How to Get Tax-free Money From Your Next Real Estate Investment With Fred Glick and René Pérez Jr. Of Arrivva

Here’s a glimpse of what you’ll learn: 

• Discover how real estate investors can unlock tax-free money through rebates
• Explore the benefits of investing in commercial real estate
• Master crafting offers and reverse offers
• Uncover the flaws in real estate industry standards that can cost you
• Get insights into stock market fluctuations and what Rocket’s acquisition of Redfin means for real estate
• Learn how to navigate FSBO listings, avoid low-cost MLS traps, and understand strict selling requirements
• Know the truth about mortgage rates. Hear why some lenders charge you more despite having the same base rates
• Discover how changes in MLS data access are shifting the game for buyers, sellers, and investors

In this episode with Fred Glick and René Pérez Jr.

“How can I keep more of my money when buying or investing in real estate?” It’s a question every investor should be asking—but the answers aren’t always obvious. 

Fred Glick and René Pérez Jr. of Arrivva break down the hidden ways to maximize profits, from tax-free rebates to smarter negotiation tactics. Are you unknowingly overpaying? What industry shifts could impact your next deal? And what’s really going on with commissions behind the scenes? Tune in to uncover the real estate investment strategies the industry doesn’t want you to know.

Resources mentioned in this episode

• Fred Glick on LinkedIn
• René Pérez Jr. on LinkedIn
• Arrivva
• Fairhousing.io
• Redfin
• Zillow
• Realtors Hate Me

EPISODE TRANSCRIPT

[00:00:23] Drew Thomas Hendricks: Welcome to another episode of We Fixed Real Estate.

Today, we have Fred and René on the show talking about reverse offers and a bunch of other things, including how you can get some tax-free money if you’re an investor through rebates.

[00:00:36] Fred Glick: Yeah, and by the way, it’s tampering day in the National Football League. I love that. Just tamper away and then you can sign on Wednesday.

You don’t think these guys have been talking agents to whomever on burner phones for the last month. Anyway, so go Birds. Tampering day in the NFL. Yeah. Look it up.

[00:01:01] Drew Thomas Hendricks: I will.

[00:01:02] Fred Glick: ​We’re not a sports podcast, so just look it up and Dallas Cowboy fans, just don’t look. That’s not worth it. Anyway, yeah, so we have been doing residential real estate for, I don’t know, decade now and giving out rebates. And, God, we’ve I can’t even calculate off the top of my head how much but I’m sure it’s in the millions at this point that we’ve rebated to people. We have a couple of builders in California who’ve used us and they love it because when they buy a house through us they, let’s say, you know, in a typical situation, the listing agent has already basically told us they’re going to pay 2. 5 percent because they’re all paying 2. 5 percent or 2 or whatever, because number one, they tell the seller, “Nobody will buy the house unless you pay that. Nobody will show it.” Number two, the list, the buyer brokers are expecting it. Number three, the listing agent also wants to be part of the buyer broker thing, so they want to make money from.

Conspiracy continues from the cartel. So let’s take advantage of them. What they’ve been doing is let’s say a million-dollar deal. It’s 25 grand. We get paid just under 10.

So they got a little over 15, 000 dollar in tax-free money because it’s just adjusted to the basis of your property. So it’s going to get calculated in your capital gains, numbers years down the road or whenever you sell, but still it’s tax-free. But here’s the thing. You buy a commercial property. Let’s say it’s a million-dollar commercial property.

It doesn’t matter what it is. Industrial office, apartment building you can go in and make an offer at a million dollars or make an offer at a million dollars, plus 100, 000. Okay, make, make it a million one. Why? Because you’ll then get 100, 000 dollars, less 9750 back to you. And you’ll have that as capital to start the improvements on the property.

It’s tax-free money, guys. It’s crazy not to go through us, especially as a buyer broker. Period. We just closed on a, I think it was a 7 or 9-unit apartment building in Mountain View. We’re listing a property that is a storefront in San Francisco. So we’re getting into commercial. I’ve done commercial over the years.

We really haven’t been pushed this, but we’re going to go out and now be available for commercial property. We think it’s great and we can do it in California, Washington, Colorado, Texas. There’s a lot of listings. Yeah, we’re licensed in Georgia and yeah, we can get into Pennsylvania at this point, but those are the main places.

So I really want to get into this.

[00:04:07] René Pérez Jr.: It’s a good way for buyers that I know that there’s a lot of people that go on Instagram or their social media of choice, and they hear about how they can become investors and get into real estate space. For the most part, if you’re trying to get like a duplex or a triplex.

They’re going to be, well, you’re going to have a lot of competition to say the least. Right? So there’s a lot of options for where the top floor is a residential and the bottom floor is commercial, which is what’s happening in this piece in San Francisco and that’s going to have a little bit less competition.

But in that, you’ll probably have a better time as a first-time investor than getting into a residential deal, because if you think about it, a commercial lease, you’ll have, you’ll be able to have someone for a longer term. So, you’re not going to have the turnover that you would expect from a regular tenant and, you know, what.

What happens a lot when you’re renting a property and you’ll soon realize it. Let’s say you put it on a market. Let’s say you’re going to rent out a property for 3000 dollars. Well, let’s say that you price it too high and you have it for a month and a half empty, and let’s say that you get a year lease and at the end of that year you have, again, turn it over, clean it. You’re not really making that rent, right? So it’s super limited and into that.

And if you have to do that over and over, I mean, that’s why a lot of long-time landlords decide, “Hey, I’m not going to price my house to the top of the market. I’m just going to get less than what I could get.” Because you know that overall in like a five year span, you’re better off just charging less than like the market rate that you have loyal tenants.

And you don’t have to deal with that if you’re in the commercial space where it’s more normalized to have those 5-year leases, 10-year leases. Obviously, you know, it’s case to case but at that point, there’s more of a, you know, there’s less stress in your life. Of course, the commercial space in general is getting affected by the lack of need for office space. So there’s a lot of it. But for those that are trying to get creative and, you know, I think at the end of the day, even if you don’t even lease it out, it allows you to have a way to say, “Hey, I’m going to be an entrepreneur.”

[00:06:35] Drew Thomas Hendricks: Right now with the, you know, the whole commercial real estate space has been decimated over the last 4 years since Covid. And now my, now with this whole return to work initiative and office spacing people going back to the actual office, I think that it would be a kind of a key time to start delving into that market or dipping your toe into it.

[00:06:55] Fred Glick: Yeah, and look into things like the fact that you know, evictions, if you have someone commercial, it doesn’t pay, you can get them out pretty quick and they have, they don’t have the rights that a resident does of a space that they live in. So, it’s a whole different world. Financing’s not as good. By the way, we can arrange for that.

So, you know, look into it and there’s people already into this space who understand it. That’s who we’re trying to reach. You know, don’t just pick a regular buyer broker. We’re experienced in it. We know what’s going on. We know where the cap rate is, little things like that. So it’s just, it’s just really good to get free money.

That’s why we’re looking at it and offering that out to people.

[00:07:47] Drew Thomas Hendricks: Oh, that’s fantastic. Let’s talk about constructing offers. In the pre-show, we were kind of talking about the concept of a reverse offer. So it’s intriguing to me that they always say in negotiations, the first person is, put out the number as the weaker hand, or is there anything to,

[00:08:09] Fred Glick: Yeah, that’s, well, yeah, we’re like, we don’t call and follow up, you know, “Hey, what’s going on? You know, those are our clients who are too interested, but, you know.

It could be an interesting thing that the seller and it is obviously this is the case. Depends on the market if it’s a situation where the market’s crazy and you’re gonna have multiple bids and this is ridiculous. But if you’re in a state that’s for an area that’s got very minimal activity and there’s buyers out there, but they’re not stepping up to the plate, go out as the listing agent put together the perfect offer that’s reasonable that you’d want to be able to give out.

So, I’ll say it’s a 500, 000 dollar property, listing. And you as an agent know it’s, you know, it’s going to appraise for 500, 000. But maybe what you do is you go out at, I’m just making these numbers up, 495, 000, give them a 5, 000 dollar credit towards closing costs, settle in 32 days. Allow them to have an appraisal contingency, a mortgage contingency, inspection contingency.

Just go out there and line it up. You can even do this in the private remarks of a listing. So it’s in the MLS. It’s like, look, here’s our bottom line. We need these things. We can go a maximum number of days to close. We have to close by this date, but we’re flexible on the price. We do need you to have a pre-approval.

It doesn’t have to be fully underwritten. We’ll give you 10 days for a mortgage, seven days for inspection, or whatever. So it’s like you’re putting yourself out there, but then it’s like having that fully underwritten pre-approval for this giant amount. It doesn’t mean you’re going to bid that much or that the seller’s going to say, “Hey, look, you can afford more.”

You’re, you don’t have to sign for that. This is the same on the seller side. It’s like, “Look, here’s what I’m going to do. Here’s the best I’m going to do. If you don’t come out this, you know, I’m going to counter you and the same thing I just put in here.” So now with the seller really, really, really wants.

It’s not for every deal, but it’s just a thought because you know, if a seller has a bottom line, they’re comfortable with. Why play the game? Especially in a quiet market. Cause nobody’s going to bid it up to 550. So just try to get the deal done.

[00:10:47] Drew Thomas Hendricks: Especially in a quieter market. And I can see the other context where you’re a buyer and this is probably the first thing I thought of.

And you do see a lot of the house has been on the market for a while. It’s dropped down in price maybe twice, but you, you’re kind of afraid and you don’t want to insult the seller with a low offer because you see all the stuff that’s needed. Can the buyer can then say, “Well, what do you want? Give me an offer.”

What would the ideal

[00:11:12] Fred Glick: Right? Like, and there’s things like the closing date, you know, the seller needs X number of days. So tell them that so people don’t come in longer or much shorter. So it’s like, I need to this date and we go through that all the time on a regular basis. And I think on every deal you should put, “Hey, this is what the seller needs for closing, or we’ll accept, you know, between 15, 30 days” or whatever, that should actually be a line item in the MLS that’s optional.

You know, are they open to a seller credit? Yeah, depending on the net, you know, it’s the same question as you’re asking about the buyer broker fee, you know. So, it’s just making things go a little smoother, a little faster, and you can show exactly what a seller wants. You can always pull it, you know, try it for a week, see what happens.

[00:12:05] Drew Thomas Hendricks: That’s interesting. René, have you ever utilized the reverse offer tactic?

[00:12:12] René Pérez Jr.: It’s hard to kind of say, like, “Hey, this tactic is going to work all the time.” So I think it’s just a mixture of using everything. Really? There is no winning tactic. I know that Fred and I always kind of fight us, like, how to do the offers as well.

But it’s tough to know. I think what we should always kind of assume is that the people on the other side are not savvy. And you know, we are in a, one of the probably worst industries that can exist because there’s no actual requirements. There’s in other industries, let’s say that you want to work for Google, right?

You work for Google, you have to go through an entire interview process. And if you’re not qualified, they go with someone else. You’re in the real estate industry is filled with everybody who, “Hey!”

[00:13:02] Fred Glick: That’s chasing you. Yeah.

[00:13:04] René Pérez Jr.: Yeah, so it’s just a volume game of hiring everyone. And the tax code also allows for this, right?

A lot of people will have high-paying jobs. Like, let’s say a doctor or lawyer or whatever it might be if their partner does more than 50%. And I think it’s like a certain amount of hours per year. They’re able to get special treatment for their taxes. There’s a lot of tax deductions for that.

And I, I should probably have that in front of my, in front of me so that I can kind of be a little more detailed, but that’s why the industry is kind of so broken. And, you know, it’s, yeah, I don’t, I don’t want to go into that rabbit hole kind of right now. Yeah, well, we’re kind of dealing with, and it just sucks because the people who are writing offers in properties that are less than a million.

They’re the ones that are going to be affected the most, because those are the people that have to work with agents that are novice and then realistically, won’t get offers, won’t get listings. And buyers who are looking for the 2 or 4 million dollar houses because those people know that agents are usually full of, you know, you know what?

It really is a consumer that is looking for things under the million-dollar range and with lower credit scores. It’s tough to use negotiation tactics when people just don’t follow the rules anyway.

[00:14:33] Drew Thomas Hendricks: It is and that’s where the money is. You talk about no winning strategy, but the total winning strategy is understanding all the context and nuances to make the right decision in each scenario.

[00:14:44] René Pérez Jr.: Yeah. And with that being said, I think that we can look at the stock market because the stock market has just been dumping the last few days.

[00:14:54] Drew Thomas Hendricks: Every single day.

[00:14:56] Fred Glick: Everything’s been dumping. Even what’s interesting to me, I should say, and I finally heard something today is the 10-year treasury should be below 4%.

Because of all the people with the flight to quality when you take your money, you put it in the U. S. Treasures. Well, what we found out is there’s foreign countries that are selling the 10-year treasuries as the safe haven. They’re putting it back in their own money, at this point, because of they don’t know what the hell, nobody knows what’s going to happen and what’s going on and things get changed every hour.

But the bottom line is the markets are saying like, no, this is going to be a nightmare with the tariffs and all the other crap that’s going on and they change it every minute. You can’t run an economy like that. You can’t run a country like that. You know, I love these guys coming out, “Well, there’s a correction and it’s okay that it goes down. Stock market goes down a little because the longterm,” give me a break. You know, this wasn’t like the Einstein of mathematics and economics figuring this out and say, here’s, and putting it in ChatGPT thing and I’m saying, “Here’s the plan,” to keep our economy going and all that. No, this is by the hip economics, I mean, it’s just like.

We’re not going to get started. I already predicted the recession, but the interest rates should be lower but that’s why not, unfortunately.

[00:16:29] René Pérez Jr.: Well the reason I mentioned the stock market for it is because I was giving you an easy one for you to talk about Redfin.

[00:16:37] Drew Thomas Hendricks: Yes.

[00:16:40] Fred Glick: Well, that’s a stock deal. Is Rocket public? I don’t know.

Yes. So, the only stock that today is like mega green is Redfin because the shareholders are, are getting out with a good return, but Rocket stock was lower today. Cause when you acquire somebody, it’s you’re paying out money. So you’re also giving out a lot more. He gave out 2 billion dollars of stock.

Where did it come from? It’s going to be a new issue. Okay. Rocket bought Redfin for stock is like 2 million bucks. Something like that. All stock purchase. So they have to issue new stocks. And the value of the stock is going to get devolved a little bit. And that’s why it’s down.

But I mean, the idea is they want to get, you know, it’s all about data. They’re going to have every bit of data on every Redfin person. Match with every Rocket person. They’re going to know when you should refi. They’re going to try to just do okay. And we’ve always liked Redfin and respected them and the model. And I don’t know if Glenn’s staying with this or I guess he is because I don’t think Rockets got somebody they want to put in.

I don’t know. But it’s a beautiful thing. I mean, so what they’re trying to do is mix the mortgage and the real estate together as a one-stop shop. It’s exactly what we do without advertising it. We do both real estate and mortgages. Now look at a million-dollar transaction. A regular agent charges you 25, 000 dollars, 2.5 percent.

We charge you just under 10. You’ve already saved 15, 000. On a mortgage because the way mortgages work, and let’s explain this again very simply is Fannie Mae puts out their pricing. Basically, everybody gets the same price, every lender, and then they add a margin to it. That margin is always a percentage.

So, they’re going to take, let’s say they take 1. 5 percent of the mortgage amount. Okay? And what we do is charge a flat fee of 4, 750 dollars. So, the difference, you do one and a half of 8, 000, that’s 12, 000 dollars. We’re charging 4750. There’s 8, 000 dollars you’ve saved in what we charge. But the real savings is that means we’re going to be an 8 to a quarter percent lower in interest rate.

Just suppose that out 10 years, you don’t have to go 30, you’re going to be saving a hell of a lot of money by using us. We don’t call it a bundle, but you’re bundled with us.

[00:19:29] Drew Thomas Hendricks: Yeah.

[00:19:30] Fred Glick: So this, this kind of legitimizes what we’re doing and we’re doing it with extreme full service. It’s my new name for it. Extreme full service.

It, you know, it just makes a lot of sense. So let me now dive into the dude in Boulder, Colorado, selling his house by himself. I Hate Realtors on TikTok is his name. He’s a marketing guy. He’s been in tech. He has a fantastic delivery. He could be giving out the evening news. This is the CBS Evening News with whatever it is.

No, it’s got a great delivery. So what he’s done, he’s got his house under contract. He made Zillow change their algorithm so that an FSBO can be on with every other property in Colorado. It’s interesting about the REX case who wasn’t allowed and went through the courts and at the whole seven hours dissertation on that with lawyers, but allegedly he’s starting his own buyer, broker, or seller, or some kind of fixed price real estate company. And I just want to say thank you to him for justifying what we do. And we are licensed in Colorado. We haven’t really pursued it there, but we’re going to start, we’re actually looking for an on-the-ground agent in Colorado to handle the leads and get business, go to fairhousing.io for all the details. But yeah, he’s, he’s, you know, between the Rocket, Redfin and him, they justified our entire model. So, would you go anywhere else?

[00:21:20] René Pérez Jr.: To talk a little bit more about Colorado in general?

So, one of the things that happens in Colorado is that if you are trying to list your property there’s a minimum of work or value that an agent has to do to perform a listing. So, let’s say that you were trying to hire someone to only do the paperwork.

Well, that then you can’t get a real estate professional to help you, right? It has to be for sale by owner. So there isn’t, I know our model, for example, is to do full service. We include everything, right? But there might be someone who already has, you know, everything set together and like, let’s say they don’t want us to pay for the cleaning and find cleaners and all that and have the sellers do that independently.

The Colorado legal system doesn’t really allow for them. So you want the, they want the real estate professionals to be involved in every single thing. So, I think it’s a good thing. I wonder what he’s, what this Realtors Hate Me guy is doing in terms of like, how can he operate without a broker that he wants to start a company. So that’d be fun.

[00:22:35] Fred Glick: I don’t know. Maybe he has a broker. We have no idea of the details.

[00:22:40] Drew Thomas Hendricks: What’s the minimum amount of effort that you have to do though? Is there, you have to track your hours like you can’t. You say, yeah, there’s a minimum amount of things that you need to do to be recognized.

[00:22:50] René Pérez Jr.: I didn’t really read the full ruling on that, but it’s mostly you have to be, say, you’re going to be full service, right?

And the problem is that a lot of these companies that will help you, like, let’s say in California, you can find, you can find companies that will charge you like 4k to only do the paperwork and do like 1 showing. Or whatever.

[00:23:14] Fred Glick: Oh, you can get 250 bucks and we’ll put it on the MLS and do nothing else.

[00:23:18] Drew Thomas Hendricks: Yeah.

[00:23:18] Fred Glick: Yeah. You’re stupid to do that. I mean, there’s more to it than that. You know, if it was me personally selling my own house and I used to be a broker and I just retired, yeah, I could be able to do it. I can figure it out.

[00:23:31] René Pérez Jr.: But you can’t do that in Colorado.

[00:23:33] Fred Glick: Correct.

[00:23:34] René Pérez Jr.: Colorado, have the A through Z and have someone like us, for example that is full service at a fixed fee to help you.

[00:23:41] Drew Thomas Hendricks: So, very important point, because if you do a search for flat fee real estate, you’re going to get two very different type of search results. You’re going to get those 500, 250, we’ll list through the on MLS. Then you’re going to get all the full service, like Arrivva that’s been leading the way there, and there are 2 very different ways of going about it. Give the user two very different results.

[00:24:05] Fred Glick: Without a doubt, without a doubt, but, you know, there’s just cheap people that would just want to try it.

Oh, I don’t need an agent, blah, blah, blah. And then that’s when you run into ridiculous amounts of problems. The other thing is you don’t have access to the forms in California. Colorado, you do because they’re, they use the state has dictated what the forms are going to be. So it’s easy. So has to be full service, but the forms are there.

[00:24:33] René Pérez Jr.: The next slide will be in terms of the MLS and clear cooperation that exists right now because it used to be that even Zillow and Redfin, they would have more data as to showing what a property was listed for and what it eventually sold for.

If you go on Redfin and Zillow lately, you won’t really find a lot of that. What you will see is that now you have to be an agent and be able to look at the, the actual MLS to see what the history is. And days in the market. You know, that’s something that the MLS has, and then some brokerages are fighting and that’s what they’re using as a reason of why you should only sell off market or do their own in-house website. Yeah. So we’re gonna see a couple changes in that. I think that theoretically, Zillow becomes a new MLS, right? And, well,

[00:25:34] Fred Glick: They are. They get the fees every for MLS.

[00:25:38] Drew Thomas Hendricks: But in these areas of consolidation, this is a perfect chance for Fred. Perfect chance for the next episode of Fred Predicts. So. Redfin… Glick Predicts. So people, people, consolidations teams seem to follow a pattern, and out to the layperson like me, I would see Redfin and Zillow being kind of counterparts if Redfin merges with. Rocket, where does Zillow go to differentiate itself or actually add that type of service?

[00:26:10] Fred Glick: In there, done that, they advertise they’re competing with homes.com. Homes.com, you should avoid with. Just run. Do not go to that site. And I’ll tell you why, because they will contact you with the listing agent. The listing agent will then try to do dual agency on you. Dual agency is when one person represents both you and the seller. It’s like having a lawyer where you’re drunk driving issue, also be the prosecutor.

It’s insanity and they’re promoting this. That’s their whole business. My, “Hey, you can talk to the listing agent.” But you don’t want to talk to the listing agent. And also the listing agent’s going to tell you things that they wouldn’t tell us. Or they will only tell us as agents things because we’re smart enough to ask the right questions.

So yeah, homes.com is just a nightmare. Zillow, Zillow will keep advertising, Zillow keep doing what they’re doing. They’re paying their 40 percent, getting their 40 percent kickback from the agent. So it’s costing a client more. Don’t sign anything with any Zillow agent. If you accidentally click on something, “I want to see the property.”

[00:27:26] René Pérez Jr.: Have your buyer broker arranged for any properties to be shown to you. Zillow has already been doing loans already. And then apart from that, yes. So apart from that, Redfin actually laid off. Actually, maybe Redfin’s not doing as good as they, as we think they are, but Redfin did lay off a lot of their workers who are working on rentals and Redfin actually signed a partnership with Zillow so that Redfin takes over the rental business.

So, Zillow is the king of the rental space and they own truly a, as well, right? So that’s how they’re the big differentiator because sometimes. Yes. I mean, that goes kind of as a cycle, right? If you’re renting your property, you’re usually a landlord and maybe when, when you’re thinking of selling, well, you’re just going to go directly to Zillow.

[00:28:18] Fred Glick: Yeah, but Redfins laid all those people off so they could sell the company, you know, and Zillow, obviously, Rocket didn’t want the rentals because they don’t make money on mortgages from rentals. So I said, go ahead and do it, cleaned it up. And that’s why it happened. I’m sure.

[00:28:42] Drew Thomas Hendricks: Wow. That’s big news today. So as we’re pushing the end, let’s talk about market conditions. I know we always talked about the stock markets and turmoil. There’s not a lot of clarity about where we’re going in the next two to three months. As far as business and economy wise, how does that going to trickle down into the housing market if people have lost faith in the 10-year treasury note?

[00:29:08] Fred Glick: Depends where you are, if you’re in California, you know, you’re still buying.

We had a 7 million, house that was less than the most, Los Altos, had been on the market for a while and they’re kind of refreshing the listing up. Set an offer date. Our people bid, René? 7.411 and it went for seven six. Okay, so, you know that stuff still, still happening.

San Carlos. We had a house in the flats. It was nice. Very pretty. I think they were asking 2.1, our buyer 1st-time buyer, 1st offer bid like 2.3, and felt like they were pushing it and wanted to go for really like 2.5.

[00:30:03] René Pérez Jr.: So you’re going to see a lot more buyers coming in the market. This, this cycle, it seems that it’s more of a normalized market of people like, “Hey, we went to go to sleep in November, December, and now we’re awake in the spring market.”

I think we see that change more clear than the last couple of years. I think that since mortgage rates do seem to be getting lower, that’s going to bring back a little bit of the buyers. And you’re also going to see a lot of the sellers who have been holding off and are now thinking of selling.

As you remember, it is 2025 and what happened 5 years ago, the pandemic, so you do see a lot of those you know, 5-year, financing terms that are, you know, needing to be refinanced. Some people like

[00:30:54] Fred Glick: Five-year ARMs. Yes. Most people took fixed rates back then because they were in the tubes.

[00:31:00] René Pérez Jr.: You’ll see a lot of people have that, I’ve just seen how the market kind of shift in the last couple of years. I mean, the people who really bought it in 2022, right? Who maybe change their mind, or they wanted to upgrade their houses and they saw that the rates, you know, were too high and they didn’t want to leave their rate behind, now it’s like, “Hey, look, you know, what rates seem to have stabilized and they’re going lower. And now I make more money. I want to upgrade.” So you’re going to start seeing a lot of more sellers.

[00:31:31] Fred Glick: Even though the rates went up, the values went up, which is kind of an anomaly, but is where it is. But flip side, if you’re looking for condominium in Cape Coral, Florida, there’s, I don’t know, 250, 000 of them on the market and you can have your pick.

But you can’t get them insured, you know, other than that, it’s fine. You might see people coming in and literally taking over people’s mortgages illegally saying, “Look, I’ll just take it over for your mortgage amount and I’ll make the payments on the mortgage.” And they do a wrap second mortgage for a dollar more than the current first mortgage.

And then they make one payment, but you know, there’s a do-on-sale clause, kids. Careful of that when you’re trying to sell a property, not all mortgages are assumable. But there are illegal assumptions that people do. You might not get a title company to ensure it. It’s that might be a problem. But yeah, so be careful out there, kids.

[00:32:36] Drew Thomas Hendricks: Yeah, like, how would, you know, I mean, that it’s nearly a mortgage

[00:32:41] Fred Glick: Because you can get a copy of the mortgage. It’s recorded. So you can look at any, any Fannie Mae mortgage is pretty much not assumable. There are VAs that are suitable, but you know, you might have to make up the difference between the price and the mortgage balance.

So, you know, you see these things quite, “Hey, two and a half percent assumable mortgage.” Yeah. It’s 450, 000. You’re asking a million eight. So what good is that? You know? So look at the numbers and numbers have to make sense.

[00:33:19] Drew Thomas Hendricks: And sometimes if it’s too good to be true, it probably is.

[00:33:22] Fred Glick: Exactly.

[00:33:26] Drew Thomas Hendricks: Well, at the end of this episode, we’ve learned there’s no free doughnuts.

The 10-year treasury note is gone to hell.

[00:33:31] Fred Glick: Wait, wait, wait, wait, wait. You’re telling René there’s no free doughnuts?

[00:33:34] René Pérez Jr.: Yeah. Well, actually that’s a good thing.

[00:33:36] Fred Glick: Oh my God.

[00:33:37] René Pérez Jr.: So, so yesterday there was actually free coffee at Krispy Kreme for the time change. Secondarily. Just found out that the Taco Bell dessert churro is gone.

So if you guys missed it, didn’t go the last month, it’s no longer there. It was, I think, the best, the best fast food dessert that I’ve ever had. Tasted. So it was

[00:34:06] Drew Thomas Hendricks: That’s a lot because this kid eat Krispy Kreme. Like they’re not going to

[00:34:10] René Pérez Jr.: It’s good. It was a sad, sad Monday. Certainly.

[00:34:14] Drew Thomas Hendricks: I stand corrected. We did learn that there are free donuts, but dessert churro is off the menu. Well, start your letter-writing campaign. They’ll bring it back.

[00:34:22] Fred Glick: Okay. I’m out of that exciting word. Hey. Go birds.

[00:34:30] Drew Thomas Hendricks: Go birds. This has been We Fixed Real Estate with Fred Glick and René Pérez and that’s it.