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Speaker 1: It's time for a big a q a a the

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Speaker 1: b a q a What you say the big a

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Speaker 1: q a man?

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Speaker 2: Dude b a q a which dude to b a

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Speaker 2: q a a A answer? How you doing?

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Speaker 1: Girl?

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Speaker 2: What's up?

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Speaker 3: You know? Hello? Fellow Webby Webby Award nominated in the podcast.

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Speaker 1: You see my Webby Award is like right there, you see,

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Speaker 1: it's just in the background.

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Speaker 2: If you were on youtubel now you.

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Speaker 3: Know, yeah, you would know. And mine's always creepy. Mine's

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Speaker 3: always in the dictory there.

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Speaker 1: Well, you know we have to we have two I

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Speaker 1: was gonna say, we do. If you have questions, we

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Speaker 1: have some answers. But we're not your attorney. We're not

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Speaker 1: your financial advisor.

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Speaker 2: We're not your.

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Speaker 1: Doctor, we're not your lawyer, we're not none of that.

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Speaker 1: Were just two smart brown girls who got a thing

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Speaker 1: or two to say about career, business, and money. But

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Speaker 1: certainly take what we say with the smallest of smallest

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Speaker 1: of grains of salt, because you know salt is not

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Speaker 1: good for you anyway. But two, because you know you don't,

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Speaker 1: I'll pay us, so you know you want to get

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Speaker 1: your advice from them people. But if you do have questions,

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Speaker 1: you can go to brandibisionpodcast dot com and ask them.

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Speaker 1: We're a Brown and Vision podcast on Instagram, the BA

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Speaker 1: podcast on Twitter. You can ask us wherever you want

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Speaker 1: to ask us, and we do career, business, entrepreneurship, finance,

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Speaker 1: and just life questions.

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Speaker 2: You know.

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Speaker 1: So this pot this episode, we are going to focus

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Speaker 1: largely on money questions and yeah, are they real estate questions?

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Speaker 1: Are they both kind of like real estate?

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Speaker 3: These are real estate questions?

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Speaker 1: Yeah?

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Speaker 3: You got some juicy one who I feel like I'm

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Speaker 3: in the exact same situation as so a listener who's

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Speaker 3: wondering whether she should buy in this market right now

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Speaker 3: and sell her home. And then another really tough one

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Speaker 3: from a listener who did the right you know, did

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Speaker 3: the thing everyone's iging and talking about buying rental properties

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Speaker 3: and then getting into a lot of debt in the

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Speaker 3: process and trying to figure out, Oh shoot, I'm in

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Speaker 3: over my head. So we got some juicy ones for

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Speaker 3: all today. Where should we start to if you want

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Speaker 3: to start with strange?

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Speaker 2: Yes, Holange, Solange.

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Speaker 3: I love that. All right, Solange, here's your question. Hi,

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Speaker 3: Mandy and Tiffany. I'm a loyal weekly listener. Thank you

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Speaker 3: to your podcast, and I'm learning so much. I'm in

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Speaker 3: a dilemma about the best course of action to take

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Speaker 3: concerning whether I should sell and buy in this crazy

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Speaker 3: housing market. We own a townhouse, have about twelve years

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Speaker 3: left on a mortgage with a two point three interest rate.

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Speaker 3: Put that interest rate in a museum because it is

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Speaker 3: a fossil, okay, from another era. We want to move

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Speaker 3: and purchase. We want to move and purchase a home

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Speaker 3: in a better school district, want a single family. Even

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Speaker 3: though we stand to make a good profit on the sale,

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Speaker 3: we will also end up paying more because of new

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Speaker 3: house prices and high interest rates. What should we do?

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Speaker 3: Please help? Much appreciated, Thank you. I loved your first

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Speaker 3: question when you read this. What was it?

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Speaker 2: What did I say? I said?

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Speaker 3: You said, how about is that school? How bad is it?

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Speaker 1: Because I'm like, at three point two percent at two

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Speaker 1: point three, not even three point two because three point

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Speaker 1: two would be insane.

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Speaker 2: Two point three? Is they done? Gave you that house

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Speaker 2: for free? Girl? Like, well, there's a few things.

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Speaker 1: And when I was being facetious, but not because you know, schooling,

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Speaker 1: are the kids really little? You know? Because there's a

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Speaker 1: lot of supplemental things you can do if you've got like,

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Speaker 1: you know, a one year old, two year old, three year,

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Speaker 1: four year old, even up to like you know, second

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Speaker 1: or third grade. Like there's so many not to say,

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Speaker 1: you can't do that if you have high school kids.

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Speaker 2: But I feel like, you.

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Speaker 1: Know, like a high school is in the school district

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Speaker 1: is more like I don't know, it plays a pivotal role.

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Speaker 3: College prep, yeah, you know what I mean.

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Speaker 1: So like, but if your kids were really young, I

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Speaker 1: might be like, girl, you know, like you know, do

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Speaker 1: that and then you could also get like tutoring and

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Speaker 1: all that kind of stuff, you know, because you know, financially,

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Speaker 1: you know, the cost of buying another house is really

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Speaker 1: going to not only is it going to affect your

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Speaker 1: monthly expenses, you know, although you might be in a

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Speaker 1: better school district, it might affect your ability to do

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Speaker 1: things for the kids.

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Speaker 2: Right, So like here, maybe you can afford soccer and

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Speaker 2: tennis and this and.

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Speaker 1: This other places like whatever the school provides job because

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Speaker 1: we can't afford anything outside of that.

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Speaker 2: So consider that, you.

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Speaker 1: Know what I was thinking, I was thinking, I wonder

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Speaker 1: what the mortgage is and if you were considering do

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Speaker 1: you have to sell the house is it possible to

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Speaker 1: rent out the townhouse for more than what your mortgage

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Speaker 1: is because the interest rate is so low and that

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Speaker 1: use that to supplement and help pay for your new

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Speaker 1: mortgage if you were going to move. That's a potential

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Speaker 1: if your monthly payments are not like let's just say

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Speaker 1: like a friend of mine bought a house years ago

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Speaker 1: for one hundred and eighty thousand dollars, and I forget,

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Speaker 1: his interest rate was super low, and he was paying like,

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Speaker 1: I don't know, like eleven hundred no, not even I

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Speaker 1: think his I think his mortgage was like eight hundred

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Speaker 1: bucks a month something ridiculous. And we talked about that,

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Speaker 1: and I said, you know, consider renting it out because

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Speaker 1: that place would rent out easily for two thousand. It

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Speaker 1: was like four bedrooms, three baths easily rents out for

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Speaker 1: two thousand, and because he wanted to be in and

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Speaker 1: he wanted to be in an apartment because he was

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Speaker 1: traveling so much. And I'm like, and then that additional

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Speaker 1: twelve hundred bucks a month can be put toward whatever

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Speaker 1: your rent's going to be in your new apartment. So

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Speaker 1: consider that as a as a possibility. What do you

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Speaker 1: think what choice are you thinking about, like, what are

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Speaker 1: you thinking about, Mandy when it comes to First of all,

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Speaker 1: Many's house is so cute.

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Speaker 2: It's like such a.

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Speaker 3: Nice and cute exactly, It's cute, it's pocket size, it's adorable.

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Speaker 3: I loved it as I like, I mean, I really

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Speaker 3: really went home shopping, you know, from a New York

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Speaker 3: City apartment perspective of like, oh, look we have a

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Speaker 3: yard and there's a deck, and there's you know, three

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Speaker 3: bedrooms and two and a half thousand you know, it

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Speaker 3: felt really big at the time, but a kid and

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Speaker 3: a half in, you know, this house is going to

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Speaker 3: be it's going to be tight, right, And we have

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Speaker 3: thought about, you know, what could our next move be,

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Speaker 3: but we're stuck, Like we have a similar we have

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Speaker 3: like a two point something interest right too, and we refinanced,

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Speaker 3: which this sounds like she probably did as well because

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Speaker 3: they only have fifteen twelve years left, so I'm assuming they. Yeah,

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Speaker 3: so we refined in twenty twenty one as well when

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Speaker 3: rates were really low, and I'm so glad that we did.

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Speaker 3: But yeah, now if honestly, the only way that I

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Speaker 3: can see it working for us is if we leave

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Speaker 3: New York or we move like maybe to Georgia or

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Speaker 3: another low cost you know, suburb of New York. But

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Speaker 3: to find a comparable to find a home in a

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Speaker 3: good school district where we live now, we got our

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Speaker 3: home for four hundred and forty five k. I mean

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Speaker 3: we probably need to pay over a million dollars to

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Speaker 3: get to get yeah, to get just a decent you know,

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Speaker 3: maybe a five bedroom, four bedroom, you know, with an

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Speaker 3: office for me, like to get that level of home. Yeah,

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Speaker 3: it is not cheap out here. And it's because of

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Speaker 3: taxes on top of that. It's like the taxes, yo, taxas.

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Speaker 1: Because one are the taxes because like so I'll give

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Speaker 1: you an example. In new my house now, it is

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Speaker 1: twenty don't nasmia woman, Texas, twenty two hundred square feet.

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Speaker 1: It's four bedrooms, yeah, three and a half bath, it's

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Speaker 1: three floors. And I want to say, my taxes are

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Speaker 1: like ten thousand dollars lately year they just they just

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Speaker 1: went up at your house.

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Speaker 3: Yeah, I feel like ours are fourteen or fifteen okay

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Speaker 3: right now, and we have a teeny house. It's like

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Speaker 3: sixteen hundred square feet. It's not anything crazy, and we

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Speaker 3: do live in a decent school district. I remember, everyone's like, oh,

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Speaker 3: the schools are so great, They're fine. I don't know.

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Speaker 3: I'm not like wowed by any of the statistics I read.

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Speaker 3: But yeah, the taxes are nuts. And I mean, our

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Speaker 3: interest rate is so good right now, I'm just checking

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Speaker 3: mortgage rates. As of today's taping in mid April, we're

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Speaker 3: at seven percent for a thirty four thirty year fixed

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Speaker 3: I mean, that is like to quantify that I wish

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Speaker 3: I And that's what the seven hundred at score, you know,

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Speaker 3: So I'm let me upgrade this. Let's see, husband and

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Speaker 3: I probably have like mid seven hundreds to high seven hundreds.

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Speaker 3: We can maybe get like six point six five percent,

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Speaker 3: but that's still triple. I mean, that adds tens of

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Speaker 3: thousands of dollars to the cost of your loan. And

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Speaker 3: because of the way mortgages work, they're going to frontload

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Speaker 3: all that crap onto your interest. I mean, you're you

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Speaker 3: know they're going to do what's it called again? Well, shit,

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Speaker 3: what's it called? That word that I've always was confused about,

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Speaker 3: which basically means that most of your first payments will

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Speaker 3: go toward your interest, not you're barely even touching your

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Speaker 3: print there when we have a mortgage, Yeah, barely. So

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Speaker 3: that's where we're at. So I'm we are writing it

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Speaker 3: out like I'm not trying to make any hasty decisions,

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Speaker 3: and so Jasmine, I are sorry, Solange. I would say,

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Speaker 3: you know, continue thinking and continue looking. Maybe you'll find

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Speaker 3: a good deal. We've thought about maybe purchasing land, you know,

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Speaker 3: and building instead. But it's when I hop on you know,

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Speaker 3: any real estate listing sites and look to see what's

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Speaker 3: that out there, I'm just like, and this house is

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Speaker 3: actually great. Why are we even trying to, you know,

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Speaker 3: think bigger? This is perfect? You know, we can all

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Speaker 3: have that. I'll put my basement in the crawl space.

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Speaker 3: I mean, I'll put my office in the crawl space

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Speaker 3: if we need to. It'll be fun. I'll get some lighting,

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Speaker 3: i can record the show laying down. It'll be cute.

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Speaker 3: It'll because like whatever, Yeah, this is one of those times.

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Speaker 1: We're literally the financial component has to be like and

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Speaker 1: so you got to do that math because it could

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Speaker 1: literally go from you know, you being able to like

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Speaker 1: afford your life and literally not for more space and.

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Speaker 3: Like you know, and that's the thing. Yeah, yeah, because

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Speaker 3: I feel like we're doing fine. Now I don't feel

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Speaker 3: like we're paying you know, because now an entrepreneur and

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Speaker 3: you know, the money is different now like I don't.

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Speaker 2: I don't.

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Speaker 3: I could not afford a million dollar home right now.

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Speaker 3: I know that for sure. Like to double what we're

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Speaker 3: paying right now, I would. It would create the kind

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Speaker 3: of work life that I'm trying to run away from,

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Speaker 3: which is like you know, working around the clock, which

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Speaker 3: I am. I don't want to be over mortgage at all.

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Speaker 1: It would just be so stressful and honestly, I know,

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Speaker 1: like because I mean I share this before, you know,

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Speaker 1: I bought the condor. I finally the people move out

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Speaker 1: this month this week, woo, because I leased it back

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Speaker 1: to them for like the carrying costs it was just

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Speaker 1: about two thousand dollars a month. So they paid me

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Speaker 1: four thousand dollars to stay in my place. Hey, thanks,

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Speaker 1: So I get the keys by the time you guys listen,

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Speaker 1: I'll have seen it. The day before I get the

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Speaker 1: keys covers the taping. It's a Monday. I get the

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Speaker 1: keys on Thursday, and I do a walk through and

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Speaker 1: this show comes out Friday. So I remember when I

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Speaker 1: was buying it. I bought the house for I want

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Speaker 1: to say five twenty five twenty, I mean minus. I

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Speaker 1: guess you could say five sixteen, because you know they

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Speaker 1: have to pay me that money. But you know, like

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Speaker 1: on the books five twenty, and I remember my financial advisor,

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Speaker 1: you know, Angelie shout out to her telling me that

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Speaker 1: ideally to get a mortgage, which I can understand, because

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Speaker 1: you know, you want to put that money in the market,

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Speaker 1: because you know, half a million dollars can do a

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Speaker 1: lot in the market. But I already put a lot

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Speaker 1: of money into the market every year. I live off

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Speaker 1: of less than ten percent of what I make. And

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Speaker 1: I just didn't want because right now I don't have

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Speaker 1: a mortgage at the house that I live in. Now

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Speaker 1: I'm not selling it. My sister and her kids are

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Speaker 1: going to live here. I don't have a mortgage here.

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Speaker 1: It's just the carrying cost, which is like I don't know,

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Speaker 1: eleven hundred bucks a month. That's taxes as well as

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Speaker 1: like PSNG and all my utilities and all the kinds

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Speaker 1: of Like eleven hundred bucks a month is what have cost,

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Speaker 1: you know, And I'm like, so to go from eleven

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Speaker 1: hundred bucks a month to the carrying cost of my

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Speaker 1: new place is about two thousand if you just include

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Speaker 1: the HOA fee because it is a condo and which

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Speaker 1: is about twelve hundred, and then taxes, which is about

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Speaker 1: like another eight hundred bucks a month, So two thousand

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Speaker 1: dollars a month. On top of that, if I would

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Speaker 1: have included a mortgage, let's just say my mortgage is

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Speaker 1: going to cost me another twenty five hundred, you know,

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Speaker 1: almost to go from eleven hundred to five thousand dollars

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Speaker 1: a month. Not that I can't ford it, but I'm

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Speaker 1: not gonna lie. The way might be my post dramatic,

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Speaker 1: you know, post traumatic broke SYNDROMEA set up my STUFFA

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Speaker 1: couldn't take it.

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Speaker 2: I was like, you know, so I didn't.

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Speaker 1: Want to have, like to pay five to six thousand

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Speaker 1: dollars a month after paying a thousand, basically because my

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Speaker 1: sister's gonna take over the carrying cost here, so I'm

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Speaker 1: not gonna have to pay that for this house, you know.

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Speaker 1: So I didn't want to go from a thousand to

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Speaker 1: like five six thousand. I just feel nervous about it.

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Speaker 2: And so I made a decision.

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Speaker 1: Although it was not a probably the best quote unquote

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Speaker 1: financial decision, it was the best financial decision for me

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Speaker 1: and how I needed to navigate because the truth is, yes,

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Speaker 1: five hundred thousand in the market kuid yield a ton.

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Speaker 1: I already have money, and I'm still wearing my target's best.

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Speaker 1: I'm not you know, I don't carry any debt. I

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Speaker 1: have no debt, no credit card debt, so I'm not

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Speaker 1: in any sort of financial struggle. I paid off my parents' house,

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Speaker 1: I paid off my student loans, so it just met

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Speaker 1: the difference between money or more money, and I was like,

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Speaker 1: I'd rather the security in my stomach versus additional money

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Speaker 1: that I'm not going to spend anyway, you know. So

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Speaker 1: I'm just sharing that that like when you're making decisions,

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Speaker 1: you know, sometimes you get to make a decision from

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Speaker 1: a place of just emotionally, this is where I need

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Speaker 1: to be, And sometimes you have to really look at

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Speaker 1: the bottom line and say, the math is not mathing

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Speaker 1: in a way that will allow us to sustain a

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Speaker 1: healthy and healthy, healthy and happy lifestyle. So this seems

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Speaker 1: like a real math math lean in versus like an

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Speaker 1: emotional leaning. So Solange, you know, look at the math

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Speaker 1: and ask yourself, would we be able to like sustain

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Speaker 1: a decent life, you know, with all the additional expenses.

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Speaker 2: Should we move or do we.

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Speaker 1: Make it work where we are and just bide our

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Speaker 1: time and keep our eyes and ears open for something

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Speaker 1: that might fit better later on down the line.

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Speaker 3: Good luck. Let me know what y'all decide, okay, because

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Speaker 3: I need your advice to Also, I've like thought about

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Speaker 3: with renting out our house, keeping the house because I

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Speaker 3: feel like I don't want to get rid of this mortgage.

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Speaker 3: I mean the good rate, right, but like should I

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Speaker 3: keep the house and then rent it out would somehow

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Speaker 3: make a situation where I don't know, I don't think so,

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Speaker 3: I don't I don't know.

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Speaker 1: You could write the good thing about when you have

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Speaker 1: rental property that they will count I think like sixty

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Speaker 1: percent of it towards your income.

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Speaker 2: So for you to afford more of a house, you know.

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Speaker 3: Yeah, that's the thing. But it's again, it's like you know,

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Speaker 3: you know again, like positioning us to just be like

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Speaker 3: really over in an expensive home.

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Speaker 1: You know.

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Speaker 3: So I just told Husban like I have no doubt

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Speaker 3: we'll get there, you know what I mean. Like I'm

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Speaker 3: doing fine. I co host Brown Ambition. I'm an ambitious

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Speaker 3: lady like, we gon't be fine, but we ain't there yet.

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Speaker 3: So I am very comfortable being like, we're not there yet.

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Speaker 3: I won't even let Hi get a second car. He's

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Speaker 3: so so salty about that. I'm just like, you're you're

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Speaker 3: having a second baby, so we're not getting a second car.

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Speaker 3: And Helen backs me up, went in doubt, get a

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Speaker 3: financial planner to bring you down to earth. Actually that's

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Speaker 3: a good tip. Financial planner can really bring you down

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Speaker 3: to earth because when her husband and I have a

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Speaker 3: disagreement on a big purchase, the second car being one,

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Speaker 3: Helen makes it very clear here's what you would have

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Speaker 3: to give up. I don't think that's a good idea.

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Speaker 3: And I'm like, Helen said it.

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Speaker 2: Not me, you know.

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Speaker 3: But thank you so much to launch for your question.

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Speaker 3: All Right, we're gonna take a quick break and be

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Speaker 3: right back with an even juicy or a real estate question.

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Speaker 3: So stay tuned, be a fan. We're putting a lot

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Speaker 3: on our shoulders today. Okay, this is stressful. All right,

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Speaker 3: see y'all back in a minute. All right, we are

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Speaker 3: back back, and Brown Tiffany would like to do the

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Speaker 3: honors of reading this. You want me to read it

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Speaker 3: because I feel like I'm gonna read it and immediately

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Speaker 3: just like give it to you to answer.

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Speaker 2: No, go ahead to read it because it's stressful. My

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Speaker 2: LA was like, wait. The more I read it, I

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Speaker 2: was like, I'm gonna try Okay, okay, but.

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Speaker 3: This is the reality, okay, and I'm not gonna lie.

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Speaker 3: We've been getting more and more questions of people struggling

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Speaker 3: with debts. I'm just like, I feel like brown ambition

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Speaker 3: Q and A is almost like an indicator for the

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Speaker 3: economy and where we're heading. So I think it's good

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Speaker 3: that y'all are getting it out, releasing the debt demons

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Speaker 3: and trying to figure out what to do. But this

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Speaker 3: situation in particular is pretty complex. So this come from

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Speaker 3: listener who would like to be called j. J. Says.

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Speaker 3: I am forty years old. I'm a senior accountant. I

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Speaker 3: make eighty three k a year. In twenty twenty one,

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Speaker 3: I got out of a long financially abusive relationship and

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Speaker 3: I sold my home and I got a huge lump

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Speaker 3: sum of money. At the time, I had no debts

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Speaker 3: other than student loans, so I spent the money purchasing

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Speaker 3: two homes. Home A was a new construction around four

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Speaker 3: hundred K, and Home B was a twenty year old

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Speaker 3: fixer upper and I put six hundred K or sorry,

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Speaker 3: I put sixty K into renovations, and I also got

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Speaker 3: one hundred and twenty K loan to add a pool.

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Speaker 3: As soon as I moved in Home B, everything that

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Speaker 3: could go wrong happened. My main water lane, my main

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Speaker 3: water line backed up and flooded. The first floor. Oh lord,

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Speaker 3: master bath had to be ripped out three times and

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Speaker 3: is still unfinished. The pool is half that's done because

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Speaker 3: I ran out of money and the AC unit completely died.

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Speaker 3: At this point, I had depleted my savings. I've run

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Speaker 3: up over three hundred thousand dollars in loans and credit

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Speaker 3: card debt. Right now, I'm assuming this is monthly right.

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Speaker 3: My monthly take home pay is five K. My monthly

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Speaker 3: expenses are fourteen K. With the houses, I am living

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Speaker 3: bare bones and renting out Home A until I sell

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Speaker 3: it this summer. Home B mortgage and bills have not

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Speaker 3: been paid, and I am one month behind on all bills.

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Speaker 3: I have two people renting out my spare rooms. I

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Speaker 3: can't sell Home B without finishing the master bath and

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Speaker 3: the pool, which is going to be about twenty eight

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Speaker 3: k combined, and investors want less than I owe. I

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Speaker 3: have been in therapy and trying to understand my spending

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Speaker 3: and why I spentous frivolously. My question is how do

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Speaker 3: I stop the bleeding. I have cut all other expenses.

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Speaker 3: My vehicle is paid for. I have two children's aged

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Speaker 3: two children ages two and three that I am able

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Speaker 3: to provide for. I can't get assistance because I make

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Speaker 3: too much. Do you suggest one on one coaching or

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Speaker 3: one of your courses. I look forward to your response. Jay.

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Speaker 1: I just want to do breath because this is rightfully

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Speaker 1: so very stressful, like it is, yes, you know, so

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Speaker 1: you know. One, I want to commend you for sharing

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Speaker 1: this because it is it is not easy to share,

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Speaker 1: like the you know, the ugliness of financial struggle, you know,

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Speaker 1: And so I want to commend you because that's the

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Speaker 1: first step, is to just say here's the thing that's happening,

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Speaker 1: and I'm drowning. That's huge, and I hope through therapy,

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Speaker 1: which I'm so glad that you're doing that, you have

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Speaker 1: also been working on forgiving yourself for the financial mistakes

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Speaker 1: you know that brought that brought you here because I

399
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Speaker 1: always say, you didn't kick anybody's puppy, you know, and

400
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Speaker 1: we didn't learn about personal finances in school largely, and

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Speaker 1: you know you are not the only I mean, if

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Speaker 1: you know my story, I was three hundred thousand, I

403
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Speaker 1: was saying, that's why that number was like, oh, child

404
00:19:10,680 --> 00:19:12,240
Speaker 1: was over three hundred thousand dollars in debt.

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Speaker 2: You know, I lost my home to foreclosure.

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Speaker 1: I made all the financial mistakes possible despite growing up

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Speaker 1: in the household where I learned about money, and so

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Speaker 1: you know, I had to learn to forgive myself first

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Speaker 1: and foremost to say you made mistakes, Tiffany mistakes happened.

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Speaker 2: I mean, it just is what it is.

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Speaker 1: I had to get to a space when I was

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Speaker 1: like deep deep deep in this financial hole like you are.

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Speaker 1: I had to get to a space where I said,

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Speaker 1: you know, I was looking for it at first, like

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Speaker 1: this magic wand that was going to make everything better,

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Speaker 1: and I realized it didn't exist. That instead, I had

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Speaker 1: to start looking for what made things less worse. So

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Speaker 1: that I want you to repivot to. I'm not here

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Speaker 1: to actually fix it right now because it's going to

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Speaker 1: How do I lessen the worseness. So I remember they

421
00:19:59,000 --> 00:20:00,600
Speaker 1: were literally I had to make a list of like

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Speaker 1: everybody that I owed everyone, like, you know, all of

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Speaker 1: kind of like the financial dirt, and say, who's not

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Speaker 1: going to get anything right now?

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Speaker 2: They're going to be upset. But I mean I got

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Speaker 2: to feed these kids, you know.

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Speaker 1: And so one, you probably can't actually spend less, you know,

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Speaker 1: that's just not because if you make five and you

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00:20:18,200 --> 00:20:21,520
Speaker 1: owe fourteen monthly, there's no even if you got your

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Speaker 1: five down to zero, you're still in the hole, which

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Speaker 1: is what I were I was too.

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Speaker 2: So one, I want you to focus on how do

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Speaker 2: I earn more?

434
00:20:30,040 --> 00:20:34,600
Speaker 1: You know, like it's actually tax season and I don't know,

435
00:20:34,960 --> 00:20:36,800
Speaker 1: like you know what, But I would be for you know,

436
00:20:36,920 --> 00:20:40,480
Speaker 1: you have you have a skill set that can be

437
00:20:40,600 --> 00:20:44,119
Speaker 1: done on the side as well, you know, And so

438
00:20:44,480 --> 00:20:46,800
Speaker 1: like for me, I was babysitting, I was tutoring, I

439
00:20:46,960 --> 00:20:49,280
Speaker 1: was like, how do I earn more? I would not

440
00:20:49,359 --> 00:20:51,520
Speaker 1: be focusing on how I spend less, because that's actually

441
00:20:51,560 --> 00:20:54,040
Speaker 1: not going to be helpful. But I would certainly reach

442
00:20:54,119 --> 00:20:56,720
Speaker 1: out to everyone who I owed and see if there

443
00:20:56,800 --> 00:21:00,280
Speaker 1: is some sort of workaround or program or pausing because

444
00:21:00,320 --> 00:21:03,960
Speaker 1: of the pandemic. Honestly, programs were put into place that

445
00:21:04,080 --> 00:21:05,960
Speaker 1: you can kind of piggyback on. So that's what I

446
00:21:06,000 --> 00:21:08,200
Speaker 1: would do, like with my mortgage, with anybody who I owed,

447
00:21:08,640 --> 00:21:11,320
Speaker 1: letting them all know this is my situation. What are

448
00:21:11,359 --> 00:21:13,680
Speaker 1: the programs I would apply for everything? So that's first

449
00:21:13,720 --> 00:21:16,000
Speaker 1: and foremost. Second, I would be asking myself, how do

450
00:21:16,080 --> 00:21:18,280
Speaker 1: I make more money? Like I'm an accountant, Can I

451
00:21:18,359 --> 00:21:20,800
Speaker 1: do accounting on the side. When I tell you, every

452
00:21:20,880 --> 00:21:23,360
Speaker 1: small business person I know is looking for an accountant,

453
00:21:24,480 --> 00:21:28,920
Speaker 1: everyone bookkeeper, bookkeeper? Oh yes, Like when I tell you

454
00:21:29,160 --> 00:21:30,800
Speaker 1: like you are fortunate, like I said, you have a

455
00:21:30,880 --> 00:21:33,520
Speaker 1: skill set where you can monetize outside of your job.

456
00:21:33,920 --> 00:21:35,760
Speaker 1: It might look like you're working seven days a week,

457
00:21:36,119 --> 00:21:37,760
Speaker 1: it might look like you're working to ten or eleven

458
00:21:37,760 --> 00:21:41,920
Speaker 1: o'clock a night. But desperate times call for desperate measure.

459
00:21:41,960 --> 00:21:43,440
Speaker 1: So I'd be leaning into what can I earn? What

460
00:21:43,520 --> 00:21:45,639
Speaker 1: can I earn? What can I earn? I'm so glad

461
00:21:45,720 --> 00:21:50,639
Speaker 1: that you're selling house a you know this summer. You know,

462
00:21:50,720 --> 00:21:54,640
Speaker 1: that would offer you some relief. Hopefully I'm not sure.

463
00:21:55,520 --> 00:21:57,800
Speaker 1: I'm trying to think when they bought it, but hopefully

464
00:21:57,840 --> 00:21:59,480
Speaker 1: you'll be able to sell it for more than you

465
00:21:59,600 --> 00:22:01,720
Speaker 1: purchased it for to help maybe using some of that

466
00:22:01,880 --> 00:22:04,600
Speaker 1: use some of that money to you know, to help

467
00:22:04,720 --> 00:22:05,280
Speaker 1: it long ago.

468
00:22:05,640 --> 00:22:07,360
Speaker 3: Yeah, so I guessing I was twenty twenty two.

469
00:22:07,680 --> 00:22:09,560
Speaker 1: Yeah, so even if you can't, hopefully you'll be able

470
00:22:09,560 --> 00:22:12,919
Speaker 1: to at least break even on a the new construction. Well,

471
00:22:12,920 --> 00:22:14,960
Speaker 1: I will say this that new construction usually tends to

472
00:22:15,000 --> 00:22:17,920
Speaker 1: appreciate because I'm not sure when you purchase the new construction,

473
00:22:18,040 --> 00:22:20,040
Speaker 1: but hopefully you'll be able to sell it get enough

474
00:22:20,119 --> 00:22:22,359
Speaker 1: money to definitely cover what you paid for it, and

475
00:22:22,440 --> 00:22:24,520
Speaker 1: maybe a little bit more to help you with some

476
00:22:24,640 --> 00:22:28,280
Speaker 1: of your bills. And as far as B is concerned,

477
00:22:29,840 --> 00:22:32,920
Speaker 1: you're gonna have to make a decision on whether or

478
00:22:33,000 --> 00:22:36,080
Speaker 1: not you think putting more money is actually going to

479
00:22:36,080 --> 00:22:36,760
Speaker 1: stop the bleeding.

480
00:22:37,040 --> 00:22:38,760
Speaker 2: Like if I could go back to Tiffany.

481
00:22:39,880 --> 00:22:42,560
Speaker 1: When I so, I lost my job when I was

482
00:22:43,280 --> 00:22:45,280
Speaker 1: like in the two thousand and nine, I was like

483
00:22:45,359 --> 00:22:47,760
Speaker 1: twenty nine. I had this condo that I bought for

484
00:22:47,840 --> 00:22:52,160
Speaker 1: two twenty and I spent all of my money from savings,

485
00:22:52,359 --> 00:22:55,000
Speaker 1: credit cards, everything to try to keep paying the mortgage.

486
00:22:55,200 --> 00:22:56,720
Speaker 1: I even took all of my money out of my

487
00:22:56,800 --> 00:22:59,240
Speaker 1: retirement account. I wish I could go back to that

488
00:22:59,280 --> 00:23:03,200
Speaker 1: Tiffany and say stop, because I didn't have a plan

489
00:23:03,400 --> 00:23:05,639
Speaker 1: beyond once I spent all this money, where is the

490
00:23:05,680 --> 00:23:07,840
Speaker 1: money going to come from to continue paying the mortgage.

491
00:23:08,640 --> 00:23:10,840
Speaker 1: I should have just said, let me hold on, I'm

492
00:23:10,880 --> 00:23:13,840
Speaker 1: going to lose this place anyway, let me hold onto

493
00:23:13,880 --> 00:23:16,440
Speaker 1: the little bit of cash I still have and use

494
00:23:16,480 --> 00:23:20,119
Speaker 1: it to pivot and transition into a really inexpensive studio

495
00:23:20,160 --> 00:23:22,600
Speaker 1: apartment or whatever. But instead I spent all of my

496
00:23:22,680 --> 00:23:24,879
Speaker 1: money trying to save the condo, and then it was

497
00:23:24,920 --> 00:23:28,080
Speaker 1: gone anyway, So thirty thousand dollars from my retirement account

498
00:23:28,600 --> 00:23:30,119
Speaker 1: go on extually, it was more than that because you know,

499
00:23:30,400 --> 00:23:32,000
Speaker 1: I had to pay taxes, and I had to pay

500
00:23:32,040 --> 00:23:33,800
Speaker 1: the fee because I was not sixty five and a half,

501
00:23:33,920 --> 00:23:36,959
Speaker 1: you know, gone. And then on top of that, all

502
00:23:37,040 --> 00:23:40,000
Speaker 1: of my savings gone. I had borrowed money gone. So

503
00:23:40,080 --> 00:23:42,359
Speaker 1: I want you to ask yourself that even if you

504
00:23:42,440 --> 00:23:47,240
Speaker 1: get the poll done, even if you get the bathroom done,

505
00:23:47,480 --> 00:23:49,560
Speaker 1: I want you to get with the realtor and ask,

506
00:23:50,119 --> 00:23:52,920
Speaker 1: if I get all those things done, what's actually the

507
00:23:52,960 --> 00:23:54,760
Speaker 1: return of my investment? What can I actually sell this

508
00:23:54,880 --> 00:23:57,680
Speaker 1: house for? And if it's like still less than what

509
00:23:57,800 --> 00:23:59,720
Speaker 1: you put into it. I wouldn't even I would take

510
00:23:59,720 --> 00:24:02,159
Speaker 1: the lone and I honestly I probably would sell it

511
00:24:02,240 --> 00:24:04,080
Speaker 1: for less and then just have to pay off the

512
00:24:04,160 --> 00:24:06,560
Speaker 1: balance whatever that is, because you have to ask yourself,

513
00:24:06,600 --> 00:24:09,119
Speaker 1: like where's the loss the greatest? You know, like I

514
00:24:09,160 --> 00:24:11,119
Speaker 1: don't want you to continue pour money and only to

515
00:24:11,200 --> 00:24:14,560
Speaker 1: still be behind. It's like, do I just stop the bleeding,

516
00:24:14,800 --> 00:24:18,240
Speaker 1: take the l and just pay off whatever that difference

517
00:24:18,320 --> 00:24:20,760
Speaker 1: is or is it worth it? Because I forget what

518
00:24:20,800 --> 00:24:22,760
Speaker 1: it's called. It's called the cost analysis of a house.

519
00:24:23,160 --> 00:24:24,879
Speaker 1: If I put these things into the house, will I

520
00:24:24,960 --> 00:24:26,520
Speaker 1: be able to actually sell it and get my money

521
00:24:26,600 --> 00:24:28,639
Speaker 1: back plus some You know, a realtor will help you

522
00:24:28,680 --> 00:24:31,000
Speaker 1: with that cost analysis. So I would do that before

523
00:24:31,080 --> 00:24:32,920
Speaker 1: deciding to put any more money into that house. And

524
00:24:33,680 --> 00:24:37,200
Speaker 1: so hopefully that's helpful. Side hustle, you're way to some

525
00:24:37,280 --> 00:24:40,160
Speaker 1: extra money, ask for help from the people that you owe,

526
00:24:40,520 --> 00:24:44,320
Speaker 1: sell that you know new construction, do the math on

527
00:24:44,960 --> 00:24:47,840
Speaker 1: the older home, and make the decision there. Those are

528
00:24:48,280 --> 00:24:51,920
Speaker 1: those are my suggestions, and continue with the therapy and

529
00:24:52,160 --> 00:24:54,560
Speaker 1: forgive yourself and you know, and honestly give yourself a

530
00:24:54,600 --> 00:24:56,879
Speaker 1: little pattern back. I want you to celebrate the awareness

531
00:24:56,960 --> 00:24:59,240
Speaker 1: that you said, something's wrong here, I'm going to do

532
00:24:59,280 --> 00:25:01,280
Speaker 1: something to fix it. So I commend you, and I

533
00:25:01,320 --> 00:25:02,360
Speaker 1: hope you commend yourself.

534
00:25:03,280 --> 00:25:05,480
Speaker 3: Yeah, And I think about how she says she just

535
00:25:05,560 --> 00:25:09,520
Speaker 3: got out of a twenty year financially abusive relationship, and

536
00:25:09,640 --> 00:25:12,320
Speaker 3: I feel like there's there's probably a lot there in

537
00:25:12,440 --> 00:25:14,879
Speaker 3: terms of your decision to like take back control of

538
00:25:14,880 --> 00:25:17,760
Speaker 3: your money and to be like I got this lump

539
00:25:17,840 --> 00:25:21,080
Speaker 3: sum from selling my home. I have control. I have

540
00:25:21,200 --> 00:25:23,000
Speaker 3: back full control over what I do with it, and

541
00:25:23,040 --> 00:25:24,480
Speaker 3: I'm just going to do whatever the hell I want

542
00:25:24,560 --> 00:25:26,439
Speaker 3: with it. Like I think that's a totally human reaction.

543
00:25:28,000 --> 00:25:29,840
Speaker 3: It just seems like unfortunately it was like too much

544
00:25:29,920 --> 00:25:33,960
Speaker 3: too soon, you know, purchasing. It's one thing to purchase

545
00:25:34,000 --> 00:25:35,640
Speaker 3: a new construction home, but then to have the fix

546
00:25:35,720 --> 00:25:40,360
Speaker 3: her upper and like ugh, the renovation like those dragon

547
00:25:40,600 --> 00:25:43,800
Speaker 3: and like like you said, you know, the unexpected can happen.

548
00:25:44,960 --> 00:25:48,320
Speaker 3: It's not like you if everything, if the uninspected hadn't happened,

549
00:25:48,320 --> 00:25:51,520
Speaker 3: if you didn't have that water main brake and you know,

550
00:25:52,000 --> 00:25:55,560
Speaker 3: had to refinish the master like because of issues, maybe

551
00:25:55,600 --> 00:25:57,800
Speaker 3: things would have been fine. You just got like the

552
00:25:58,000 --> 00:26:01,600
Speaker 3: unlucky side wasn't accounted for. The shit happens side wasn't

553
00:26:01,600 --> 00:26:03,320
Speaker 3: accounted for. And I feel like that will never happen

554
00:26:03,359 --> 00:26:06,520
Speaker 3: to you again because now you know. But yeah, I

555
00:26:06,640 --> 00:26:08,560
Speaker 3: wish you all the best. I would just focus on

556
00:26:08,680 --> 00:26:12,239
Speaker 3: your kids are the priority, obviously, making sure that they

557
00:26:12,320 --> 00:26:15,480
Speaker 3: have a roof over their head. I'm wondering what kind

558
00:26:15,480 --> 00:26:18,440
Speaker 3: of assistance you've reached out for and say you made

559
00:26:18,440 --> 00:26:21,080
Speaker 3: too much. I'm wondering if it's like food stamps or

560
00:26:21,320 --> 00:26:25,600
Speaker 3: like social you know, like social programs. I can understand that.

561
00:26:25,880 --> 00:26:27,879
Speaker 3: I can understand if there's lots of families going through that.

562
00:26:28,320 --> 00:26:31,200
Speaker 3: But as far as homeowner assistance, like with your payments,

563
00:26:32,720 --> 00:26:34,879
Speaker 3: talk to your lender, you know, see what kind of

564
00:26:35,280 --> 00:26:37,399
Speaker 3: programs they have, See if even in your state they

565
00:26:37,480 --> 00:26:39,240
Speaker 3: have I don't know what state you're in, they have

566
00:26:39,320 --> 00:26:44,359
Speaker 3: any COVID era, you know, programs that are still around

567
00:26:44,480 --> 00:26:46,560
Speaker 3: for home buyer homeowners who are struggling.

568
00:26:46,680 --> 00:26:48,960
Speaker 2: Look at hood, yeah, I look.

569
00:26:48,800 --> 00:26:53,560
Speaker 3: At HUD also. And then lastly, you ask, you know,

570
00:26:53,640 --> 00:26:55,440
Speaker 3: do you suggest one on one coaching or one of

571
00:26:55,520 --> 00:26:58,240
Speaker 3: our courses. I would say no, I feel like you

572
00:26:58,320 --> 00:27:01,560
Speaker 3: don't need to be paying anyone like my course is

573
00:27:01,600 --> 00:27:05,320
Speaker 3: not for you, like your your wounds are. This is

574
00:27:05,440 --> 00:27:07,960
Speaker 3: like triage, you know what I mean? Like this is

575
00:27:08,320 --> 00:27:10,200
Speaker 3: like you said, how can I stop? Stop the bleeding?

576
00:27:11,560 --> 00:27:15,560
Speaker 3: And I think that even maybe like the National Foundation

577
00:27:15,680 --> 00:27:17,919
Speaker 3: for Credit Counseling, you can maybe get a free consultation.

578
00:27:18,560 --> 00:27:22,280
Speaker 3: They can help you weigh options like bankruptcy. You know,

579
00:27:22,400 --> 00:27:25,040
Speaker 3: for example, I don't know there's different types of bankruptcies,

580
00:27:25,040 --> 00:27:27,000
Speaker 3: and I know that some of them for homeowners who

581
00:27:27,000 --> 00:27:29,879
Speaker 3: are really struggling. You know, you can you can get

582
00:27:29,920 --> 00:27:32,280
Speaker 3: to a place where you can let that go and

583
00:27:32,680 --> 00:27:36,240
Speaker 3: have a semi fresh start. But it's really hard, obviously

584
00:27:36,320 --> 00:27:39,640
Speaker 3: to give you specific advice without knowing all the details

585
00:27:39,680 --> 00:27:43,240
Speaker 3: of your situation. So a credit counselor and a credited

586
00:27:43,280 --> 00:27:46,560
Speaker 3: credit counselor so of like NFCC dot org is a

587
00:27:46,720 --> 00:27:49,440
Speaker 3: is a decent place to start if you're looking for

588
00:27:49,520 --> 00:27:52,119
Speaker 3: that kind of advice. And like Tiffany said, maybe a

589
00:27:52,160 --> 00:27:54,640
Speaker 3: realtor to help you weigh the like the math side

590
00:27:54,680 --> 00:27:59,520
Speaker 3: of the situation. But definitely stop the bleeding, stop putting

591
00:27:59,520 --> 00:28:02,560
Speaker 3: money into the house, and just think about survival and

592
00:28:02,640 --> 00:28:04,720
Speaker 3: taking care of your kids right now and yourself. Yes,

593
00:28:05,600 --> 00:28:07,960
Speaker 3: and talk to friends and have them support you because

594
00:28:07,960 --> 00:28:10,720
Speaker 3: you need you need support right now because this is

595
00:28:10,760 --> 00:28:13,000
Speaker 3: not an easy fix. Like you've got a rental, you're

596
00:28:13,000 --> 00:28:15,360
Speaker 3: still renting off the other house, you're a landlord. It's

597
00:28:15,400 --> 00:28:17,600
Speaker 3: a lot, Ja, it's a lot. Okay. So I hope

598
00:28:17,640 --> 00:28:19,920
Speaker 3: you have a good support system beyond us, but of

599
00:28:20,000 --> 00:28:20,760
Speaker 3: course we're here for you.

600
00:28:21,200 --> 00:28:23,560
Speaker 2: Yeah, I'll send you a big old BA hug. You know,

601
00:28:23,600 --> 00:28:25,640
Speaker 2: I don't eve a hug huge BA hug, but I'm

602
00:28:25,680 --> 00:28:26,119
Speaker 2: hugging you.

603
00:28:28,800 --> 00:28:32,159
Speaker 3: Virtually. Thank you, Jay, Thanks for being vulnerable, Thanks for

604
00:28:32,240 --> 00:28:34,680
Speaker 3: opening up to us. Don't take that for granted at all.

605
00:28:35,000 --> 00:28:37,080
Speaker 3: And keep us posted on your journey, okay, and how

606
00:28:37,119 --> 00:28:41,400
Speaker 3: things are going updates from y'all. Alright, ba fam. That

607
00:28:41,600 --> 00:28:45,360
Speaker 3: concludes this week's b a QA. Please continue to send

608
00:28:45,360 --> 00:28:48,600
Speaker 3: your questions to us Brandimbission podcast dot com. That's where

609
00:28:48,640 --> 00:28:50,320
Speaker 3: you can find all the different ways to do that,

610
00:28:50,560 --> 00:28:54,040
Speaker 3: or hit us up on ig at Brand Ambition Podcast.

611
00:28:54,400 --> 00:28:57,240
Speaker 2: All right, baa Arimandra, Bye bye