In Episode #2, Leigh invites her dad and real estate inspiration, Darrell Thomas, on the Crazy Shit in Real Estate podcast! Listen as they discuss the formidable floating interest rates of the late 1970s early 1980s, the regulations impeding the industry, and why consumers are no better today than they were 40 years ago.
Time Stamped Show Notes:
- 00:20 – Introduction for episode #2
- 00:34 – Everybody meet Leigh’s dad, Darrell Thomas!
- 00:50 – Leigh’s dad’s background
- 01:12 – He has no enemies and no grudges
- 01:33 – 1978, one of Darrell’s first real estate transactions
- 01:50 – Interest rates going through the roof, home loans were practically only accessible through Savings and Loans companies
- 02:07 – What was a crazy interest rate?—21% with 10 points
- 02:40 – That’s the ONLY money that was out there
- 03:20 – Quadplex investment property for a client, couldn’t find someone willing to front the money
- 03:33 – Enter the wrap around mortgage
- 04:!0 – This was landline only or face-to-face only business
- 05:05 – If it’s not in writing, it never happened
- 06:12 – Back then, a home sale was a single page contract—it was that easy
- 06:31 – The business has changed DRAMATICALLY in the last 40 years
- 07:05 – Does the real estate industry offer consumers more protection today? Or is it just more regulation?
- 07:29 – There were shysters and crooks back then, and there are shysters and crooks now
- 08:24 – How to get in touch with Darrell?
- 08:53 – Darrell is a veteran of the US Army
- 09:00 – If you’re a realtor with some crazy shit to share, please visit crazyshitinrealestate.com and get in touch with Leigh, she’d love to have you on the program!
3 Key Points
- If it’s not in writing, it didn’t happen.
- If you always look out for the client’s best interest, people recognize that and it pays dividends.
- You can’t fix stupid.