[Nelson]

This is awesome! Great work everyone

[Nelson]

This is real! We where in a market cycle were the market was selling itself. That made it easy for anyone to do home loans. Now that the marketplace has slowed due to higher rates and home prices, the loan officers that remain will be the ones that understands what it really takes to be successful in this business. Being proactive in their personal development instead of reactive to low hanging fruit. Do not get me wrong, I’m NOT saying those that left the mortgage industry are bad people or stupid, but I AM saying that thinking outside of the box, being tenacious, and expanding one’s skillset is where the opportunity of this tough market really lie. The one’s that remain will be the ones that rises to the top! My hats off to those that’s sticking it out, getting up everyday to be here for people that really need us. Reach your mountain peak, and then learn to fly!

[Nelson]

Have you money parked in appreciating assets (aka cashflow)… Think of it this way: Inflation means the buying power of the dollar is going down. Appreciation means the value of an asset is going up… These two work hand-in-hand…

Here’s my personal list that I go buy in order of importance with examples

1. Appreciating asset – Home Value going up AND you’re cash-flowing monthly
2. Depreciating asset – Home Value going down BUT you’re cash-flowing monthly
3. Appreciating property – Home Value going up BUT you’re breaking even on your expenses
4. Appreciating liability – Home Value going up BUT you’re losing money monthly
5. Depreciating property – Home Value going down AND you’re breaking even on your expenses
6. Depreciating liability – Home Value going down AND you’re losing money monthly

• This reply was modified 2 years, 6 months ago by  Nelson.

[Nelson]

Short answer is yes… You will still need to make sure both incomes are eligible per the loan program… Normally you will need to show a 2-year history of receiving dual income

[Nelson]

We are seeing massive layoffs due to the significant drop in new home loan applications due to higher interest rates… There’s a lot of mergers occurring in our industry as well…

[Nelson]

What is a POS: Also now as a “point of sale”: The point of sale or point of purchase is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment (reference: https://en.wikipedia.org/wiki/Point_of_sale)

Now as far as how to make money with it… I will leave that to someone more experienced in the forum

[Nelson]

It’s pleasure to help! That’s why Gus created this forum… It’s a way to get in contact with real professionals to ask questions, without having to be sold something… It would be of great help if you share this forum to your friends/family/coworkers… We’re on a mission to cut the fluff and give real relevant information to help people close the gap to homeownership.

[Nelson]

Yes… Your would need to provide W2s for the previous last years for all employers (in this case 2022 & 2021)… Plus your last 30-days of paystubs for your current employers you’re still working with…

If you need any assistance through this process you can schedule a time to speak with me here: https://bit.ly/homeloanconsultation

—

Nelson Thompson NMLS# 730257 aka Mortgage Sensei

[Nelson]

Sounds great!