Scott Groves has a common origin story of most loan officers in the residential space. He started in 2000 and rode the wave all the way to the financial crash of 2008. He went broke and spent most of the next decade, in his 30s, digging out of a million dollars of debt. Today, he works on the mortgage side and has an enterprise level coaching program for the entire company, where he coaches about 140 loan officers.
He sees the current tensions in today’s market as a completely different situation. In 2008, homeowners were dumping their mortgages in the 2008 crash, mostly because they had very little equity in their home. Today, most homeowners have a very sizable amount of equity and home prices remain high. He says those who are renting need to find a way to purchase a home, even if the short-term costs seem higher. Long-term, home ownership is a path to wealth creation and he believes it is the best non-governmental way to redistribute wealth and reduce the gap between the ownership and non-ownership classes of society.
Join Scott Groves and Host Dan Lesniak as they discuss…
∙ Today’s real estate market compared to the market of 2007-2008.
∙ Why home ownership is the path to wealth creation, even when housing prices are high.
∙ Why those who work in any commission field, including real estate, must be relentless about databasing.
∙ How today’s home interest rates are still at historical lows, despite the very recent rise this year.
QUOTES TO SHARE
💬 “Just look at real wage, income growth, blue collar workers and white collar workers, their income has exploded over the last decade.” – Scott Groves
💬 “We've got a whole generation now – 15 years of homeowners – that have real skin in the game, real down payments, real underwriting, real verification of income.” – Scott Groves
💬 “5, 6, 10 years from now, you're going to be several $100,000 to the positive by being an owner versus a renter.” – Scott Groves
💬 “We're entering a society where the size of your database is going to be just as important as the quality of your work.” – Scott Groves