0:00 guests, I'm your host, Dave Martinez. Today we have returning guests Mr. Ed Park Co. He is a mortgage lender. If you have not seen that episode, please go check it out. We cover the do's and do nots of mortgage buying your first home. And he has a book we'll talk about a little bit later, I'll probably show at the end. But today is deal breakdown. We cover co interesting stories. And what's your cool, interesting story you have for us? 0:20 Alright, so this is what I'm gonna tell everybody do not do your own divorce. All right, had a guy who him and his wife were married, they were community property with rights of survivorship, they decided to do the divorce themselves. And he did it online. And they didn't address the ownership part of it. They go through the divorce, they're going to refinance the property do different things she passes away right away. Right? If you look at community property with right oversight, or or survivorship, again, talk to the, you're gonna see that and I'm actually what it went over to him during that process. But since they went and gotten divorced, it automatically turns into tenants in common. So now her half has to go through probate to do the daughter and everything else. So what I'm getting at is don't do this stuff yourself, hire professional and make sure that you deal with the property that you have. So it doesn't come back to bite you in the end. What 1:17 that is, okay, so I have I know nothing about this. I didn't know you can do your own divorce paperwork. 1:23 You do it online, take it in and the guy's like, well, the judge didn't say anything. The judge isn't gonna give a shit. He's just like you guys used to getting divorced. You agree? Okay. Boom. He didn't know Yeah. To house. He didn't know that stuff. They don't pull up property profiles. Wow. Yeah. So I was doing a refinance. So he could pay off his, his dot, you know, stepdaughter, whatever. And then come to find out titles like no, this is tenants in common. Now, it's got to go through probate. And so they're trying to do a short probate of that trust attorney that does that. And I'm like, can you take care of this? He's like, yes, me this, this and this. So Oh, my goodness. 1:59 This is crazy. That's, that's crazy. 2:03 Just that's what I'm that's why I always tell people do you know, check with an attorney. Because if you talk to escrow, escrow doesn't advise you of what you should take title as, but most people take it as joint tenancy. joint tenancy, if they would have been divorced, it would have stayed joint tenancy, until they made the change. And then she passed away, guess what it would have meant to him, then he could have done what he thought was right or wrong at the time, because they didn't have she didn't have a will, she didn't have anything. Oh, my goodness, and a will only the will only gives you what your you want the probate court to do you know that you need a trust, and a will so that you don't have to go through probate. But if you just have a will, it just tells the probate person, this is what I want it done with my property and everything else. 2:51 Talk to seek professional help. I think the main point of this one, seek professional help, and whatever you're doing, that judge doesn't care, the escrow officer doesn't care, they only do the only there to do a certain part of the transaction. That's it, you will 3:05 see the escrow people don't do anything that they used to do us lenders, put the loan, put the CD together Loan Estimate together, they just like yeah, those fees are right. And they give us the money, whatever. I don't know why they still charge as much as they do. Because they don't you know, it used to be we give them the numbers, they would do all the disclosures and all that stuff, that change and we do all that stuff. And I'm like, why are they charging what they're charging? That's why I use Atlas title. You know, Atlas title is no find them they their buyer side. Right. So other other companies, buyer and seller side, you know, all that costs there. They're only what their full costs is the buyer side of that transaction, meaning that they're half of the cost. Wow. Yeah. And they we use them for refinances for years, and then they opened up offices all over California and throughout the country. And they're just they have the same plans for for title. I mean, it's not like it's a different title policy, or it's one is better than another. It's the same. Yeah, this is cheaper. So way cheaper. I mean, I was doing refinancing in costs for refinances. I could do a refinance cost of like 16 to 70 100 bucks for Title escrow everything all my fees all in including prepaids Atlas title. 4:33 That's so crazy. 4:35 Because down there you guys use separate title and escrow companies up in Northern California. We don't. Everybody's connected and they're supposedly they get a deal by using them. When I went from Southern California up here. I was like holy shit, this place is backwards. Because down there use escrow instructions and you figure out the vesting up front before you do loan documents up here. They do the vesting at the end, huh So we have to come up with a form ahead of time to give it to, you know, draw docs and everything else. So it's just, yeah, it's totally different world. 5:09 So seek professional help, as the as the main thing, 5:12 don't do it. Yeah. I mean, there's some things you can do yourself, but you, it's going to cost him probably, I don't know, 20 grand now, to go through probate. Yeah, because the average probate is around, you know, 14 to $40,000, depending on what the size of the property is, and all this stuff. So 5:32 have a will have a trust, have all this stuff set in place? 5:35 Well, you have a group of people, you refer all your people to a trust attorney, you know, financial planner, so that they can get their kids you know, college things put together, send them to all that have a whole group of people you send them to and just say, Here's everybody I work with, and then they'll refer you to the one thing you should be going after the divorce attorneys because only they changed hands right now is major life events, divorces, deaths, track job transfers, those are people selling and 100%. 6:06 Is this all in your book, by the way, by chance? I don't know. We know my book 6:10 is just about buying. First time like a first time homebuyer kind of thing. It's not going to talk about that whole trust thing. But it does talk about how I help two of my good friends. So buy a place in San Clemente duplex, a block a block from the beach, and they and they Airbnb, one side, they live in the other side. And they've been doing it for I don't know the last seven, eight years. And they bought it for 950,000. And they did like 11% down because I did FHA at the time, and the things were 2 million now over 2 million. So 6:46 where can people find you online? Where can find your book, and we're gonna find in your podcast, 6:49 same thing I just told you, Ed Parco everywhere. 6:52 I know, this is a new app. Oh, sorry, I 6:54 apologize. You can find or you can find me everywhere under Ed Parco and parco.com. And the easy way to find my book is just get Ed's book.com That's get Ed's book.com takes you right to my website, book page. Click on the link will take you right over to Amazon. Because most people don't know how to spell Parco P AR C. Au t you know, we spell it wrong. 7:15 Jesse No, we did not record this back to back that as a podcast secret that no one knows. Thanks for tuning in, guys. Thanks for tuning in dad. No problem. We're talking we're talking in fourth person now. 7:30 How do you like this? restream. 7:32 It's, I love restream. I like the ability to pop stuff up, change the background do a lot of cool stuff in the background. I have have like us have I feel like I have a control room on my fingertips. 7:45 Because I've been using I've used them all squad casts Riverside FM. And now I'm inst in stream yard. 7:53 I have streamers very similar, but I like restream. I've been using it for over a year. So my problem with 7:58 stream yard is they got an issue. I have issues with delays. Not so I have my I have gig one gig one gig here in my office, I have fiber optic. And so I have at&t and it's fucking amazing. But if I go in there, sometimes it's like, I have a guy because I have a huge studio in here. And then the other foot radio on the other side. We do our morning show and he's like, he'll be behind a few seconds. And it's got to be stream yard because it's not anything else. I don't have an issue on any other except for stream here. 8:31 Riverside feels like it's the same way to 8:33 Riverside is really bad because they're originally their servers are in Israel. So they had to go wrong that transatlantic cable. So like, depending on when you're doing it, there's all these people on the East Coast doing their shit through there and us doing it. And so that's the problem. That makes sense. So I was like, Well, when you get servers in the United States, we'll talk but until then, because I've had it for a while and at first it was great because you can separate everything out. Now it's like no thank you takes too long. 9:00 Well, that'd be a little about podcasting, too. Thanks for tuning in guys. I'm gonna leave that into I'm gonna leave it in was good.