>> Major funding for "Opportunity Knock$" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systematic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by Balance, a national nonprofit financial counseling agency.

And by Callahan & Associates, which facilitates collaboration between financial cooperatives.

Previously on "Opportunity Knock$"... >> Do you think this is going to be something that'll help you get on your feet financially and be able to buy a house?

>> You have 13 credit cards.

>> I didn't want the credit card.

I wanted the candy bar.

So I just signed my name on a line.

>> There is homework, 'cause, you know, nothing comes without hard work.

>> We're going to start off with The Opportunity Finder.

>> That's basically a tool that you can use to find different not-for-profit resources in your community.

>> It searches on the map.

It pulls it up.

We can schedule an appointment right here.

>> Oh, awesome.

>> We need to get you paired up with a CDFI here in Tampa that's going to really help you take a look at your budget.

>> I want you to find a place to show that art and start selling some of that artwork, okay?

>> Wow.

That would be like -- That would be like a dream come true.

>> Every day, millions of Americans must make the choice between rent and food.

"Opportunity Knock$" has matched three expert coaches with six struggling families to give a personalized financial experience that even you can benefit from.

Through this journey, we will see that the American dream is possible with the right advice.

Will the obstacles they face prove to be too much for these six families or will the coaches help them open the door when opportunity knocks?

♪ >> We got to do our homework.

Whew!

We got deadlines now.

>> Yeah.

>> Are we ready to get this party started?

>> Yes.

>> Alright.

>> I'm really excited what's going to be available.

>> I know.

So, we're going to go on The Opportunity Finder tool.

>> Our homework is to do our budget and to use The Opportunity Finder tool to find a career coach and a financial counselor.

And let's do financial coaching.

>> Oh.

>> Yep.

Financial coaching.

>> Oh, my gosh.

There's so many options.

We want career coaching, too.

>> Oh, yeah, yeah, yeah.

Alright, so... >> I'm feeling hesitant about talking to a career coach.

I've been doing what I do for a while, so I'm hesitant, but also excited to know what's available.

All these nonprofits that could help us that we didn't even know existed.

Oh, look.

Yeah.

Here's a career counselor.

Let's do that one.

>> Be The Change?

>> Be The Change.

Oh, lookit.

If you go to "Actions," you can just schedule an appointment.

>> Oh, right there?

>> Right online.

>> Okay.

So, now we have two appointments scheduled, and it will be in our home.

So it's -- >> Like, online?

>> Yeah.

So we don't have to go anywhere.

It's really convenient.

Alright.

>> That was, like, easier than I thought, and, like, we didn't know any of that stuff was there.

>> Yeah.

Two appointments down.

Cross it off the to-do list.

>> Alright.

Should we finish coffees outside?

>> Yes.

>> Alright.

>> Alright.

♪ ♪ >> Hi, Michelle.

>> Hi.

Good morning.

Today's my first meeting at Suncoast.

I don't really know what to expect.

I'm hoping they can help me as much as Patrice says.

>> Let me tell you a little bit about our CDFI.

We've been around since 1934, so you have come into history.

And once you're a member, you're a member for life, so you have me forever.

>> Okay.

>> We will walk you through every financial thing that you would like.

So, let's get started.

Tell me a little bit about yourself.

>> I'm here today because my financial coach told me I needed to get my financials in order.

>> Okay.

Kind of tell me -- what does she mean?

Did you have no credit or little less-desirable credit?

What's going on with them?

>> I actually have okay credit.

>> Mm-hmm.

>> It's just the day-to-day bill payments and check -- you know, living check-to-check and just trying to get ahead.

>> A little tight.

>> Yes.

>> A little tight.

Okay.

Let's see what we can do here.

We see that you have a vehicle loan.

Do you recall what the rate is on the vehicle loan?

>> Not sure.

High.

>> High?

Okay.

We have a little program.

We can kind of estimate from what your payments is and how long you have.

We're estimated to be about 14%.

>> Yes.

>> 14% -- that is extremely high here.

And your payment is about $400 a month?

>> It is.

$384.

>> About $384?

Okay.

We can drop your interest rate to about 2.25.

Can you imagine?

From 14% to 2.25?

>> Big difference.

>> Yeah, girl.

This is going to be good.

We can drop your payment to about $210 a month.

>> Really?

>> Yes.

>> Yes.

Kendra gives me the best news ever and she tells me she can refinance my car and bring my payment down almost $200.

I am so happy and ecstatic, because $200 savings is a whole lot.

>> I see that you had credit cards on here, as well.

>> Yeah.

>> What is the interest rate on your credit card, you think, about?

>> About like 17%.

>> Um...I'm looking here and I'm thinking it's more up to 20.

>> Ooh!

>> Yeah.

So, are you independently wealthy?

>> Absolutely not.

So, Patrice knew exactly what she was talking about, and I can't thank her enough.

>> Let's see if we can just go ahead and get you approved for a credit card, too, and have a balance transfer.

With our balance transfer, it's free of charge.

>> Okay.

So, if my interest rates are higher on my credit card, what's the interest rate on this?

>> You have come to the land of milk and honey, girl.

I told you when you walked in -- I saw your eyes.

You were just beaming.

You were like, "Oh, look at this place.

Look at this place."

Right now, we can get you at 5.9% interest.

>> Really?

>> It's a party.

>> Yes.

>> It's a party.

It's a party.

>> Kendra is able to not only lower that car payment, she also told me she was able to lower my interest rate on my credit cards, which also saves me about an extra $100 a month.

So just by sitting down with Kendra one time, she's already saved me over $300 a month.

Yes, my coach was absolutely right for getting me involved with the CDFI, yes.

>> Alright!

So, I'm telling you, Michelle, when you walked in, I told you that once you're a member, you're a member for life.

You have us.

We will work with you.

We will hold your hand for as long as you want us to do to get you to where you want.

>> I never really knew the difference between a credit union and the bank.

Now, with the help of Patrice and meeting Kendra at the CDFI, I am...a believer.

>> I told you, if I can save you some money, you would love me for the rest of your life?

>> I'm going to love you for the rest of my life.

>> So, I tell you, it has been a pleasure working with you.

Will there be anything else that I can help you out with, Michelle?

>> I think I'm all set.

>> You think you're all set?

>> Yes, ma'am.

>> Well, it was a pleasure meeting you, alright?

>> You too.

Appreciate you.

♪ ♪ >> See Nana.

>> Nana.

>> Nana, Nana.

>> Hey!

>> We have some kids for you.

>> Alright!

>> While Mommy and Daddy go on our date.

>> Time to have fun now.

Alright!

>> Thanks, Mom.

Love you.

>> Alright.

Love you, guys.

>> Bye.

>> See you later.

Date night is always hard to come by, whether that's us being super-busy and forgetting to plan it or whatever the reason may be.

But having Nana here is a huge help.

>> Thank you.

>> I'm going to get the chocolate-tahini tart.

>> Cake batter and cotton candy.

>> Just us.

Thank you so much.

>> Cheers to date night.

>> I know.

I feel, like, this sigh of relief being out of the house and not thinking about managing two small human beings right now.

[ Laughs ] I think without effort and planning, date night tends to default into grocery shopping or the kids are in bed, so let's eat some ice cream and watch a movie.

But we don't actually talk, necessarily, to each other in either of those activities.

I was just thinking about we have two kids.

And in your family, how many siblings were there?

>> Six brothers and two sisters.

And I'm the middle of nine kids.

>> And your mom mostly managing all of that herself, you know?

>> Yep.

My dad was in the military and he was gone a lot.

>> Mm-hmm.

>> Remembering the hard times of my childhood, for better or for worse, it's still very present.

>> Your mom had to work and be away for so much time because she needed to provide for you guys, put a roof over your head, food on the table.

I have tremendous respect for that.

>> My mom is a superhero in that way.

>> She is.

>> But as a kid in that situation, you don't appreciate it.

There's nothing about poverty that you appreciate in the moment that you're living in it.

I remember being invited by friends to go to the movies and I would lie and say that I didn't want to go or I didn't want to see that movie because I was embarrassed to say that I didn't have $5 for a movie ticket, much less the cost of buying popcorn or something else, concessions while you're there.

I didn't grow up with means.

I didn't grow up with financial literacy.

>> Yeah, it's almost like my family was the complete opposite, you know?

My dad was in a very well-established career, well-established job.

We didn't have to worry about, you know, paying the bills or anything like that.

We were very fortunate that way.

And my mom was able to stay home and be with us kids.

And I think that's a unique thing when I think about our family, that we have these two different experiences and then we kind of blend it together.

>> Everyone figures out the ideal that they want their family to look like.

>> Yeah.

>> And for us, you want to be at home and to be the primary caregiver and have that early time where they're young.

>> Yeah.

>> We wouldn't be able to do it, though, without, like, essentially, you know, being subsidized, like, living at your parents' house.

>> That's true.

Yeah.

Realistically, where I want to be right now, I do want us to have our own home.

I do want us to be in a financially secure position.

And the past several years of our marriage, it just feels like we're treading water.

We're trying so hard to get started, to get going, to get launched, and it just seems like nothing is really sticking yet.

So I want something to stick.

I want us to get going.

>> Moving here, family-wise and financial-wise, was the right decision.

>> Yeah.

>> I feel like it's set us up for the next step.

Getting married and having that family responsibility was a real lighting the fire underneath me to get a lot more serious and a lot more dedicated about building good financial habits.

And then the idea, the knowledge that there would be children and bringing them into a home and into a family where they could live with financial security is very important to us.

>> Should we go home and rescue Nana?

>> Nana has done her due diligence.

>> I am crossing my fingers that the kids are asleep when we get home.

That would be wonderful.

>> Well, thank you for coming on a date with me.

>> You're welcome.

♪ >> Nervous, nervous, nervous, nervous, nervous.

Nervous, nervous, nervous, nervous, nervous.

And...alright, here we go.

On the way to the CDFI for the appointment, I'm nervous because I want this to work, but I've been in the same seat before where I've wanted something to work.

At this point, I've tried so many different avenues and so many different things that were supposed to be designed to help.

After you.

So I'm just worried that, you know, it may backfire.

We have an appointment to see Kim.

>> Oh, yeah, absolutely.

She's right in there.

>> If they can't help us, then, really, we don't really know what's next.

And it will be very, very disappointing if it was just another thing we tried and it doesn't work.

>> You guys e-mailed me your information.

So we've received that.

And now you're members of our credit union, Pelican State, so that is awesome.

So, let's talk about a few things here.

I know you're here for a reason.

You know, there are some concerns you guys have been having?

>> It's like, where do we start?

[ Both laugh ] >> Yeah.

>> Well, we really want to just get healthier, financially.

You know, life has come and hit us, you know, several times.

And it hasn't always been easy.

And so, you know, our credit has taken a hit.

So we do want to fix that.

And, you know, possibly even one day own a home.

>> Wow.

I tell everybody, to every problem, there is a solution, right?

>> Yes.

>> So that's what we're going to talk about.

We're going to help you guys work through this, right?

>> The cool part about being at Pelican is, they've taken extra lengths to make us feel warm and welcomed already, that we're not strangers walking through the door, but that we're really like their family.

>> I see that you have the auto loan, and we're looking at the rate that you're paying on that.

That's alarming.

But we can actually save you over $100 a month once we refinance the auto loan, because we are going to be able to do that.

>> Oh, wow!

>> Yes.

>> Thank you.

>> Thank you so much.

That is... >> Yeah, that makes a big difference.

>> I know.

In addition to that, between the two of you, there's 13 credit cards, and that is a lot.

I'm suggesting to cut them up.

Cut them up.

Yeah.

>> All of the cards?

Like, all of them?

>> Well, good question.

We want to keep maybe a couple open for emergencies.

>> Because I know with him, he was trying to build his credit, and so the information that he got is that you open up credit cards.

>> For me, the idea of cutting credit cards was, you know, a little tough at first.

>> Yeah.

>> Because it was sort of realizing the critical nature of my decisions.

It was advised to build a healthy credit is, like, so many active positive accounts that you have to have open in order for you to be considered as having, like, a strong credit portfolio or whatever.

>> So, what happened to you was what happened to so many.

This is predatory practices.

They're called credit fixers.

And, actually, it doesn't make your situation better.

Of course, that's what they promise, right?

>> Right.

>> I'm like, "Not again."

And then this lady has to tell me about it.

Like, I didn't even know I was being duped on my own.

I had to find it out showing up to this meeting.

So it's like an ouch, but it's an ouch with an opportunity.

>> And I'm really sorry that that happened to you guys.

You're great folks.

And I can tell your hearts are in the right place.

You know, you actually wanted to improve your situation, and then you became a victim.

>> Right.

>> Ultimately.

You were in survival mode, and life was happening.

Life happens to us all.

>> I'm hoping that this will be the time that we get to put it all behind us.

>> Even though you went through some pitfalls and some different things like that, your credit score is still good enough to where we can save you over $700 a month just by consolidating these credit cards, yeah.

>> Wow!

What they're doing for us is consolidating our credit cards.

We are shocked.

We are stunned.

I didn't even know this was possible to do.

>> That's in addition to the $100.

So, is that exciting or what?

>> Oh, that is -- >> I'm kind of stunned.

Like, I'm never really short for words.

>> Yes.

>> They're saving us beyond $700 a month.

That is so shocking to me, and I really wanted to dance around the room, but I kept my composure.

But I was really wanting to do, like, one of our church dances.

I was ready to go and I think she would have joined me, because she is just as excited as I am.

Coming here and finding you guys, it's let us see that we do have options.

So, could anybody come in here and do this?

>> I tell you what, as a CDFI, these are some of the benefits that you have.

>> Wow!

>> This is what we do.

And I want you guys to know I am here for you.

I'm your support.

I'm your credit counselor.

>> Thank you so much.

>> Thank you, guys, again.

>> Awesome.

>> Alrighty.

>> Thank you so much.

>> Appreciate you both.

>> Thank you for your time.

>> You guys are awesome.

You're welcome.

My pleasure.

>> Have a great day.

♪ >> Hey.

>> How may I help you today?

>> Good morning.

I am here to see Rick.

>> Okay.

Rick?

>> Yes.

>> Of course.

He's available.

I can go ahead and show you this way.

>> Thank you.

Today, I'm going to meet with Rick from Raiz, the CDFI that I found on The Opportunity Finder.

>> I'm Rick.

>> Hi, Rick.

Patricia Reyes.

>> Patricia, nice to meet you.

Have a seat.

>> Thank you.

I'm a bit scared because I don't want to lose the ranch.

I'm here to see if you could help me with the refinance of my property.

I purchased the property about 15, 18 years ago.

>> Okay.

So you've been paying on it a while.

>> Yes.

>> What's the purpose of the refinance?

>> Well, I have a very high interest rate.

>> Okay.

>> And I'm not able to make my payments.

>> So your payments are too high.

Okay, so, tell me about the property.

>> Well, this property is very unique.

I do have apartment units in the back, along with some horse stables toward the back, and also 1 acre of land just on its own and the main house, where my children and I live currently.

>> We can look at a couple of different things, and I'm glad you told me about the property, because you've got other sources on there.

So one of the things with qualifying for the loan is, we've got to come up with enough income for you, but we're going to also look at other sources of income.

So, you said you had the rental units, all right?

What do they lease for a month?

>> I have all three units rented currently.

It brings in $1,600 a month.

>> Okay.

>> I have a lease with a cellular company, the cellular tower on the -- >> So you got a cell tower on the property.

>> Yes.

>> What does it pay you a month?

>> Well, currently right now, it's paying me $1,000 a month.

>> Okay.

So you've got $1,000 from the cell-tower lease.

Okay.

So, you said you were struggling with the payment.

Okay, so, what kind of payment are you going to be comfortable with?

>> Right now, I'm paying $1,872.

>> And that's more than you're comfortable with.

>> Yes.

>> Okay.

So, what's the payment that we've got to shoot for?

>> $1,000 to $1,100.

>> Okay.

So you're comfortable with $1,100, alright?

You kind of described a property that's got apartments.

You got a cell-tower lease.

It's not a normal loan.

So what I'm going to do is, I'm going to e-mail you a link, okay, that's going to take you to our website and stuff where you can put in the application.

But you're going to need to get together for our next meeting and bring your monthly statement, okay?

And what information you have on your cell-tower lease, okay?

And we'll get back together and, like I said, sit down and draw out a plan.

>> You won't be able to do, like, a refinance today or anything -- It can't happen today?

>> No.

These things actually take a little bit of time, okay?

So, we're going to have an appraiser go out and look at the property, and they're going to list out repair items, okay?

Is everything in your bathroom working?

>> Oh, no.

>> Okay.

So that's a repair.

So that's got to be working to make the house functional, because nobody will live in it, okay?

>> Oh, goodness.

I just -- >> But it doesn't happen overnight.

So, you know, I know you want to get something done right away, but -- >> I just don't want to lose my ranch.

Not being able to refinance the ranch is just causing all of this emotional distress in me, because here I am again, going to lose ranch again.

The fear of losing the ranch is coming up all over.

>> Let me ask you this.

Are you current on the payments today?

>> Well, during the pandemic, I wasn't current.

>> Okay.

You got behind.

So if you're not managing the payments, they're going to say, "Well, this person can't afford it."

But that's why the sense of urgency -- you need to bring this documentation in, because I'm going to get everything in for your loan application.

That's what we're going to look at the income, we're going to look at the property, get these appraisals in.

Does that sound okay?

>> Yeah, that sounds -- Well, yeah.

I just don't lose my ranch.

>> No, no.

And that's what I'm saying.

So there's got to be a sense of urgency on you, and we need to get this moving right away.

>> Excuse me.

Can I... >> Sure, go ahead.

>> Rick informed me that there is a process that needs to be done, and I may be able to get a loan based on the future of the property.

>> You've kind of got to come see somebody like us.

We're actually one of the few credit unions in town that can work this kind of structure, because this is a little more complex.

But don't get discouraged.

I've been doing this a long time, okay?

So this isn't the first deal that I've seen.

So, let us get the variables, and we'll get back together and regroup.

>> I feel so much better after speaking with you, Rick.

I just feel so much more hopeful.

If I may just kind of mention my dream for the property is to provide a space for children to have art classes.

I'm an artist.

>> Oh, wow.

My mother was an artist, so that's neat.

>> Really?

Wow.

>> Yes.

>> Knowing that Louis gave me this homework to ask someone to host an art show...

It's kind of way out there, but...

...I'm thinking this is my opportunity.

I want to ask if you would host an art show for my work.

I have about 25, 30 pieces.

They're very beautiful.

>> So you need us to be a sponsor or you want to try to use our facility or what?

>> Your facility to hold an art show.

>> Well, you saw our lobby.

>> It's beautiful, yes.

That's why I'm asking, because I seen all the space here.

>> If you can bring some of the paintings or something like that in, yeah, I'll be happy to put it with the people who make that decision, because I've seen that in other places before.

And it actually works really cool, so... >> Well, thank you so much.

I'm going to pick the best ones and bring them in.

>> So nice to meet you today.

And you have a great rest of the week.

Look for my e-mail.

>> Thank you.

You, as well.

>> We'll get back together.

>> Yes.

>> Alright.

>> You take care.

>> Yes.

Thank you.

>> Bye-bye.

♪ >> Next time on "Opportunity Knocks"... >> First-time home buyers.

We don't know what we're doing.

>> If someone said, "Okay, tomorrow, you've got to do something besides teach," I'd be like, "What?"

>> Yeah.

>> How do you feel about me starting my own company?

>> That'd be great.

>> You do qualify for free legal services.

>> My God, that's such a relief.

>> We're curious to know if it was a predatory loan.

>> It gets me upset.

They're definitely taking advantage of you.

>> Where are those credit cards?

Did you cut them up?

>> In my heart, they are cut up.

>> I would like them to be cut up in your hands.

>> Major funding for "Opportunity Knock$" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systematic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by Balance, a national nonprofit financial counseling agency.

And by Callahan & Associates, which facilitates collaboration between financial cooperatives.