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Colorado Springs Mortgage We just went to the modelling mansion this last weekend up in Ponca City, Oklahoma and this oil tycoon from the 1900 built a 47,000 square foot house, and now its like basically they tour and stuff now. It’s kind of crazy. Tell you a funny story about that later, Tyler.
But, that guy built a house with his money, his plans, his architect, and if he wanted a corner or a room to be 10 foot by 11 foot, then he made the room 10 foot by 11 foot.
If he wanted to nook in the kitchen that’s what he did. Building a house kind of does give you the autonomy to just be able to put in what you want to a certain extent, and you talk to an architect or builder about this because even if … Well here’s what it comes down to Colorado Springs Mortgage.
I was going to say even if you wanted it doesn’t mean they can do it. It’s just the money. [laughs] It’s just money.
Narrator: Show me the money.
Steve: There you go, good one Tyler, do it again.
Narrator: Show me the money.
Steve: Show me the money. It’s easy, just write a check. I mean you can do anything you want. You can you can build whatever house you want, you can build a wall here, a wall there or no wall, or a window or whatever. Just show me the money, baby. Show me the money.
If you are going to build versus buy existing property, here’s what it comes down to. Can you buy an existing property that meets enough of your requirements, enough of them, that you’re going to be okay with it?
I’ve been married for 15 years and I’ve learned some things, and here’s what I learnt. My wife picks out the houses, because she’s the one that wants a certain kitchen. You know what, what does a man need Tyler like in a house, what do we really need Colorado Springs Mortgage.
Tyler: A bed, somewhere with the big TV, a girl.
Steve: You’re speaking my language, garage.
Tyler: Garage. Need a garage.
Steve: I need a garage for my cars. Other than that, I don’t really care, so if you are that person, and–
Tyler: Oh and a urinal.
Steve: Oh you got to go potty, yes, you got to go to the restroom, maybe a nice comfy potty. If you are that person, and you are married and maybe you’ve been married for a year or two, and you are buying that first house here’s some of the advice from .com.
Okay, here’s the advice. Maybe you pick the budget of what you can afford or maybe your lender does, call your lender and we’ll tell you what you qualify for, let her pick the house, let her pick the house. Don’t be so picky.
Here’s what it comes down to, if you or your wife or both of you can find a house that meets enough of the requirements of what you want in a house, then buy a house Colorado Springs Mortgage.
If you can’t, then go build one. But, here’s what comes into building a house, Tyler, here’s what happens. You’re either going to find a builder that does cookie cutter, builds 300 houses a year, all over the place, and it’s like here’s our 10-4 plan pick one, which in that case you’re basically, you’re going to pick from 10-4 plans.
They’re going to make a couple of adjustments maybe for you, customization’s to it. You are either going to do that, or you are going to have plans designed, you are going to get your own construction loan, buy a lot, build a house, have a builder come in and build it, you’ll be the general contractor whatever happens.
And, you have to watch that thing, you’ll watch it like a hawk. I’m going to tell you why. Have you ever had, you have Tyler. For anybody that’s out there listening, have you ever had a guy, person, a contractor or somebody at your house that’s supposed to be doing something in particular to your house?
This just happened, I had my mailbox rebuilt. Because we had one of those rock mailboxes and the mailbox that’s on the inside of it was metal and it was all rusted out. Well, the only way to get new mailbox in there, you can’t really just chisel and shove it in there, you got to take the top of it down. We ended up just rebuilding the mailbox.
So, if we hadn’t have been there, and the general contractor who we hired hadn’t been there, the guy that was doing it, he put a LED light above our address Colorado Springs Mortgage.
Then he was going to hook into our lighting so that at night it features our address number on our mailbox, because we have a big summit plate thing there that says 11709 or whatever.
The guy ran the wiring for that, out the side of the rock, two-and-a-half feet up, where it would be dangling down the side of the deal. When, common sense would tell me, I think maybe you ought to run that out the back where it can’t be seen, or down by the bottom in the dirt, something like that.
If we hadn’t have been there to see it, you know what would happened? He would have taken that thing apart and redid it, because that wasn’t going to work Colorado Springs Mortgage.
My point in saying that is, if you’re going to build your own house, and you’re going to do your own construction loan, trust me, you’re going to need to be there a lot. You’re going to have to be there to make sure.
Had a guy one time, walks into his house that they’re building, and guess what? They were putting a wall, an entire 10-foot wall in the wrong place, and guess who has to pay for that Nate, you do, because you just hired a contractor, they coming in and do it.
We had a guy this year remember the– Was it this year or last year? They had hired a guy to do their driveway, and now they had, the house was on some land, and the house was actually offset from the road like 100 feet, something like that, whatever the number was.
They wanted a driveway that went halfway to the road. Well he’s at work, this guy doesn’t really speak that good of English, but he’s really good at cement. When he gets there, they get built all the way to the road, so what he thought was going to cost him 10,000 bucks to build a driveway, it cost him 20, because they built twice the driveway he wanted.
Well that’s, you’re in a very precarious situation then, because you’ve got a contractor that’s like, “Well, I built you $20,000 worth of driveway,” and you’re like “I only wanted 10,” what are you going to do?
He’s going to put a lien, a mechanic’s lien, is that what they call it on the property? You’re toast. You’re just going to have to pay for it, you’re going to have to deal with it.
I go into all that and I say that just because, if you’re going to build a house like that, if you’re going– I don’t care if you’re buying, doing it with a builder that builds 300 homes a year, and you’re picking their 4 plan, and they’re making some adjustments to it.
You’re going to have to be there, you’re going to have to be present a lot to make sure they don’t mess something up, because otherwise you’re really not getting the custom or the customization that you wanted, you’re getting whatever is left because you weren’t there to watch it.
Tyler: Exactly.
Steve: There’s a saying that I’ve used over the years in business, “Employees respect what you inspect, or settle contractors.” If you’re not there inspecting it, they’re just going to do– Hey if they don’t have any feedback from you they’re like, “Do they want the walls curved, do they want them pointed, do they want them a flat edge or they want the walls curved?”
“I don’t know, just make them curved,” and then your wife is like, “I wanted all straight walls,” then you’re done, so now you got to go redo stuff, and here’s the thing, what do we say, “Show me the money?”
Tyler: Yes.
Steve: Hit it.
Narrator: Show me the money.
Steve: It’s just money people, it’s just money.
Narrator: Broadcasting live from the Koala studios in Tulsa Oklahoma, you’re listening to the Steve and Tyler show.
Steve: They give an example on this book, did you read it?
Tyler: No.
Steve: Remember we go to the Mortgage Bible that uses our outline, and there’s stuff that’s in there that’s wrong sometimes. I know a guy who will shave his head before he will ever buy a brand-new car. “Why pay the dealer 20% appreciation on a new car just when you drive it off the lot?” he says, “Instead go buy a car that’s a couple of years old, that has all the kinks worked out.”
But, I also know a woman who will never buy a car that someone else has already driven, spilled food in, or had some kid throw up in. She wants that brand-new car, with the brand new smell, with the brand new warranty, and she prefers to pay the new car premium rather than buying someone else’s problems.
Both people are right in their own way, because it just depends on your preferences. Now, I’ll tell you like we just did, you remember Dustin, that we just did a loan for, built a house, new construction, decent house, 350,000, 360.
The builders still, still they closed what three months ago, two months ago? He still has the builder coming back and fixing stuff, and they’re arguing over things, because something was supposed to be done.
It’s not that you’re always going to have a problem, but if you’re doing that, you need to be very careful about who you pick to build your house, because you can have problems and I can tell you, with this particular guy, yes, he has some problems with his builder.
We couldn’t even get a contract with an agreed-upon price, the guy was asking them to give them cash for stuff, it was a really nasty deal. You just got to be careful about who you’re going to trust to build your house.
The topic today is “Build a new home, Why can’t I just go and buy one.” There is some truth to, “Someone’s lived in it and some of the kinks are worked out in it,” because, anything new, it’s not like a– I wouldn’t even compare a car to a house because every house, however you want to look at it, is like a custom build, and I think Ford has their systems more down, to make sure that every car they spit out is done right.
Plus there’s all kinds of rules Colorado Springs Mortgage for car manufacturers that there aren’t for home-builders, I’m just going to tell you, they just don’t. If you’re doing a construction loan, if you’re building versus buying an existing home, do your research, figure out what is your risk, and then figure out what your risk tolerance is.
And, then be prepared to not be completely thrilled with whatever decision you make, because every decision is a really good decision at the time, I’ll just tell you that, and then one day it either is or it isn’t, right Tyler?
Tyler: Yes Colorado Springs Mortgage.
Steve: Thanks for listening today, remember you go to getkoalified.com. We do home loans, Steve Currington, Steve N’ Tyler, stevecurrington.com.
Narrator: For more information go to getkoalified.com that’s g-e-t-k-o-a-l-i-f-i-e-d.com.
Steve: That’s all we’ve got for today guys, thanks for listening.
[00:16:56] [END OF AUDIO]