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What do the rates REALLY mean?


Welcome to another episode of Big Daddy Live. Today's guests are Morgan McGuire from Keller Williams Premiere, Ricky Silber from Compass, and Wes Shaw from Movement Mortgage. Boy did this show take some tangents.

Some of the questions answered include Is it really a better deal to wait, to try and grab a lower price? And the topic of true rates vs. advertised rates was explained by Ricky Silber, "They're only looking at APRs and the biggest problem with that is lenders are not all advertising APRs the same." They covered rate dependency, somehow Monica Lewinsky came up and those related oval office antics, In-n-Out - not related, but on to the topic of best burgers and how to order them.

OK, quote of the week you are looking for to be eligible to win the $25 Amazon Gift card is:

"Is there really something telling in the date that says that we're headed towards a recession because I have a feeling that a lot of that pressure from the Fed was more interested in propping up equity markets than it was in propping up the economy."

(Remember only one winner per venue per week - one on this site, one on Facebook. It's in a different place in both versions. After winners are announced, we'll post the full transcript.)

BK attorneys who partner with agents are a good combo!


This episode featured a lot of discussion on why you want a Real Estate agent with more than just a license. Sasha Shanner brings the added strength of a husband who is a bankruptcy attorney who helps give sound guidance when drastic changes are needed. As we know, Bryan Garrity is a JD so he brings that law background and arsenal to his clients' aid. It was a great exchange, plus the usual rants and warmth you expect from Big Daddy Live. Some of the quotable highlights are below:

Bryan: ...but I want people to understand if there was no Madonna, there would be no Britney. If there was not Britney, there'd be no Gaga. I mean, the list could go on. You have to fill me in on who the young ... like Billie what's her name?

Morgan McGuire: Eilish.

On interest rates of the past:

Sasha Shanner: Remember those stories your parents told you. I bought it when it was 18%. I have to hear it all the time. And they still bought a house, and they used it as a building block to buy another house, and they refi'd when the rates went low, and there's just a cycle of it. It's really natural.

Bryan: ... if you're in the market and you're ready, it's a great time to buy. Let me preface it by saying that. I shouldn't say it's a great time to buy, everybody go out and do it, because for some individuals it's circumstantial at the end of the day. But I think if most people stood back and looked at what they pay in rent.

On the market crash and how this group adjusted to the changes:

Sasha Shanner: With a newborn and not having a job, and then my husband who is a bankruptcy attorney, his phone starts ringing off the hook. I said I'll come help you. I know how to manage a team, I can build a little ... I'll help you basically. At that point it was just help. Just help him. He was busy. Then that turned into ten years of running his office. In the height of the bankruptcy, we were filing about 40 to 50 cases a month. We had a couple paralegals and another lawyer. We had a whole team. It was just sometimes you ride the wave, and that was what I had in front of me at the time and I made the best of it.

Bryan recalling how he got into real estate: "When everything crashed on the finance side, people were coming wanting to refinance, can you represent me for this on the litigation side? Nope, nope. I got out of that (legal industry) for a reason. However, I'm like wait a minute. There's a way to make this work. Who is negotiating these short sales? That's how it started.

Sasha Shanner: Short sales were a really good opportunity in that time. I'm doing three short sales right now. 

It's a lot of coordinating. It's not your average thing for real estate agents. For me, it's very comfortable for me, because that's the background I came from of that distrust, but I almost think that it's not harder, but if you haven't done it ... like anything.

Bryan's Rant: I hate when I call an agent ... This bugs me, and boom, you get a text like two seconds behind it. So wait? You could not have picked up that ... You texted. It's not like those custom ones. It's one that they attached on there, so you had enough time to get your little fingers and go tappy-tappy, you couldn't pick up the phone and go, "Hi, this is dumb ass. Can I help you?" I'm sorry, she's much more put together than I am this way, but I would call them dumb ass. She'd be like, yes sir or ma'am. You guys get that, right? Pick up the phone!

The other part about real estate that bothers me that some people don't understand or seem to give credit for is like this is a huge emotional component in people's lives. You will have emotions whether they be good, bad, ugly, love, anger, whatever, you've been in the house for ten years, do not tell me you're not going to have some kind of emotion rolling out of there.

Bryan's biased opinion:  I always think the tall, beautiful gals like you really make an imprint. (his guests today are in the 6 foot+ range).

Plug for a friend: A buddy of mine, we did a segment last week with Melissa Sofia, she's amazing. She's a broker of Avenue Home Collective, that's her real estate company, and she's doing a thing called Momcation. 

Mothers are supposed to mother like they don't work, and work like they don't mother. That is so true. I think that from a societal standpoint that is a true statement.

Sasha Shanner had her own rant: And a double standard. I think it's hard, too, being a realtor, because sometimes, and it could just be in my own head. 

This is a profession. I show up for work every day. I mean, I get dressed, I have a certain amount I need to make for my family, I don't take it lightly. The hard thing is sometimes, and I love all these people, but I'll have moms come up to me and go, I'm going to get my real estate license because it's a great thing when you have kids. You have so much time. You're just so free because you're a realtor. And I'm like actually it's like totally opposite. If I had a 9-to-5, I would be able to manage so much better, but when I'm trying to make dinner and negotiate a contract, tell my kids, it's hard. I think it's harder than if I were just like ... Do you know what my dream job is? Be a checker at Costco. I could just be like checkout beep, beep, beep. I'm sure I'd be bored in two days, but sometimes I'm like wow, that's just like you don't really have to think.

Bryan:  A lot of them have no idea about a myriad of things that to me is shocking. Which they have hired us to handle their biggest asset all day, and to me, that's an honor, that's a privilege. These people need to be protected. 

Sasha Shanner: I just feel like there are so many resources, so it doesn't matter how long you've been in the business it's that you're humble enough to ask for help or get the resources or have the second pair of eyes.

A reminder from Sasha on the need to set limits, boundaries with clients and their thinking everything is 911 at 3 am:

You're tired. I mean, you need fuel. If you're truly doing transaction-based real estate and you're reading contracts and you're doing negotiations and you're tracking down some agents that won't call you back, and you finally get a hold of them, and you're like getting that done,  I feel like you have to kind of know when you are your best, otherwise you make mistakes. That means refueling, shutting it down to reset.

Bryan admits: If you want more escrow, just schedule a vacation. Everything will blow up as soon as you leave town. Never fails.

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Big Daddy Live Reboot - What’s that SMELL?


Some quotable moments from this first reboot episode with our guests: Morgan McGuire, Ryan Alvey, and Jonathan Cohen-Kurzrock:

"Although I did write an offer on a house today, that was detached, super cute, tiny, $500,000. So I know people in other parts of the country are like wow. But you have to pay for that weather, there's a tax on it. I tell you what, if you were here in San Diego this year from January to June, I want a refund of some of that tax that we pay."

"Every time I take a listing, I tell the people, "I promise you, you're going to have emotions around this, you have lived in this house for 25 years, you are going to have emotions around it." If I say that to somebody who's lived in a house for five years, they'd be like, "nope, we've only been here for five years." It's like, "you're going to have emotions around it because in those five years there was a lot of living that happened." Maybe you had a baby, maybe you got married, who knows. There's a lot of things that get tied to houses, and it's an emotionally charged thing."

"Now, I don't want to get banged on. I don't want to get banged on because I'm drinking water from a plastic bottle. I understand that plastic is not good for the environment, I really do. And I'm sure our ancestors probably didn't understand it as much, and when I want my water, I want my water in this bottle. But I want it to be cold. I promise I'll put it wherever you want me to put it, but I won't throw it in the ocean."

"I'm a freak about smell. I'm not good around smell, like people that have stinky feet, like put on socks or wash them.  If you have stinky feet it's okay, just make sure you're washing them, and keep them covered up. But, I was in a hotel room with somebody, and I was like, "d*mn! What is that smell?" I thought it was the hotel. And it was a nice hotel too. I was like, "what is that?"

"People have a hard time looking you in the eye, but they don't have a hard time scrolling through your feed and liking it."

"And if I was that client, I'd b*tch slap that phone out of your hand so fast your head will spin. Just saying, that's just my two cents on it. But how do you feel about it? Really, what do you think?"

"Pick up the phone. That's something that's actually been irritating me lately because it's like, you can get a lot more out of a phone call."

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