
Episode 024: Mortgage Broker Interview: Barry & Gleason Jones (Part 2 of 2)
10/20/20 • 42 min
In this episode, I continue the interview Barry & Gleason Jones of Cross Country Mortgage in Auburn. If you missed the previous episode, you should definitely start there. It is a 2-parter, but you can see the breakdown of topics covered in each episode below...
PART 1:
- Gleason's lessons from being a landlord
- ARM's - are they still out there?
- How do THEY determine your credit score?
- Intro to Condo loans
- Importance of accurate details on loan applications
- How do you determine if it’s a 2nd home or investment property?
- How are the loans different for a 2nd home or investment property?
PART 2:
- Interest-Only & Construction Loans
- HELOC - what are the maximum limits you can borrow?
- Can you pledge other assets instead of / as a part of your down payment?
- Approved sources for down payment assistance?
- Let's talk about seasoning
- Buying as an LLC vs buying in your personal name
- Deeper dive into condos
- Where are we in the loan cycle compared to 2-5-10 years ago?
- A quick look at the reasons for so much development in Downtown Auburn
- What type of loan would you recommend as the best for an investor?
- Broker’s advice: How do I come into your office and get the best loan?
Links from this episode:
- Work with Me
- Mortgage Services: Gleason Jones, Cross Country Mortgage
- Understanding Mortgages & the Great Recession: The Big Short (Amazon)
- Real Estate Brokerage Services: AuburnInvestmentProperties.com
- Real Estate Investor Coaching: BetterREI.com
- Websites & Branding: EasyLandlordWebsites.com
In this episode, I continue the interview Barry & Gleason Jones of Cross Country Mortgage in Auburn. If you missed the previous episode, you should definitely start there. It is a 2-parter, but you can see the breakdown of topics covered in each episode below...
PART 1:
- Gleason's lessons from being a landlord
- ARM's - are they still out there?
- How do THEY determine your credit score?
- Intro to Condo loans
- Importance of accurate details on loan applications
- How do you determine if it’s a 2nd home or investment property?
- How are the loans different for a 2nd home or investment property?
PART 2:
- Interest-Only & Construction Loans
- HELOC - what are the maximum limits you can borrow?
- Can you pledge other assets instead of / as a part of your down payment?
- Approved sources for down payment assistance?
- Let's talk about seasoning
- Buying as an LLC vs buying in your personal name
- Deeper dive into condos
- Where are we in the loan cycle compared to 2-5-10 years ago?
- A quick look at the reasons for so much development in Downtown Auburn
- What type of loan would you recommend as the best for an investor?
- Broker’s advice: How do I come into your office and get the best loan?
Links from this episode:
- Work with Me
- Mortgage Services: Gleason Jones, Cross Country Mortgage
- Understanding Mortgages & the Great Recession: The Big Short (Amazon)
- Real Estate Brokerage Services: AuburnInvestmentProperties.com
- Real Estate Investor Coaching: BetterREI.com
- Websites & Branding: EasyLandlordWebsites.com
Previous Episode

Episode 023: Mortgage Broker Interview: Barry & Gleason Jones (Part 1 of 2)
In this episode, I share an interview Barry & Gleason Jones of Cross Country Mortgage in Auburn. Barry has been in the mortgage business in Auburn for a long time, and his son Gleason is following in his footsteps. Actually, Gleason worked for me one summer, about a year before I sold all of my apartments. He was a hard worker then, and I'm sure he is still a hard worker now. The information and wisdom we get in this episode is hard to beat, so if you want to learn about loans and the mortgage process, I think you'll get a lot out of this conversation. It went so long, it ended up being a 2-parter, but you can see the breakdown of topics covered in each episode below...
PART 1:
- Gleason's lessons from being a landlord
- ARM's - are they still out there?
- How do THEY determine your credit score?
- Intro to Condo loans
- Importance of accurate details on loan applications
- How do you determine if it’s a 2nd home or investment property?
- How are the loans different for a 2nd home or investment property?
PART 2:
- Interest-Only & Construction Loans
- HELOC - what are the maximum limits you can borrow?
- Can you pledge other assets instead of / as a part of your down payment?
- Approved sources for down payment assistance?
- Let's talk about seasoning
- Buying as an LLC vs buying in your personal name
- Deeper dive into condos
- Where are we in the loan cycle compared to 2-5-10 years ago?
- A quick look at the reasons for so much development in Downtown Auburn
- What type of loan would you recommend as the best for an investor?
- Broker’s advice: How do I come into your office and get the best loan?
Links from this episode:
- Work with Me
- Mortgage Services: Gleason Jones, Cross Country Mortgage
- Understanding Mortgages & the Great Recession: The Big Short (Amazon)
- Real Estate Brokerage Services: AuburnInvestmentProperties.com
- Real Estate Investor Coaching: BetterREI.com
- Websites & Branding: EasyLandlordWebsites.com
Next Episode

Episode 025: The Timeline of Your Investing Journey & Introducing "Cash on Cash Return"
In this episode, we'll revisit the 3 ways to make money in Real Estate, and then take a look at the timeline for a typical Real Estate investor. We'll start at your first purchase and then your next purchase, and why it goes faster the second time around, and then we'll look further ahead and see where you might end up 5-10 years down the road when your role might change from "deal hunter" to "asset manager" or even the coordinator of a group of other investors.
Tips & Takeaways:
We'll look at how Warren Buffet makes a 50% return each year from just one of his investments, and how we can compare that to our returns as Real Estate Investors. We'll also look at the hidden metric of "Cash on Cash Return", which is often a better way to evaluate your Real Estate investments and especially how to find value in doing smart renovations.
3 Ways to Make Money in Real Estate:
- Surplus Cash Flow from the Rent
- Increase in Sales Price (or Appraisal Value)
- Paying Down a Loan with Someone Else's Money
Analyzing Your Cash on Cash Return:
- Add up all of your net income (surplus rent) for the year
- Divide that number into the amount you put into the property for your down payment
- That number is your Cash on Cash Return
- You will probably have a much higher return than you think!
- Can often be greatly improved (doubled?) with smart upgrades
Links from this episode:
- Work with Me
- Real Estate Brokerage Services: AuburnInvestmentProperties.com
- Real Estate Investor Coaching: BetterREI.com
- Websites & Branding: EasyLandlordWebsites.com
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