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TJ McLelland: What's up, everybody? Welcome to the Fitness Realty Channel. My name is TJ McLelland, and I'm the broker. I'm super excited to share all the things we have planned with you. So sit back, strap in, and let's have some fun! What's up, everybody? Hey, this is TJ McLelland, broker of Fitness Realty, bringing you an awesome episode to introduce one of my favorite, favorite people, Michelle Reed with network funding. Go ahead, Michelle say.
Michelle Reed: Hi, thanks for having me on TJ. This is awesome. Super excited to be here and talk to you with you today.
TJ McLelland: Thank you. I'm so excited to have you on as well. I wanted to kind of kick this off first about how we met; probably one of my favorite stories. I know that typically we always have fun stories with the people that I bring to the table and just kind of. Talk to people at random. It just seems maybe I have these weird stories, but this one with you is probably one of my all-time favorites, so most people don't know this, but sometimes I drive left on the weekend so that I can talk to more people, and I also teach that in my brokerage firm so people can get out of their shells and talk to other people.
Michelle Reed: Can I just say that is the most genius idea? It's like reverse marketing. You are getting paid, and you're creating relationships and meeting people like me otherwise that you otherwise would have never met.
TJ McLelland: I totally agree. Thank you so much for that. So just run this back for me because it was probably what it. What do you think three years ago now or.
Michelle Reed: About three years ago. Yeah, a friend around there.
TJ McLelland: So maybe three years ago, I'm just doing my thing, do to do driving. It might have been Uber. Was it Uber, or was it number? OK, so I'm driving Uber. I'm just cruising around. I pick up these two hot chicks. Maybe I shouldn't. Should I say that online?
Michelle Reed: No.
TJ McLelland: It picks up two hotties, and I'm like, oh, this is going to be a fun conversation. And then we're just chit-chatting. And the girl in the back, one of them, is like my high school friend and your friend. Yeah. So Tara is like, hey, did you go to West Jordan? And I'm like, yeah, I went to West Jordan High, and so we got chatting. And then I don't know if it was like, did Tara asked me if I was if this was my real job? That's how it usually happens. And I say I'm a real estate broker.
Michelle Reed: Yeah. Well, and you had your sticker in the back. And so I think I was the one who said, oh, you're a real estate agent. And you were like, yeah. You know, I drive over once in a while. And I was like, wow, this is crazy, right? Yeah.
TJ McLelland: And that, like, sparked this conversation. You were like, well, I'm more a lender or mortgage lender. I don't remember what you said, but I was like, Oh well, that's cool, give me your card.
Michelle Reed: And it's so funny because we talked a little bit, and you and Tara were going back and forth. And then, so I remember this fall, we're going to the G Eazy concert at East Plano. And we were like, call me when you're done, and we'll come back and get you. So we're like, oh, great, this is so great. We'll call TJ. And then we called you afterward, and you were like, I've got another ride. I'm in Park City. I can't come to get you. And we were so disappointed because we had so much fun driving there with you,
TJ McLelland: Right? Oh man, I don't have been so good to have a follow-up.
Michelle Reed: I know. I packed your number. And so I was like, OK, like, you know, we'll kind of see what happens. And then I think a few days went by, and I reached out to you, or you reached out to me, and we were just kind of like, hey, let's grab a coffee. And I instantly just completely gravitated towards her energy and your company and everything that you do. And I was very amazed.
TJ McLelland: Thank you so much. Likewise, obviously, since we've done so many deals together. So I'm just super excited that you landed in my car for 1. Number two, we've just grown this great relationship, a great friendship. And so I'm just excited to kind of share everybody with you and kind of share just your story and just all about mortgages and stuff. So anyway, it is a fun story. I'm just super excited about that. Like I said, you just landed in my car.
Michelle Reed: I really believe that everything does happen for a reason. And it was, it was really interesting because it was shortly after I got licensed because I had been processing for that company for, I think, six or seven years, and then made the decision to go out on my own and get licensed.
I thought I could do this. I want to do this. I'm good with people. I like working more directly with people than behind the scenes doing the paperwork. And we went to coffee, and the rest is history. But every day, I'm just like, I'm so grateful that I met TJ. I mean, you hadn't spent nominal. So thank you!
TJ McLelland: Thank you. I really appreciate that. Alright, well, let's do some of my questions. All right, well, let's start with this basic question. What is lending, and why do we need it?
Michelle Reed: So lending is if somebody wants to purchase a home, most people these days. I want to say all but most they don't have money to go and buy a home. It's like similar to when you go and buy a car. A lot of people don't just have 30, 40, $50,000, just $50,000 cash in their bank to go buy a car. So similar with buying a home. So what happens is somebody calls me.
They say, hey, Michelle, I want to buy a home. I don't really know what my budget is. I don't really know what I can afford. Here's my income, here's my credit. This is what I'm paying in rent. And then what happens is we kind of look at some numbers and figure out what they can qualify for to buy a home because again, most people don't have, with the market now, 3 hundred, 405 hundred, $600,000. In their bank account to buy a home, we're lucky if they've got just $1000 for earnest money until closing costs.
TJ McLelland: Totally agree. So, really what you provide is the bridge right between, let's say, renting and that bridges between renting and owning, whatever they want.
Michelle Reed: Yep, absolutely. I facilitate that. I get the loan. I lock the loan, I let them know at what they qualify for, I handle all the financing, everything on that end, and they get the deal done and get it funded, right?
TJ McLelland: You definitely do get the deal done. That's one of my most impressive things about you, or you always impress me with how you can just bring something to the table that nobody else could have closed, and it's like, oh, this is not that hard, just and we're done.
Michelle Reed: I tell everybody, regardless of the situation, there's a way to make it work.
TJ McLelland: Totally agree!
Michelle Reed: Like a Rubik's Cube, right? It's like everything has to fit just right. But if there's a will, there's a way. I'll figure out a way to get it done.
TJ McLelland: Nice. I love that. Alright, next question. What got you excited about being a lender?
Michelle Reed: Well, so like I said, I was actually processing. So when somebody applies for a mortgage loan, it's reviewed by a processor. And that was my job several years ago, and I was doing all the paperwork. Loved it, but I was also starting to work with some top producers in the company. And I thought, if they can do this, I can do this.
Plus, I love talking to borrowers, I love talking to clients, and I love talking to agents. I'm more of a people person than a paperwork person. So I thought, let's get this a try. I'm going to get licensed. I was told it was going to be hard, that it was going to be stressful, and it has been, but it has been one of the most rewarding things I've ever done and probably the best decision of my life because I get to change peoples lives, I get to help them achieve the American dream, which is owning a home.
TJ McLelland: And that's so powerful. And you just have a way about you of helping people, which is so awesome. And I could actually really confirm that you are a people person. So having you on the back end, I mean all those loans you did on the back end, I'm sure we're smooth, but it's so much better to have you on the front end so we can chit chat and have fun. Don't freak!
Michelle Reed: So I still tend to handle some of the back paperwork just because that's my personality, but that's been like being in front and communicating with the people that I'm working with.
TJ McLelland: Nice. That's awesome. And I know each person is wildly different, but maybe just give us a skimming off the top of what kind of things really stand out for a borrower that maybe they can fix. Or help maybe the top three or four.
Michelle Reed: Yeah. So I work with people who have bad credit, and I work with people who have really great credit. And I will see that some of the greatest, the best credit scores, they've got either a mortgage already and then they've got two tradelines, so they have two revolving tradelines.
Meaning they've got two credit cards that they use, and they keep very small balances on those. When someone is trying to build their credit, and they have no credit or very little credit, sometimes people are like, I've got credit, I've got a car, and I've got some student loans. I tell them to go get a secured credit card.
A secured credit card is similar to like a prepaid debit card. I told them to go into your local credit union, you take them $300 and say I want to get a secured credit card. The bank cannot tell you no because, essentially, you're borrowing your own money. What happens is they give you a credit card in return with that $300.00 on it. I tell people, the second you get that card, go use it, go put groceries in your car.
Or go buy gas, let that balance stay down there for 15 to 20 days and then paid off and repeat over time. That's really going to help your credit. A lot of people have this big fear. They'll call in and say I want to get pre-qualified, but I'm afraid you're going to see my credit, and it's not really good. I can't help you unless I see your credit. I am not a credit repair person, but there are some basics that I know very well, that I can see what it's going to take to get your credit up a little bit. Overall, Elendor looks at your full credit profile.
So we look at credit, how long credit has been established for we look at late payments. We look at collections. We look at judgments. We look at everything. And it's also very it's a great idea to always be upfront and honest with your lender before they pull credit. Do you have weights? Do you have a judgment? Do you have something that's going to show up? Because trust me, we will find it. You think it's hidden and it's buried, and we're not going to find it, we're going to find it. So just be completely transparent with your lender. Your lender is there to help you, and they can't help you unless they know your full situation.
TJ McLelland: Gotcha. That's super powerful. Everybody for everybody listening. The main point here is be upfront and honest with your lenders. Seriously, they're going to find it, and you don't want to find that thing like three days before closing.
Michelle Reed: You know, it's also really good idea. Somebody wants to buy in 30 days, 60 days, 90 days, Paola lender and get working on it because there could be some things on credit that you could get cleaned up in 30 days that will help with your interest rate, which will help with your monthly payment. So don't plan, don't put the cart before the horse. People who want to go look at homes before they get pre-qualified. Great, whatever if you want to do that, but it's so important that you get pre-qualified.
TJ McLelland: Rght, I totally agree, yeah, totally agree with that. So true. OK. This is going to kind of shift topics into why you are the best lender and why we continue to use you as our just preferred lender that we always want to keep working with.
Michelle Reed: Thank you. So, oh, goodness. Why am I the best? I'm the best. You know, a lot of people ask what makes you different from everybody else. In the answer to that is I'm not everybody else. I mean, I'm Michelle. When you're working with me at network funding, you're working with network funding, but you're working with me. I answer my phone. I will call you back. I will text you. I will send you emails. You are going to be communicating with my assistant Sammy.
It's been really important to me to really perfect the loan process and make it as flawless as possible. And having an additional set of hands and eyes has been extremely helpful. So what that means is quicker close times, quicker turnaround times. Even you know, I communicate very well, but it's always nice to have somebody else you can communicate with.
Network funding offers several amazing programs, one of them being we do offer a 10-day close for a lot of buyers who do not have cash. You know the market, you've got to do whatever you can to make your offer stand out, and we offer a 10 day close, which is really great. No, if sands or butts 10 days, we obviously need to get pre-qualified before because you know there's a specific guideline to the 10 day close. We also have a really cool thing called a buyer certainty program which means if network funding does not close on the loan, we will pay the seller $5000.
TJ McLelland: Whoa!
Michelle Reed: Yeah!
TJ McLelland: Awesome!
Michelle Reed: We've got some really cool programs. We also do bank statement loans, and a lot of people are not familiar with those, but a lot of people are self-employed, and they don't show a ton of income on their ranks, or I'm sorry, on their tax returns, usually traditional lending. If you don't show the income on your tax returns, you check qualify because she's showing no income now. A lot of business owners, right, a lot of stuff off. So what happens is we get 12 to 24 months' worth of bank statements, and based on, you know, the deposits that we see in your account, we can look at qualifying new off of that income.
TJ McLelland: Nice. I love that. I love that you bring so many tools to this just industry as a whole. But I want to make sure that everybody understands that the very first thing you said is my absolute favorite is that you answer your phone, you call back, you text.
Michelle Reed: You know, it's so funny because you wouldn't think that that would be an issue, but it is. I mean, I have talked to someone, borrowers, and Realtors who say I can't get ahold of this person. I'm working with this lender.
They won't ever call me back. I can't get a callback. This business is all about communication and being transparent, and that is one thing that I will always come through on his communication. Communication is everything!
TJ McLelland: Right, and I can definitely back you up on that. You always communicate really well, even when you're out, like having fun and skiing a lot.
Michelle Reed: Winter, the holdover, I have to take advantage of it while it's here, even though we have no.
TJ McLelland: So true. This year has been rough, rough with snow. What is one piece of knowledge that you would love to pass on to all of our viewers that you would love for them to know before they call you, just before they get started?
Michelle Reed: So I don't know that there's anything that we should know mainly because everybody's situation is so different. But what I will say is if you are thinking about getting qualified to buy a home, if you want to buy a home in the next six months to a year to two years, column lender and go over your options. Yes, nobody knows where interest rates are going to be by the time you want to purchase. But it is so important to get a game plan together.
I cannot tell you how many times I've talked to somebody who they call me. They say I want to buy a home. I'm ready. But this is my situation. And it's like, you know, if you would have called me six months ago, we would have been able to get you on a game plan. So come. Now you would be ready to go. You would have a little bit of savings. We would have everything ready to go. Also, you know, credit can be a big issue.
A lot of people don't know what's on their credit. It's not going to hurt you the way you think it's going to. If you have a lender pull your credit six months to a year before you actually want to buy a home, our job here is to get you into a home, and we want to give you all the options that we can. And we want to game plan with you.
We want to, you know, help us help you. So if you want to buy a home, if you're thinking about it even again within the next two years, reach out to a lender. Me or you know, if you've got a relationship, but it's never too soon to talk to a lender to just see what your options are and, you know, figure out what you need to do to get yourself in a good place with your finances, with your credit so when the time comes you will be ready to go.
TJ McLelland: Nice. I really love that and really, what stood out to me was first game plan. I always love getting a game plan because people that plan. They do better in life. And so just coming out and being forthcoming with one, reaching out to you, getting communicative about that, and then having a person start that game plan well beyond Orwell before they're actually ready to buy is huge.
Michelle Reed: And one other thing I want to say is to avoid large purchases. Again, if you're thinking even, like I said, years, you're like, whoa, two years. That's so far away. Don't buy cars. Don't be buying anything big. Because you would be shocked at how a $ 200-a-month car payment affects the mortgage, and you know the loan amount and what you're trying to get qualified for. So hold off on any large purchases. And talk to a lender first.
TJ McLelland: Nice. Talk to Michelle first. All of our info is going to be down below for everybody to check out. I'll be pumping it out to everybody, of course. Michelle Reed is the only cell phone number of a lender that I have memorized. It's like one of five numbers I could spit out. I don't even know my kids' cell phone numbers. So Michelle is the best, and so I really want to say thank you.
Thank you for being on our show, and thank you for letting me just share you with the rest of the people that I know. You just bring so much to the table, and I really appreciate that. So always love working with you and just want to say thank you.
Michelle Reed: Thank you, TJ. I feel the same way. I'm so grateful to you and your whole team. You guys are awesome, and anybody who's looking to buy a home Fitness Realty. They're amazing. They get the job done. They're fabulous. Every time I work with one of their clients, they have nothing but amazing things to say about their Realtors. So you guys are amazing at what you do. So thank you for letting me be a part of it.
TJ McLelland: I appreciate you so much. Alright, well, this has been a fun, fun episode with Michelle Reed. I am TJ McLelland, the broker of Fitness Realty. And we'll see you guys next time.
Michelle Reed: Bye!
TJ McLelland: And that's a wrap. Thank you so much for supporting us. We'll see you next time. And we love you!
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