey if I was literally you know couple months 90 days from having to get a different job or leave the space or take some dramatic action that you just don't want to take you know uh maybe you're at a company that you don't want to move but you'll feel you have to move you know I want to give you some ideas to win and then my goal also I don't if you're on this call and you're a bad ass and you're kicking ass you're going to get some ideas to kick ass even more and then most importantly guys there's branch managers on this call and you need to bring leadership to your branch you need to bring leadership to your region if you're a regional leader you need to bring leadership to your head of production so my hope is we're gonna we're going to deliver a lot of gold for a lot of people guys let's give a standing ovation use that little clap and let's bring Josh metal on stage and hear his Massive Action Plan and and one more thing Josh before you just start rolling um there might be a new loan officer on here or someone that's like who's is Josh Medal did so give us a little little bit about yourself and then give us your Massive Action Plan sure thanks Dave so I run a a production team here at Neo Home Loans we um served over 410 families last year which uh you know in in all vulnerability that was down my production team's down 75% from from 2020 so that doesn't seem very much like a bragging rights to me but um you know we served a lot of families last year um we did uh a little over 200 million in production and I think we are similar to many people in this audience have moved through that Arc Dave of you know Euphoria uh denial capitulation depression and I'm I'm feeling our teammates like for the first time in a long time the wind instead of being directly at our face is starting to shift directions and it's starting to to be a tailwind and push us forward so I'm really glad that a lot of people are there I've built out this Max Massive Action plan so that whether you're in capitulation or or despondent or hopeless or you're transitioning to hope you're going to be able to take this plan and execute it and as Dave said it's just going to be you know Tailwinds to to move you forward so at the end of this call I've created a A Massive Action Plan download so feel free to take notes but also know if you just want to be present and kick back and listen in uh I'm going to give you a way to download the takeaways and the key components of the presentation I'm going to roll through so Dave I'm going to share my screen and I I like to always kind of anchor into current reality before we move into the actual Massive Action Plan so these are some some some data points that Dave and I were um were discussing so the total number of loan officers in 2023 we had 319,000 loan officers that closed one plus plus loan all year in 2024 uh3 ,000 uh One Plus Loans Now Dave how do they know that from 2024 yet is that is that a is that an a forecast where do you think that data comes from yeah well I I know I wrote an article in LinkedIn last week and I called out the data from ingenious but you know MMI has data ingenius has data um Highway you know Barry's platform Highway has PL has the data but but I specifically in that article cited ingenious is the data source and does this land for you in terms of because it says here right one plus closed Loan in the last 90 days so they're forecasting based on the last 90 days but does this 61% attrition rate land for you yeah I mean I think that that's that's that's accurate and you know and then I I called out in my article that 50% of loan officers are doing 87% of all the loans so you know the the halves and the have knots and when we did some our own analysis that that the loan officers that are doing 80% of the business they're closing a couple loans a month like uh and and I was kind of generous in my article I put it at three loans or more a month uh is is the productive half of the industry so I think that's even more dire more dire yeah so that's not all that inspiring but but what is inspiring is is the projections right so the projections are that we'll see mortgage origination volume increase by 19% in 2024 um that we'll see production increase by 21% in 20125 and that's a 40% increase from 2023 and keep in mind the mortgage originator pool has been thinned by probably at least 50% so you can look at that from a couple of different perspectives whether that's a negative or if it's a positive in the back in the rearview mirror it's negative in the in in the in the front mirror it's positive and R predicts 4.71 million existing homes for sale in 2024 it's up 13.5% from 4.1 million in 2023 that's obviously bullish and we expect home prices to do well as interest rates fall all those things are are are really positive so I want to think about these real quick I want to pause Josh because I just want everyone to localize that 4.1 million homes sold and and there's a lot of homes still sell selling well yes there's an inventory crisis there's there's a lot of loans to be done and it's just all about winning in your local market and winning in your personal database you know and and so like like there's loans happening it's happening so sort of call that out I think that speaks really well to where I was going with this and and I before we work on the outside game which is the tactics the Massive Action Plan I think it's important that we work on the inside game first because if my inside mindset is in contrast or conflict with the tactics that I've decided I'm I want to execute on every day you're going to have less than lackluster success so this quote from Tony Robbins really hit me he said your experience of your life is not your life your experience of your life is not your real life your experience of your life is the life you focus on what's wrong is always available and so is what's right and that reminds me of a of a of a quote from from Jim ran and Jim says that every day we have to be the guard at the door of our mind we get to decide whether we're going to see the abundance the opportunity the 40% increase in volume in 2024 and 2025 or if we're going to look back and go oh my gosh 61% of original ators have essentially been you know drove out of the business I'm what if I'm next we have to control that internal piece first because if we don't control that internal narrative that's going on in our mind and our thinking we really can't execute our external game at the highest level so before we move into these these these tactical steps the Massive Action Plan I want you to just check in with yourself and ask yourself am I focusing on what's going wrong or am I focusing on what's going right in my life am I effectively standing guard at the door of my mind what does that mean that means there's all this bad stuff wrong happening all the time every day right kids woke up they were sick praisal came in low bond market went the wrong way all that stuff happens is that the stuff that I'm allowing in my mind or am I allowing my or am I rather am I refocusing my attention on there's nine open houses this weekend are you freaking kidding me nine open houses that's nine realtor uh meetings that I don't have to go make a realtor appointment I can just figure out what challenges those Realtors are having show up and use the tools that trust engines created for me to go provide value right that's that's what's being the guide at the at the Gate of your mind is all about Dave what would you add there yeah you know raising my kids uh I can't remember what age my daughter was I think she was like two years old and my wife and I saw this quote and we loved it so much it resonated with us like we want to raise our kids with this we actually had an artist paint it and both kids grew up with this quote and this which really has become a Savage Family Mantra and the the quote goes like this two men in a prison cell one man sees the bars and the other sees the Stars wow and and and which one are you you know like again we have a a choice there's things we can control and there's things we can't control and and you know during covid I used to say that a lot hey you know and for the first couple days of covid I was seeing the bars I'm like holy I can't leave the house my coffee Shop's not open you know I'm trapped you know but you know I had a choice am I going to see the stars or I'm gonna see the bars and and we're in that same position and and there's so many good quotes Delicia thank you for uh which wolf do you feed uh Jonathan roach you know when he does his lessons on Peak Performance he talks about you know the positive and the negative and which voice is at the podium so I love that you started around with mindset because if you are in that kind of dire situation um it it all starts right here brother thank you and it's more important than ever when we're in these dire times or stressful times this is when we're tested like this stuff's easy to guard the door of your mind when 10 applications roll in it's hard when no applications roll in and you lose two loans to rate that's the moment where this is the real test like this is the test of us as a human are we evolving or are we just going to fall back to our untrained monkey brain self so this is the moment where you can say Okay rates have gone up in the past rates will go down in the future this is just a period of time I'm going to zoom out and get perspective and figure out what do I need to do in this moment in order to be successful um I was at a Meditation Retreat with Tim brahe in December at a Joe dispenza event and this guy was asking Joe a question and he said you know I I Joe I just can't meditate you know I sit down and it's so hard my mind just wanders and it's so uncomfortable I can't cross my legs and I gotta go pee and then I you know I got to get on my blah blah blah blah blah and Joe's like look I get it I don't know what to tell you you're just not that good yet and I thought that was the most hilarious answer ever because Jo a was an absolute comic from the as a meditation Guru but his but there's actually Pro found this in that statement you're just not that good yet and he says I don't know what to tell you I've been doing this for 30 years and I still sit down and I have those same struggles my mind wanders I got to go pee all the things he said that's not the point every day you sit down you do the work you work on the meditation and over periods of time you get better so in that word yet I I mean I've thought about that quote Dave like almost every day since I left that event in December in that word yet I find the the growth mindset from Dr cor Carol dck right I'm not that good yet but I'm becoming that good I'm becoming that good I find the the the gain from the Gap in the gain the Gap in the gain those of you who who' have read that book or are familiar with that framework it is focusing on your lack or focusing on the incremental improvements you're making every day so so if you're not as successful as you want to be in this current market yet it's not the Market's fault it's not your company's fault it's not the Appraiser's fault turn it inside and say what do I need to do to make Gain forward progress have a growth mindset today maybe I'm just not good enough yet to be Su have the success that I want to have in today's market so if that lands for you and you're open to to making Improvement we're going to move on into the into the Massive Action Plan from here all right and one last mindset suggestion this was the book of the Year for me personally I read a lot of books and the Gap in the gain uh I actually was referred to it by Sha bosan when I interviewed shant the number one mortgage professional in America last year I think it was uh at the beginning of May and I was asking him like bro what's working for you and he he BAS basically said mindset and he called out this book and he talked about how he was you know having more conversations with Realtors was May he already had more conversations with Realtors had in May than any other year in in his history so action plan get your mind right listen to this Audi book and Josh and Gap in the game is all about standing guard at the door in your mind right right you our minds want to focus on the Gap that's the that's the deficiency that we have between where we are today and and our and the level of success that we bar and the bars the Gap is the bars that's it okay so listen I'm gonna turn into Coach Josh here I'm usually friend Josh here but now I want to turn into Coach Josh for just a minute because I had a really tough High School football coach that was one of my favorite humans in the entire world and he was brutally mean to me every day and I'm still grateful for that but listen if you're one of those people that are have 90 days left you need to be reacting like there's a swarm of killer bees around swarming your face they are like they are chasing you and you have to outrun or outmaneuver those killer beaves or you're going to die you cannot be laxidasical you cannot you know we'll see how it goes I hope the bond market improves I heard rates are going to hit 5% that aim gonna work you need to take Massive Action and control your own economy so when I was faced with this in 2010 here's here's here's my plan here's what I did and I'm gonna I'm gonna talk through one of these real quick and then I'm G to bring down the screen um and and we're going to talk about it the first thing I did was I moved my alarm clock to 4 am I actually spent from 2010 to 2014 five to six days a week waking up at between 1:30 a.m. and 4: a.m that was the latest I woke up for four years so if you've got 90 days left you have to seize the opportunity that comes first thing in the morning Dave I'm G to pull this down I want to just talk about that because I know you're a morning guy so tell us a little bit about your success as you would rate those morning hours to your life so everyone first of all I want to know what time everyone gets up gets after it what what time are you waking up so you know Josh and I have become good personal friends but I've always been an early morning guy starting between you know 4 and 5: in the morning and I had heard because coach his his coach at the time was coach Bill Hart and I had heard that there was someone beating me at getting up in the morning at like 1:30 2:30 and and I was just like I'm not having it like no one outworks me no one gets up earlier than me and and I I did set my alarm for like two or three days at one or two and I'm like no no no no he can have it like it was it's like okay Josh can be earlier than me there can be someone because it did not work for me but but between four and five is mine and we got 6 a. 4 a 4:44 go Chris barns uh uh Luke 7 between 6 and 7 4:45 4:30 to 5:00 a.m. 6 so we got a pretty early morning crowd here anybody like by the way don't worry we're not going to shame you um if anyone you know starts you know after8 or nine you know like feel free to let us know but hey we got a lot of early risers and we have a lot of hopeful people on this calls off so that's cool and there was a question what time do you go to bed like my preferred bedtime is I'm in bed with tea in a book at 7:30 and life is good last night my son had basketball practice till 9:00 so I was I was in bed at 9:30 in asleep but I still wake up I get it I get it on like look guys I I I've escaped the rat race my my passive income from my investment properties exceed my expenses I have zero reason to wake up early anymore other than I've seen how it's transformed my life and I will forever be a as long as my body stands up a 3:30 to 4:30 a.m. guys because I know that that first 9 0 minutes in the morning is the most magical 90 minutes of the day Bar n and if you go back through time and you study religions um you know when was when did the people in meditation see Visions when did The Miracles come to them it's all early morning there's something about that time frame between 4:00 am and 6:00 a. which is where you can you can change your physical reality through your visualization and through through your your what Michael Gerber would call on time which is working on your B business versus in your business and one one more ad I I'm currently listening to the audio book um One More by Ed mlet and and if you're on this call and you are um someone who who is running out a running out a rope you know you got 90 days or if you are a branch manager on this call it's it's time for one more so whatever time you're getting up right now it's not early enough you know because you're in this position so whatever whatever your rhythm is it's go time you're being swarm by Hornets you know uh by the way another great book uh one more by Ed mlet highly recommend it uh but but whatever it is you you got to wake up an hour earlier than whatever you're waking up and if you're you know maybe for some of you you got to wake up two hours earlier uh CU it's go time if you're living on your HELOC if you're burning down your savings you need to to do something drastically different and this is the perfect time to do it because the market is starting to shift all right I'm going to have to rip through a few of these Dave and again I'm gonna give a download at the end man I'll stop you if I feel I need to rip it out I want to get into the TCA so look so we talked about stand guard at the door of your mind how do you do that how do you do that when you have a terrible day everybody has bad days everybody makes mistakes everybody has clients cancel on them everybody unfortunately disappoints a family or realtor now and then you have to expect that that's life you're going to fail and then you have to have systems or processes rituals to get you back on track so you're paying attention to the right things and ignoring the wrong things all right so for me I would wake up at that early morning uh again when I had 29 days of savings left I was up at 1:30 a.m. and I would read and drink an entire pot of of mushroom coffee uh for sigmatics my favorite lar Hamilton makes a good one if anybody's curious and I would read I would get in a creative curious what don't I know State podcasts watch uh YouTube videos the the YouTube mortgage coach is fantastic learn a new skill you got to do something man to move from I'm at effect of the Universe and everything is bars and I can't see through them to oh my gosh there's an Inc incredible expansive Universe out there I wish I had more time that's how you do it study a great role model there's somebody in your company or around you that is crushing it what are they doing success leaves Clues figure it out find a role model get inspired by them minimum 30 days a week and seven uh excuse me 30 minutes a day and seven days a week look every day it's hard right now if you got if you're living on a HELOC it is not an inspiring time to be in the mortgage business business so you have to stand extra tall at the as the guard at the door of your mind every single day start with that positive um that positive curious growth orientation towards life all right next work on your business immediately next immediately next you go from studying learning being curious I'm going to work on my business what is working on my business versus working in my business well in my business is loan apps conversations with Realtors pipeline reviews the stuff we have to do to get loans closed working on your business is how do I scale how do I become creative how do I become curious as to how I can solve problems for folks this is the time where you where you figure out how you grow scale you work on marketing you build tcas I'm going to show you three tcas today I bu I built them Saturday morning at 3:00 a.m. no Dave Dave will tell you I sent him an email Saturday morning at 400 am after I'd spent an hour and a half working on these tcas for you today that that that's what it takes to be successful it's what it is all right strenuous physical activity before 7:30 a.m. why because we have a tremendous amount of negative energy sitting in our bodies you lose two loans and you only have three loans in your pipeline there's a crapload of negative energy you need to move it out physical movement is the best way to shift your energetic State okay now we're gonna get really tactical on how do I get loans Josh that's great but I need loans okay you do this stuff and then you make a goal to call every past client until you get them on the phone you ask them what's new in their life what's happening what questions do they have as it relates to Mortgage and Finance and their financial well-being you focus on creating relationships versus transactions I coach one client that did over a 100 million in production last year one out of all the co people I coach guess what he does every six months he calls every single person on the phone every six months he has a huge D and these are just these are past clients he calls every single one of them every six months does he get them all on the phone no does he leave them all a voicemail or connect yes every six months it's the Bedrock of his business and he just happens to be the only person I know that I coach that did over a 100 million in personal production he doesn't have a team one dude one dude all right the next thing I would do call every referral partner until you get them on the phone what challenges are you facing what are your goals for this year how can I help you and keep you accountable I'm going to go over this what challenges are you facing I'm going to take a stab at that here in a minute I'm going to give you some solutions you visit every open house you know why I love open houses Dave because I don't need a realtor appointment I hate cold calling Realtors I hate it as good as I am on the phone and with people it feels weird to me it feels like like hey uh sorry I'm out of gas money could you give me $5 that's just what it feels like I hate it but if I show up to an open house and I can provide value then I feel great I'm inspired with that I love it the next one is provide advice I want to pause real quick on that just because one that openhouse strategy was part of Jeremy's strategies as well as I interviewed Shan Herrero last week uh and and that was what you know if I had to start over in a market this is what I do so I just want to call out like Josh called that out Jeremy called that out Sean starting over called that out and we'll put links to all three of those videos um if you're watching this in YouTube the links to those homework assignments are right down below keep it going brother you're killing it yeah um I want to share just something really quickly um I took some notes from Jeremy's presentation that you were talking about Dave and um I'll drop a script here in the chat because I thought his scripting on this was just there's something about Jeremy like he just does things effortlessly and I'm so envious of that dude but this is just such a beautiful script I'll just drop it in the chat really quick Let's see we want every and we'll and we'll make sure that uh we put this in show notes down below and I'll put this for everyone to watch this on Facebook I'll put Jeremy's script in the Facebook Chat below thank you Josh and by the way guys check this out Josh one of the best of the best is watching that taking notes and and I know that because he said hey Dave these are the notes I watched it and this is what I sent to my team so for all the branch managers out here you gota you gotta spoon feed your team and then you know you need to do after that you need to give it to them and then you need to test them hey how' to go did you go out and hit open houses if you're a branch manager and you have someone that's stressed out to the point where they're either going to leave your company or they're going to leave this industry or you leaning into them are you spoon feeding them and are you following up with them to make sure they're doing these things thank you bro Jeremy's freaking brilliant like you know and that interview that you did with him was fantastic and I I I immediately you know slowed the video down to half speed and I literally word for word ver verbatim hyped out his script because they're fantastic so so you know why not share them with um somebody that you want to inspire why not learn from them and Implement them all right provide every family advice over price listen I can't tell you how important this is right now and my personal production team has been hammered over advice over price I would argue as much or more than any production team in the entire United States a TCA is ubiquitous in our team our our loan officer assistants are not allowed to work for loan officers who don't send a TCA super simple you want to run your own deal you you you don't get any support from our from our production um team but what happened even on my team is they are advice over price until someone sends them a fee worksheet and they and Dave sends me a fee well Dave would never send me a fee worksheet somebody sends fee worksheet and says can you match this price and then guess what they do they go right to price they go immediately to competing on price and what I will ask you to do is first raise your hand if you if you're guilty of that and if you've done that I've hey I've been there and I want you to do something else instead the next time somebody says you're getting beat by rate can you match this fee worksheet and our minds go straight into price it's the only way I can win this deal I want you to take a little play out of joo's Playbook Joo says you have to detach you have to step back you have to get a different perspective and then you plan your route of attack forward what I mean by that if you're in loone officer price battle that's like being in the ring with Mike Tyson and you're just going to trade punches good luck if you step back and detach and you go well wait a minute this is a terrible I'll just give you an example we had one of these last week this is a terrible quote you've got a 6% quote with no points it's horrible well what do you mean it's horrible it's 6% yeah they got you on a 10 year amortization and I know your budget and based on that you're not going to invest for the next 10 years so you just graduated from medical school you have no savings you've got a ton of student loans you're going to spend the next 10 years paying off your mortgage and then you're going to start investing do you know anything about the rule of 72 no I don't know anything about the rule of 72 well the rule 72 says that your assets will double every X number of years based on 72 divided by your rate of return so let me give you an example S&P 500 over the last 80 years has provided with dividends reinvested about a 10% return on investment that means if you had all your money in the S&P 500 you could expect that your principal would double because of compound interest every 7.2 years so at the end of your retirement Horizon if you have $2 million in net worth and you decided to to let's just say you punt investing for 10 years to pay off your mortgage and then you end up with 2 million at the end what that means is you lost your last double you lost your last double of the rule of 72 by delaying your investment for the next 10 years that 6% mortgage rate is going to cost you $2 million because you end up with $2 million instead of $4 million it's not the rate it's the strategy strategy Trump's rate every time would you be open-minded to letting me show you those two different paths and how I think I can double your net worth if you follow my strategy $2 million is worth more than a 6% rate that's the pivot back to advice from price when you get that fee worksheet detach stop being a salesperson be a financial advisor how do I make this person the most wealthy that's the question all right and then we're going to go into solve the biggest problems that Realtors are facing right now I really want to get into these tcas but let me give you a minute Dave real real real real quick I want everybody think norstar the difference between a loan officer and a mortgage professional the Northstar for a loan officer is the loan that they could qualify for here's your rate here's your payment here's your cash to close and the Northstar for a mortgage adviser a mortgage coach is three years in the future it's five years in the future they're always showing people here's some options and this is what this means to you in three years 5 years 15 years 20 years whatever the time frame that matters to that consumer they're tailoring it and they're just focused on that and it's never been more important to be a mortgage advisor to not only win with rate shoppers but to get buyers clear and confident so that they make confident offers that put homes in escros so anyways can't wait for you to show a couple tcas and I think you gave everybody an incredible Playbook row I would just offer on that if you can help people think in terms of decades rather than days weeks and months and years you will be more valuable to your clients you need to help them think 30 years down the field and and once you do and you show them that path and you say look I just let me leave this up to you what's more important a 6% rate or an extra 2 million dollars I'm not saying you're gonna win a 100% of those deals but I'm saying you're gonna win a ton more then coming back and just saying sorry we can't we can't do 6% right so just detach from being a salesperson immediately engage yourself as an adviser how do I help this person strategize to create the most amount of wealth and when they say well why is your rate higher I'm better like I I'll show you how to make an extra $2 million and by the way we're 30 minutes into our relationship imagine what I'm going to do for you over the next 30 Years you got to have the cuta to to to to have the knowledge and then the kahuta to say those things like they should be cheaper then they're never going to show you how to make an extra $2 million and once you have that certainty you'll have the confidence to to to talk like that and and by the way guys killer script you know you're only 30 minutes into this and think of the value I've given you imagine what this relationship will look like over 30 years boom all right so we're going to go back to this um and I'm moving fast team because I really want to show you these tcas so the last one on the list down here is solve the biggest problems that Realtors are facing right now all right what are those problems this is super simple what do I say to Realtors Donald Miller gave us the influence um formula how do I get attention and have influence over the minds of the people that I want my my customers my realtors if you're giving a public uh uh Speech this is the formula first you identify their problem it's not about you it's about them what are they struggling with because everybody has a force field on oh my gosh Billboards I'm trying to read a freaking article on my phone and there's popup messages right you know what I'm talking about where we have to filter all that noise out that's a force field every consumer and every realtor has a force field up how do you get through the force field how do you get your Photon beam boom right through that force field you start talking about their problems then you show them empathy empathy is not just understanding theoretically what they're going through empathy is feeling what they're feeling and showing them that you've been there then we demonstrate our Authority how we can help them how we can serve them to reach their goals and overcome their problems and challenges and then we give them a specific call to action Donald says your customers are not interested in you they're interested in how you can help them that sentence has made me an unbelievable amount of money I hope you will take that down and think about that as you're creating messages to your Realtors and your customers so look let let me take a stab at it here's what I think the biggest problems that Realtors are having are housing affordability is still a big issue for H for families that deeply desire to buy a new home but cannot stomach the payment shock from today's mortgage put give me a a thumbs up or or something in the emotions if that if you believe that that is an issue that Realtors are having number two 8 according to Fanny May 83 % of potential home buyers believe it's a bad time to buy a home only 177% think it's a good time to buy a home okay cool we'll take that one head on and last but not least many first-time buyers believe it's a better financial decision to rent than it is to buy great now I know the problem of the person that I want to pursue which is the Realtors how do I go after them and how do I solve those problems I love that one all right um let me just give you uh let let me just give you an example okay I'm getting tactical now I found this property listed for sale it was listed for sale for 143 days the pictures are beautiful the average days on Market in my market are 62 days and I look at the listing description for this property I mean it's beautiful three-car garage big RV brick Immaculate shape I look at the um I look at the listing and what are they selling here open houseing ding ding ding ding I got go help this realtor solve the problem and I go you know what this isn't a property problem it's not a features problem it's got all the features um I don't even think it's a price problem you know what it is it's a payment problem so how do I help him solve the number one issue out there which is affordability and by the way guess who figured this out DR Horton DR Horton sold 82,000 homes in 2023 did anybody notice their pivot they didn't sell featur in price they moved to selling interest rates that were below Market their their their narrative in 2023 shifted from come check out our beautiful brand new homes to why would you buy an existing home when you can buy a new home with a lower monthly payment so Dr hurton Who Sold 82,000 homes figured that out but guess what Realtors haven't figured that out they're still selling features they're not addressing the number one problem in the market so that is a huge opportunity for us so here's what we did we created a TCA where we showed them look um and this was an actual I I did this literally on this property um and then and then and then took it to the took it to the realtor so look here's what I did I said are your sellers aware that the monthly payment on this house is $3,364 a month just out of curiosity do you know what your seller's payment is she's like yeah it's probably like $1,100 I'm like yeah that's the problem the problem isn't the price the problem isn't the features nobody's buying this house or not buying this house because of the shutters it's the payment so how do we how do we impact the payment how do we help people with that well if you did a price reduction and I think the price reduction on this it's like 20 grand if you did a price reduction oh yeah right here if you did a price reduction of 20 grand you're going to save $137 a month big whoop it's not moving the needle my payment put your you know put yourself in the mind of a borrower the borrower went from a $3,300 payment to a $3,200 payment not enough to move the needle but what if we took that same 20 grand and we did a 321 buy down I mean hey the house has been sitting for 146 days maybe we should try something new if we took that same money and put it towards a 321 buy down now we got a payment of 2516 that saves them $847 a month and check it out over the next three years it would save a buyer $27,000 in payment rather than a price reduction which serves them 3,776 and again people need to to to be reminded of the massive amount of wealth that is created so my TCA and by the way if somebody's looking at this format they're like what the hell is this um in a TCA there's a print function you can print out your TCA document and then you walk into the open house if you got a iPad great go high-tech if you don't or are worried that you you know you're not that sophisticated just print it out they're beautiful and and then I remind her like look in addition to showing people how to make this unaffordable housing market more affordable I also remind them how much Equity that they're going to gain over the next 10 years that's a crucial piece here and I say look I don't know me I want to have more success in 2024 than I did in in 2023 are you are you like me are you with me on that yeah I want to sell more homes cool so maybe we should try something new I mean let's just give it a shot and see see if it works for us why don't we take a a club out of Dr Harton's golf bag right they're not selling shutters and fences and price they're selling payment and Below Market rates so what if we rewrite your MLS listing instead of it talking about the beautiful three car garage what if we just rewrite it and we say save as much as $847 per month on your mortgage payment will the full price offer seller will pay 2,665 towards temporary mortgage buy down as low as 3.875 for well quality ified buyers do do you think that might get some calls this home sold in seven days seven seven days that's how long it took to to to to move the property once we started addressing the problem uh the problem around affordability Dave I'm gonna move on to the next TCA but before I do let me um let me turn it over to you for a minute well I just want to call out how Josh thinks in problems first you know this is a some of the notes he sent me when he sent to total cost analysis and and just like this is how he thinks you know what's the problem and then when he thinks of a total cost analysis it's the solution and and I think most loan officers think in loan programs you know they think in pre-qualification guidelines you're not thinking in problems so if you're you if you have a short period of time left or if you want to get to the next level start selling the problems you solve and stop selling loan pro programs start selling interest rates stop selling pre-approvals start selling the problems that you solve to both Realtors and homeowners anyways you're killing it bro and their problems see that's the piece we have to detach and step back and we have to think about what's the experience that the listing agent's going through right now that hasn't been able to sell a home for 146 days and maybe she hasn't cashed a commission check for three months she's about to get fired how do I help her solve that problem all right problem number two problem number two is it's a bad time to buy okay it's a bad time to buy compared to what it's a bad time to buy compared to 20 years ago yeah do you have a DeLorean I don't I can't go back in time and buy a property 20 years ago so we need to be thinking about it's a bad time to buy compared to the Future like what we can control so look here's here's the facts right today's price got a 55 ,000 house I'm at 6.875 my payment is 3364 all right so let's compare today's 83% say it's a bad time to buy a home to what the future looks like so for those of you who aren't sure um uh familiar with this functionality inside of mortgage coach this is a great presentation tool I'm just going to show it to you so I'm you know this is the client version you're seeing on my screen now I'm in the back end building right and I've got four different options already built out but I only want to show the C customer one at a time because sometimes people can get overloaded with numbers and I want to build a story I want to build a conversation and if I give them four things to look at they get confused so here's what current reality is I'm going to Anchor them into that and we're going to have a conversation about now is a bad time to buy my Uncle Larry told me so all right cool so let's look at what it looks like six months in the in the future because I do agree with you mortgage rates are probably going to drop so let's just take a quick look at that so if we go six months out we have two things that are going to happen number one the area that you're looking in is appreciating at about a 6% annual Pace that's half a percent per month Excuse me yes half a percent uh per month that's right so if I if I take the price today and I figure a half a half a percent per month increase we're going to have a 3% increase in price over the next 6 months so now you're paying 12,625 more more dollar for that property but your mortgage rate went down and I'm 100% agree with you I do think mortgage rates are going to go down uh over the next six months so what's the savings versus the cost your savings is $698 cents per month because you have a lower mortgage rate but your mortgage balance is $122,000 higher so if I take the extra $2,625 you're going to pay for your home and I divide it by the 69 let's just call it $70 a month you'll break even on waiting in 180 months in 15 years so in 2050 uh 2039 you're going to break even on that strategy so I'm not sure the juice is worth the squeeze on the weight but let's let's take a look let's just play this out maybe over 12 months this becomes a better decision it's a it'll be a better time to buy in March 2025 okay let's take a look at that 6% appreciation over the the next year that means that your house price went up by $25,200 mortgage rates went down to8 to 5.875 which is about what Fanny May is predicting and you're saving $143 a month so let's just do the math the price of the home went up $2,250 divided by $143 a month whoops sorry 25250 divided by uh 48 so the good news if you wait 12 months you you're only going to take 170 months of reduced payment to break even right or and by the way as time goes on your down payment has to go up because as the price goes up you're going to need to save more money for the down payment but there's another strategy because when we think about overpaying for this Market it really has not much to do in terms of interest rate between one lender or another it has to do with how quickly can we get you in a home because home prices are running away from you at half a percent per month so here's what I would do I would lock in today's price and I would allow me give me permission to manage this mortgage indebtedness as if it were my own and in March of 2025 or whenever this rate is available I will proactively reach out to you and say hey it's Josh it's time we're at 5.875 it's time to restructure that indebtedness you save $25,000 in price and you're going to save yourself $300 a month in payment Dave let me uh let me pause to give you a word before we move on to the last TCA yeah well we've only got six minutes left I could go a little over if you can guys what do you think of Josh so far give us a little reaction you know whatever whatever you're feeling about the value is bringing uh with five minutes left we actually have you know alltime Peak audience so you're you're killing it bro so show us the next one and then I'll save some closing thoughts this might be the most important TCA we go over and I spent 45 minutes this morning studying this TCA and what I love about tcas is that it it it has taught me more about math and mortgage than I've learned in my entire 24 years in the mortgage industry so let me show you what I learned today that kind of real quick just because I'm afraid people might leave at the end and I do want to remind folks that I see a lot of product questions I want to remind folks if you go to the trust engine.com t0x one there's videos that you can train on and two you can sign up for live training on how to do all this stuff and then three up top here you notice there's sales training and guess who we got we got Josh metal here uh you know how to win with Realtors we got Josh you know how to win with Freight Shoppers we didn't get Josh in this one although maybe we'll add Josh to this one but I just want to remind you that this page like to learn how to use mortgage coach and it's even got a button to sign up for mortgage coach if you're not already a mortgage coach so why to get that in Josh just in case people jump yeah cool and and team look um I'm a coach and a and a faculty member inside of the loan Atlas which is a coaching platform that Tim braheem and I created and a bunch of other amazing faculty members um if you click on the link I just dropped in the chat there is a link to um the site where there's a special offer you can save $100 a month over becoming a member of the loan Atlas we'd love to have you as part of our community but right there you'll see the download the Massive Action Plan here for free so you know if you want to join us in Lan Atlas I would love to share more stuff like this with you this is that's where I coach full-time if you just want the free Massive Action Plan just take the action plan and get after it all right let me get into this TCA this who whoa whoa whoa well I gotta say one more thing and here's the deal guys if you want to say thank you to Josh he's delivered value you know one get the get more value click here sign up get more value and and the other thing I know because I know Tim Brahim very well I know how he rolls just having a meeting with these guys just learning you'll get value so make sure you follow up fill out the action plan and take a meeting with these guys I guarantee it will be valuable for you back to you bro strategy all right here we go and yes all the tcas will be shared with everybody um Dave's got and Paul have a copy of it okay this is the rent versus own right this is the hey I saw an article and my dad said and CNN said and Diane o said that it is a better financial decision to rent versus own okay cool let's go through that so let's say you can rent for $2,525 a month and let's say your mortgage payment right now is $3,419 now we need to have a whole discussion around the trends of mortgage rates and their cyclical nature and how I'm going to proactively manage this indebtedness and that is not your 30-year payment that is your start rate and I'm going to manage that that's a whole another discussion that we need to have but if we're going to analyze just strictly as a financial analysis we need to also consider that of that $ 3419 $378 is going towards principal that's like money in savings account so we need to look at a net monthly payment our net monthly payment is $2,525 for renting versus $3,041 for buying with a net monthly savings of 516 but here's math is hard and here is what most people who say renting is better than buying don't understand is that renting is like having a oneyear adjustable rate housing expense like having a one-year adjustable rate mortgage on your living expenses for the rest of your life those expenses are going to go up as a renter where as an owner you've got a fixed mortgage rate except it's better than fixed because when the market pivots back to lower interest rates which rates always follow inflation inflation's been heading lower they will go lower you have the opportunity to restructure that indebtedness at a lower rate and reduce your payment let's look how this works out over a 10e period of time okay and this is what really really um blew my mind this morning as I was studying this so when you're are making this initial analysis most people are only looking at this rent number versus this payment number actually they don't even look at this payment number they're looking at the total pititi not thinking that this 378 is going to savings but if you look at it over 10 years and you assume that you're going to have rental increases of 4% and you look at the C cumulative payments over 10 years you pay $363,000 in rent you pay $49,000 in principal and interest towards your uh uh payments on your mortgage but 64,000 went to principal it's like money in your savings account so your net cost as a renter is $363,000 your net cost as an owner is $344,000 but wait it gets better as a renter you have no asset as an owner you have appreciation on the entire value of the property look if you buy stocks or you invest in Bitcoin and you take your $50,000 and invest in that asset you have growth on that $50,000 if you take $50,000 and you buy a $500,000 home you have growth on a $500,000 home so you have you're leveraging a larger asset base and what that means over time is that if we factor in a 4% appreciation you've got a $740,000 asset that you've paid down to a $385,000 loan balance you have $355,000 in equity and don't worry I already did the math for you and compared it versus renting if you rent you save 56,000 that you're not going to put into a down payment so you can put that into an investment and your payment differential between these two numbers 3419 and 2500 it's about 800 bucks so look I took the liberty of doing the math for you because you know it gets it gets challenging to figure out these things so check it out here's the renter path you put $56,000 into an account you assume you make 10 uh uh we compound it over 10 years because that's the analysis or the time Horizon you think you're going to be uh in the in this city you have a 10% rate of return if you are wise and put it in the S&P and the S&P returns historical averages and then you've saved $894,000 what's your principal contribution upfront what's your monthly that you can put towards it remember this is going to get eaten away because each each year your rent is going to go up but let's just assume let's give you all the benefits of the doubt at the end of 10 years we take your principal plus your deposits 10% interest over 10 years you've got $317,000 worth of equity or Assets in the stock market or wherever that you're going to get your 10% return compare that to the path of ownership where your payments won't go up and you're going to have a net worth of 355,000 categorically you'll have less payments over the next 10 years and more wealth by buying versus renting Bravo and and Josh metal is a first home IQ Ambassador as well as one of the keynote speakers at the Modern mortgage Summit just want to remind folks uh you know to attend this virtually it's only $100 you know to attend it virtually and get a one-year pass 150 and then of course we've got a small group I think we've got like 30 tickets left at uh a thousand this is being put on by wi by noon uh Todd bookspan I will be co-moderating it with him so I'll be there and uh you know a lot of Ballers are going to be there Josh is going to be there check it out um we'll put links down below to everything uh guys let Josh know what you thought of today give him a little reaction here uh if you're watching this on YouTube or you're watching this on Facebook give it a like let's make this the most watched video in the mortgage coach YouTube channel this year or at least among the 10 most watched interviews so guys please share this with everyone you know um make sure that you you go to loan Atlas uh it's very special platform put on by some of the most not just successful but efficient and valuable you know life balanced morgage Professionals in America check it out guys Josh you feeling good man did we deliver on your vision for today's call I think we gave uh enough for everybody to execute over the next 90 days get after it look you know my my mission in the mortgage industry over the next 10 years is to help as many people inside this community escape the rat race the you escape the rat race the moment that your passive income exceeds your monthly expenses and my presentation at the Modern mortgage Summit is five traits of the millionaire mortgage professional I'm going to lay out the exact plan that I followed between 2010 when I was $4 million in debt and on the verge of 63 foreclosures to where I am today where I could care less if mortgage rates are 20% because my passive income exceeds my expenses I'm going to give you that plan so I hope that you will be there uh for the modern mortgage Summit it's gonna be incredible oh dude you killed it there bro I love thanks brother this call I love you H everyone you're in mortgage this is the most amazing career because you get to decide if you're going to give yourself a raise uh you know you get to give and you get to decide what your conversion rate is you know are you even measuring your conversion rate you want to give yourself a raise improve your conversion rate uh make more calls do one more take care everybody this is a WP see everybody have a great day