Rising Above Challenges to Financial Freedom (w/ Jennifer Hernandez)

When the odds are stacked against you, the triumph of the human spirit can spark a remarkable transformation. This episode features the extraordinary Jennifer Hernandez, a single mother who conquered childhood trauma and homelessness to become a top mortgage loan officer and entrepreneurial force. Her journey is a testament to the power of determination and purpose, embodied in her love for her daughter Destiny, which fueled her rise from adversity to success. Jennifer's experiences are a powerful reminder that your past does not have to define your future and that with the right mindset, you can turn the tides in your favor.

Our conversation with Jennifer delves into the role of faith and intention in sculpting the life you desire. Her narrative exemplifies the miraculous shifts that occur when you refuse to be a prisoner of your past, harnessing the power of visualization and self-love. Jennifer provides hands-on advice for anyone feeling entangled in the web of their history, advocating for the importance of forgiveness and the magnetic effect of positivity on financial prosperity. Her insights offer a beacon of hope to listeners, lighting the way to a future where positivity reigns and abundance follows.

We also address the practicalities of wealth creation, with Jennifer demystifying the process of leveraging FHA loans for real estate investment. She explains how low down payment requirements and house hacking can be the stepping stones to financial independence. Jennifer's message is clear—credit challenges are mere hurdles, not stop signs, on the road to homeownership. Closing with a rousing call to action, Jennifer invites us all to embrace our potential and journey towards wealth with the unyielding battle cry, "Let's go get wealthy AF." Join us for an episode that not only lifts the spirit but also arms you with the knowledge to claim your piece of financial freedom.

This episode is brought to you by Premier Ridge Capital.

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Transcript

Speaker 1: 0:30

This is Wealthy AF, your ultimate guide to understanding what it truly means to be Wealthy AF. And today's guest is Jennifer Hernandez. And Jennifer is a single mother of four with over 18 years of experience in the mortgage industry and has navigated through its various challenges and triumphs. And in 18 years, I am certain of that. Over the past three years, jennifer has achieved notable recognition, owning a place in the top 1% of loan officers. She's also been honored as a Scotsman Guys top producer FHA's top 50 in the nation. In 2021, she secured a distinguished number one position for FHA lending in the state of Illinois Illinois, excuse me and was recognized as the top woman originator. She's also the author of the book no One Can Stop Me but Me, and today's topic we'll be talking about from trauma to successful entrepreneur. Jennifer, my dear welcome to the podcast. My pleasure to have you here.

Speaker 2: 1:25

Oh, thank you so much and I have to tell you I'm so honored to be here and I love that title.

Speaker 1: 1:30

Yes, Thank you, thank you, thank yes. Thank you, let's go. Thank you, thank you, thank you, thank you. So tell us your story. I was recently in our due diligence and in our research when we invited you on the podcast. I heard some of your story. You have a really compelling story with your father raising you and your siblings alone and how you hit the streets and now you're top producer FHA Like siblings alone, and how you hit the streets and now you're top producer.

Speaker 2: 1:55

FHA? How do you do that? Tell us that journey. So I didn't take the traditional ways of life. I had some abandonment issues.

Speaker 2: 2:00

At 11, when my mom made the decision to take my sisters and move out of state, she allowed me and my brother the choice to move with her or move in with our father. So we stayed in Illinois and we lived with our father and he took over as soul guardian, obviously at 11 years old. That's a very trying time for a young lady, and I was, you know. I had no idea what to expect for love in all of the wrong places going to drugs and alcohol to make me feel whole, and it ended up with me spiraling completely out of control and my parents desperately trying to save me from myself by way of locking me up in adolescent facilities and different things like that as their desperate attempt to try to save me because the life I was living was going to end me up dead or in jail. I found my family hanging out on the streets of Chicago with gangs. So instead of living in the burbs and being able to walk around without any problems, I actually found my way in shootouts and being chased and rammed and living that life for a short period of time After I graduated high school.

Speaker 2: 3:18

I got kicked out of high school sophomore year straight ups, went to an alternative program after graduation, which I was able to graduate, thankfully. I found myself often on homeless between 17 and 19. And at 19,. Getting pregnant with my daughter was my reason to change. She was the reason. It gave me a reason to start dreaming and wanting more in life. So I moved out of the neighborhood. I named her Destiny because she was truly that for me, because the life I was loving was going to end me up dead. So I moved out of the neighborhood and I really started to dream right then and I seen the better life that I wanted, that I had envisioned for myself.

Speaker 1: 3:55

How did that traumatic experience shape your approach to business today?

Speaker 2: 4:02

So it gave me the ability to know that I can do anything and what my situation is doesn't have to be my outcome or my destiny. Right, Because I was young, I messed up my credit. I had to rebuild it over and over again and restart. So it was like every time I moved or every time I had a new pivot of financial gain or success in life, I had to rebuild and recreate myself and continue to evolve and look for mentors and different people who are going to inspire me to do well and be great.

Speaker 1: 4:33

So I, like you, at 16, got kicked out of my house and in New York city I slept in trains and I slept in Rockaway beach and rooftops and went through some struggles probably not exactly like you, was lucky enough not to have um, I didn't join gangs or anything like that but I remember the feeling. Can you describe to us that feeling that you had when you was out there in the streets and you had that turning point, your daughter, when you became pregnant with your daughter? That feeling, can you describe that feeling Because maybe there's a young person or a person listening to us that's feeling stuck, that's feeling like how do I get out of this? How do I become better?

Speaker 2: 5:14

For me, it's easier, when we come from some of the traumatic backgrounds that we come from, to have something else to love on, to be able to pull myself out, because the truth is is I didn't have any self-worth, I didn't have a love for myself, I didn't care if I lived or died clearly because the situations I was putting myself in showed that right. But this beautiful child was someone who was coming into this world that counted on me, that needed me to be and to show up as the better version of myself. So she gave me a reason to live and a reason to want more, and she gave me the whole new beginning to have the life that I desired, versus the one that I was born into, so I could recreate and create the family that I always wanted, you know.

Speaker 1: 6:14

Tell us about that dream, tell us about that life, tell us about that vision you had.

Speaker 2: 6:20

So it's really hard in that position to dream right. That's why we stay stuck for so long, because we're stuck in survival mode, just surviving day to day and wondering where we're going to sleep. And you know the thing about being homeless and not knowing where you're going to sleep. You can't really work because if you leave all your stuff, then you're going to lose all your stuff. You know, if you put it somewhere, you have to trust that it's going to be okay and that's all we really have is our whatever our personal belongings are the things we have. No-transcript.

Speaker 2: 7:19

I was very young and I always wanted that family. I always wanted. So I was like, ok, I'm pregnant, I'm going to do everything I can to to create this family, you know, and if that means sacrificing myself, then so be it, because I wanted what was best for my child, and a lot of parents we tend to do that, and I know I'm getting off the topic, but you have to pray, you have to know that God is your father and he is there and he is going to deliver everything that you want and so much more. But you just have to build that relationship with him. And what I didn't realize is that I always really went to him and I always had that relationship with him. It's just, you know, when things start to get good, you kind of lose that relationship every now, and then he rip us and humble us, and then we come back. Now he's made his appearance so abundantly clear in my life. I can never, ever, ever, ever, waver again. And, guys, when your relationship with him gets great, you won't need drugs, you won't need anything external. You will have this incredible peace and just light that continues to shine, and you will just know you are not alone, you are protected. He is there.

Speaker 2: 8:34

So reach out to him and just, you have to see the vision, though, of what you want, and I think what happens to a lot of us, especially like in the city, a lot of people don't see outside the streets in which they live in, right? So how can you aim for a better something if you haven't seen it? So this is what I'm going to tell you Spirit Airlines, frontier Airlines it's 50 bucks. Get to the beach, get to another side of the world. I don't care that nobody in your whole family or lifetime has ever been there. You need to do it. It's for yourself. Get out and go touch the water, touch the sand, see the world, this big, huge world that is out there, and you can do it for a hundred bucks, guys. You spend a hundred bucks.

Speaker 1: 9:17

Less than that, my friend, yeah.

Speaker 2: 9:20

It doesn't even matter. I just went in and out of New York in one day and even if it was just for one day, you have to get outside of what you live and you have to see that there's a bigger life. And now, because we have social media, you have no reason, there's no excuse. You can see the life that people are living and it's a true life and it's a beautiful life that brings so much more to you. So let's stop hurting and stop living in that cycle, and the only way to break it is to get out of it and to see it so that you can bring it to fruition. You have to see it and you need God.

Speaker 1: 9:51

So much to unpack there. My girl, I really appreciate that you said that I want to share. I've got two questions to you, but I want to share a quick story with you. You know, when I was living in New York City when I was, when we were pregnant with our first son we have four kids, my wife and I and we were just teenagers back then and I remember telling my friends right when I decided that I was going to stop hanging in the streets and drinking and doing all the dumb stuff kids do in streets and they're hanging out in the streets. I remember telling my friends I had this opportunity, jennifer, to sell insurance. That was my first opportunity in business, to sell insurance, and I had this dream right.

Speaker 1: 10:29

This guy believed in me, this older well, he wasn't that much older, he was an older white guy. But when you come out of the hood and you see an older white guy in a suit and he believes in you and he's giving you an opportunity, it was like holy crap, I'm so lucky. He said to me this one thing I remember he said if you sell a $50 policy, you make 600 bucks. If you sell a $50 policy, you make 600 bucks. And I said what? And I can do that a hundred times a month and I make $600 a hundred times in commission. And he was like yep. And he was like if you sell a hundred dollar policy, you make whatever. It was 50% of the year, that's 1200, that's $600 in commission.

Speaker 1: 11:07

And I was, I just got lit up and I remember in that moment going back to the hood and telling my friend you know, we live here in the hood and this is a hole. And I don't know where this came from. I think it was God that gave it to me. And the analogy I remember using this analogy with my friend because at that moment I had that breakthrough with that guy, with Anthony, with Tony. I said to them we live in a hole and unless we get out and none of us even get out to go downtown Downtown is $1.50 for the train. That's what it costs.

Speaker 2: 11:39

Beautiful and it's like, yeah, it's so beautiful.

Speaker 1: 11:47

You have this. We're just stuck here, guys, like we're just in this hole and we got to dig ourselves out. Yeah, it's so beautiful that you mentioned that, because when people are in that space, you got to get out of that negative environment and just put yourself in a different environment. It really, really helps to set something so powerful. I'm curious to know what was your prayer and how has that? I want you to go back to that point and I want you to tell me how that prayer that you were praying back then has manifested in your life today, or exceeded it, or where you are with that.

Speaker 2: 12:17

So the biggest, most profound one that I can tell you, that was me becoming, you know, fast forward in my life and me becoming a single mom of now four children, raising four-year-old twins and two going into high school on my own in a hundred percent commission job because I'm in the mortgage industry. So you know, and it's at a very volatile time, right, Because it's after the crash. So after the crash is when I'm going through all of this. So at this very volatile time in my life, I was living payday loan to payday loan to keep the lights on and food in my kid's mouth, and I was also being purged from everyone in my life and it was starting to come to light that, like to be honest with you, a lot of my family and friends and mother and father and kind of were pretty negative and toxic for me and I needed to take a break from it all. So at that time I'm finding myself very much alone and broke and not knowing what to do. And I broke. One day I locked myself in the house, I turned off the cell phones and I just I cried for the whole entire day and I prayed and I said, God, why me Like? Why do I have to go through all of these things? I feel like I have been a good person. I've always tried to pour in or uplift, or inspire or fix people's credit or get them in health. I did everything, for I've touched everyone who has ever come across my doorstep In some way. I have changed their life in some way. So why do I have to continue to go through all of these things and why am I like what? Can you please help me? I can't live like this anymore.

Speaker 2: 13:52

I also got myself, after my relationship, in a toxic relationship and I'm like why do what? Why? Why is this happening? Show me the light, Give me the strength that I need, because I don't have it anymore. I just don't have it. I'm tired of fighting. I've fought my whole life and the next day, the next day, I got up with so much strength, so much peace. I never cried why me again. I never, ever, stressed out about the fact that I was thousands of dollars negative in the bank and didn't know how I was going to do anything.

Speaker 2: 14:24

I just had faith and I believed that everything was going to be okay. And the more that I believed everything was going to be okay, a check would show up in the mail. I wouldn't even know where it came from. Clients would be referred to me. They wouldn't even know how. They found me Multiple times in one day. I'm like, I see you, Like I see you. This is only you, because how you know, and not only that, but then he had given me a vision to create an alternative to the streets. And then the people started showing up, started to be like juvenile detention officers and people who work for the Teen Homeless Center.

Speaker 2: 15:00

And when you have a vision, you guys don't. You don't have to know how you're going to get there. You just have faith and believe and you have to know what the vision is that you're running after. You're not going to watch a basketball game if there's no basket for them to shoot for. What are you shooting for? What is it that you want in life? Who do you want to be? What do you want to? What do you want to leave in this world and what is your? You know what is your purpose, and when you find that it's just like, the whole world will align and give you everything that you need and more. But there's seasons and it's you're always evolving, so it's never like, not of challenge, you know.

Speaker 1: 16:56

So what advice are you giving to that younger version of yourself that might be listening to you right now, that mother that's living payday to payday loan? Or that father that's stuck in a job, or that person that's just I don't know how. I just feel stuck. You know we live in a time you being in the mortgage industry and I want to transition into that. I just can't help myself. Being a big guy, I want to talk to you about mortgages and the financial stuff. But before we get into that, what advice are you giving to that person that's stuck right now?

Speaker 2: 17:28

You are not alone. You do need to pray. He is there, he is with you always. You need to pray. You need to see the dream. You need to see the life that you desire, I don't care where you're living in. The quicker you see it, the faster you can be removed from it. But you also need to know that God is great and everything that is showing up for you in your life is divine. It's for your evolution, for you to figure out you and heal and learn to love yourself.

Speaker 2: 17:55

Because the reason why things keep showing up is because I didn't love myself yet. I didn't think I was worthy, I didn't think I deserved, so I could only call into my life what I believed I deserved in life. So you have to go back and realize that there is nothing in life that is happening to you. It's happening for you and you have to be grateful for it, even the smallest of things. You have to be so grateful for it because it is there for you to get to your next level and evolve.

Speaker 2: 18:23

And also, guys, forgive the people who have wronged you. They are set up to wrong you in that way and I know sometimes it's really bad the way that we are wronged in life, but it's a greater purpose for you. There's something aligned with it for your future, and we don't know that yet. But you have to be able to forgive those who've wronged you, and the forgiveness is not for them, it is for you, because the minute you forgive them, they can no longer have power over you. They didn't deserve it or earn it anyway. So that's the advice that I would give myself.

Speaker 1: 18:56

What if that person is saying Jennifer, that sounds wonderful, but you know there's the but, the buts. There's always the buts. How is life happening for me when I just lost my car and I can't? I just got my car repoed and I can't get to work to pay my bills, and now I'm going to have another problem because I can't even get to work to even pay my bills. How is that happening for me, jennifer? I don't have it inside me to do that. What are you talking about having a vision when I'm down and out and I don't have anything? I'm $3,000 underwater. How, jennifer? How is this happening for me?

Speaker 2: 19:37

My response is that I know it doesn't feel like it sometimes and that's why we get stuck, Because the more you look at the negative instead of the positive the situation, the more you will bring more of that negative to life. Well, the truth grows right. We get that all the time.

Speaker 1: 19:54

So if you go on to energy flows and results show.

Speaker 2: 19:57

Well then, guess what's going to show up? More junk you better. It's so important for you right then to flip a switch in your brain to say this is not happening. This is not my reality. Yeah, it's funny. My daughter's an actress and she went to one of her jobs one day and she came home and and she paid for a coach. She did the best she could, but she came home and she ripped herself to shreds. I'm like you don't even know if you got a call back. She's like you want me to lie to myself. I feel like I didn't do a great job. I feel this way, I'm like, but you don't even know what they thought.

Speaker 2: 20:28

That's your internal feeling of your own self. You see, guys, our internal feeling of our own self is what keeps us stuck. Shut it up. You see the cartoons all the time with the devil and the angel. It's a real thing. There's a devil and an angel on each one of your shoulders. Which one are you choosing to listen to? Listening to the angel on this side is going to bring you peace and light and to his favor. The listening to the devil is going to bring you deeper in the hole. You've got to make that choice and it's so important when you're at your worst times to have faith, and that's why we get pulled away from God. Right, it's because we lose faith. Right then, because we're like well, why would he do that? Why would I be harmed like this? Why would I be abused like this? There is a greater reason, and I know you can't see it at this time, but I can. If you can hear my voice, hear the words that I'm saying, if you can stay faithful in that moment and stay grateful and in peace and knowing that it's okay, there's something greater coming.

Speaker 2: 21:27

You lost that car because maybe you needed to sit still. Maybe you're in the wrong job. I don't know what your situation is, but this is what I can tell you Every horrible thing that has happened to me in life, the things that have broke me the greatest and hurt me to my core, have led me to my greatness, have led me to a greater level and a heightened level of success. When I worked my way up in the car business, from a switchboard operator to a finance manager, they fired me Best blessing they could have ever done, but of course it hurt and they didn't pay me my last bonus check, which I desperately needed. But guess what? Six months later, in six months, I made over $100,000 in the mortgage industry. If they fired me I wouldn't have got there.

Speaker 2: 22:07

Everything that happens bad if we can stay faithful in that moment and continue to be ourselves. This is a huge thing and this is a huge undertaking and one of the most difficult things that I've ever had to do in my life and that was to remain who I am, regardless of who people are, because we always want to get them back right or make them feel the pain that they have in pressed upon us and that dims our light. You're lowering who you are to who they are and we can't do that. We have to remain who we are and understand that. Hey, if God just removed your best friend out of your life because she took away your husband or she did something foul to you, that was a blessing. I know you don't see it now, but it was. She's not supposed to be there. You can't get where you're going attached to that. It had to be removed and, yes, it hurts and, no, we don't know why. But if you can trust and believe, you will see soon.

Speaker 1: 23:01

I love your passion, I love where you're going with this. I love your passion, I love where you're going with this. I like to share something with you that, just when I coach people, one of the things I tell them to help them break that state is what else could this mean? One question I learned years ago is how you break the pattern of how whatever meaning because we're giving a meaning to a situation and is usually not good is what else could this mean? What else could this mean other than, oh my God, I'm pity and woe is me and all this crap is happening to me.

Speaker 1: 23:37

Two questions that help me and helps my student, if you're listening, is to ask yourself what else could this mean? And keep going down that rabbit hole, right, what else could this mean? Well, I'm not good enough. You could start there, because that's where your mind is going to go. Well, maybe I was going to get in an accident and God took the car away from me. Oh shit. Well, that changes everything. Now it changes, right, everything. Maybe something better is down there. What else could this mean? What else could this mean? And all of a sudden, you start to break the pattern and you start to break the thinking, the negative thinking. Another question that I grapple with a lot is when I'm going through challenges is what am I supposed to learn through this Scott Wisdom? What am I supposed to learn from this experience? Because it's there to teach you for sure.

Speaker 2: 24:24

What am I supposed to learn from this experience?

Speaker 1: 24:25

Because it's there to teach you for sure what am I supposed to learn from this experience? And we talked a little bit off air, you know, in 2009, I was in the mortgage business, like you, and I want to talk. I want to segue into that conversation with you a little bit. In 2009, I remember I had my company in 2006,. Six, seven, made a million dollars gross. That was the first time a company ever made a million dollars in selling mortgages. And remember that was the wild, wild west, right those days, ninja loans, stated loans, we were doing all those crazy deals.

Speaker 1: 24:58

And in 2009, literally, I was putting my broker's license in the garbage in my garage. I was upside down like broke. I was making money, but I didn't have a financial education. I didn't know how to invest money. I didn't know how to create money and that's another skill. I know how to sell and it was easy though Anyone can make money in that time. Now it takes. It took skills to make money, to make money in your business, and we're kind of back in there today and I want to talk to you about that. You were for FHA, top woman producer on FHA, and I'm a real estate investor and a lot of our listeners are people that are looking to create wealth, or entrepreneurs or want to be entrepreneurs, and I want to ask where is the opportunities with FHA for individuals to start creating wealth using an FHA loan?

Speaker 2: 25:53

Yeah, so the greatest thing about an FHA loan is you only need three and a half percent down. But a lot of times there's first-time buyer programs. We have one that is a national program that will allow the homeowner a 5% down payment assistance. It's a second mortgage, but it'll get you in the house literally with zero money down if we structure it the right way.

Speaker 1: 26:15

Break that down for me, because I got to see the picture. Break that down for us.

Speaker 2: 26:20

So you can own a home. So FHA requires 3.5% down the down payment assistance program. You can go down to a 600 credit score and get approved for it. It'll give you 5%. So you're getting one and a half percent over what the down payment is which is applied to their closing costs. So if we get the seller to kick in just a little bit of closing costs, you can literally come into a closing on a property with no money down. Now you will need your home inspection fee, your earnest money and your appraisal fee.

Speaker 1: 26:49

Time out, jennifer. This is exciting. This is guys, guys, guys, guys, guys. Listen to what she just said. Hold up, cause I. I read the other day that FHA is now allowing FHA loans for mixed use buildings as well, if I read that correctly.

Speaker 2: 27:06

We always have. I've been doing it.

Speaker 1: 27:11

But I think they were going up to five units mixed use. I don't remember. I thought I read something like that, but either way, this means that someone can start their and becoming a real estate investment journey with basically a couple of thousand dollars. Guys, listen to what she's about to say, because she's kicking some real like, literally. What she's about to say, because she's kicking some real like, literally what she's about to share with you, will make you rich over the next 10 years if you're committed to it. Please go on, my dear, so you go get this assistance for your down payment where they give you 5%. Who helps you with that? Where do you find that? Do you, the loan officer, help people guiding to that?

Speaker 2: 27:46

Yes, that program is proprietary to Loan Depot. I am a branch manager with Loan Depot, so that is our program. So you can apply on my website at approvedbyjencom. You can go straight there and this is what I'll tell you. All 50 states, my girl, 50 states, yes, oh, beautiful, beautiful.

Speaker 2: 28:06

Not only that, but, guys, I don't care where your credit is, okay If you have a dream to own a home. The reason why I became number one for FHA lending in my branch actually, in 2021 was number one and two in the state of Illinois for FHA lending. Now the reason we got there is because I've had so much personal hardship and struggle throughout my life that I know how to craft solutions and guide you. So if you have a dream of homeownership, I don't care where you are on the credit path, you need to apply and I can create, we can draft a solution of how you can get to where you're going. So don't make excuses about it.

Speaker 2: 28:39

If a home ownership is a dream, you don't have to wait till your credit. People are working on your credit. Stop cease. Go ahead and apply. Let us guide you, Let us give you a solution and a path in order to how you're going to make that dream a reality. And yes, as you stated, you can get into a mixed use property with four apartments on top and two storefronts on bottom.

Speaker 1: 29:00

Love that. Do you hear that Four apartments on top and two. Do you hear that Four apartments on top and two, two, a laundry and a and a and a bodega in the front?

Speaker 1: 29:22

As long as it's 51% residential, you can own that on an FHA product and we can get you the second mortgage of the 5%. So that way, you need no money down, okay, guys. So let's talk about house hacking here, because this is where the meat and potato goes right now. Baby, this is where listening to podcasts. Get your pens out. If you're listening to this, make sure you get your pen, your paper out.

Speaker 1: 29:35

As you guys know, I own a lot of real estate. I own 150 apartments, and this is what we talk when we talk about house hacking. Okay, so, jennifer, someone can find a deal. Someone can find, can come to you. Someone can go and look for a four unit apartment on the top. Whether they're in New Jersey, new York, california, florida, doesn't matter, all 50 states right. Four units on the top, two storefronts in the bottom. They can live in one.

Speaker 1: 30:06

So, guys, I'm about to break down some math for you. You have to live in one, you have to live in one, so you're going to move in there. Guys, okay, you're going to move in one, you're going to rent the other five units. So you got two storefronts and you got three apartments and you're going to live, rent free. This is how you create wealth, guys, and Jennifer and her team are going to help you get the five.

Speaker 1: 30:27

So FHA requires three and a half percent down. Jennifer, I just want to make sure I'm understanding this and I'm explaining this correct. You're going to help them get the five percent, which three and a half percent is going to go towards their down payment and the other one and a half percent will go towards the closing cost. You can now go to the seller and negotiate to give you some seller assist to help you cover some of the other closing costs. So, basically, out of your pocket, you'll be spending inspections and appraisal fees and maybe a couple of other couple, a few more dollars and a couple little things. You may have to pay insurance up front. You've got to pay a couple of things up front. Did I get that right, jennifer?

Speaker 2: 31:05

Yes, that is absolutely correct.

Speaker 1: 31:08

And how many times can a person then go back? How long Not how many times. How long before they can rinse and repeat that again and come back to you for another FHA loan? How many years, and what are the rules around that?

Speaker 2: 31:27

So you can only have one FHA loan, so you would have to refinance that property off of FHA in order to be able to buy again FHA. But it's very important that you talk about that and this is why it's so important. Guys, a lot of times we think, oh, we should go buy our single family because that's where we want to live. But that's why you should not be buying a single family first. You should always be buying a multi-unit, because once you own a single family, that multi-unit is going to cost you. They do have a 5% down payment assistance. They have a 5% multi-unit program now for multi-units, but it used to be 25% down and, depending upon whether you're going to live there or not, if it's an investment property, you are going to be required to put 25% down. So it's so important that you purchase the multi-units first, because then you'll have the low.

Speaker 1: 32:09

Yes, yes, yes, you guys are hearing it right from the FHA expert. We call this house hacking in the real estate world. So you know, we were just talking about when, when Jennifer and I were going through it, right, and we were. When I was in the streets and I was praying to become financially free. This was the information I was praying for to come in my life and show me how to do this. And literally right now, you and I have become, through this podcast, the person I was praying for many, many years ago. Literally, right, I want to give it back.

Speaker 1: 32:55

So, jennifer, is there any other advice that you would give to an investor or someone that wants to be an investor, or someone that wants to buy their first, get into their first home, because you can get into your first home and use it, sell it in five or six years after you've built equity, and then take the equity and go and start investing that money. What other advice are you giving to someone that's wanting to get started? One, two, three, four things that they need to do before they come to you?

Speaker 2: 33:25

Well, the most important thing I think you should do is come to me first, because until I know what your situation is, every single person's situation is different. Oh, another key thing guys, do not listen to your mother, brother, sister. Stick to the advice of the people who are in the industry. I don't do your job for a living, so I definitely can't advise on it, and nor does anybody else. Things are constantly shifting in this industry. What was okay 10 years ago is no longer okay now. You're comparing apples to oranges. So come to me first, because your situation is different than everybody's. So I need to see what your situation is and how I can advise you. Because if you're self-employed you may not know this, but you may be writing off too much on your taxes.

Speaker 2: 34:08

Guys, it's tax time. If you're writing too much off and you want to be a homeowner, you better stop. Get that extension. Call me first, let's go through it, because what you don't realize is I'm going to take your income less your write-offs. So if you write it all off, you don't qualify. So get an extension. This is right in time. Get an extension. So just come to me first and let us guide you. Tell us what the vision is what you're trying to accomplish in real estate, and let us help you get there. We can craft a solution for you. The other thing I would tell you is, if you are self-employed, don't write off all of your taxes.

Speaker 1: 34:46

What about their credit? What do they need to do to get there? What do they need to be as it pertains to credit? What do they need to be as it pertains to employment? How long do they need to be on the job? What about their debt? Like, if they have some debt, what should they be doing to manage that?

Speaker 2: 35:02

As far as credit goes, we can do loans with no credit score. We can go down to a 520. With 10% down, we can do a 580. So, again, I need you to apply. The other thing that we have is, once you guys apply, I can add, change, delete every item on your credit report and do a scenario, a what-if scenario. And what if you paid these things off? Would it increase the score? And I can send that back to you. So that's why don't let credit be the reason that you don't apply. You need to apply so that I can guide you and put you on your path, whatever that may be.

Speaker 2: 35:34

So there is no credit limitation as far as a job goes. We just need a two-year work history. So I need to so a two year work history, or you were in school. If you have just graduated from college, I can get a letter stating you're going to get a job and they're going to pay you this amount of money and we can get you a house based on just that alone. So, but you and then I have to prove that you were in school for two years prior.

Speaker 2: 35:57

If you didn't have a two year work history, if you didn't have a two-year work history.

Speaker 2: 36:04

Other than that, if you were off of work for the last year and you're only back to work for five months, I need you back to work for six months if you have more than a six-month gap. But as long as you have a two-year history within your lifetime or you were in school and came out, we can make it work. We can craft a solution. As far as debt-to-income goes, you're not going to know what that is until we actually put all of those items in place and then I can advise you. If you paid off this item or if you you know, maybe you co-sign for your sister, maybe if she refinanced that car out of her name, you would instantly qualify. So as far as debt to income goes, we need to be under 57% for FHA, under 50% debt to income for a down payment assistance program. Now what we're doing is we're taking the monthly income divided by your monthly debt, going out to see what your percentage is, and that includes a new mortgage payment.

Speaker 1: 36:59

And if someone is out there listening you mentioned, you know, go on your website. Can you share that website real quick? I know I'm going to give you the opportunity to do that, but just while we're here, what was that website? Where would they go?

Speaker 2: 37:11

It's approvedbyjencom. A-approved-by-j-e-ncom.

Speaker 1: 37:18

Got it, jen. Was there anything you didn't share that you should have shared? That would bring a tremendous amount of value to our listeners. Before we wrap it up, on sale on Amazon.

Speaker 2: 37:28

My book is no One Can Stop Me but Me, and please go out and show your support and also write some reviews. I also have a podcast that has been launched on iTunes, which is no One Can Stop Me but Me. We've had some really great guests, so that's really all I have, and just nothing can stop you, and I think one more thing that I would like to touch on is that I don't know how many of you that are listening to this have had people who have told you that you can't be something in life or you're not worthy, but I'm here to tell you that no one's vision of you can stop what God has ordained for you. No one, and they were sent there to tell you that to keep you where you are. No one, and they were sent there to tell you that to keep you where you are, but you are to rise above and only you create who you are to be in this world, and no one can stop me but me.

Speaker 1: 38:31

If people wanted to connect with you. Where do they find you? What's your social? What's your handles? They want to follow your content.

Speaker 2: 38:37

You can connect with me on Instagram. That's the best place. It's. I am Jen Hernandez and it's J-E-N-N Hernandez on Instagram and also you can register for some of my upcoming stuff on. No one can stop me, but mecom.

Speaker 1: 38:52

Thank you, jen, so much for being such a great guest and sharing your heart and being so passionate. I feel your passion. Thank you so much for coming on and doing what you're doing. You know we all have our calling and we're all doing our part to make the world better. And what you're doing, you know, with your book and with your message, and how you're using your trauma to empower others, is a beautiful thing. Thank you for that.

Speaker 2: 39:20

No, thank you, and let's go get wealthy AF, let's do it.