Ed Parcaut - Building Wealth Through Homeownership

LISTEN TO THE FULL EPISODE ON:

Ed Parcaut has been an experienced and respected professional with over 25 years of experience as the founder and CEO of Lending For Living. Ed's best-selling book "Financial Freedom: Building Personal Wealth Through Homeownership" provides practical advice and insights on how to create personal wealth through real estate. He is also the host of the iHeartRadio talk show Real Estate Jerky as well as Helping The Brave. With his unique perspective as a proud veteran of the United States Navy, Ed is committed to empowering his clients to achieve their financial aspirations and build personal wealth through real estate investment.

 In this episode hosted by Mike Swenson, we discussed:

• The reason why Ed started the Helping The Brave Podcast
• How Ed loved helping families get their homes while he was in the mortgage industry
• How Real Estate Jerky Podcast started from an old blog that Ed created in 2010
• The huge opportunity in owning a home and purchasing another one
• Why Ed ended up being a life coach as he helps people through their financial situation
• How mortgage people in 2021 refinances $10 trillion of the $12 trillion mortgage debt into low-interest rates
• Inflation coming back and now is still a good time to buy a home and refinance a loan
• If you want to understand how much interest rates can change by the minute, go get Ed's best-selling book "Financial Freedom: Building Personal Wealth Through Homeownership" 

Timestamps:

0:00 - Intro To Ed's Career
1:11 - Ed's Background Leading Him To Real Estate
5:00 - The Benefits That You Should Know of Acquiring Your Own Home
11:58 - Issues Why There's Shortage In New Homes
17:26 - The Mortgage-Backed Security and The Fed
18:57 - Why You Should Own Instead Of Renting Out
22:04 - Equity Lines
29:30 - Buying Real Estate Is The BEST Thing To Do
30:08 - How To Find Ed

FOLLOW ED:

https://www.edparcaut.com/
https://www.facebook.com/edwardparcaut
https://www.linkedin.com/in/edparcaut/
https://www.youtube.com/@edparcaut
https://www.instagram.com/edparcaut/

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Minnesota Real Estate

Read the full transcript here:

Mike Swenson
Welcome to The REL Freedom Podcast where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some REL freedom together

Mike Swenson
All right, welcome everybody to another episode of The REL Freedom Podcast where we talk about building time and financial freedom through different opportunities in real estate. And so we are going to do that again here. today. I'm excited to share our guest Ed Park co EDS. An experienced and respected professional in the mortgage industry with over 25 years of experience and founder and CEO of lending for living has a passion for helping clients navigate the complex process of purchasing a home and you have a best selling book financial freedom building personal wealth through homeownership host of the I Heart Radio talk show real estate jerky and helping the brave also had a nine part Docu series hacking real estate produced by revealed film's unique perspective as a proud veteran of the United States. Navy. Thank you so much for your service, Ed, Ed Parco. Let's go ahead and get right into it. Welcome.

Ed Parcaut
All right. Well, thanks for having me on the show. Appreciate it.

Mike Swenson
Why don't you just share a little bit about your background but about being obviously in the in the mortgage industry all the other background leading you up to where you're at today?

Ed Parcaut
Well, it depends how far back you want to go. Bronco fan, as we talked to me beginning because I was born and raised a Bronco fan. Yep. And Manny wasn't bad for the couple years. He was there. But you know, we're still we're still looking. So home, you know, we still have a good quarterback. But I you know, I was raised where we didn't we owned one piece of property with a trailer trailer on it. So really, it's not real property right when we were in Colorado. And then when we moved to California, we couldn't own anything because it was so expensive at the time, which is so funny, because that was you know, a long time ago. And it was too expensive for people to own property at that time. You fast forward to today. It's and that's the same thing you hear constantly from people who come from other states. How do you guys afford this? It's just so expensive, we can't afford the payment. And again, it has to do with jobs and everything else you can get here and work and other stuff. And that's so my whole life wasn't going in the mortgage industry. I decided to join the Navy to get out of Northern California because I wanted to see the world and I got to see San Diego actually Oceanside where Camp Pendleton was because I was stationed there. And when I was in after playing around for about a year and a half, I ended up going to physical therapy school and came back to Camp Pendleton. And I go, okay, if I'm stuck here for another three, you know, two plus three years, I better start school. So I ended up going to school, got my Bachelor's, started my master's and then finished my master's when I got out. And this is what I tell everybody. So that's why I have the podcasts helping the brave, utilise a service for what it's for, to better your life for the future. Don't always focus, you're going to stay there for 20 years because most people don't. So when I got out, I was getting in the real estate industry. But it was at the time that was really bad. It was another issue where there was a year and a half that the market was down because of SNL and some other different things that were going on at that time. And that's Lazzara live. That was a savings and loan fiasco. Even though Saturday Night Live was good during that period. Probably besides the 90s that was probably the last time I liked it. But so when I got so I was was getting out and getting in the real estate industry then found out it wasn't working. I ended up falling into the computer industry, which I was my some of my background, even though was in the medical field was in that after a few years I just this is wasn't for me and my neighbour had a mortgage company I go, let's check it out. So I went to work for him did started their direct mail. And it just blew up and I loved the numbers. I loved everything about it. I was like this is for me, I want to help people. So I get in the mortgage industry love numbers, but for 18 years, I only did refinances and that's all I ever did. And we created one of the largest call centres before call centres was a thing in San Diego, and we did very well. And then I moved back up to northern California in about 2002 to be closer to my daughter with special needs and ended up creating another mortgage company up here. And that's the lending for living and just been growing it and getting beat up by different things that we have no control over in our industry because as you know, in the last, you know six months rates went up 4% because of inflation and other stuff that was going on, and I can talk for two hours about why we were in that situation we shouldn't be that's my background. So I just I love helping people get into homes. There's nothing like helping that first person find their first home and it changes the direction in the way their family moves from that point on. The whole family changes the dynamics of how we can own a home and the kids think they can own a home. Their kids think they can own a home even though it might get tougher and tougher. You there's ways to do it, and you and look to your family to help you with those things.

Mike Swenson
So a lot of people in the audience, you know, either sell real estate and even there's a stat out there about, you know, there's a lot of realtors out there that don't even own their own home. And this is what they're selling, but talk for for people that maybe I'm a millennial, and I'm like, I don't know if I really no need to own my own home, or, you know, I'm renting right now and don't really know what to do. But I, you know, it's something I want to do for the future. Talk about that. What's the benefits here?

Ed Parcaut
Well, I mean, the difference between a renter and homeowners about $250,000 of equity on over over time, right? The renter Max will ever have like $8,000, where a homeowner, especially right now, nationwide, most people have at least 180 to 200,000 in equity. In our state of California, we're at least 300 to 400,000 because of what has happened in the last few years. The reason you want to own home, and this is why I started my radio show called Real Estate jerky was the old blog I created back in 2010. I wanted a unique name that people would remember. And that was like real estate jerky gives you something to chew on. Right? It's the old phrase from a long time ago. And people remember it. And so I started it because there were so many young people, I guess you call Millennials these days, right? That it was I started in 2018. But I just got tired of hearing people going, I don't want to own a home because I saw my parents lose their home and affected our family. Well, that was a unique situation. And in 2008, the financial crisis that came out of that was because of the loan programmes that was created. And it wasn't so much the loan programmes. But if you watch The Big Short, that movie, it talks about the rating agencies of a bonds and how they rated them triple A and they should have been Deezer, ease or sh and if they were they would have been priced so horribly, nobody would have taken those loans. That's where the problem is. All the companies that went under from it were fine from it, they should have been fine. They should have just went after those bond rating agencies. And those are the people who should have went to jail. Yeah, because they and because then they would repackage those whole things up into another package and send it and sell it as a block of good loans again, rated high. And it was shouldn't have been. Yeah,

Mike Swenson
well, and just, you know, my, my experience I first bought in 2006. And my wife and I have just recently married, she was still getting her master's degree. So she was just a nanny full time, I worked for a nonprofit. And I reached out to my lender. And, you know, we had had an apartment for a couple of months. And I wanted to plan ahead. And so I said, Hey, what do I need to do to get a get a house? And so you know, he ran the numbers and said, Here's what you do. I think we did 3% down. And then we had a first mortgage and a second mortgage. And he's like, Hey, do you plan on living here for more than five years? And I said, No, because it's a townhouse. So we did a adjustable rate mortgage. And I didn't know any better, right? And why would we have thought that there would be any reason to not think differently. And over the next couple of years, I watched us, you know, we were fortunate when that five year ARM came due, that my my wife's parents stepped in and helped us refinance that through them through a home equity line of credit that they had. Otherwise, you know, I think our payment would have jumped 150 250 bucks, we're able to do that. And then we turn that into a rental property. So that's how we be became landlords was through that process. But I watched all my neighbours short sale and foreclose. And we would have just continued to stay there and make the payments. But we ended up using that as an opportunity to turn it into a rental. But yeah, there's a lot of people that were gone. You know, we had friends and family members that foreclosed on properties because of that.

Ed Parcaut
Right. And but it was a huge opportunity for a lot of other people, right, who didn't own and but in a lot of people, if you did it right, there was ways to purchase another home and the down part and get rid of that home through the process. You know, there's short sales and so many other things you could do, because I helped so many people through that that financial situation. I ended up becoming a life coach because I sat down with so many people crying in front of me. And I had to explain to them you know, this is because my wife is like, she wanted to go to this life coaching thing and I'm like, I go, Okay, I'll go we're saying thinking can happen is it'll help me. Then like, two months later, I'm sitting in front of people crying, and I'm explained to him, this is just a blip. So I'm doing the whole coaching stuff and how they're talking how you utilise that the same these words and everything else. I'm like, Hey, I'm glad I went to this course. But it just helps so many. Yes, a lot of people lost home, but it helped a lot of people buy a house during that period of time. And that house has so much equity to this day. But I still ran into people who their kids are like I again don't want to buy I don't want to go through that. And that is the worst thing. Most people build their wealth through real estate. Now I think 90% of all at the time, that phrase that came out was millionaires own Real Estate, that's how they made it was through real estate. And you know, just most people don't have a 401 K 403 B IRA, but you can buy a home and it will build equity over time. And then you can use that equity to buy other homes or buy other things. I talked in my book about how we used it, we are how, you know, we bought a cabin, and then we use that to buy land to build on. And then we use that, you know, there's so much you can do out of that if you do it right over time, you're never going to catch the market perfect. But if you do it right over time, it's you will not lose. And the biggest thing in the last six months, everybody thought we're going to have a bubble. And I was like, there's no bubble, the biggest because we have no inventory. And if you know anything about inventory, us in California, we're doing 35% of our normal existing home sales. We normally do 85% is the average number. We're only at 35% of those houses that come in on the market, our inventory is so low. And I know a lot of other states are the same way. How is it in your guys's area?

Mike Swenson
It's low. I mean, we bought four years ago, and we're sitting on a 3% mortgage and for those people, they don't want to, they want to sit on that. And so it's I always tell I always explain to people you know, you've you've always got the people in the market that have to move for various reasons, you know, either upsize, downsize, job changes relocations and all that. But then you've got that block of people that could move or don't have to move. You know, I think that's where we fell when we moved into this house. It's like, it's a little bit smaller for our tastes, we had a third kid that was just born. And so it's like, yeah, we could use a little bit bigger house, we could use a little bit different neighbourhood. And so all of those people are the people that get shrunk. In a case like this as the interest rates go up. It's the people that, you know, could choose to move, but they just decide to stay. But yeah, we see that here. Not as much of a shortage as other places in the Midwest, things kind of just take a while to get here. But yeah, it's certainly a shortage compared to you know, where we were at in the past,

Ed Parcaut
you know, 2020 and 2021 us mortgage people, there was $12 trillion of mortgage debt, and we refinance 10 trillion of it into low interest rates. And now you just put a hand golden handcuffs on people to where if they the only changes that are happening is if they have to move because a job or something, if someone passes away, or if there's a divorce, and they got by each other, those are the only thing that really changed and everybody else isn't moving. So that and we normally do 450,000 transactions a year in the state of California. Last year, we're at 260,000. And then right now with the numbers, we're doing 420 closings in the whole state a day, we're going to be lucky to break 121 to 130,000 for the year. That's how bad it is. And we're not building homes like we should be building. We normally in our area, we build 1000 homes a year when we're barely building 100. And so that's it. And I don't want to get into how short we are in new homes. But we're there suppose you need to build 17 million homes over a decade to get caught up. And we're not even anywhere close to that we're at like 1.4 1.3, depending on what month it is of actual homes and includes single family and multifamily homes being built. But we are still creating family units at 1.9 million a year. But you see, just we keep slapping another 500,000 on that deficit every every year. And it's I look at this, I see house prices for the next 20 years going up because we won't catch up. And then when that happens, all the kids are born during the pandemic that as much as the baby boomer generation come into play to buy houses, we're in a situation where something's got to change, we got to build a lot of houses to get caught up. And we need to because the only way to get affordable housing as the build houses more cheaper. Meaning that the permits the other stuff like that needs to be so much cheaper for the builders so that they can build and I'm not talking to builders are building to rent, because you know, one in four tracks now are being built just to rent. And that's what the other issue that's taking problems with building homes is you're taking builders that are building these huge complexes to rent instead of building them to be sold.

Mike Swenson
Yeah, and I know here with new construction homes and the new building codes and all that that needs to be in place you're looking at, you know, 25% more for a new home than you would to just go buy something you know why? Why buy News New and slightly used will do. That's that's the way it is like I could go choose to build a new home or I could just buy one that was recently built within the last five years and it's a whole lot cheaper. And so that's another issue is that new construction cost is high.

Ed Parcaut
Because everybody's like well, you know, give. We had this programme in California it's called Share equity. It was for all or you know, For American Dream for all, which ended up being an American Dream for some that it was 30 $300 million, they were giving you for 20% down to buy help buy homes. The problem is, it's not people don't need that money to buy homes, all that did was increased the offers to 20 offers on every house versus five offers to 10 offers on every house right now we have multiple offers over asking again, in California, I don't know if it's that way with you. But it's we're back there already, just because the inventory issue, what they need to do is take that same amount money and go builder, we know it cost you $125,000 to do all this stupid stuff, here's your money. Now build the house for 300,000 or 400,000. And sell it for you know, sell it for the 450 that is the average price of what most people can afford. Because right now we have during the during the pandemic, you could buy a $700,000 house for 3000 a month payment. And right now $400,000 house is a 3000 a month payment. And I'm not trying to be negative because I'm not I still you can always if you right now is the opportunity to still to get into a home and then refinance that loan, when rates start coming back down, because they will start coming back down inflation will have will come back down, we will hit a recession, we're gonna see that eventually government will stop spending. And that's our problem right now. We're it's like having a family on a budget. But only the moms on the budget and the dads out spending or you don't care how picket whoever you know, you think is the one that spending. And that's where we are right now the Fed is the person on the budget and our government is the one not on the budget. They just think by spending and spending, you can't spend your way out of this. It needs to stop, we need to take the money.

Mike Swenson
Yeah. And the key is, you know, I see a lot of lenders over the last year as rates had spiked up talk about Mary the home date, the rate, that's the thing that everybody was advertising. Well, and that's true. And yet at the same time, that doesn't mean make a bad financial decision. Because all rates will go down sometime like you still got to be smart. And you still have to be conservative, can I afford this home for the price that I'm paying, and happy day down the road if I can refinance, which I will be able to at some point, but you can't plan on, hey, I'll just, you know, pay this for a year. And then it's going to go down because we don't necessarily know how low it's going to go or when that's going to happen. You still got to make a smart decision.

Ed Parcaut
Right? I'm not saying not to make a certain but the issue is rates are starting in September, you're gonna see a start a huge move, because we're not seeing the change in inflation. what the Fed does has nothing to do with mortgage rates. I think a lot of people are getting confused about that. The Fed does overnight rates, the banks, they do stuff like the prime rate which has to do with HELOC. And you have credit cards, those kinds of rates are what the Fed controls. mortgage backed securities is what runs the actual interest rates and how they are bought and who's buying them. Right now our rates are up because the Fed instead of buying our mortgage backed securities and all the stuff that the tea that they were buying, they're dealing with all the banks that went under buying all their treasury bills. That's so instead of buying where they normally would, that's why rates are up a little bit more than we know. I mean, we're right now in the close to seven again, we're back to where we were in March. And you know, people like what, and that's why I'm saying if you can afford the payment, you can afford the house and get the house because in five years from now, you're gonna wish you wish you had the house at this price that we are right now. And that's what and I heard it from Dave Ramsey after I was saying it for a while. I'm not saying he heard it from me. I'm just saying I was saying it. Then Dave Ramsey says Dave Ramsey, who is the most conservative person out there when it comes to doing anything on houses by now. Now is the time to buy.

Mike Swenson
Yeah. So So what advice do you have for people that they're sitting in that spot where maybe they're renting right now they know that they want to get that house? How do you talk them into doing that? And then to talk about kind of what that future is to help them build

Ed Parcaut
wealth? Well, first, I would tell them go get my book. Right. And that's I'm not, we don't make a tonne of money off of books. If you ever write a book if you don't get wealthy off the books, people get wealthy off the books are the ones who do series of books, and they turn him into a movie and all that kind of stuff, right? But these Harry Potter but these books, we do it because the same reason I do that did the radio show is there's only one of me to talk to my clients. Right? I can only talk to so many clients, I tried to help 30 to 40 families a month. But to get to more clients, I wrote the book and how I wrote the book is how I qualify somebody. So I have you look at your credit first. And I go through the scenarios on how to help fix your credit issues. It's like a GPA. Once you make a ding to it, it's really difficult to get your GPA up but you can write it just takes it's a lot harder. So first thing I do with people sit down and see where they were their credit. Then I look at where they are with their income. And then because if you want once you have your credit in place, then income right or if your incomes not there, we've never been in a situation where there's 9 million jobs out there, supposedly. And the reason I say supposedly is, because I think there's less than that, I think there's only about five, four and a half to 5 million for lucky, a lot of those jobs that are out there, people aren't going to hire them back. There, either. They're available, but they're just they don't really need them right now. Right. And so, when you look at so I look at a lot of people's income, I say, Well, if you make two bucks more an hour, you can afford this home. If you go to and look for another job, normally, you get a 15% increase in salary. If you stay at your current job, you might, you might get the 7% increase. And I always tell people try to better your life go you know, go become a nurse do something that makes you know, there's so many things you can do to get to that point of homeownership because you want you want to do it, once you get in, you're in the game. And then as house values go up, it doesn't matter. Because yours is going up the same as everybody else's. A lot of people I deal with, they don't want to be a landlord. They just want to own their own home. And that's what they want. And my son who's 22 just closed on his house two weeks ago, and they just got moved down there from Alaska. And they're we're still waiting for their furniture hasn't showed up yet. But they're so happy they own a home first time. And that is the best feeling you ever have is the getting into your home in the first time. My favourite movie is It's a Wonderful Life. And I like being George Bailey, helping people get into homes. And the

Mike Swenson
key Yeah, is really that homeownership is a launching pad for future potential. And one of the things we talk with helping people invest is home equity line of credit could be an opportunity for you to be able to take advantage of that equity that you've built to go invest in something. Now, that being said, you still have an interest rate tied to that. So you still got to make sure that the numbers make sense, and you want to do something smart, but that's where homeownership can unlock different opportunities for you. Because you have something of value, that is collateral that somebody is willing to lend on in the future as you continue to get more and more equity. And so really that homeownership is a launching pad for the future like you had mentioned.

Ed Parcaut
Right. And the only issue about the equity lines right now prime rates eight and a quarter, you had your margin on that, you get a discount the first year, but basically you're looking at 10 to 11%, which everybody's like what so I got in this business, I was taking people from 13 to nine and they love me and then now you give somebody a 3%. You know, a year ago, they were like you're taking advantage of me. So these rates are not the historically, rates are five to 6%. You know, average, if you look back, but we will be lower. But again, if you're going to buy your first house, you don't have kids, if it's just you, or you and your spouse, go buy a duplex, a triplex a four Plex, you can do that FHA with three and a half percent down, right, I helped some friends of mine buy a duplex in San Clemente. And it was the highest FHA loan I've ever done in my life was 850,000, it was the FHA loan, they end up getting their for 12% Down with you by normal duplexes and triplexes. It's as an investment that's 20 to 25%. Down at least. So if you can do it your first house and that would be your first thing into investments. And then when you decide, hey, we you know, let's go have our kids, let's go buy our single family home and then for our kids, and because typically for me, I never thought single family homes were supposed to be for renting, you know, for investment purposes they're supposed to be lived in, I always like to units for investing, because if you lose one person, it doesn't really affect you as much as if you lose one person in a single family home.

Mike Swenson
And I've interviewed quite a few people too on the podcast that started their investing journey by renting out a bedroom of their single family home that they have, because I think sometimes too, they feel like oh, I've already bought my first house. Now I can't go do the duplex thing or you know something. Right? And so look at your current circumstance and say is it something where I could rent out a room or a room or two I give an example one of my friends right out of college was able to purchase a home and he rented out three or four bedrooms to all of my you know, high school college buddies and he did that for a few years and so being able to have your mortgage paid off you know something like that because you know a lot of people right out of college or whatever they're not going to have they're not gonna buy their own home and so if you're smart enough for able enough to be able to buy that home, have your buddies rent from you. That's a great way to build income or like I've seen people do a Airbnb or a short term rental with you know, rent by the bedroom. And one of the guys on my team just went down to Texas and that's exactly what they did. They rented an Airbnb room out of somebody's house and so that's another way that you could, you know, buy that home turn it into some some income, if you're not doing a duplex or triplex something like that. So there's a lot of great opportunities out there.

Ed Parcaut
I just I like if you your first deal, before you buy the house, you're gonna live in forever. Are the second and third that first home, you're not going to live in forever, try to buy duplex, try to buy a triplex or a four Plex, because one to four units is the same. You know, basically, you buy that FHA, the issue you run into so I a lot of people I know will help kids buy a house when they go to college and do the same thing, what you just said, get all these people to rent out all these rooms, because they're going to do it anyway, it's cheaper for them. It's just harder now than it has been in the past because of where we are with rates and inventory inventory. Eventually, when I when we get when we see rates back to four, four and a half to five, which we will they won't get there, it'll take time out, we'll see more people giving up their 3% interest rates. Because it's not that big of a deal to go up, you know, 200 bucks, 300 bucks on a payment, it's a lot to go up 700 or $1,000 a month for that extra room for that baby are the extra, you know, that kind of stuff. Exactly that and that's what we'll see people will give those things because right now, there's such golden handcuffs. People want to do so many things. I hear it all the time. And I'm like, Okay, well, the equity line is gonna cost you, you know, 100 grand, and it's gonna cost you 1000 bucks a month at the current interest rates. You know, it might make more sense to get a 5% or 6%, because we were not always at the seven, we go. We were lower from March, you know, from March till just recently, we were much lower than that. And it just it changes on a daily basis. And I don't think people realise how much interest rates can change by hour by minute by whatever, and people just don't get it. And you have to really understand and that's I kind of do that in my book, I explain all this stuff in there. Because I want you to be able to sit down with whoever your lender is or your mortgage broker, whoever you're going through and understand the process so much easier. Understand contract, I understand what's a loan estimate, what's a CD, what's a closing disclosure, all those things that come into play that you have no idea. And I find that when in the past when I've taken some over a transaction from somebody I said, or so they explained this to you, right? They never explained closing costs, they never explained prepaids and those kinds of things. I'm not saying always, but just we get in our process I've been selling the same way for the last 20 years. I start from one point and how I started my product presentation all the way to the end, and I don't change. I had a business partner. And when we were saying Diego, my mortgage company, we shared the same office so that when our employees came in, they could tell us one time training, I'm trying to make it more efficient. And he's like, dude, soon as you pick up that phone, you say the same thing from the beginning, all the way through the whole transaction, I go because you have to. That's the only way to make sure people, you cover everything for the people.

Mike Swenson
And for first time homebuyers. Yeah, there's so much to learn so much to understand that you want to be a good educator as well. It's not just make the sale, but you've got to be a good educator to help them understand what they're getting into. Because like I said, you know, not that my lender did anything wrong necessarily when we purchase but I, I didn't know what I was getting into. I was like, well, everybody else is buying a home. So I'm going to do that too. And then Yep, we'll just do that adjustable rate mortgage. And what I didn't know, it was a ticking time bomb. And then as you know, and I didn't expect the prices to go down so much like they did. And so we were fortunate to make it out without foreclosing, but, you know, people people just don't understand what's at stake.

Ed Parcaut
Yeah, it just you just don't know what you don't know. Because you just and the thing is, even if you bought, you know, years ago, things have changed since then, right? Just see. And that's why it's so even though my book is for, you know, most people think it's for first time homebuyer, it's not it's for anytime, because credits change, how we look at incomes change how we look at assets, and, you know, the loan estimates and the CDs only been around for a few years. You know, most people who bought in 2008 2010 It was good faith estimates, you know, three page things, they weren't the same as they are now the thing weights now is it makes it more protection for the buyer going forward on the loan. Right and when you sign CD than that right now, you can never say I never saw that you sign the Loan Estimate and the CD so many times and the documents so many times not electronically and that's came from the 2006 where people said I didn't know it was an adjustable I didn't know that this margin was on your I didn't know that. You can't say that now, because you signed the stuff so many times that you have to see it you know that's I'm saying that's how it's totally the only that better now for disclosing because of how we do it through the electronically so many times do you

Mike Swenson
anything else that you want to share that really important from from your book or other concepts here before we wrap up?

Ed Parcaut
I just think it's buying and buying real estate is the best thing you can do. I mean, it's how you can build personal wealth or home you know, and the easiest way I came up with phrase years ago by building personal wealth through homeownership because it just came out when I was talking to somebody and like do you need to use that tagline? So I trademarked it. Thank God that I put on my book, which was the first time that the book company has ever had a trademark title because most people you know, there's if you look on certain titles, there's so many books with contagiously with the same title and I didn't want them but for me, easiest way to find [email protected] Go and find my book at get Ed's book.com Or go to Amazon and type in Edie Park COVID. Everybody spells it wrong. So

Mike Swenson
yep. And yeah, I mean, just just to clarify so your last name is Parc a UT for anybody listening so P AR C A. UT thanks so much Ed, for coming on and sharing we really appreciate it. And best of luck to you as you're you're working with buyers and then definitely think about how you can build wealth for you people considering buying and pick up Ed's book.

Ed Parcaut
Thank you so much. Appreciate it having me here.