PARK PLACE PUB

 PARK PLACE PUB

By Duncan

When the leaves on the trees turn tan, golden, or bright red, it's a sure sign that fall is in the Indiana air.   

PHOTO CREDIT:  S. GARRITY

 

PHOTO CREDIT:  S. GARRITY

But before we head south through the Hoosier National Forest and the miles of twisting roads through hills and valleys of southern Indiana, I need to make a few stops along the way. Do you want to join me? 

PARK PLACE: 

Fishers, Indiana, on the northeast corner of Indianapolis, is growing very fast. How fast is Fisher’s population growing?

1980 -     2,000

1990 -     7,500

2000 -   37,800

2010 -   76,800

2020 -   96,800

2023 - 104,701

I decided to leave the comfort of my light tan reclining leather chair and my big screen TV and venture out for something to eat. Yes, it was late, and I assume most places in Fishers close early. As I was driving past the PARK PLACE PUB, I decided to perform a U-turn and slip into the Pub and get a burger and a taste of what is considered chic, you know, fashionable, hip. What are the stylish wearing out in public at a nightclub these days, to see and be seen? 

PARK PLACE is in the middle of downtown Fishers, and the Pub has an excellent location. It’s not hard to miss. I'm normally not in a bar at midnight. My pains for a burger and my need for a Scotch were too strong. Let’s push the envelope.  

The live band was at the other end of the room, and the ambient noise in the pub was loud. It was going to be difficult to talk or hear anyone. Of course, as you can see from the picture above, this is a Millennial Bar. 

A Millennial is classified as being aged 25-34. So what the hell is an Octogenarian doing in a place like this at midnight? 

It’s hard to start a conversation with anyone in this place. Most look to be children to me. Even the young, attractive, blond waitress looked at me as if to say, “What the hell are you doing here?”

I yelled in her left ear and ordered my Scotch and a burger.  

I saw the logo Magnolia Bank on his shirt. He seemed like a clean-cut kind of guy; he had a big smile. I assumed he worked at or in a bank. I indicated to Jon that I was totally unaware of the brand “Magnolia Bank” plastered on his shirt. What do you do for the bank? Jon said he makes mortgage loans.   

A lot of you know I spent most of my earning years as a mortgage banker. So, I asked the obvious question.

“How’s Business?” 

With housing prices out of reach of most people right now and interest rates on mortgages at 8%, up from 3%, I would assume he would say business is slow.  

Jon gave me the standard answer that all people in business give. 

“Fine, we are busy.” 

I leaned back and decided to push him a little on his answer. He had an interesting take on his side of the mortgage business.  

His company, Magnolia Bank, which is in many states, including Indiana, is dealing with FHA and VA refinance mortgages. He told me there had been two waves of activity.   

The first wave was people wanted to lower their mortgage interest rates from 6-7-8-9% to 3%. There is no cash-out, just a lower interest rate. The consumer saves one hundred dollars or more on the mortgage payment.

I was aware from watching the stock market news that in the last couple of years, about 80% of all the mortgages in the United States were refinanced down to the 3% level. 

What surprised me was this second wave he talked about. With property values totally out of control, a $200,000 home is now appraised/valued at $300,000.00. There is $100,000 of equity that can be taken in the form of a “CASH OUT REFINANCE.”

What some are doing, Jon said, is they need cash to pay their bills. They want the cash, so they agree to refinance again.  

For consumers with two car payments, those monthly car payments can run $500.00 to $900.00 a month. They have, on average, four to six charge cards maxed out at 20% interest.

Student loan payments are going to start again. The price of getting out of debt is to refinance and take the $100,000 in cash in the form of their home equity and pay off some bills.

I, of course, asked. But, if they do that, they are back with an 8% or higher mortgage payment. Jon said, “That is correct, but they can pay off some bills and be in a better place than where they are now.”

MARTINSVILLE, INDIANA: 

I have friends all over the country, and I get invited to their parties and festivities from time to time. 

The photo credit above of the beautiful trees came from the man who lives in this log cabin in the woods. He has bonfires and weenie roasts and other activities I dare not talk about. If I did, I would need to notify Google that this is an “Adult Website.” Let’s just say there is plenty of beverage available. His friends come from far and wide all over the United States to experience his hospitality. 

It would be unfair of me to not let you know who lives in the log cabin. So here is the back-story of how I got to know S. Garrity and the log cabin. 

As the digital copy of the Polalord discloses, Mr. Garrity and I go way back. I was sitting in my office, and one of the gals in the office came to my door and said, 

“There is a guy here who wants to talk with you.”

“What’s he selling?” 

“I have no idea, but I know he wants to sell you something.”  

 

Mr. Garrity entered my office and sat on the edge of his chair. He was tall and dressed, which means, back then, he was wearing a tie and a jacket. He began by telling me how he was going to help me solve my problem.  

“What is my problem?” 

“Communication.” 

“Are my communication skills a problem?” 

“I have a product that can help you keep in touch with your salespeople in the field on a minute-by-minute basis.” 

Mr. Garrity was selling “BEEPERS.” Yes, the stepping stone to cell phones. The little back box that receives a phone number on the face of the beeper. The person receiving the message with my phone number knows I want them to call me. And the sales pitch continued for a few more minutes. 

I asked Mr. Garrity how much he made in the way of a commission selling beepers. He was reluctant to answer the question. I then asked if he knew anything about my business? 

“Mr. Garrity, what is it that you think I do for a living? Do you know anything about mortgages? Do you have any idea what we do in this office?” 

He surprised me and seemed to know more than I thought he would know. As the sales pitch was coming to “the close,” He asked for the Sale. I ignored his “close.” I then asked him a simple question. 

“Do you want to continue selling beepers and make a commission that embarrasses you to talk about, or would you like to make some “Real Money?” 

Mr. Garrity turned out to be my best salesperson. 

Oh, the picture above? He wanted to throw a party for many Realtors, and I had to support him. That picture is not allowed to be seen by just anyone. In fact, the accounting department rejected the party expenses after seeing the picture.

Lesson learned.