How To Increase Your "Personal Hourly Rate" (To $8,000 / Hour +) w/ Wally Elibiary

All right. Wally ary there. Yep. You got it. Bam, baby. How are you, my friend? How are you doing?

Doing good, man. Doing good. I appreciate you having me on. It's a long time.

Absolutely, yes. I've had about a dozen people individually recommend you to come on the show. They're like, You need to get, you need to get Wally on the show. You need to get Wally on the show. The guy knows what he's talking about in all contexts of wealth building. And that is for your businesses for your family, and for your life in general. And so that is our sweet spot, my friends. So welcome welcome. I'm excited to,

Yeah, so that was probably my mom, my brother, my other brother, my wife. That was probably equals that to those 12 people, huh? Yeah. The

immediate people that you Venmo Yeah, those people. Yeah. The referral bonus. But I, there's a bunch of different ways that we're gonna take this conversation. There's a lot of different rabbit holes. You and I will go down. I wanna begin this with your concept of building a high quality, high scale business, but also at the same. Keeping a high quality and scaled lifestyle and family because this is the problem that we see. What people will do is they'll leave that corporate job where they work 40 hours for the privilege and honor of now working a hundred hours. Congratulations. And so you have a couple different rules that you do in your business with weeks that you work, and you have some ideas that are really cool and interesting about hourly rate. So I wanna let you have the floor there and walk us through your thoughts and musings on this.

Yeah, I, I just say, one, one of the things I'm always asked about to talk about, hey, how do you build a quality business and even bigger quality? So about two weeks ago, about three weeks ago, I was in Palm Spring. And there's a gentleman there named Todd Duncan, and actually David Osborne came out and spoke at his event called Sales Mastery and as the 30th anniversary of Sales Mastery and I was inducted into the Mortgage Hall of Fame for the Lifetime Achievement Award. Congratulations. Thank you. That just means it really old. So biggest reason of that was I've really taken one thing and one thing only that I've really focused on for the last probably decade plus. Which is what's your hourly rate? Okay. Where before I would build a business and build a hustle off like this. Grinding and driving and driving. Before I knew it, I was missing dinners. I was an absent husband, I was an absent father. I was nothing to myself. I was gaining weight, testosterone was decreasing. And this sound familiar to anyone. And before you knew, I'm putting in 15, 20 hours a day trying to get a business off the ground. , it's such a difficult thing to understand when someone says, Hey, building a really big world means less is more. They're not necessarily saying that you've gotta do less work, then what they're saying is you gotta do more of the right things that are the most dollar. So I was with a mentor mine once and he said you've gotta work smarter, not harder. And I'd heard that many times before and he caught me on a bad day and I've apologized to him since then. If I knew how to work smarter, I would. And he said, You gotta stop doing it the best you can do and start doing it the best way it can be done. You gotta stop doing the best you can. And started doing it the best way it can be done. And that hit me right between the eyes and I said, Okay, you got my attention. How do I figure out the best way it can be? And his response was two things who are like the Billy bad asses in your world, that are in your space that are actually present fathers and present husbands and wives and da. And it's finding mentorship or learning from others. But the second thing he tasked me with, I thought he was crazy, but I was paying him a lot of money to coach me. So I had to really take his advice and he said, You need to adopt a 55 5 rule. Have you ever heard of the 55 5? You

got me

on this one. All right, so you work for 55 minutes. You jot down what you did for five minutes, you work for 55 minutes. You jot down what you did for five minutes. You work for 55 minutes. You jot down what you did for five minutes and you're breaking it down of your whole entire day of what you did during that eight hour window, 10 hour window, 20 hour window, whatever. It's, so you jotted down each step of what you. I was on email returning emails for 20 minutes. I was on a conference call for 15 minutes. I was on a, For me, I was reviewing a loan application with a client for 18 minutes, and what he said, after you do that, grab three highlighters. A red, yellow, green, red time, red highlighter means it did not make you any. Did not make any money and you need to delegate that off your world. Yellow highlighter means it led you to make money, It led you to make money. So a yellow activity for me would be, Hey, I reviewed an application before I went to client to close the deal and green time is me meeting with clients. Green time is making you money. So when I went through it, the sound thing about it, I was about 40%. Red time. I was about 30%. Yellow time and only 30% left over in green time. So I'd work at eight, 10 hour a day and only 30% of my day was making me money. Let that chew in, right? If you're an entrepreneur and you launch your business and you're running a big world, how much of your day is truly making you money? And how much of your day is truly robbing of your. So I came back and I didn't have an assistant at the time. I remember hiring an assistant about six months after that and sitting down with her, with him and said, Hey, I'm at about 30% of green time. I'm gonna give you, I'm gonna give you a $50 week bonus if you can take my calendar outta my outlook, hold it out for me and highlight through it of what my yellow, green, red time. And if I'm over 50, 50% of my week is green time, you get a $50 bonus. Then it went to, Hey, if I get to 75, 70 5% of my week is green time dollar productive activities, that's a hundred dollars bonus. Today, 95 to 97% of my day is green time. Wow. 95 to 97% of my day is green time. So what that means to the results of that, right? The results of that from mortgage alone, I make $3,906 an hour, $3,906 an hour. The real estate portfolio that I've built, I make $3,750 an hour, $3,750 an hour. It's almost $8,000 an hour. So you've gotta figure out, there's a great term, it's do what you do best and delegate the rest. Yeah, just so you can delegate the rest does not mean that you're maybe not good at it or doesn't bring you fulfill. But do what you do best because that, because you're the best candidate for that activity. In my office here, I keep a firefighter hat, . brian: He's got a firefighter height. He's got props. Ladies and gentlemen, this is not a drill. Yeah. Literally. I think this is the biggest thing is it reminds me of when you're starting a business, you're really good at a craft. There's this thing called an ego that comes. And bingo. You wanna be everything to everyone, and before you know it, you're nothing to know. One . So the biggest thing around that is I used to wanna be the man, the guy that, the person that they'd come to and ask for help, the person that would solve their problems. Why? Because I had an ego that I needed to feel like I was your savior. Dude, I'm just a regular guy. Before I knew it, I was everything in my. But then I was absent in my family. I was absent an absent father and ab husband. Wow. That's what was most important to me. And then I was absent of my health, I was absent of my happiness. I was robbed of my joy or what Dollars.

Thanks for coming on, man. That was a great episode. . No, this was, No that's amazing. I love the fact that you brought up ego and I wanna take you down a little bit of a memory lane, rabbit hole here, because this is a problem that I ran into recently when I did my exodus from corporate America. And I jumped into the wonderful world of full-time entrepreneurship for myself for the first time. And when you do, You read all the business books and they teach you about all these productivity stuff, Pareto principle and all this good stuff, right? But you are used to working 40 hours a week and that's a quote unquote honest week's worth of work. If you aren't 50 hours a week, then you're a hard worker. If you work 60 hours a week, you work your ass off and you deserve success. Nobody talks about having to completely demolish your own. Your own identity around what earns success? Because then what happens is exactly what you said, where it's okay, I need to work hard at something to be deserving of success. So I found it a big problem to figure out what are my dollar productive activities, What are those green A items for me, and what are the those green activities for me as someone that was just now starting. Can you give any insight to that? For people that are either, either thinking about making that leap into full-time entrepreneurship or are starting that business and they're trying to figure out if they do free up their time, what should they be focusing on?

Yeah. . Have you read the book, The One Thing by Gary Keller?

I love it. And I'm emailing back and forth with the dude who needs to come on the podcast. We're so close, Wally, we're so close.

I had Jay. Absolutely phenomenal game changer book. I read it in 2013 and I've read it now seven times. I fell in love with this so much that I became one of Gary Keller's coaches, speakers, and authors for the one thing. I've really embraced it and he's got a question. It is, what is the one thing such by doing it makes everything else easy or unnecessary. What is the one thing such by doing. Makes everything else easy or unnecessary. Unnecessary, right? And when you realize that as a loan officer, and I'll just take what I do for a living or what I've done for 24 years for a living, you go out there, you find a referral partner, you get the referral partner to fall in love with you. They refer you a client, you get the client follow in with you, you cover options, payments, closing costs, blah, blah, blah. Rent it through underwriting all the written rub, like what a loan officer does for a living. But the number one thing, what is the one thing such by doing it makes everything else easier and necessary. It's prospecting, which leads to influence. I get paid a lot of money to influence. That is the number one thing I've gotta do and I've gotta do that well. So influence is persuasion. Influence is leadership. Influence is vision. Casting influence is sourcing new opportu. So when I say I do one thing and I do one thing all day long, it's influence. Wow. So for you, if you're starting a new business, what is the one thing that you can do that makes everything else of your new business easier and necessary? For me, it's influence. You've gotta figure out what it's for you. And I would

imagine it's a bit of a trial and error process in the beginning, isn't it? It's like a battle of lag versus lead measure.

Yeah, it is. I'm not a, I'm not a prop guy, but

he's a prop guy. Guys, for everyone. Listen. And Wally is in fact a prop guy.

a prop.

Everyone needs to go on YouTube to look at what he's doing right now. Action Academy, YouTube channel. We're live.

All right, so I'll break it down this one. So when I meet them, when I meet with loan ops and they say, Hey, w know I've had ups in my career, I've had down in my career, I've had UPS in my career, down in my career, ups in my career, but look at my trajectory. My trajectory's been up, right? I'm super successful. I've been up. I'm like, Yeah, I get that. But you had highs where you had momentum, but then you had lows that you lost momentum. What happens is business owner, when you lose momentum, you lose. Lose opportunity and you can't, and you've gotta bounce back, which takes more effort. So you lost income, lost momentum, and now you've got an effort to bounce back. Then you use all the effort to bounce here, then you lost it again and bounce here. The difference is where you get really , so this is what I learned. All right. We got another one. We got the stair steps. Yep, we got the stair steps. So ready, aim, fire, ready, aim, fire, ready, aim, fire. And when you aim on best practices for a business, which you find that from books you read, mentors that you attract, other business owners are crushing in the space and you, if you aim. With doing it the best way it can be done. Instead of doing the best you can do when you fire, you're hitting bullseye. Aim again at that next stage of your business with the best that somebody that you've learned from someone else, mentors, books, blah, blah, blah. You hit bullseye again. There's no downturn. So the biggest thing, reason why I'm really effective in my day to day today is because I really learned how well to. I think newer entrepreneur and newer business owner, it's not really that easy to aim. You're like yeah, like you you're trying, but you're trying all these different things. So yes, you're correct. Most entrepreneurs just try a bunch of things until they figure it out. But what if there's a cheat code of figuring out what you need to try, how to try it, and what's the most effective way of. I love that. And

to circle back to something that you said in the beginning of the interview, you were talking about not only finding people that were successful as mortgage loan officers and running successful mortgage companies, but also people that were successful as fathers and that were present with their family. And I think that's very important because a lot of people talk about mentorship and they say, Where do I find a mentor? How can I find a mentor? How can I stand out to the mentor? And they have no idea what the. The person is that they're trying to become even looks like, But you had a really crystal clear idea about what that person looked like and then that's what gravitated you towards the person that had the time management skills and what their family outside of the business. Can you speak to a little bit more of best practices on finding and attracting these top tier mentors into your

life? It's the easiest thing in the world to do. It is literally the easiest thing in the world to. Talk to him, brother. I'll repeat it again. This is the easiest thing in the world to do. If you're a high achiever, you're a reader. If you're a high achiever, you're a learner. Okay? Simple as that. We all read books and what do we do with that book? We go through, make our highlight, make our notes. The really top achievers, go through and create implementation strategy of . But how many of us reach out to the authors? So from 2013 to 2019, I've kinda pulled back a little bit right now, but for doing. Five year window. Every book I read, I reach out to the author. No way. If I, not to the author, I've introduced myself to the author and say, I just completely, I completed your book. I've got 10 ahas that I really learned from the book. It's one thing I'm struggling with. May I have 5, 5, 10 minutes of your time over the phone. Every email, 40 50% of the time, they would never respond or tell me to go pound sand. About 10% of the. They'd welcome a meeting face to face for a coffee or lunch. And about 30, 40% of the time they'd allow me to jump on a phone with him or Zoom with him. Or there was a guy, Where was he? He wrote the book Scale. Scale, Yeah. Jeff Hoffman. Jeff, yeah. He's on the show. Okay. I got to go these. I didn't

even know his book , but yeah,

he's been on the show. Yeah. So I got Priceline dot. That's right. He wrote a book called Scale. I got to go in his office for a full eight hour day shadowing. I got to shadow this hours of his day. Now that cost me $25,000 donation to his charity. Okay? But the culture and the chemistry of a dude that's a billionaire that allowed me to shadow him for eight hours in a day is well worth 25,000. But when I didn't have 25,000, it goes, Spent a day with a mentor. I'd at least pick up a phone, introduce myself to them. And that costs you $0. Sending an email cost you $0. Finding 'em on Facebook or social media and sending a private message costs you $0. Finding 'em on LinkedIn, sending a message, costs you $0. Looking up their address, send 'em a handwritten note, costs you $0. And that's the point we're trying to make is the easiest way to find these mentors is by reaching out to the authors of the books.

I love this. So everyone's takeaway from all of this needs to be simp. Go start Podcast guys. , . It works, man. It works. That's why I, that's why I did it. As you've gone through this process obviously to your point, the book scale there are some growing pains in different levels of wealth and different levels of business. I'm curious as you've gone around this journey, cuz now you guys are up to 200 million production annually. Or

more. The team is 200 million. The now Empower Lending is closer about 400, four 50 million or so production, so that's just.

I'm curious about what stages of this journey were the stickiest for you when it comes to these stairstep methods of success? ? Which ones of these were the most challenging? Maybe that first a hundred thousand, the first million, getting up to that first 10 million, hiring that first team. What parts were the stickiest for you?

I would say, Probably 2014 and 2015. Okay. Oh, in mortgage 2014 for me was probably one of the most difficult times because I got up to I got up to 45 single family. The first year in 2012, I bought nine single family my first year, never run a property. Join abundance by nine single family following year by 11 single family. I was up to 45 single family in three years. Ok. That's awesome. That's. But I was ready to pull my hair on. At the same time I was being coached by a mentor and mortgage that I had 43 referral partners, so 43 referral partners in real estate. That me business, I was 5 million loans. That's not a good, I was working my tail off with anybody and he said he said, I want you to fire all 43 year realtors. And go work with the top five mega agents in your area. There'll be more meat on the bone, there'll be more quality clients and they'll respect your models and systems. I said, I'm literally about to fire you cause I think you're cuckoo from Coca Puffs. How the hell am I gonna fire all 43 of them and go to zero referral partners and think I'm just gonna go land five whale. He did one thing and I'm really thankful for him. His name is Pat Mancuso. He said if you don't do it, I'm gonna fire you. Client. I was spending like five, 7,000 bucks a month on coaching for him, and he was changing for my business. Again, finding a coach, finding a mentor, figuring out the best way it can be done. It's not doing the best. I went from 2014, from 45 million loans to 2015, 83 million in. Hot damn with 43 realtors to three mega agents, 40 some odd million loans, 80 some odd million loans from 43 referral partners to three mega agents, and I took 21 weeks of vacation that year. The whole point of what he was trying to show me, this is an easier way of doing business. But you've gotta let that go. You've gotta let go of the hustle and the grind, and I'm gonna muscle my way to the top. I don't care how big your biceps are. At some point, you just can't lift the weight. And I got to the point where I couldn't lift the weight anymore the, on the single family space. I started 10 31, exchanging those 45 single family. Bought my first apartment complex in 2015, and then now I own over 11 apartment complexes all throughout. So there's more scalability in apartment complexes than the single family. There's more cash flow, there's more write offs, there's more depreciation. To me it's, you've gotta let go to be able to elevate it up. And that's where I think the biggest thing entrepreneurs really struggle with is they gotta understand what got you. Where you are right now will not take you to where you want.

I love that concept. I also love the concept that David Osborne always preaches the I do. We do. They do. I love that concept where he is like, Okay, I'm gonna do it by myself and I'm the best in the world, blah, blah, blah, blah, blah. And then you bring in the team, and then now it's systems and processes, and then it's delegation and automation. . I wanna know about what levers that you pulled to be able to go from these 45 referral partners to land the three big ones, like the whales, because, was this something that you guys didn't know how to do or is this just not a priority for you at the time?

No, I started, I read a book that really changed my life and this is what Pat had me read. He read me read the book called Positioning and Niche. By Jack Reese in Niche Nicheing. Have you read it by chance or no? Haven't even heard of it. No. Phenomenal book. Absolute Game Changer. Top five Best books I've read in my life and I read a book a week, so there's hundreds of hundreds and hundreds of books that. It talked about how to build a monopoly in business or to build a large amount of wealth in business. You gotta position yourself and you gotta niche yourself to be the best in that space. For me, being a loan officer, what was my differentiator to other loan officers with realtors? Okay, so what Pat Macusa was, he was not a he was not a mortgage loan officer coach. He coached mega agents. How to do bigger and better business. A hundred million dollar producer realtors and more. Okay. What was phenomenal about that is what he was coaching me on was not how to be a better loan officer. What he was coaching me on is how to be the best realtor I can be. He was coaching a loan officer how to be the best real estate professional I can be. Everything he was teaching me. I started understanding where realtors had in. I started understanding where they had leadership challenges. I started understanding where their gaps in growing and scaling their business was, and I started becoming a real estate coach myself by his teachings. So when I go sit down with a hundred million producer, realtor, and do an analyzation of their business, I can see where their gaps are. I can help them fill the gaps. The biggest way that I was able to lay in those three mega agents instead of the 43 solo agents is because I became more valuable. To those mega agents and help them grow their business, not just maintain their business. Wow. Loan officer. Loan officer's business, you get handed a referral, close the deal on time, and they think you walk on water. What if I can do that in my sleep? But I help your lead generation team improve their, to their conversion rate, but with scripting with them on a weekly basis. How about if I help your buyers agents do when they do their open houses to structure it with the marketing the door knocking with the balloons and the best way possible to do an open house and also help them participate in converting those leads from the open house? How do I help your listening agents? Do listing presentations to your real, to, to their, families are selling their houses and help them go from a 70% conversion rate to 85% conversion rate when they're sitting around the kitchen counter, signing the lease agreement. That's not how a loan officer thinks. So I focus on being, how can I be the best real estate agent, mega agent possible. And then I also hired John Maxwell for a CO as a coach for about a year and a half. That's all I can afford. He was a little bit on the expensive side. You don't say He was phenomenal back then to teach me a lot about the leadership and not only trying to lead others, that was maybe like 5% of what he taught me. 95% of what he taught me is how to lead myself. Say more. It was just the ability, the understanding, the difference between discipline and self-discipline and then having self-discipline in leader as a leadership role. Where before it was I'd have discipline to do the right things in front of my team when they were around, whereas having the self-discipline to do the right things, Oh, my team wasn. And it's just everything became quality of leadership. Quality of leadership. Vision. Vision. Talk about vision. Talk about vision. Dream with 'em. Dream with 'em. Getting bought in. Everybody rowing the same direction, the right person in the right seat. That's where Maxwell really helped me a ton. But so you peer the efficiencies of how to be the best real estate agent possible, and you pair that with leadership from the sake of the Maxwell. You put those two. It allowed me to create a niche in the real estate market that allowed me, I'm the only, Gary Keller had a coaching platform called Maps. Yeah. And it's a one thing sort about, I'm the only mortgage loan officer still around that is a one thing certified speaker, trainer, and promoter of it. What's phenomenal about that is how big of a pedestal that I have in the market. With these big mega agents to be able to coach and lead their, lead them with their team. It taught me how to build a niche in those, in the mortgage space that positioned me to grow it to where it's today. Wow. And

you went from a quote that, like an idea that came to mind was you went from being an accessory to an asset. Because you went from being someone, Oh, he's gonna help me with just this part of my operation. Like he's just a cog in the machine to where you said, Hey, I'm not only gonna be the best damn cog in your machine, but I'm also gonna rewrite the entire operations manual for how this thing runs. And they're like, Oh, okay. Like now we're cooking here. So for people listening, take what Wally is saying and apply. Into any relationship that you're trying to get into any instance of that Pareto principle working? If you're in sales, think about that top 20% client, that whale. How can you become more valuable to them for them to warrant having a conversation with you? No offense, but if I did not know Wally or have ancillary relationships with Wally and if I had a brand new podcast, he probably would not be on the show talking to me and therefore talking to you guys. So it's all in exchange of value. I want to talk about how you went about the process of taking these weeks off, because that's super interesting to me, cuz now that's right up my alley. So you said you work like 32 weeks a year. Was that.

Yeah, on average it's last year was a little bit less than that. It was when interest rates are two, 3%, they don't really need me in the office much anymore. I was

about to say, , that's not a bad problem to have . wally: Yeah. So yeah, on average, I'm usually outta the office about 20 weeks here. So how did you walk us a little bit more of the tactical transition between Wally that began this and he was a hard worker, quote unquote, to Wally. That's kicking it and killing it simultaneously, working literally half the time.

I learned something about myself through Maxwell. I was, I'm truly a sprinter. I'm not a marathon. And when as a marathon runner being here, day in, day out, week in, week out month in, month out, quarter into, quarter out, and use grinding, hustling, grinding, hustling, grinding, hustling. Like I was less sharp. I was it was fake motivation because I knew I had to get it done, but there was like no joy. And people sense that people don't wanna be around someone that's just a hard worker with no quality of. So for me, the it was something mandatory. And it was a game changer for me back. It was 2014. I think it was like maybe, I think a spring break, 2014. So my boys are now, they're 17 and 15 we call 'em Braden, the Brave, and Alexander the Great. So Alexander, I think he was maybe like six years old back then. And he said we were, we're about to go to Disneyland for spring break and as a family vacation, and this is, and then, we're walking out in the foyer and I've got my suitcase in my hand and here's my little boy that he says, Oh dad, you're coming with us. Oh. He was so used to me being, He was so used to me not being around that it was a family vacation in Disneyland. And here is my son saying, Oh dad, you coming with us? When you when you, I'll speak for myself. When I experience moments like that, it was like, Dude, you better get your shit together. The whole point of building a great life is for your family, right? And that to me really hit home and that helped me understand. There's no point in making millions of income if you're gonna find yourself divorced. , there's no. Like, why the hell do you even have kids in the first place if you don't wanna spend time with 'em? Yeah. And that's where I think, the 20 weeks of vacation came in was, okay, I'm gonna do 10 weeks of vacation with my, with our family. I'm gonna do five weeks of vacation with with my wife. I'm gonna do the other five weeks of vacation pre-planned, so always on the calendar in December for the following year, five weeks of vacation of like golf strips or seminar, or just outta the office of reason for whatever I wanna recharge myself in and choose the golf strips. And we added, we, last year we added two more and it was two more weeks of vacation and it was a vacation with each son by myself. So me and me. And it's how different my kids are. So Brad and the 17 year old, we go to OA Island North Carolina, South Carolina, and play golf for 36 holes a day for three days. It was super awesome. That's if you know me that's I'd love to do is golfing. So he and I just golf and a beautiful part of the world. But I had so much more fun with my younger son Alex. Because we went to MIT because he got accepted in an MIT engineering course over the summer and the Boston Museum of Science, blah, blah, blah. And. I don't even how to spell the word engineering, but for six weeks before US going, I would I was watching YouTube videos all the time to try to figure out questions asked to make myself look like I was in the know , and it's very challenging. Back then, Alex was 14 when your 14 year olds talking to you about his day in engineering and his classes that you have no idea what the hell he's talking about. So I've memorized five questions going. And I was super, Sue felt super prepared, and I got there from the the professor at MIT with Alex and I remember three. I forgot to, I just got nervous and one of the questions, the professor goes oh, that's a really good question. I'm like, Nailed it.

Nailed it out of

the year. But that's the whole point. I would've never been positioned to have those moments with my children if I wasn't a present father. But I couldn't never be a present father unless I built a business that can operate without me. . So the answer question is, building a business that can operate better without you

than with you. I love it, brother. That was a good, that was a good story. In closing, so as we finish this up and wrap this up, I have to talk to the mortgage guy about what do you think the rates are going to do, blah, blah, blah, blah, blah. We know what the Fed is trying to accomplish. We know that the interest rates, what they're gonna raise 'em up at another 75 basis points, but what would be your forecast to pull out your Ouija board and your magical crystal ball? What do you think is gonna happen over the next couple of years?

My professional answer or my selfish. Give me your

selfish answer. I want your selfish, I wanna hear selfish Wally.

I want bring out another prop. I want them super high for the rest of the year, even next year. Okay. One reason is you're gonna see a lot of loan officers go outta the business cuz they can't provide themselves. You're gonna see a lot of mortgage companies go out the business that's gonna allow me to take more market share. Fair, selfish. Number two reason is their higher that rates. When rates drop, what happens to us mortgage companies? We're killing it in those some because we get a refi boom in our hands. Rates are at like two, 3% for like eternity. The refis go away cuz you've refi, refinance all of Texas already, right? . But last year and this year, rates go to 3%, 5%, 7%, and they're now about seven and a half percent. All those clients that we're, that we close loans for at 7%, 8%, 6% come next. Fannie Mae and Freddie Mac announce a Q4 of 2023. Q4 of 2023 will have rates close to about four, four and a half percent. That's more of a stable market timeframe. I love that because it's gonna tell you, as selfishly as run a mortgage company, we're gonna have a ton of clients that we can refinance and we'll just make a killing and then some at that time. So that's my selfish champion. Fair. The professional answer is the it's you're seeing home prices stabilize and or drop. So you gotta understand you've gotta date the rate and marry the. Date the rate and marry the house. So find your dream home right now that you're gonna get it. You're gonna get for a. Don't worry about the rate being seven or 8% right now. Cause here, we'll be able to refinance you a year or two years from now whenever rates drop again. But you won't be able at that time when rates drop, what are home prices gonna do? They're gonna start going back up because there'll be more buyers in the market, becomes the buying bidding war. So right now, if you're wanting to buy a house, you'll get a better deal on the house today than you will a year from now, and there'll be less competition and then you can refinance.

Such a weird stal mate right now because you have everyone that has these properties with all this equity and they have these amazing rates, like this property that I'm in right now that a house hack. Like I go to that at two five, so it's like I would never sell it. So it's just like this weird standoff. I'm in the Atlanta market and it's just, it is weird to see because you're like, Okay, which person's gonna give first?

You've gotta figure out, So Osborne taught me this and it was, we figure out cash on cash, right? When you buy a rental property or buy a property. But at some point, after probably two, three years of owning it, you wanna figure out what your cash on equity, not necessarily your appreciation. So do you have too much equity in the property? That is just sitting there. It's only making two 3% of your money for appreciation. Or hey, do you stay at that property and you pull out equity, then you use that cash and go invest it somewhere else. Or is it time to sell that property? Because you can take that equity at 10 30, exchange it to another vehicle. So got some options in front of you for sure.

Absolutely. My friend, I appreciate you coming on for time's sake. I'll go ahead and cut it. Yeah, 10 times. Just as good as I, just as good as I imagined. Just as good as I imagined. You brought the heat, you brought the props, people listening. Once again, Action Academy, YouTube channel. You can go see Wally's smiling face. You can see how we color coordinated our outfits in preparation for this to be really cool. And we're gonna go get bunked. Beds and do activities. It's gonna be super fun. But man, I appreciate you coming on man. Thank you for everything and tell people where they can find you and give a little plug for your mortgage company for anybody that's in Texas or also list any other markets you cover.

No, I just say that everything kind of share today I've got a page called Coach Wally and you got you finance screen, Facebook, LinkedIn, whatever. And it's, if you watching those videos on there, I just, if you have questions and videos, you can like it, not like it honestly don't care, which is probably a bad thing. If you see something, I've got a video on there and you have a question about, Hey, how do I implement A, B, and C? Just shoot me a message. I'm super responsive on that, and the goal is to make an impact where you guys actually get traction. So I don't want to put content out there and you just think it's cool with no traction. So if you watch any videos on Coach Wally, please share back any feedback. Hey, I'm struggling with A, B, and C, and I'm happy to

share any. Guys, just so you know, remember back to what Wally was saying about his outreach strategy to the authors where he listed the bullet points of his takeaways, and then he listed the one specific point. Don't just message Wally and say, Hey, can you help me? Because he will throw me and tag me in and I'm gonna crow hop you. So don't do that. So Wally, I appreciated it my friend. Thank you for coming on. And with that, that has been Wally and Brian with the Action Academy Podcast signing off.