Description: This passage is mainly focusing on Larry Finkelberg who is the founding member of home lending company, he will give ideas and advice on how to invest and get into the refinance market.
This is Larry, I’m a founding member of Larry Finkelberg Amerihome Lending, we are residential mortgage planners. I’ve been in business for 11 years, open the company that I’m currently at with a partner four and a half years ago now.
I had a family friend who owned a company and was looking for something different in the hospitality industry and transitioned over, and I fell in love with the entrepreneurship of it, the financial peace, and I haven’t looked back since. The thing that makes us different from others is we are relationship based, we don’t look at the mortgages of transaction, we look at it as part of an overall financial picture.
So when clients come to us, we’re working with the other members of their team, their financial advisors, their CPH, their realtors, their investment advisors to craft a mortgage that fits into the context of a broader financial plan and then after the transaction we continue to manage that mortgage on an ongoing basis.
In the response to those people who are reluctant to work with mortgage brokerage after the scandal going through the housing mature the last week, I think people have their experiences and what I think that most people worry about with the mortgage broker is the question of ethics, they don’t have the control that working directly with a lender. Ethics are on an individual basis, so you’ve got to work with somebody you’re comfortable with.
We have flexibility as a broker, we can work with so many different banks and some banks can do loans and it gives us the flexibility and then from an interest rate standpoint, we’re more competitive with rates, with costs than you would go into a retail bank so even though it’s somewhat counter intuitive, we have a lot more flexibility, better pricing, better interest rates and more options for our clients
It’s largely a refinance market right now, there’s no doubt that purchase market is still a little bit soft, but we are having a banner year, we’ve got a ton of clients that are taking advantage of these interest rates and there isn’t any sign of it slowing down, so it’s been a great year, the network of strategic partners that I have, the growth of my clients, financials, it’s been a rewarding thing to see.
A lot of new clients come with premier prepared because they come from a strategic partner of mine, a realtor that I have a relationship with, a CPA, a financial planner, so they come with certain expectations about looking at the broader picture.
But there are clients that I get that are referred from past clients, maybe they don’t even understand what the mortgage planning concept is, which is about finding tremendous value in it because people tend to compartmentalize their mortgage, they look at it everywhere for the rest of the financial picture and it doesn’t make sense to do it that way. So there are a lot of conversations that we are having aren’t about debt to income ratios and qualifying for a loan, it is about how we make this mortgage work to help you grow wealth over time.
So I’m a real estate investor and obviously, I also invest in the stock and bond markets, but I have three investment properties as well, we are primary residence who have the long term and plan to do so, it’s not because there’s something wrong, there are great opportunities with rehabbing and reselling properties.
It’s based on what I’m trying to accomplish, my financial plans and goals, I intend to hold my properties for eight years, six years or at least three years, I mean that my hope is to get enough passive income through those properties to hit financial independence and a young age.
When a client comes to me, what I will do is that we will go through what I call, my client profile form and they indicate what strategic partners they have and how they feel about them. If they have a CPA who ranks them a 10, I will have a conversation with them and ask them why they feel that way, then I ask for an introduction.
A lot of times we will sit down and try to understand each other’s business model, I try to keep it direct and make sure that if we can work together, if there’s an opportunity, we shall talk about what it would look like and if not, that’s okay too. But usually there’s a good conversation, and it’s a determination after a meeting or to whether we want to focus on trying to create a strategic relationship. So that’s how my clients become my strategic partners.
As a founder of a real estate investor, the Reis real estate investor society is a complex organization. There are two components, there’s business professionals that serve in real estate related industries, lender property, manager title, attorney, architect, the list goes on, anybody that would serve a real estate, related industry or an investor. We meet on a consistent basis and we function as one another’s board of directors, we give business best practices, we share strategic partners, business referrals when possible.
But beyond that, we’ve also got the investor member component and these are people that are active or aspiring investors, we’ve got a social mission on that side, we want people to make money, that’s why they get involved in investing but at the same time we’re trying to better the community by pulling us out in this housing slump.
Those two groups work very well with one another, the investors need the service providers and the service project the investor, so it’s been a great ride but we’ve got a lot of exciting things planned in the future too for Reis.
My best strategic partners have always been the ones that I’ve touched on a couple of times, financial planners unquestionably, but specifically, financial planners that understand the mortgage is more than a debt that you have to have, but it can be managed properly. Tax professional, CPAs and realtors are my big three, I also have a couple of good working relationships with both divorce and estate planning attorneys too.
The advice I would give to investors who are interested in joining is that I encourage you to come to a meeting, our concept with Reese is to build your team, get your advisers in place so you can do things the ethical way, the profitable way, and you don’t have to pay into this one-size-fits-all coaching program.
Everybody has a different risk tolerance and resources, so what Reese is about is that we want to be the forum for you to invest the ways that works for you. So my advice would be get involved, come to meetings, meet your strategic partners, meet other investors and the opportunities are limitless.
I’ve got a financial adviser, a CPA, a business coach, I’ve had several throughout the years, I still participate in a business and sales development coaching program, Sandler Sales, so I’ve always been a big believer in that and frankly, everybody I know that has achieved any element of success in life has coaches in a couple of aspects of their life.
The advice I would give to home buyers, home owners who are interested in either refinancing or buying a home in this particular market rate is look into it. I know it is obvious, but I think a lot of people assume that I can’t do it. There are a lot of programs out there that may make you eligible,, so the interest rates are absolutely and record all-time lows right now.
I’ve got clients who save much money a month to refinance and if you allocate that money properly, you can grow wealth, my advice would be don’t assume it’s not going to work for you. Work into it, make sure you talk with professionals and see what options are available to you. The worst thing is going to happen is you may out $350 for an appraisal because things didn’t work out, but that’s a small price to pay for a potential savings of $500 a month.