MP Access Show by MortgagePoint

Embracing Market Discomfort: Insights from Frederick Golding

• MortgagePoint | David Wharton

Share episode

Host: David Wharton. 

Episode Title: Embracing Market Discomfort: Insights with Frederick Golding

Duration: Approximately 10 minutes and 54 seconds

Description:

In this episode of the MP Access Show, we sit down with industry expert Frederick Golding to discuss the evolving realities of the mortgage market. As professionals navigate through unprecedented changes, Frederick shares his insights on embracing discomfort and adapting to new market dynamics.

Key Topics:

  • The importance of adaptability in the current mortgage landscape
  • Strategies for professionals to stay ahead amidst market shifts
  • Understanding the psychological aspects of market changes
  • Practical tips for mortgage professionals facing uncertainty

Resources & Links:

Subscribe & Listen:

Available on Apple Podcasts, Spotify, Amazon Music, Google Podcasts, and iHeartRadio.


Host: All right, we are here at Velocity on the floor of the Force Conference. Kind of as the day is wrapping up, we've been spending the day talking to some of our panelists and speakers and luminaries here at the Velocity Conference. We are closing out the day speaking to Frederick Golding. Uh Fred, thank you for so much for speaking with us.

Frederick Golding: Thanks for having me.

Host: So, uh there is obviously a lot going on in the industry and just the general landscape of the economy, right? Now, there's a lot of news to watch out of Washington. You know, interest rates fluctuations, you name it. There's a lot to keep track of. From your personal kind of corner of the world, what are the trends you're seeing that you're watching closely? And what are any headwinds that you're kind of confronting and trying to work through?

Frederick Golding: Well, being that I'm from Maryland, we are still seeing a lot of appreciation in our market. We're still seeing multiple offers when properties are priced aggressively or priced properly. Um, certainly if it's if it's overpriced. There's still a chance it's going to move at that price just due to multiple offers and very low inventory. Uh we have actually seen the inventory tick up just a bit. Not much, just a little bit. Uh so our days on market's just a little bit longer than it was the previous quarter.

But also at the same time, what I've been seeing just in the past couple of weeks is a lot more buyers coming out of the woodwork that have been waiting. And a lot of them been waiting for the prices to drop. and they're finally understanding that, okay, this is not happening. Uh we are sick of renting or uh we are sick of trying to make our current home work because we've outgrown it.

Host: Yeah.

Frederick Golding: And uh I've I've just been telling my buyers and and people that I meet and sellers that as a seller in this market, you were in the biggest equity position you've likely ever been while owning a home. Even though the interest rates are higher, you have so much equity to make your next home more affordable. So, utilize that. There's products out there to help you do that. If you don't want to do a bridge loan, fine, great. You're the seller. You're in control. You're holding a lot more cards now. You can get a rent back. We can we can negotiate on these things with the contract.

Host: So, it sounds like people are finally sort of coming to accept that like this is kind of the norm for at least the foreseeable future. And so, it's time to move.

Frederick Golding: Yeah. Time to get moving.

Host: Well, looking back, um, at the general state of things and also just kind of your career. Uh is there any advice you would give to anybody that's trying to do what you do um whether from the business standpoint or just growing a career or diversifying diversifying income? Um what's some advice you would throw out there for people?

Frederick Golding: I would say first and foremost serve the client not the property. I've been saying that for the past two days and I've been I've been speaking on this honestly now for 10 years. I've been doing this for 22 years now. uh for the past 10 years, syrup your client, not the address. If it's one of my REO clients, then yeah, if they want to send me to the southern part of the state, they want to send me across the Chesapeake Bay to the Eastern Shore. Sure, no problem. Yeah, I know what I'm doing over there. I got you. I can get over there and do the weekly inspections and all of it. It's fine. You can partner with other people to make that happen, too, if you're not available to get over there right away. So, you know, leverage. Use your peers, utilize other people in the industry. Uh my favorite is is a contractor. Uh I I visit every single property myself. I always do. I always will. But I also have a contractor that helps me out with the weekly property inspections when we have more assets to manage. And with that, he's a contractor, a licensed MHIC contractor in Maryland. And I know that if I send him, and I've known him for 20 years.

Host: Yeah.

Frederick Golding: If I send him and there's something wrong, we can deal with it right away. Mhm. So, definitely network, build a group of trust with with your peers. The other thing I would say is get comfortable with being uncomfortable. You're not going to grow from your comfort zone. right? Get comfortable with being uncomfortable. Whether it's real estate, you know, REO, whether it's regular real estate, retail stuff, working with first-time home buyers, working with investors, or you're owning investment properties. Get comfortable with being uncomfortable because that's where you're going to grow. Uh I I had the opportunity to sell one of my rental properties. It was actually my very first home that I rehabed.

and uh turned it into a rental when my now wife and I, you know, bought our next property and uh it was a great house. Fantastic house. Loved that house. It also was personal. So that's the other thing, too. If it was your personal home, you have to put on a different hat if you're going to rent that property out. That's a big deal. Yeah. I was fortunate on that one. This isn't my only rental. It's not my first rental. but I was I was fortunate on that one that I had really good tenants. had really good tenants in that one. It came time to I could sell this house, this house, cash out on it, maybe learn another skill set, get into a different avenue, or just buy more rental properties with the proceeds. And I saw like, okay, let's see what vacation rental is like. Let's see what managing something like that is. I'm going to learn something that I don't know. So, yeah, I got uncomfortable. I learned a lot.

Host: Yeah.

Frederick Golding: I learned a lot really quickly that very first summer that I had that property and now it's running like a smooth machine. So, yeah, you know, don't be afraid that in that last session, um, one of the people up there said, "Scared money is no money". I liked that. That's a big takeaway I have that I'm getting out of this. I like that. Scared money is no money. If you're afraid to get in the pool, you're never going to learn to swim. You know, you got to use it. If you have it to use it, use it. If you don't have it, partner. Make it happen anyway. If it's something you really want to do, you're going to find a way.

Host: Yeah. Well, mentioning the panels, I know you were on the the rehab panel this afternoon. So, could you talk a little bit about that one? What were some some key takeaways or some great moments that that were unexpected or that you enjoyed on that panel?

Frederick Golding: Jim, is a riot. Jim is always a lot of fun to talk with and sit with and and yeah, I mean it was it was it was definitely it was definitely a good time. It was definitely a good time. I know you know generally the the the three of us will kind of veer a little bit off top if you give personal stories and.

um but yeah I mean Keith 30 doors that he has he took his his knowledge from engineering from doing this for other people to being a broker or being a real estate agent, still being an investor, helping himself. Real estate agents, we help people buy investments, build a portfolio. We should be doing more of this for ourselves. We're doing it for other people. You know, most real estate agents will we will work until the day we're in the ground. One of it because we just it's who we are.

Host: Yeah.

Frederick Golding: But also, I'm afraid that some folks aren't putting enough away for retirement. Whereas, if you build if you take the time to little portfolio, you got more of a cushion in the slow times, but also you got more of a cushion when you want to slow it down in your later years. So, you have the opportunity to do that. Um, that was that was great hearing Keith's story on that. Uh, he is very creative. I like that, too, where, you know, you see a distressed property, it was in his neighborhood. See a distressed property, find out who's in charge of the city, try to help them. If he's not going to be the one to buy it, he can help them get somebody else to do it.

Host: Mhm.

Frederick Golding: And move that property along. Yeah. And help, you know, his whole community. He helped his neighborhood bring that property up. So, yeah, why not? There's nothing wrong with getting creative and be tenacious. Yeah. Find out who it is that has the answers or is in charge.

Host: Mhm. Well, I know you must uh you must hit a lot of these uh a lot of these conferences. Um this one we're we're kind of wrapping up now. So, looking back on on the last couple of days. What have been some real highlights or some success stories that have come out of this for you?

Frederick Golding: So, I would I haven't been to Fort Worth since 2009. Okay. And last night, Jim and I went to the stockyards. I had a fantastic bison steak. I think it was worth it to mention. It was wonderful. Um, but yeah, just the networking with folks and and hearing other people's stories and the takeaways and the time that the asset managers are giving to be on the panels as well. And what I like about Velocity is that it's more of an intimate setting. You can make a better connection with people. You have more time to be able to spend with people and sit down whether it's in between like they did in between sessions this time. I thought that was fantastic. It was a great idea.

or you know networking throughout the hotel throughout the venue. Um but you know they're here sitting down willing to have a conversation with you. And it's not just the asset managers and the people that are the decision makers. It's also your peers.

Host: Yeah.

Frederick Golding: Now, I'm I'm big on referrals. When the moratoriums happened in foreclosure that way back the recession, great recession, having referrals is what kept the lights on for me. And it was referrals from other agents, referrals from past clients, referrals from everybody that you know. You know, everyone you meet could potentially be another branch to your business that could help you. And at the same time, you're helping them, too. So, the people that that I'm meeting here. You know, I could have a lead for them. I met somebody in California. Okay. I don't know a whole lot of people in California, but I might in the future.

Host: Yeah.

Frederick Golding: You know, that's a possibility. I might in the future. So, yeah, I know who to refer it to.

Host: Absolutely. Well, thank you so much for sharing your time and your thoughts with us. Uh Frederick, uh do you have a website or LinkedIn or anything you want to throw out to us?

Frederick Golding: Yeah, absolutely. It's redgolding.com. Perfect. That'll take you right there. My wife and I have a real estate team together. We're GQ Home. but we're rebranding as Golden Homes. Uh so you'll see Golden Homes change, but right now it's it's still GQ Home Team on the website.

Host: Perfect. All right. Well, thank you so much for your time and thank you everybody for watching.