Refinancing Revealed: Save Thousands with These Expert Tips

Stephen Schmidt (00:03.722)
Welcome to the show where we interview the nation’s leading real estate entrepreneurs It’s your host Steven Schmidt and I got the lending ninja in the house today I got Keith Lorigan again in the studio and we’re gonna be talking about lending for real estate investors We’re gonna cover some DSCR maybe some ideas if you’re some young folks and are looking at getting into Investing and getting that started off playing in the real estate market We’re gonna have a great conversation today Keith Lord Keith reigns out of Jupiter, Florida Which is one of the best places in the world to go golf in

It’s frequented on the list of PGA players staying out there. I’m a big fan of golf myself and who knows, maybe we’ll talk about our hunting career and by hunting, I mean those white balls in the trees. So, but before we get started, just remember at Investor Fuel, we help real estate investors, service providers and real estate entrepreneurs, two to five X their businesses so they can build the businesses they’ve always wanted in order to live the lives they’ve always dreamed of. That being said, Keith, welcome to the show today.

Keith Lorigan (00:32.447)
Hahaha

Keith Lorigan (00:45.227)
Ha

Keith Lorigan (01:00.406)
Hey, thanks a lot, Steven. Pleasure to be here.

Stephen Schmidt (01:03.798)
Likewise having you. So give us a little bit of background on you, Keith. What got you into the mortgage biz? How did you get into it? What got you started? And what are you working on now that you’re excited about?

Keith Lorigan (01:14.646)
Yeah, I’ve been in the business 12 years. And I just started my own brokerage about a year or so ago. It’s called Harbor Residential Mortgage in Jupiter, Florida, as you mentioned. I like the fact that mortgages encompasses real estate. I like construction. I like sales. I like finance. So it’s kind of a perfect blend for me. And so.

It’s been a nice run and recently we’ve added commercial loan brokering to the business. So we kind of encompass all of it. I do want to say that on the residential loans lending side, we’re strictly licensed in Florida only. And on the commercial side, we’re nationwide. We can do loans anywhere in the country. The commercial side is a little bit more of the wild, wild west in terms of the compliance and fees.

and the licensing, oddly. But that’s just how it is. So we’re doing a little bit of both right now.

Stephen Schmidt (02:20.205)
Sure. So I don’t mean this obviously offensively and I’m sure you won’t take it that way but you’re not a 25 year old spring chicken starting off in a career that you got into when you were 18. What was your background in before you got into the mortgage side? I know you even mentioned on our pre-show you’re like, I wish I found this when I was in my 20s or earlier in life. What made you get out of whatever you were doing?

Keith Lorigan (02:41.845)
Yeah, well, I mean, I’m 59 now and I feel good, look good, doing good. I’ve done a lot of different things, all of them kind of entrepreneurial and sales. Yeah, I grew up in New England and then when I was 20, I moved to Southern California and I finished college out there and Cal State Fullerton.

Stephen Schmidt (02:46.977)
You do.

Keith Lorigan (03:08.157)
And then I did a variety of things. Like I said, I was in the auto show business, working for a company to produce new car shows in Southern California. Then I was in the battery business. I was a wholesale distributor. I worked for one there. And then I moved to Florida in 97 to start my own battery, wholesale battery distribution company that sold to new car dealers. And they sold our product through the service departments. And then…

That manufacturer went out of business. So I was looking for different things to do and bumped around a little bit. But I landed in the lending and the mortgage world end of 2012 and I got licensed in January of 13. And so…

I just asked the branch manager, you know, how do I make money in this business? And he pointed me to two places. He says, if you can be an in-house lender at a real estate company, do it. And if you can be a preferred lender at a, like a builder. And I was able to do that within 90 days without ever having closed a loan. was in-house lender at a boutique real estate firm here in Jupiter. And then I,

was super relentless and basically stalking DR Horton in my region here. And I was able to become one of those preferred lenders. Now, there was five other preferred lenders, so we’re all fighting for the deals. But I would go and camp out on a Saturday when a lot of people came to the sale centers and…

with my laptop and just sat there and did a fair amount of deals. And the reason we were able to do that at DR Horton specifically is because at the time, DR Horton’s mortgage division, I think it’s called DHI Mortgage, they were not performing. Let’s just put it that way. And the sales reps at the DH, DR Horton sales centers had no faith.

Keith Lorigan (05:23.509)
People were getting calls the same day of their closing and saying, oh, we’re not closing today. And they got the moving truck outside like horror stories. People thought they were closing and that. So we had we for a little for a minute, we were able to do a bunch of deals for D.R. Horton customers. And so, yeah, that’s what I did initially. And I just just kept the foot on the accelerator and just kept building more and more relationships with realtors.

And that’s really the key. know, I mean, we’re not really looking like leaning on doing refinances. I know when the refi booms come, a lot of people get in the business and they do a lot of deals. But first of all, I would I would say to any of the viewers that if you’re in a position to refi, really take the time to look at the numbers, because if you have a mortgage currently and the rate 7 %

and you can get a refi rate at six and a half, seemingly that looks good, right? A lower rate, lower payment. But the thing is, all loans, with the exception of one, is front-loaded with interest. And what that means is, even though your payment could be fixed, and it could be fixed for the duration, you know, 30 years is the most common term, 90 % of all Americans that get mortgages get a 30-year term, but it’s front-loaded with interest. That means…

the majority of your payment, especially in the first five, eight years, is going to interest. So it’s a great deal for the banks. It’s not a great deal for somebody like you or I, because it’s frustrating. You’re in your mortgage. You’re making your payments on time every month. And one day, you just happen to look at your mortgage statement. You’re five years in, and your loan balance really hasn’t gone down that much. So I would just caution people about refinancing. Refinancing?

Stephen Schmidt (06:55.277)
Hmm.

Keith Lorigan (07:17.317)
Absolutely can make sense. But sometimes, you know, it’s not the right thing, even though the rate is lower, because you have closing costs associated with doing a refinance, similar to those on a purchase, at least in Florida. so 90 plus, probably 95 plus percent of all people that do refis, they have the option to bundle in those closing costs into the new loan. So you’re not actually…

bringing a check to closing. You’re not coming out of pocket. You may have to come out of pocket for the cost of an appraisal. But that’s worst case. And so now, you’ve been paying on this loan. So you’ve been lowering the loan amount a little bit. But then you add all these new closing costs and how much you’re really saving. now the clock starts over again on that, where you’re front-loaded with interest and

Just be cautious on the refi when the refi boom comes if it ever does. People think it’s going to happen automatically, but there’s no guarantees. So we’ll see.

Stephen Schmidt (08:18.743)
Hmm.

Stephen Schmidt (08:26.295)
Sure. Let me ask you this because this is a really interesting topic and I’m glad you’re the one that brought it up because there’s all these other businesses that are now popping up that are saying like, you know, we’ll help you save, you know, thousands on your interest and pay off your mortgage in five to seven years and blah, blah, blah, blah, blah, blah, And, you know, I don’t actually currently own the home that I’m in just because I have like a deal that you can’t find anywhere. And

Keith Lorigan (08:54.805)
That’s good.

Stephen Schmidt (08:55.821)
on my current house I live in and so, but.

But eventually I know that I’m gonna move like we’re kind of already too big for the place that we live. so it’s on our horizons here in the next probably maybe even a year. And this is something that’s been brought up with the 30 year mortgage rates being or not the rates but them being front loaded with that interest to where you go pay on your house for eight years. And again, it’s a great deal for the bank because they get all their money up front but you’re not really making a wave on really any true equity or anything.

along those lines in the actual home. And so is that on virtually every 30 year note or how does that actually work and why does nobody know about it?

Keith Lorigan (09:44.054)
You know, it’s a great question why people don’t know about it. It’s on every 30-year mortgage. And by the way, I don’t want to knock. I mean, if you look at the history of the mortgage, which was developed, the 30-year mortgage, all these mortgages, prior to the early 1930s, there were no mortgages. I’m sorry. I take that back. There was a mortgage you could get. It’s a five-year term and a balloon loan.

Stephen Schmidt (09:51.925)
Really? So every 30 year mortgage? Well yeah, of course.

Keith Lorigan (10:13.567)
Before 1930, most Americans rented. now fast forward to today, 90 years later, almost 100 years later, the majority of people own homes. I think it’s like 65-ish percent, give or take. In pre-1930s, it was just the opposite. Now, what happened was President Roosevelt, you know,

develop these things that stimulate the economy, the New Deal. He did these things called GSEs, Government Service Enterprises. And what that is, you’ve heard of Fannie Mae, Freddie Mac, Ginny Mae. These government organizations would buy the mortgages and securitize them and sell them as mortgage-backed securities on Wall Street. So what it did,

It’s a paradigm shift in the American economy when this came out because it allowed people now to buy homes. It allowed expansion out of the cities so developers could build suburban communities because now people could qualify to buy a home instead of renting in the city. Now they could buy a house and the American dream was starting to really happen. This is all because of that decision by the federal government.

back in the early 30s called GSEs. But in order to make it financially doable for the banks, they had to front load these loans with interest. Now, if you have a mortgage payment of $1,500 in today’s the first payment, mean, I should have this. I can pull it up quick. I would say 1,000 of that or more is going to interest, right? Probably more than 1,000.

And so, yeah, some of it’s going to principal. You’re knocking down some of it. You’re also getting the tax advantage that you don’t get when you rent. You can write off the interest part of the mortgage payment on your taxes every year. So that can kind of mitigate your tax exposure. that kind of creates, it shrinks the gap between what

Keith Lorigan (12:35.861)
somebody might be paying for rent and what they’re paying on their house. And so I don’t want to, you know, I’m renting, it’s, got a good deal like you’re talking about. If I buy a house, it’s going to be way up here. Well, you do have the ability to write off the taxes. I’m sorry, the interest that you pay on the mortgage. So that kind of closes that gap, you know, if there was going to be one. So anyways, for the history buffs out there, I know I’m going off on a tangent, but

Stephen Schmidt (12:55.053)
Mm.

Keith Lorigan (13:02.197)
when developers could now offer these 30-year mortgages and sell homes in these communities outside the city, it also created jobs for what? We’re building highways like crazy. Then you have car dealerships going up. Then you have hotels, motels, restaurants, all that stuff. It’s just starting to explode all because of the mortgage. So…

There is a loan product out there called the All in One Loan, where it’s the only mortgage where you pay principal first. That’s worth repeating. It’s the only loan where you pay principal first. That’s a whole other podcast. We could do a whole master class on that. But you don’t always have to take a 30-year mortgage. You could go 20. You could go 15 years. It increases your payment. But you pay less interest.

Stephen Schmidt (13:42.413)
Yeah.

Keith Lorigan (13:53.618)
over time and you pay off that mortgage quicker. But as I said earlier, 90 % of all people that get mortgages go with a 30-year mortgage because it’s easier to make the payment. And they may not qualify for a higher payment loan.

Stephen Schmidt (13:58.029)
Sure.

Stephen Schmidt (14:08.577)
do. So let me ask you this on that note, because everybody has a different strategy in buying a house. Like for me, as an example, I’m an entrepreneur. I haven’t had a year long W2 in probably six years, I want to say now, where I was at once one specific job of employment or whatever. So on that note, for me, and I’m sure even people that are W2 could do this, but for me, I’m always looking for

ways that I can reduce my tax bill, right? So maybe for me, if I’m not so much concerned about the equity in my home and building that other than the natural rise that it will have over time, just with the economy and the market, the actual market itself versus paying down on it, you know, that might be an attractive option for me. But like at what point would it for somebody considering a 15 year, is there any benefit to doing a 15 year?

Instead of just doing a 30-year and then doubling up on the payment or what’s your opinion on that?

Keith Lorigan (15:11.625)
You could do that. mean, you could get a 30 year mortgage and say, hey, you my goal is to pay this off in 15 years or 12 years or 18 years. And you can do that. You can get the math, the calculations done. You could probably do it yourself almost on chat GPT, but you could get that calculation done. It will show you how much to make. And that gives you the flexibility. Maybe there’s a month or two where, you know, it’s a dry month. You’re an entrepreneur. Maybe you’re going, yeah, you go through a swing and you’re like, you know what?

Stephen Schmidt (15:35.787)
little tight yeah.

Keith Lorigan (15:40.214)
I’m not going to put another $800 or whatever into my mortgage this month, and I’ll just keep the cash. So that’s the other benefit. Conversely, if you do commit to a 15-year mortgage or 20-year term mortgage, there’s no wiggle room. I mean, you’re committing to making those payments, and it forces you to figure it out. So sometimes people like that. They need to have somebody holding their hand.

holding them accountable. And having a mortgage payment, required payment, is definitely an accountability factor like nothing else.

Stephen Schmidt (16:21.441)
I guess let me reframe that question a little bit. like if somebody gets a 30 year, but they pay it off in 15 years, are they still gonna save even though it’s front loaded with the interest? Are they still gonna save on interest paid or because you’re paying all the interest first, is that still, or not all the interest, but the majority of it, is that still factored in over time where eventually the bank gets all the interest and that’s just principle they’re paying on? Or is there really no difference?

Keith Lorigan (16:48.103)
No, no, no, no, there’s really not much difference. So they’re still going to have a huge benefit in terms of paying less interest because they paid it off that early. Yeah.

Stephen Schmidt (17:00.097)
Hmm Okay, so it’s almost a way to like It to you know to your point. It’s a way to get a lower payment But if your goal is to still pay the house off early I still kind of go back and forth on what we’re gonna do because part of me is like part of me kind of thinks like Grant Cardone where I’m like I should just never own your house and then the other part of me is like yeah, but if we had like 50 60 grand in equity that would be kind of helpful every now and then to

be able to go pull it out in the heat lock or something along those lines for the right real estate deal or whatever, but.

Keith Lorigan (17:30.793)
Well, yeah, for sure. Yeah, I mean, I did that with my all-in-one loan. It kind of acts as a HELOC. And I was able to write a check and invest in a company last year. So I’m a proponent mostly of buying a home. I know that there’s some arguments about just renting. And I get it. I think it’s really about what you like, what people want.

Stephen Schmidt (17:59.702)
Right.

Keith Lorigan (18:00.47)
If you rent and then you’re saving, maybe you don’t have the same overhead as owning something. Because when you own a house, you’re responsible. It depends, right? But in most cases, for the roof, water heater, things break, things fail. Maybe you have landscaping. There’s a lot of costs. If you’re renting, you don’t have to worry about it. And you can take that money, that extra money perhaps, and invest it.

whatever, in the stock market or real estate or something.

Stephen Schmidt (18:33.197)
Yeah, yeah, I think it always it just comes down to everybody’s financial goals, you know, like I was I was absolutely anti Roth IRA until the last couple of years and I have a little bit of an insurance background from earlier in my 20s and and whatnot and so I was just anti Roth and then I did the math on it here in the last few years and I’m like, well, you know if I was to put in X amount, it would be worth X amount when I’m 65 tax free.

And, you know, as I’ve come to find, I haven’t found that one industry yet, other than real estate that I’ve stuck with on a long term basis. Kind of spent my 20s trying different things out to figure out what I actually really truly enjoyed. And, you know, I look at it now and I’m like, man, worst case scenario, though, if we go ahead and just put our money in or off, we’re going to have between my wife and I, we’re going to have

three million bucks when we’re 65. And even if we lived off the interest, like it would still be a great income on top of if we have social security, which is almost nothing. And so it’s something that can’t be taken away theoretically. But I just didn’t believe in that whole, you know, I’m going to put my money in for 40 years and then it’s actually still going to be there, you know, because of the way our our world’s gone the last 15 years. But now I’m like, you know, chances are I’m going to live that long. Chances are we’re going to be there.

And worst case scenario, even if we lost our shirt and every other business will still have this when we get there. You know,

Keith Lorigan (20:05.301)
I think I show this IRA sheet. This is for my kids. They’re 23 and 27, right? And it’s five columns. And it’s unbelievable how beneficial the power of time compounding interest has. So for instance, let’s say you have a kid. And at age eight, you invest.

Stephen Schmidt (20:12.993)
Yeah, 100%.

Stephen Schmidt (20:24.493)
You bet.

Keith Lorigan (20:34.709)
$500 bucks at age 9, 750, and 1,000, 1,250, 1,750. So you’ve invested $6,700, OK? And then you stop. They say they’re 13. You’ve stopped investing. And they can get, let’s assuming, 10 % a year, which is probably a big ask. But over, let’s see, 60 years.

ish, 55 years. That $6,700 turns into, it’s probably a waste of time doing this here. That turns into $1.266, $1.2 million on $6,700. Now, that’s the power of compounding interest over time, 50 years, but a little bit more than that probably.

Stephen Schmidt (21:18.185)
I see it though.

Stephen Schmidt (21:31.191)
Right.

Keith Lorigan (21:35.315)
I mean, my God.

Stephen Schmidt (21:35.777)
Well, even I’ll give you an example. I had a nine year old when I ran these ran the ran the ran an illustration with a company that’s been in been in business so long they literally paid out claims to the Titanic’s Titanic victims. If that tells you anything. And I ran an illustration with them. It about a year ago and I ran it on my nine year old at the time.

Keith Lorigan (21:50.331)
wow!

Stephen Schmidt (21:58.093)
And if we were to even fully fund even like a Roth for him, for example, at the max of 50 or 7,000 a year, whatever it was at the time, I don’t know what it is now is 5,700, 7,000. That’s it’s raised and gone down. I’m not a hundred percent sure. So don’t quote me on it. Don’t don’t look, look it up. Shred me apart internet. But I looked at that and even if we invested the max into it, uh, on the basis of it compounding, he would have, I think it came out to like $7 million.

by the time he was 65. And it’s like, you know, obviously that’s like, you know, how valuable would that be of here, buddy, you’re 18 years old, figure out a way to continue putting the max you can in per year. And then you’ve got this to access and live off dividends when you get to that age, you know? So it’s just like, these are the things they don’t teach you in school, right?

Keith Lorigan (22:48.021)
Right. Yeah. No, mean, look at this. This chart is $166 a month. And so it just like, and there’s five, and it just shows you various times when you start. Like, let’s say somebody’s right now watching this, they’re 26 years old, and they put in two grand a year. And then at age 65, now this is assuming 10%. OK, so it’s just math. It’s just math.

Stephen Schmidt (22:55.853)
That’s nuts.

Keith Lorigan (23:16.981)
Assuming 10 % rate of return, at 65 years old, it’s worth $973,000. And over those years, they’ve invested $80,000, right? $2,000 a year. Now, the other question is, if you know that money’s sitting there, let’s say you’re 40, you’re like, oh, man, my kids are going to college. My wife wants to get into a bigger house. I’d love to get a new truck. I want to take a trip.

I want to buy a second home on a lake, blah, blah, you start tapping into that stuff. Having the discipline to not touch it is really, really important. it’s like, if you look at the Netflix, I’ll tell you something about real estate. If I kept, and this is my point, my message also, real estate has always performed. Now, speaking long term, because I’ve bought

Stephen Schmidt (23:57.633)
Yeah, I agree.

Keith Lorigan (24:13.343)
houses and sold the same house for less money than I paid for it nine years later. Imagine doing that. I did that, right? Because I’ve been through all the cycles. But if I had kept that property and every other property I’ve ever bought, I would have an appreciably higher net worth. But the challenge is trying to hold onto a property while you’re trying to buy the next one. your so-called move up. Yeah, I need the equity here out of this one, so got to sell it. And then I can buy this one.

It’s my guess. Buy property. If you’re going to buy it, hold it. Because I don’t see real estate over the long haul going down in value. just don’t. So it’s nice to have your own piece of dirt. Do we lose each other?

Keith Lorigan (25:08.085)
Stephen? Hello? Can you hear me?

Keith Lorigan (25:17.332)
Hello?

Stephen Schmidt (27:58.375)
Alright, I’m back Hey team, if you guys could just chop these clips together I’ll tell you what I guess it must have been mine I had three bars, but then it literally my Wi-Fi just completely dropped so And then my hotspot didn’t connect but we’re on it and we’re we’re good to go. So So anyways, my team will just cut that together where we left off is we’re talking about the real estate market and then you said

Keith Lorigan (28:02.025)
Okay.

Keith Lorigan (28:14.112)
No problem.

Stephen Schmidt (28:26.949)
You said, I don’t see the real estate and that’s when I dropped off. So if you want to pick it up from there, go ahead.

Keith Lorigan (28:32.87)
yeah. So Steve, I just I was just saying that buy real estate, hold real estate, whether it’s residential or commercial. You know, you got to you got to probably, you know, do you do diligence. But I think that the message is long term real estate always works and it’s proven. And I’m a living, you know, case of it had I kept every piece of real estate that I’ve owned.

I’d be in much better shape. But anyways…

Stephen Schmidt (29:04.583)
That’s what the number one thing, you know, I talked to some of the top investors in the country, people that have, you know, literally got thousands of deals under their belt in their careers. And the only regret I ever hear a single one of them talk about is they said, I wish I would have held every single property I ever bought. That’s the only one, only one I hear. So I’m totally with you on that.

Keith Lorigan (29:30.238)
I mean, look at it. It’s hard to do in real estate. It’s hard to do it in stocks. I like, not that long ago, I don’t know, 13 years ago maybe, I remember Netflix, when they were transitioning from, I don’t know if you recall, when you get the disk in the mail and you ship it back or whatever, they were starting to migrate more and more to the streaming component.

Stephen Schmidt (29:49.755)
Yep.

yeah.

Keith Lorigan (29:59.264)
And they wanted to split the fee, I think is what happened. And they wanted to increase it. So it’s going to be like $7.99 a month, right? It’s like $2 more. And it was all this chatter. I remember reading about it Wall Street Journal that, oh my god, is this going to be the end of Netflix? Is this it? Have they done themselves in? Is Blockbuster going to hold the line on this? And if you look at today, the Netflix stock.

Stephen Schmidt (30:02.992)
Mm-hmm.

Keith Lorigan (30:28.192)
there’s $1,100 a share. $1,100. so it’s like, now, I never bought it, but look at it. Even if you bought like a couple hundred shares back then, what’s the likelihood you would still have kept it all this time? It’s rare, right? That’s the thing. Like we can go crazy and think about, man, I wish I should have kept it. I should have kept it. Or I should have kept that piece of real estate. It’s hard to do. It’s just hard.

Stephen Schmidt (30:57.927)
Mm-mm.

Keith Lorigan (30:58.1)
So, but if you can hold it, hold it because it’s gonna pay off in the long run. So anyways.

Stephen Schmidt (31:07.141)
Yeah, we call that in the crypto world, you got a holdal, holdal, hold on for dear life. But, I love that. Well Keith, tell these fine folks where they can connect with you for more, learn about what you’re working on, maybe check you out for a commercial loan since you only do stuff in Florida. But if you’re in Florida, listen, obviously you got a go-to guy now. So where can people connect with you to learn more about what you’re working on, what you’re all about?

Keith Lorigan (31:13.406)
Yeah.

Well, I guess I, yeah.

Keith Lorigan (31:33.726)
Yeah, mean, they can go to the website. It’s called harboresidentialmortgage.com. Harbor Residential Mortgage. And we’re in Jupiter, Florida, Palm Beach County, Florida. I don’t know, probably 80 miles north of Miami and 120 south of Orlando. We’re on the east coast of Florida. And so that’s for Florida only. I’m licensed in Florida.

We’re a small boutique firm. We’ve got a processor. I’ve got one loan officer. And we move quick. We have a lot of happy customers. And then we have harborcommerciallending.com. And that’s our sister company that does commercial loans. And we can do those nationwide, actually. And those can be a couple hundred million dollar loans. We have the access, the funding sources to do those. So yeah.

Check us out. Happy to answer any questions and encourage people to invest in real estate. And there’s some great programs. mean, for instance, on the commercial side, like if you’re buying a building and you’re going to occupy at least 51 % of the space, you can do an SBA loan. It’s 10 % down and 10 % of the closing costs. The other 90 % is

is financed in. think about that. Like if you own even a franchise, let’s say a subway franchise, and you see a great strip mall, instead of paying rent somewhere else, you could buy that strip mall and occupy at least 51 % of the space and rent out the other space. And then maybe one day you want to always be a subway franchisee. You’d be like, want to.

I want to sell the subway or I want to put in a different like a Jimmy John’s or something. That’s your prerogative, you know, and then you just have this nice rental property or think of contractors. Let’s say, you know, like a plumber or HVAC guy, you know, they could buy one of those office warehouse, you know, office in the front warehouse in the back 10 % down with an SBA loan. That’s a great program. So

Stephen Schmidt (33:51.175)
You bet.

Keith Lorigan (33:53.83)
Anyways, I like that for a lot of people that haven’t maybe thought about it. So, yeah.

Stephen Schmidt (34:00.583)
100%. We’ll go connect with them, show them some love from the real estate pros and investor fuel y’all. And thanks for being here, Keith. We’ll see y’all in the next episode.

Keith Lorigan (34:09.877)
Thank you.

Stephen Schmidt (34:12.081)
Great show, man.

Keith Lorigan (34:15.615)
Yeah.

Stephen Schmidt (34:16.807)
Great show. A little technical difficulties, but we’ll get that all sorted out. So I appreciate you hopping on. We’ll have everything posted in about 30 to 45 days is our turnaround time. Team edits everything, gets it all done. Just out of curiosity, I know I kind of mentioned it earlier, but if you were able to get in with a group of top tier investors, we got about 200 of us in fuel specifically. 49 % of the group is…

Keith Lorigan (34:22.547)
Okay.

Stephen Schmidt (34:44.903)
doing 50 plus deals a year. mean, do you see they’re like, what value do you think you’d get out of something like that? I’m not sure if I can see anything personally, but I’m curious if you anything sparks there for you.

Keith Lorigan (34:58.292)
Well, I’m a big collaborator. like talking to people about this business and all different factions. So I think if I could get one new idea out of it periodically, that would be a win.

Stephen Schmidt (35:11.963)
Okay. Because you’re kind of a hybrid. I don’t think we have anybody that’s doing what we do. We have national lenders and it’s specifically more so on like the investment side, the single family, multifamily. You we’ve got, I’m sure you’ve heard of Kiavi, for example, is one of our executive sponsors of the group. RCN is another, but you don’t?

Keith Lorigan (35:34.912)
I don’t know them.

Keith Lorigan (35:38.56)
What is it, Kiabi?

Stephen Schmidt (35:39.719)
Yeah, you’ve never heard of Kiavi? Really interesting. Maybe it’s just because they’re mostly on the investment side. They’re one of the top lenders in the country. But yeah, I’m not sure. Would you maybe want to book another time to chat about that? I got a hard stop here in seven minutes, so I can’t chat too much about our group today. But would you want to maybe just do like a discovery call and see if it might be a good room for you to be in?

Keith Lorigan (36:06.368)
Uh, yeah, possibly. Yeah. Okay. I’ll, uh, we can chat about it. Yeah. I don’t know. You you have to give me some details and a time requirement and if there’s any cost requirement. Uh, but yeah, I’m open to hearing stuff.

Stephen Schmidt (36:19.495)
time. What’s let me do this my week, my week gets packed. I don’t know what yours looks like, but I’m looking at trying to book for like Friday as of right now, if you’re Eastern, I think my earliest time available is two on Friday. Would it work for us to just hop on a zoom?

Keith Lorigan (36:35.562)
This Friday’s… This Friday is no bueno for me.

Stephen Schmidt (36:39.931)
Okay, yeah, sure.

Keith Lorigan (36:42.688)
Maybe next week. Is it something we can talk about on the phone?

Stephen Schmidt (36:47.283)
I usually like to do a zoom just cuz shoot Usually like to do a zoom just because it’s a little bit Phone you just kind of miss Miss communication keys all that kind of thing if that’s okay with you

Keith Lorigan (36:51.241)
Okay.

Keith Lorigan (37:02.367)
Okay.

How much time do you want to allocate for this?

Stephen Schmidt (37:07.367)
We do about 30 minutes usually. Usually don’t need any more than that.

Keith Lorigan (37:11.508)
Well, 30 minutes is, what are we talking about? What are we trying to, what is the premise of the call?

Stephen Schmidt (37:20.231)
Great question. So it’s just see if it’s a fit. Like I said, I asked you some questions about your business and kind of see if there might be a fit. We don’t let everybody in. I only really honestly book about 10 % of the people that I talk to on the podcast on one of these. It’s just if I see something in you that I’m thinking like, ah, you know, maybe you’d be able to get some value out of it. I mean, there is a significant cost to it. So usually we have enough benefits that.

you know, it covers all of those in the network itself. But that’s why I just kind of was like, yeah, I don’t know. You wouldn’t be our typical member, but that’s kind of why I’d want to talk to you about it. Just to kind of see if maybe there’d be some synergy, but I’m not really 100 % sure to be fully transparent with you.

Keith Lorigan (37:58.208)
All right. All right. All right. We’ll just do a call. Let’s do it then next week.

Stephen Schmidt (38:04.755)
Next week I can shoot for Wednesday if you want me to shoot you a text on like Monday or Tuesday or something like that we can do that

Keith Lorigan (38:09.982)
Wednesday, yeah, Wednesday is fun. Yeah, shoot me a text.

Stephen Schmidt (38:12.593)
Okay. All right, man. Yeah, it like playing Keith. And then you have any other questions as far as the podcast stuff goes for me today?

Keith Lorigan (38:15.968)
All right. That sounds good. Well, hey, listen, great show, really well done, and appreciate being on your podcast.

Stephen Schmidt (38:24.977)
Say again, sorry.

Keith Lorigan (38:27.752)
I said thank you for having me today on your podcast. really enjoyed it. You did a great job. And I think you offer a lot of value. You’re a good host. You’re a good speaker. And it was enjoyable. So thank you.

Stephen Schmidt (38:30.598)
You got man.

Stephen Schmidt (38:40.859)
appreciate that a ton, my friend. Well, I’ll catch you next week and look forward to seeing you about a conversation then, brother.

Keith Lorigan (38:49.246)
All right, Stephen, sounds good, man. Have a good rest of the day.

Stephen Schmidt (38:51.761)
See you later, you as well.

Keith Lorigan (38:54.122)
See ya.