Speaker 1: It's time for a big a q a a the
Speaker 1: b a q a What you say the big a
Speaker 1: q a man?
Speaker 2: Dude b a q a which dude to b a
Speaker 2: q a a A answer? How you doing?
Speaker 1: Girl?
Speaker 2: What's up?
Speaker 3: You know? Hello? Fellow Webby Webby Award nominated in the podcast.
Speaker 1: You see my Webby Award is like right there, you see,
Speaker 1: it's just in the background.
Speaker 2: If you were on youtubel now you.
Speaker 3: Know, yeah, you would know. And mine's always creepy. Mine's
Speaker 3: always in the dictory there.
Speaker 1: Well, you know we have to we have two I
Speaker 1: was gonna say, we do. If you have questions, we
Speaker 1: have some answers. But we're not your attorney. We're not
Speaker 1: your financial advisor.
Speaker 2: We're not your.
Speaker 1: Doctor, we're not your lawyer, we're not none of that.
Speaker 1: Were just two smart brown girls who got a thing
Speaker 1: or two to say about career, business, and money. But
Speaker 1: certainly take what we say with the smallest of smallest
Speaker 1: of grains of salt, because you know salt is not
Speaker 1: good for you anyway. But two, because you know you don't,
Speaker 1: I'll pay us, so you know you want to get
Speaker 1: your advice from them people. But if you do have questions,
Speaker 1: you can go to brandibisionpodcast dot com and ask them.
Speaker 1: We're a Brown and Vision podcast on Instagram, the BA
Speaker 1: podcast on Twitter. You can ask us wherever you want
Speaker 1: to ask us, and we do career, business, entrepreneurship, finance,
Speaker 1: and just life questions.
Speaker 2: You know.
Speaker 1: So this pot this episode, we are going to focus
Speaker 1: largely on money questions and yeah, are they real estate questions?
Speaker 1: Are they both kind of like real estate?
Speaker 3: These are real estate questions?
Speaker 1: Yeah?
Speaker 3: You got some juicy one who I feel like I'm
Speaker 3: in the exact same situation as so a listener who's
Speaker 3: wondering whether she should buy in this market right now
Speaker 3: and sell her home. And then another really tough one
Speaker 3: from a listener who did the right you know, did
Speaker 3: the thing everyone's iging and talking about buying rental properties
Speaker 3: and then getting into a lot of debt in the
Speaker 3: process and trying to figure out, Oh shoot, I'm in
Speaker 3: over my head. So we got some juicy ones for
Speaker 3: all today. Where should we start to if you want
Speaker 3: to start with strange?
Speaker 2: Yes, Holange, Solange.
Speaker 3: I love that. All right, Solange, here's your question. Hi,
Speaker 3: Mandy and Tiffany. I'm a loyal weekly listener. Thank you
Speaker 3: to your podcast, and I'm learning so much. I'm in
Speaker 3: a dilemma about the best course of action to take
Speaker 3: concerning whether I should sell and buy in this crazy
Speaker 3: housing market. We own a townhouse, have about twelve years
Speaker 3: left on a mortgage with a two point three interest rate.
Speaker 3: Put that interest rate in a museum because it is
Speaker 3: a fossil, okay, from another era. We want to move
Speaker 3: and purchase. We want to move and purchase a home
Speaker 3: in a better school district, want a single family. Even
Speaker 3: though we stand to make a good profit on the sale,
Speaker 3: we will also end up paying more because of new
Speaker 3: house prices and high interest rates. What should we do?
Speaker 3: Please help? Much appreciated, Thank you. I loved your first
Speaker 3: question when you read this. What was it?
Speaker 2: What did I say? I said?
Speaker 3: You said, how about is that school? How bad is it?
Speaker 1: Because I'm like, at three point two percent at two
Speaker 1: point three, not even three point two because three point
Speaker 1: two would be insane.
Speaker 2: Two point three? Is they done? Gave you that house
Speaker 2: for free? Girl? Like, well, there's a few things.
Speaker 1: And when I was being facetious, but not because you know, schooling,
Speaker 1: are the kids really little? You know? Because there's a
Speaker 1: lot of supplemental things you can do if you've got like,
Speaker 1: you know, a one year old, two year old, three year,
Speaker 1: four year old, even up to like you know, second
Speaker 1: or third grade. Like there's so many not to say,
Speaker 1: you can't do that if you have high school kids.
Speaker 2: But I feel like, you.
Speaker 1: Know, like a high school is in the school district
Speaker 1: is more like I don't know, it plays a pivotal role.
Speaker 3: College prep, yeah, you know what I mean.
Speaker 1: So like, but if your kids were really young, I
Speaker 1: might be like, girl, you know, like you know, do
Speaker 1: that and then you could also get like tutoring and
Speaker 1: all that kind of stuff, you know, because you know, financially,
Speaker 1: you know, the cost of buying another house is really
Speaker 1: going to not only is it going to affect your
Speaker 1: monthly expenses, you know, although you might be in a
Speaker 1: better school district, it might affect your ability to do
Speaker 1: things for the kids.
Speaker 2: Right, So like here, maybe you can afford soccer and
Speaker 2: tennis and this and.
Speaker 1: This other places like whatever the school provides job because
Speaker 1: we can't afford anything outside of that.
Speaker 2: So consider that, you.
Speaker 1: Know what I was thinking, I was thinking, I wonder
Speaker 1: what the mortgage is and if you were considering do
Speaker 1: you have to sell the house is it possible to
Speaker 1: rent out the townhouse for more than what your mortgage
Speaker 1: is because the interest rate is so low and that
Speaker 1: use that to supplement and help pay for your new
Speaker 1: mortgage if you were going to move. That's a potential
Speaker 1: if your monthly payments are not like let's just say
Speaker 1: like a friend of mine bought a house years ago
Speaker 1: for one hundred and eighty thousand dollars, and I forget,
Speaker 1: his interest rate was super low, and he was paying like,
Speaker 1: I don't know, like eleven hundred no, not even I
Speaker 1: think his I think his mortgage was like eight hundred
Speaker 1: bucks a month something ridiculous. And we talked about that,
Speaker 1: and I said, you know, consider renting it out because
Speaker 1: that place would rent out easily for two thousand. It
Speaker 1: was like four bedrooms, three baths easily rents out for
Speaker 1: two thousand, and because he wanted to be in and
Speaker 1: he wanted to be in an apartment because he was
Speaker 1: traveling so much. And I'm like, and then that additional
Speaker 1: twelve hundred bucks a month can be put toward whatever
Speaker 1: your rent's going to be in your new apartment. So
Speaker 1: consider that as a as a possibility. What do you
Speaker 1: think what choice are you thinking about, like, what are
Speaker 1: you thinking about, Mandy when it comes to First of all,
Speaker 1: Many's house is so cute.
Speaker 2: It's like such a.
Speaker 3: Nice and cute exactly, It's cute, it's pocket size, it's adorable.
Speaker 3: I loved it as I like, I mean, I really
Speaker 3: really went home shopping, you know, from a New York
Speaker 3: City apartment perspective of like, oh, look we have a
Speaker 3: yard and there's a deck, and there's you know, three
Speaker 3: bedrooms and two and a half thousand you know, it
Speaker 3: felt really big at the time, but a kid and
Speaker 3: a half in, you know, this house is going to
Speaker 3: be it's going to be tight, right, And we have
Speaker 3: thought about, you know, what could our next move be,
Speaker 3: but we're stuck, Like we have a similar we have
Speaker 3: like a two point something interest right too, and we refinanced,
Speaker 3: which this sounds like she probably did as well because
Speaker 3: they only have fifteen twelve years left, so I'm assuming they. Yeah,
Speaker 3: so we refined in twenty twenty one as well when
Speaker 3: rates were really low, and I'm so glad that we did.
Speaker 3: But yeah, now if honestly, the only way that I
Speaker 3: can see it working for us is if we leave
Speaker 3: New York or we move like maybe to Georgia or
Speaker 3: another low cost you know, suburb of New York. But
Speaker 3: to find a comparable to find a home in a
Speaker 3: good school district where we live now, we got our
Speaker 3: home for four hundred and forty five k. I mean
Speaker 3: we probably need to pay over a million dollars to
Speaker 3: get to get yeah, to get just a decent you know,
Speaker 3: maybe a five bedroom, four bedroom, you know, with an
Speaker 3: office for me, like to get that level of home. Yeah,
Speaker 3: it is not cheap out here. And it's because of
Speaker 3: taxes on top of that. It's like the taxes, yo, taxas.
Speaker 1: Because one are the taxes because like so I'll give
Speaker 1: you an example. In new my house now, it is
Speaker 1: twenty don't nasmia woman, Texas, twenty two hundred square feet.
Speaker 1: It's four bedrooms, yeah, three and a half bath, it's
Speaker 1: three floors. And I want to say, my taxes are
Speaker 1: like ten thousand dollars lately year they just they just
Speaker 1: went up at your house.
Speaker 3: Yeah, I feel like ours are fourteen or fifteen okay
Speaker 3: right now, and we have a teeny house. It's like
Speaker 3: sixteen hundred square feet. It's not anything crazy, and we
Speaker 3: do live in a decent school district. I remember, everyone's like, oh,
Speaker 3: the schools are so great, They're fine. I don't know.
Speaker 3: I'm not like wowed by any of the statistics I read.
Speaker 3: But yeah, the taxes are nuts. And I mean, our
Speaker 3: interest rate is so good right now, I'm just checking
Speaker 3: mortgage rates. As of today's taping in mid April, we're
Speaker 3: at seven percent for a thirty four thirty year fixed
Speaker 3: I mean, that is like to quantify that I wish
Speaker 3: I And that's what the seven hundred at score, you know,
Speaker 3: So I'm let me upgrade this. Let's see, husband and
Speaker 3: I probably have like mid seven hundreds to high seven hundreds.
Speaker 3: We can maybe get like six point six five percent,
Speaker 3: but that's still triple. I mean, that adds tens of
Speaker 3: thousands of dollars to the cost of your loan. And
Speaker 3: because of the way mortgages work, they're going to frontload
Speaker 3: all that crap onto your interest. I mean, you're you
Speaker 3: know they're going to do what's it called again? Well, shit,
Speaker 3: what's it called? That word that I've always was confused about,
Speaker 3: which basically means that most of your first payments will
Speaker 3: go toward your interest, not you're barely even touching your
Speaker 3: print there when we have a mortgage, Yeah, barely. So
Speaker 3: that's where we're at. So I'm we are writing it
Speaker 3: out like I'm not trying to make any hasty decisions,
Speaker 3: and so Jasmine, I are sorry, Solange. I would say,
Speaker 3: you know, continue thinking and continue looking. Maybe you'll find
Speaker 3: a good deal. We've thought about maybe purchasing land, you know,
Speaker 3: and building instead. But it's when I hop on you know,
Speaker 3: any real estate listing sites and look to see what's
Speaker 3: that out there, I'm just like, and this house is
Speaker 3: actually great. Why are we even trying to, you know,
Speaker 3: think bigger? This is perfect? You know, we can all
Speaker 3: have that. I'll put my basement in the crawl space.
Speaker 3: I mean, I'll put my office in the crawl space
Speaker 3: if we need to. It'll be fun. I'll get some lighting,
Speaker 3: i can record the show laying down. It'll be cute.
Speaker 3: It'll because like whatever, Yeah, this is one of those times.
Speaker 1: We're literally the financial component has to be like and
Speaker 1: so you got to do that math because it could
Speaker 1: literally go from you know, you being able to like
Speaker 1: afford your life and literally not for more space and.
Speaker 3: Like you know, and that's the thing. Yeah, yeah, because
Speaker 3: I feel like we're doing fine. Now I don't feel
Speaker 3: like we're paying you know, because now an entrepreneur and
Speaker 3: you know, the money is different now like I don't.
Speaker 2: I don't.
Speaker 3: I could not afford a million dollar home right now.
Speaker 3: I know that for sure. Like to double what we're
Speaker 3: paying right now, I would. It would create the kind
Speaker 3: of work life that I'm trying to run away from,
Speaker 3: which is like you know, working around the clock, which
Speaker 3: I am. I don't want to be over mortgage at all.
Speaker 1: It would just be so stressful and honestly, I know,
Speaker 1: like because I mean I share this before, you know,
Speaker 1: I bought the condor. I finally the people move out
Speaker 1: this month this week, woo, because I leased it back
Speaker 1: to them for like the carrying costs it was just
Speaker 1: about two thousand dollars a month. So they paid me
Speaker 1: four thousand dollars to stay in my place. Hey, thanks,
Speaker 1: So I get the keys by the time you guys listen,
Speaker 1: I'll have seen it. The day before I get the
Speaker 1: keys covers the taping. It's a Monday. I get the
Speaker 1: keys on Thursday, and I do a walk through and
Speaker 1: this show comes out Friday. So I remember when I
Speaker 1: was buying it. I bought the house for I want
Speaker 1: to say five twenty five twenty, I mean minus. I
Speaker 1: guess you could say five sixteen, because you know they
Speaker 1: have to pay me that money. But you know, like
Speaker 1: on the books five twenty, and I remember my financial advisor,
Speaker 1: you know, Angelie shout out to her telling me that
Speaker 1: ideally to get a mortgage, which I can understand, because
Speaker 1: you know, you want to put that money in the market,
Speaker 1: because you know, half a million dollars can do a
Speaker 1: lot in the market. But I already put a lot
Speaker 1: of money into the market every year. I live off
Speaker 1: of less than ten percent of what I make. And
Speaker 1: I just didn't want because right now I don't have
Speaker 1: a mortgage at the house that I live in. Now
Speaker 1: I'm not selling it. My sister and her kids are
Speaker 1: going to live here. I don't have a mortgage here.
Speaker 1: It's just the carrying cost, which is like I don't know,
Speaker 1: eleven hundred bucks a month. That's taxes as well as
Speaker 1: like PSNG and all my utilities and all the kinds
Speaker 1: of Like eleven hundred bucks a month is what have cost,
Speaker 1: you know, And I'm like, so to go from eleven
Speaker 1: hundred bucks a month to the carrying cost of my
Speaker 1: new place is about two thousand if you just include
Speaker 1: the HOA fee because it is a condo and which
Speaker 1: is about twelve hundred, and then taxes, which is about
Speaker 1: like another eight hundred bucks a month, So two thousand
Speaker 1: dollars a month. On top of that, if I would
Speaker 1: have included a mortgage, let's just say my mortgage is
Speaker 1: going to cost me another twenty five hundred, you know,
Speaker 1: almost to go from eleven hundred to five thousand dollars
Speaker 1: a month. Not that I can't ford it, but I'm
Speaker 1: not gonna lie. The way might be my post dramatic,
Speaker 1: you know, post traumatic broke SYNDROMEA set up my STUFFA
Speaker 1: couldn't take it.
Speaker 2: I was like, you know, so I didn't.
Speaker 1: Want to have, like to pay five to six thousand
Speaker 1: dollars a month after paying a thousand, basically because my
Speaker 1: sister's gonna take over the carrying cost here, so I'm
Speaker 1: not gonna have to pay that for this house, you know.
Speaker 1: So I didn't want to go from a thousand to
Speaker 1: like five six thousand. I just feel nervous about it.
Speaker 2: And so I made a decision.
Speaker 1: Although it was not a probably the best quote unquote
Speaker 1: financial decision, it was the best financial decision for me
Speaker 1: and how I needed to navigate because the truth is, yes,
Speaker 1: five hundred thousand in the market kuid yield a ton.
Speaker 1: I already have money, and I'm still wearing my target's best.
Speaker 1: I'm not you know, I don't carry any debt. I
Speaker 1: have no debt, no credit card debt, so I'm not
Speaker 1: in any sort of financial struggle. I paid off my parents' house,
Speaker 1: I paid off my student loans, so it just met
Speaker 1: the difference between money or more money, and I was like,
Speaker 1: I'd rather the security in my stomach versus additional money
Speaker 1: that I'm not going to spend anyway, you know. So
Speaker 1: I'm just sharing that that like when you're making decisions,
Speaker 1: you know, sometimes you get to make a decision from
Speaker 1: a place of just emotionally, this is where I need
Speaker 1: to be, And sometimes you have to really look at
Speaker 1: the bottom line and say, the math is not mathing
Speaker 1: in a way that will allow us to sustain a
Speaker 1: healthy and healthy, healthy and happy lifestyle. So this seems
Speaker 1: like a real math math lean in versus like an
Speaker 1: emotional leaning. So Solange, you know, look at the math
Speaker 1: and ask yourself, would we be able to like sustain
Speaker 1: a decent life, you know, with all the additional expenses.
Speaker 2: Should we move or do we.
Speaker 1: Make it work where we are and just bide our
Speaker 1: time and keep our eyes and ears open for something
Speaker 1: that might fit better later on down the line.
Speaker 3: Good luck. Let me know what y'all decide, okay, because
Speaker 3: I need your advice to Also, I've like thought about
Speaker 3: with renting out our house, keeping the house because I
Speaker 3: feel like I don't want to get rid of this mortgage.
Speaker 3: I mean the good rate, right, but like should I
Speaker 3: keep the house and then rent it out would somehow
Speaker 3: make a situation where I don't know, I don't think so,
Speaker 3: I don't I don't know.
Speaker 1: You could write the good thing about when you have
Speaker 1: rental property that they will count I think like sixty
Speaker 1: percent of it towards your income.
Speaker 2: So for you to afford more of a house, you know.
Speaker 3: Yeah, that's the thing. But it's again, it's like you know,
Speaker 3: you know again, like positioning us to just be like
Speaker 3: really over in an expensive home.
Speaker 1: You know.
Speaker 3: So I just told Husban like I have no doubt
Speaker 3: we'll get there, you know what I mean. Like I'm
Speaker 3: doing fine. I co host Brown Ambition. I'm an ambitious
Speaker 3: lady like, we gon't be fine, but we ain't there yet.
Speaker 3: So I am very comfortable being like, we're not there yet.
Speaker 3: I won't even let Hi get a second car. He's
Speaker 3: so so salty about that. I'm just like, you're you're
Speaker 3: having a second baby, so we're not getting a second car.
Speaker 3: And Helen backs me up, went in doubt, get a
Speaker 3: financial planner to bring you down to earth. Actually that's
Speaker 3: a good tip. Financial planner can really bring you down
Speaker 3: to earth because when her husband and I have a
Speaker 3: disagreement on a big purchase, the second car being one,
Speaker 3: Helen makes it very clear here's what you would have
Speaker 3: to give up. I don't think that's a good idea.
Speaker 3: And I'm like, Helen said it.
Speaker 2: Not me, you know.
Speaker 3: But thank you so much to launch for your question.
Speaker 3: All Right, we're gonna take a quick break and be
Speaker 3: right back with an even juicy or a real estate question.
Speaker 3: So stay tuned, be a fan. We're putting a lot
Speaker 3: on our shoulders today. Okay, this is stressful. All right,
Speaker 3: see y'all back in a minute. All right, we are
Speaker 3: back back, and Brown Tiffany would like to do the
Speaker 3: honors of reading this. You want me to read it
Speaker 3: because I feel like I'm gonna read it and immediately
Speaker 3: just like give it to you to answer.
Speaker 2: No, go ahead to read it because it's stressful. My
Speaker 2: LA was like, wait. The more I read it, I
Speaker 2: was like, I'm gonna try Okay, okay, but.
Speaker 3: This is the reality, okay, and I'm not gonna lie.
Speaker 3: We've been getting more and more questions of people struggling
Speaker 3: with debts. I'm just like, I feel like brown ambition
Speaker 3: Q and A is almost like an indicator for the
Speaker 3: economy and where we're heading. So I think it's good
Speaker 3: that y'all are getting it out, releasing the debt demons
Speaker 3: and trying to figure out what to do. But this
Speaker 3: situation in particular is pretty complex. So this come from
Speaker 3: listener who would like to be called j. J. Says.
Speaker 3: I am forty years old. I'm a senior accountant. I
Speaker 3: make eighty three k a year. In twenty twenty one,
Speaker 3: I got out of a long financially abusive relationship and
Speaker 3: I sold my home and I got a huge lump
Speaker 3: sum of money. At the time, I had no debts
Speaker 3: other than student loans, so I spent the money purchasing
Speaker 3: two homes. Home A was a new construction around four
Speaker 3: hundred K, and Home B was a twenty year old
Speaker 3: fixer upper and I put six hundred K or sorry,
Speaker 3: I put sixty K into renovations, and I also got
Speaker 3: one hundred and twenty K loan to add a pool.
Speaker 3: As soon as I moved in Home B, everything that
Speaker 3: could go wrong happened. My main water lane, my main
Speaker 3: water line backed up and flooded. The first floor. Oh lord,
Speaker 3: master bath had to be ripped out three times and
Speaker 3: is still unfinished. The pool is half that's done because
Speaker 3: I ran out of money and the AC unit completely died.
Speaker 3: At this point, I had depleted my savings. I've run
Speaker 3: up over three hundred thousand dollars in loans and credit
Speaker 3: card debt. Right now, I'm assuming this is monthly right.
Speaker 3: My monthly take home pay is five K. My monthly
Speaker 3: expenses are fourteen K. With the houses, I am living
Speaker 3: bare bones and renting out Home A until I sell
Speaker 3: it this summer. Home B mortgage and bills have not
Speaker 3: been paid, and I am one month behind on all bills.
Speaker 3: I have two people renting out my spare rooms. I
Speaker 3: can't sell Home B without finishing the master bath and
Speaker 3: the pool, which is going to be about twenty eight
Speaker 3: k combined, and investors want less than I owe. I
Speaker 3: have been in therapy and trying to understand my spending
Speaker 3: and why I spentous frivolously. My question is how do
Speaker 3: I stop the bleeding. I have cut all other expenses.
Speaker 3: My vehicle is paid for. I have two children's aged
Speaker 3: two children ages two and three that I am able
Speaker 3: to provide for. I can't get assistance because I make
Speaker 3: too much. Do you suggest one on one coaching or
Speaker 3: one of your courses. I look forward to your response. Jay.
Speaker 1: I just want to do breath because this is rightfully
Speaker 1: so very stressful, like it is, yes, you know, so
Speaker 1: you know. One, I want to commend you for sharing
Speaker 1: this because it is it is not easy to share,
Speaker 1: like the you know, the ugliness of financial struggle, you know,
Speaker 1: And so I want to commend you because that's the
Speaker 1: first step, is to just say here's the thing that's happening,
Speaker 1: and I'm drowning. That's huge, and I hope through therapy,
Speaker 1: which I'm so glad that you're doing that, you have
Speaker 1: also been working on forgiving yourself for the financial mistakes
Speaker 1: you know that brought that brought you here because I
Speaker 1: always say, you didn't kick anybody's puppy, you know, and
Speaker 1: we didn't learn about personal finances in school largely, and
Speaker 1: you know you are not the only I mean, if
Speaker 1: you know my story, I was three hundred thousand, I
Speaker 1: was saying, that's why that number was like, oh, child
Speaker 1: was over three hundred thousand dollars in debt.
Speaker 2: You know, I lost my home to foreclosure.
Speaker 1: I made all the financial mistakes possible despite growing up
Speaker 1: in the household where I learned about money, and so
Speaker 1: you know, I had to learn to forgive myself first
Speaker 1: and foremost to say you made mistakes, Tiffany mistakes happened.
Speaker 2: I mean, it just is what it is.
Speaker 1: I had to get to a space when I was
Speaker 1: like deep deep deep in this financial hole like you are.
Speaker 1: I had to get to a space where I said,
Speaker 1: you know, I was looking for it at first, like
Speaker 1: this magic wand that was going to make everything better,
Speaker 1: and I realized it didn't exist. That instead, I had
Speaker 1: to start looking for what made things less worse. So
Speaker 1: that I want you to repivot to. I'm not here
Speaker 1: to actually fix it right now because it's going to
Speaker 1: How do I lessen the worseness. So I remember they
Speaker 1: were literally I had to make a list of like
Speaker 1: everybody that I owed everyone, like, you know, all of
Speaker 1: kind of like the financial dirt, and say, who's not
Speaker 1: going to get anything right now?
Speaker 2: They're going to be upset. But I mean I got
Speaker 2: to feed these kids, you know.
Speaker 1: And so one, you probably can't actually spend less, you know,
Speaker 1: that's just not because if you make five and you
Speaker 1: owe fourteen monthly, there's no even if you got your
Speaker 1: five down to zero, you're still in the hole, which
Speaker 1: is what I were I was too.
Speaker 2: So one, I want you to focus on how do
Speaker 2: I earn more?
Speaker 1: You know, like it's actually tax season and I don't know,
Speaker 1: like you know what, But I would be for you know,
Speaker 1: you have you have a skill set that can be
Speaker 1: done on the side as well, you know, And so
Speaker 1: like for me, I was babysitting, I was tutoring, I
Speaker 1: was like, how do I earn more? I would not
Speaker 1: be focusing on how I spend less, because that's actually
Speaker 1: not going to be helpful. But I would certainly reach
Speaker 1: out to everyone who I owed and see if there
Speaker 1: is some sort of workaround or program or pausing because
Speaker 1: of the pandemic. Honestly, programs were put into place that
Speaker 1: you can kind of piggyback on. So that's what I
Speaker 1: would do, like with my mortgage, with anybody who I owed,
Speaker 1: letting them all know this is my situation. What are
Speaker 1: the programs I would apply for everything? So that's first
Speaker 1: and foremost. Second, I would be asking myself, how do
Speaker 1: I make more money? Like I'm an accountant, Can I
Speaker 1: do accounting on the side. When I tell you, every
Speaker 1: small business person I know is looking for an accountant,
Speaker 1: everyone bookkeeper, bookkeeper? Oh yes, Like when I tell you
Speaker 1: like you are fortunate, like I said, you have a
Speaker 1: skill set where you can monetize outside of your job.
Speaker 1: It might look like you're working seven days a week,
Speaker 1: it might look like you're working to ten or eleven
Speaker 1: o'clock a night. But desperate times call for desperate measure.
Speaker 1: So I'd be leaning into what can I earn? What
Speaker 1: can I earn? What can I earn? I'm so glad
Speaker 1: that you're selling house a you know this summer. You know,
Speaker 1: that would offer you some relief. Hopefully I'm not sure.
Speaker 1: I'm trying to think when they bought it, but hopefully
Speaker 1: you'll be able to sell it for more than you
Speaker 1: purchased it for to help maybe using some of that
Speaker 1: use some of that money to you know, to help
Speaker 1: it long ago.
Speaker 3: Yeah, so I guessing I was twenty twenty two.
Speaker 1: Yeah, so even if you can't, hopefully you'll be able
Speaker 1: to at least break even on a the new construction. Well,
Speaker 1: I will say this that new construction usually tends to
Speaker 1: appreciate because I'm not sure when you purchase the new construction,
Speaker 1: but hopefully you'll be able to sell it get enough
Speaker 1: money to definitely cover what you paid for it, and
Speaker 1: maybe a little bit more to help you with some
Speaker 1: of your bills. And as far as B is concerned,
Speaker 1: you're gonna have to make a decision on whether or
Speaker 1: not you think putting more money is actually going to
Speaker 1: stop the bleeding.
Speaker 2: Like if I could go back to Tiffany.
Speaker 1: When I so, I lost my job when I was
Speaker 1: like in the two thousand and nine, I was like
Speaker 1: twenty nine. I had this condo that I bought for
Speaker 1: two twenty and I spent all of my money from savings,
Speaker 1: credit cards, everything to try to keep paying the mortgage.
Speaker 1: I even took all of my money out of my
Speaker 1: retirement account. I wish I could go back to that
Speaker 1: Tiffany and say stop, because I didn't have a plan
Speaker 1: beyond once I spent all this money, where is the
Speaker 1: money going to come from to continue paying the mortgage.
Speaker 1: I should have just said, let me hold on, I'm
Speaker 1: going to lose this place anyway, let me hold onto
Speaker 1: the little bit of cash I still have and use
Speaker 1: it to pivot and transition into a really inexpensive studio
Speaker 1: apartment or whatever. But instead I spent all of my
Speaker 1: money trying to save the condo, and then it was
Speaker 1: gone anyway, So thirty thousand dollars from my retirement account
Speaker 1: go on extually, it was more than that because you know,
Speaker 1: I had to pay taxes, and I had to pay
Speaker 1: the fee because I was not sixty five and a half,
Speaker 1: you know, gone. And then on top of that, all
Speaker 1: of my savings gone. I had borrowed money gone. So
Speaker 1: I want you to ask yourself that even if you
Speaker 1: get the poll done, even if you get the bathroom done,
Speaker 1: I want you to get with the realtor and ask,
Speaker 1: if I get all those things done, what's actually the
Speaker 1: return of my investment? What can I actually sell this
Speaker 1: house for? And if it's like still less than what
Speaker 1: you put into it. I wouldn't even I would take
Speaker 1: the lone and I honestly I probably would sell it
Speaker 1: for less and then just have to pay off the
Speaker 1: balance whatever that is, because you have to ask yourself,
Speaker 1: like where's the loss the greatest? You know, like I
Speaker 1: don't want you to continue pour money and only to
Speaker 1: still be behind. It's like, do I just stop the bleeding,
Speaker 1: take the l and just pay off whatever that difference
Speaker 1: is or is it worth it? Because I forget what
Speaker 1: it's called. It's called the cost analysis of a house.
Speaker 1: If I put these things into the house, will I
Speaker 1: be able to actually sell it and get my money
Speaker 1: back plus some You know, a realtor will help you
Speaker 1: with that cost analysis. So I would do that before
Speaker 1: deciding to put any more money into that house. And
Speaker 1: so hopefully that's helpful. Side hustle, you're way to some
Speaker 1: extra money, ask for help from the people that you owe,
Speaker 1: sell that you know new construction, do the math on
Speaker 1: the older home, and make the decision there. Those are
Speaker 1: those are my suggestions, and continue with the therapy and
Speaker 1: forgive yourself and you know, and honestly give yourself a
Speaker 1: little pattern back. I want you to celebrate the awareness
Speaker 1: that you said, something's wrong here, I'm going to do
Speaker 1: something to fix it. So I commend you, and I
Speaker 1: hope you commend yourself.
Speaker 3: Yeah, And I think about how she says she just
Speaker 3: got out of a twenty year financially abusive relationship, and
Speaker 3: I feel like there's there's probably a lot there in
Speaker 3: terms of your decision to like take back control of
Speaker 3: your money and to be like I got this lump
Speaker 3: sum from selling my home. I have control. I have
Speaker 3: back full control over what I do with it, and
Speaker 3: I'm just going to do whatever the hell I want
Speaker 3: with it. Like I think that's a totally human reaction.
Speaker 3: It just seems like unfortunately it was like too much
Speaker 3: too soon, you know, purchasing. It's one thing to purchase
Speaker 3: a new construction home, but then to have the fix
Speaker 3: her upper and like ugh, the renovation like those dragon
Speaker 3: and like like you said, you know, the unexpected can happen.
Speaker 3: It's not like you if everything, if the uninspected hadn't happened,
Speaker 3: if you didn't have that water main brake and you know,
Speaker 3: had to refinish the master like because of issues, maybe
Speaker 3: things would have been fine. You just got like the
Speaker 3: unlucky side wasn't accounted for. The shit happens side wasn't
Speaker 3: accounted for. And I feel like that will never happen
Speaker 3: to you again because now you know. But yeah, I
Speaker 3: wish you all the best. I would just focus on
Speaker 3: your kids are the priority, obviously, making sure that they
Speaker 3: have a roof over their head. I'm wondering what kind
Speaker 3: of assistance you've reached out for and say you made
Speaker 3: too much. I'm wondering if it's like food stamps or
Speaker 3: like social you know, like social programs. I can understand that.
Speaker 3: I can understand if there's lots of families going through that.
Speaker 3: But as far as homeowner assistance, like with your payments,
Speaker 3: talk to your lender, you know, see what kind of
Speaker 3: programs they have, See if even in your state they
Speaker 3: have I don't know what state you're in, they have
Speaker 3: any COVID era, you know, programs that are still around
Speaker 3: for home buyer homeowners who are struggling.
Speaker 2: Look at hood, yeah, I look.
Speaker 3: At HUD also. And then lastly, you ask, you know,
Speaker 3: do you suggest one on one coaching or one of
Speaker 3: our courses. I would say no, I feel like you
Speaker 3: don't need to be paying anyone like my course is
Speaker 3: not for you, like your your wounds are. This is
Speaker 3: like triage, you know what I mean? Like this is
Speaker 3: like you said, how can I stop? Stop the bleeding?
Speaker 3: And I think that even maybe like the National Foundation
Speaker 3: for Credit Counseling, you can maybe get a free consultation.
Speaker 3: They can help you weigh options like bankruptcy. You know,
Speaker 3: for example, I don't know there's different types of bankruptcies,
Speaker 3: and I know that some of them for homeowners who
Speaker 3: are really struggling. You know, you can you can get
Speaker 3: to a place where you can let that go and
Speaker 3: have a semi fresh start. But it's really hard, obviously
Speaker 3: to give you specific advice without knowing all the details
Speaker 3: of your situation. So a credit counselor and a credited
Speaker 3: credit counselor so of like NFCC dot org is a
Speaker 3: is a decent place to start if you're looking for
Speaker 3: that kind of advice. And like Tiffany said, maybe a
Speaker 3: realtor to help you weigh the like the math side
Speaker 3: of the situation. But definitely stop the bleeding, stop putting
Speaker 3: money into the house, and just think about survival and
Speaker 3: taking care of your kids right now and yourself. Yes,
Speaker 3: and talk to friends and have them support you because
Speaker 3: you need you need support right now because this is
Speaker 3: not an easy fix. Like you've got a rental, you're
Speaker 3: still renting off the other house, you're a landlord. It's
Speaker 3: a lot, Ja, it's a lot. Okay. So I hope
Speaker 3: you have a good support system beyond us, but of
Speaker 3: course we're here for you.
Speaker 2: Yeah, I'll send you a big old BA hug. You know,
Speaker 2: I don't eve a hug huge BA hug, but I'm
Speaker 2: hugging you.
Speaker 3: Virtually. Thank you, Jay, Thanks for being vulnerable, Thanks for
Speaker 3: opening up to us. Don't take that for granted at all.
Speaker 3: And keep us posted on your journey, okay, and how
Speaker 3: things are going updates from y'all. Alright, ba fam. That
Speaker 3: concludes this week's b a QA. Please continue to send
Speaker 3: your questions to us Brandimbission podcast dot com. That's where
Speaker 3: you can find all the different ways to do that,
Speaker 3: or hit us up on ig at Brand Ambition Podcast.
Speaker 2: All right, baa Arimandra, Bye bye