Invest in your own retirement

Cheryl Knowlton:             Hi everybody. Cheryl Knowlton with Dynamite Productions here with my favorite sidekick, Clay Johnson, from Castle and Cooke Mortgage. Clay, we’ve talked a lot about the fact that most real estate professionals and mortgage professionals don’t invest in their own retirement.

Clay Johnson:                    No.

Cheryl Knowlton:                 And so let’s do a whole week-long series on rental properties, what it takes for someone who is self-employed to be able to cross that finish line and start investing in their own future and their own retirement.

Clay Johnson:                    Well, and it’s so good because nobody’s pole positioned better than us in this industry.

Cheryl Knowlton:             Oh, I like that. Nice racing analogy.

Clay Johnson:                    Yeah, we just don’t really do it right.

Cheryl Knowlton:             Yes.

Clay Johnson:                    And so we get so busy working in our business, we don’t work on our personal professional retirement and there are some great things that have happened out there. One of those that’s been really cool and I love this because for the longest time you could buy a duplex, triplex, or fourplex and an FHA loan just two and a half percent down. Now through a statewide program with Utah Housing, you can actually finance the down payment and finance most of the closing costs.

Cheryl Knowlton:             What?

Clay Johnson:                    And that’s been crazy because it gives those folks the opportunity. You can be a first time home buyer, you can be a repeat home buyer, to take advantage of this and count that duplex. They won’t do a triplex or fourplex but legal accessory apartment or a duplex, you can count 75% of those rents to help you qualify for the property.

Cheryl Knowlton:             Wow.

Clay Johnson:                    Great way.

Cheryl Knowlton:             That’s kind of huge.

Clay Johnson:                    That is a really, really big deal. So we’ll be talking more about that in little short snippets but wanted to make sure everyone was aware of that little change out there because we couldn’t be more excited about it.

Cheryl Knowlton:             And since we have a national audience that is a Utah Housing only thing, hopefully, you’ve got something amazing like that in your state. Check it out. Because you are approved in 40 different states?

Clay Johnson:                    Yes. We lend in 39 I think is what it is. Yes.

Cheryl Knowlton:             Awesome.

Clay Johnson:                    Yes.

Cheryl Knowlton:             Soon to be 40.

Clay Johnson:                    Soon to be 40.

Cheryl Knowlton:             So find your Castle and Cooke mortgage loan officer in an office near you so that you can see if they’ve got a similar product like that so that you can start investing in your future.

Clay Johnson:                    Absolutely. So until next time, we’ll hit on some more topics that are definitely nationwide.

Cheryl Knowlton:             Yes. See you then.