Speaker 1: It's time forward. The b a q a A, the
Speaker 1: b a q A what is saying the b a
Speaker 1: q eight with Manda, the b a q a with
Speaker 1: to today.
Speaker 2: Let b a q a A.
Speaker 1: Welcome to Brade bish question answers. You have questions, We
Speaker 1: have some answers. Although we're not your mom and your cousin,
Speaker 1: your financial Adidas all your lawyer are two very smart,
Speaker 1: brilliant dare I say brown girls who know a little
Speaker 1: thing about career, money, personal finances. You know what I'm saying, entrepreneurship.
Speaker 1: So you know we're here to answer some questions.
Speaker 3: Well, that's a dead of winter. I'm a dead of winter,
Speaker 3: so I don't know if I still fit in the
Speaker 3: brown category. I'm still pale.
Speaker 1: You're broad and spieling.
Speaker 3: Anyway, we have some lovely questions. If you guys want
Speaker 3: to be have your questions answer on the show, just
Speaker 3: slide into our d ms on ig. We're at brand
Speaker 3: Amission Podcast or you can email us Bredandmission Podcast at
Speaker 3: gmail dot com. Yeah, so let's get into it. Hey Taylor,
Speaker 3: all right? Our first question comes from Taylor, who says,
Speaker 3: I just got engaged and I'm looking for advice on
Speaker 3: how to start planning financially. We currently live together and
Speaker 3: split our household bills fifty to fifty depends on the
Speaker 3: season and if we use the AC or not. Okay,
Speaker 3: conet is crazy. We take turns getting groceries for the house,
Speaker 3: although I shop a bit more since I'm working in
Speaker 3: the office and don't always pack a lunch. We make
Speaker 3: just about the same amount of money and have kept
Speaker 3: our finances separate. I'm planning to do pre mariital counseling
Speaker 3: with my fiance and wonder if financials will be brought
Speaker 3: up in those convos. We both have trauma around a
Speaker 3: parent abusing household finances. I know I prefer to keep
Speaker 3: all household bills in one bucket and the rest separate.
Speaker 3: How do you all start to share finances with partners?
Speaker 3: Were there any strategies you employed to start saving for
Speaker 3: a wedding? Do you have recommendations on the best or
Speaker 3: easiest joint accounts? Ally keeps popping up? Thanks for any
Speaker 3: insights you can provide. Y'all are the bomb.
Speaker 1: Ooh first of all day day.
Speaker 3: It's what it? Yeah, it's engagement season. Congrests. Oh my goodness,
Speaker 3: this takes me back.
Speaker 1: Yes, to early day introduced like combining finances with my
Speaker 1: husbe too soon.
Speaker 3: I was like I was in my I had just
Speaker 3: you know, when we met in twenty fourteen, I had
Speaker 3: been a few years into my career as a personal
Speaker 3: finance journalist, poor Husbee or Enrique at the time, because
Speaker 3: I was just I was kind of preachy. I was
Speaker 3: very preachy. I used to really put people off my
Speaker 3: friends and family because I'd be, like, what you should
Speaker 3: do is I'm just like a hermione. I just know
Speaker 3: it all and I want everyone to know. And I
Speaker 3: had a good place like I was coming from. You know,
Speaker 3: I wanted to help, but I hadn't yet learned how
Speaker 3: to wait for them to ask me for help. But
Speaker 3: I remember our early before moving in together, which we
Speaker 3: moved in together less than a year after dating. I
Speaker 3: think just because like Lisa's New York kind of rush
Speaker 3: you into decisions sooner than you may otherwise rush. But
Speaker 3: we had dinner and I broached the subject of like
Speaker 3: our finance is at that dinner and it was fine.
Speaker 3: Like we talked about splitting rent fifty to fifty. We
Speaker 3: talked about how much do you earn? Here's what I
Speaker 3: earn and also moving in together, Like we talked about
Speaker 3: is this a long term do you see a future
Speaker 3: with me? You know, I didn't want to live with
Speaker 3: him if he didn't think he'd one day marry me,
Speaker 3: bless his heart. And then I would say around that time,
Speaker 3: I just got more feisty. I was like, show me
Speaker 3: your credits core. I want to see your credits core.
Speaker 3: Why don't you show me your credits cor? And I
Speaker 3: think it was more my o. I think he might
Speaker 3: have just shown me or told me if I hadn't
Speaker 3: been so much like we must find if you don't
Speaker 3: show me, you don't trust me, you don't let me.
Speaker 3: I was just a little extra. So yeah, I had
Speaker 3: my ups and downs early in our relationship, kind of
Speaker 3: talking about finances. We did do pre mariital counseling, but
Speaker 3: finances didn't come up. I think you're gonna have to
Speaker 3: like bring that up yourselves as a topic that you
Speaker 3: want to work on, like set the intention of in therapy.
Speaker 3: This will be one of the things we talk about.
Speaker 3: We more talked about like I don't even remember. God, honestly,
Speaker 3: I think it was premarital counseling is fine, but I
Speaker 3: almost feel like don't forget about that when you get
Speaker 3: like year five, you know, six seven, like you need
Speaker 3: more counseling. So we started counseling again just earlier this year.
Speaker 3: But yeah, that was that was our early early arguments
Speaker 3: about it. We're around me just being a little too intense.
Speaker 1: Yo, Mandy, there's a reason why we are friends. Because
Speaker 1: that was there almost to the tea, including in the
Speaker 1: credit score. He was like, I don't know. I was like,
Speaker 1: let's sideup for a credit carma right.
Speaker 2: Now, Like get in your laptop and you're I did
Speaker 2: that girl of a miracle that they put up with
Speaker 2: the pools anyway, Yeah, so to Mandy's point, I was
Speaker 2: also aggressive and very annoying.
Speaker 1: I was just like with my family and friends saying.
Speaker 1: I was like, girl, I know the things you know now,
Speaker 1: I don't do that much. I was like, you know,
Speaker 1: because also there was just a lot of things that
Speaker 1: I knew that he didn't know. So for example, he
Speaker 1: had gotten a secured card and he was like, oh,
Speaker 1: they told me that you like, you know, run it
Speaker 1: up and just pay a little bit a month. And
Speaker 1: I was like, who told you that? The people who
Speaker 1: are charging you interest? Now, I was say paid off
Speaker 1: in full. Do you have the money? It was maybe
Speaker 1: like four or five hundred dollars. He said, yeah, he
Speaker 1: paid it off. Credit score jumped over one hundred points
Speaker 1: because he didn't have much credit history. So when you
Speaker 1: don't have a ton of credit history, one really great
Speaker 1: decision can make a huge impact because your credit history
Speaker 1: is an average of your choices. So if you only
Speaker 1: have two grades, one A will make a B and
Speaker 1: A you know. And so so what we started to do, though,
Speaker 1: is so I had to learn because my aggressive ways
Speaker 1: we're not working. I remember he used to call me
Speaker 1: budget East to bully. He said, everybody, Oh, we knew
Speaker 1: you are Budget Easter bully.
Speaker 3: Everyone else thinks we're so nice. But partners, though, said down.
Speaker 1: I was like whatever. So but I learned that my
Speaker 1: bullying ways were actually not working. So I learned to
Speaker 1: find what I used to call the common denominator, like
Speaker 1: something that we both agreed upon without any push. So
Speaker 1: in the beginning I noticed that like the easiest common
Speaker 1: denominator for Jarell and I was alyssa. You know, my
Speaker 1: bonus starter that like if he spent money on something,
Speaker 1: I thought it was frivolous. I'm like, oh, that's fine,
Speaker 1: but we all still put money aside for Alyssa, right,
Speaker 1: and he would because there's never a time that he
Speaker 1: would ever say I'd rather the sneakers than put something
Speaker 1: aside for a listle. So he'd be like, oh, ooh,
Speaker 1: you're right. And so that's in the beginning to kind
Speaker 1: of loosen him up to make the financial choices that,
Speaker 1: quite honestly, I thought was the right one that you
Speaker 1: want to yes, that I would like, you know, I
Speaker 1: would like the comment when it was like, there's never
Speaker 1: any pushback when it comes to Alyssa. And then I
Speaker 1: added a new one because I was traveling and he'd
Speaker 1: be like, oh, I want to, you know, travel with you.
Speaker 1: And I be like, okay, well, I'm going to open
Speaker 1: up this online only savings account and you can open
Speaker 1: up a separate one, which she did, and when I
Speaker 1: put the money away for savings, you should too, so
Speaker 1: that way the next trip we go on, we can
Speaker 1: go together, so there's never pushback on vacation. And so
Speaker 1: I did that, quite honestly for a long time before
Speaker 1: I was able to brouch other things like I think
Speaker 1: your car noticed too high, maybe we should surrender the car.
Speaker 1: I think we should start saving for a wedding. I
Speaker 1: think we should start saving for a house. By the
Speaker 1: time we bought this house that I live in now,
Speaker 1: we were able to pay for a cash because it
Speaker 1: was like fifty percent off because it was a foreclosure.
Speaker 1: We had gotten to a really great space where we
Speaker 1: were on the same page financially because we had started
Speaker 1: with those common denominators and then learned to discuss what
Speaker 1: are our other goals and what do we need to
Speaker 1: do to reach it, you know, And so I learned
Speaker 1: to change my tone, you know, not to be such
Speaker 1: a budgetist to bully, and he learned to like be
Speaker 1: open to say, oh, this is for the betterment of
Speaker 1: both of us. So I don't know what Mandy, you know,
Speaker 1: does now. But when Darrell was here, we I had
Speaker 1: like a We had an RS and we had each other's.
Speaker 1: So I had my own checking, I had my own savings,
Speaker 1: He had his own checking, He had his own savings,
Speaker 1: and then we jointly had joint checking joint savings. The
Speaker 1: checking account was like the bills account for the house,
Speaker 1: so like we both contributed. He largely contributed to the
Speaker 1: bills account, and then I largely more contributed to our
Speaker 1: joint savings account, you know, because he had this thing
Speaker 1: where he was like, I want to pay the bills,
Speaker 1: and I said, okay, So there wasn't a ton left
Speaker 1: over for savings, but that's where I contributed the most,
Speaker 1: you know, And so like, you know, those are some
Speaker 1: of the choices. So I'll give you an example too,
Speaker 1: like I made significantly more than Jirell. To be candid,
Speaker 1: he never made over sixty thousand dollars a year, and
Speaker 1: you know I can bring home seven figures, and so
Speaker 1: there's a big discrepancy, you know, And we talked about
Speaker 1: how do we navigate that because sometimes you know, for
Speaker 1: many men, and I understand it can be a hard
Speaker 1: thing for the ego to swallow. His biggest thing was
Speaker 1: I don't want to live off of what you bring in, Tippany.
Speaker 1: I want to be able to maintain our lifestyle with
Speaker 1: what I bring in.
Speaker 3: And so really smart, honestly.
Speaker 1: Yes, it is, honestly, and I love that about it
Speaker 1: because he could have even been like, girl, what could
Speaker 1: I retire? You know. So what we did, for example,
Speaker 1: for the house was at first we were looking at
Speaker 1: houses to get home to get mortgages, but honestly what
Speaker 1: his income could could cover. It wasn't the kind of
Speaker 1: house that I wanted to live in and a neighborhood
Speaker 1: I wanted to live in. So we found this house.
Speaker 1: It was a foreclosure, and it was like perfect with
Speaker 1: the savings that we joint saved, you know, where I
Speaker 1: did my most contributing. I had the one hundred and
Speaker 1: eighty thousand dollars there. We used it to buy the house.
Speaker 1: So now there's no mortgage, but his income could cover taxes, insurance, utilities,
Speaker 1: you see what I mean. So it's like he still
Speaker 1: got to pay the bills, but in a way that
Speaker 1: preserved what I wanted, which is this beautiful home in
Speaker 1: this nice neighborhood. But it preserved I pay the bills
Speaker 1: and I can maintain our lifestyle, you know. And so
Speaker 1: like those are the types of conversations you want to
Speaker 1: start to have, like where do you want to live?
Speaker 1: We each got our own allowance, and we could have
Speaker 1: spended however we wanted because I know we were both
Speaker 1: contributing to the household, which I had our own savings.
Speaker 1: You could do what you wanted because as long as
Speaker 1: them the bills were paid, and then the joint savings
Speaker 1: was saved. That excess money is yours to do what
Speaker 1: you want with. So I learned to leave him alone
Speaker 1: when it came to that. So those are some of
Speaker 1: the things that we did, and you know, hopefully that'll
Speaker 1: be helpful. It's going to be just a constant conversation.
Speaker 1: You guys should be talking about money always. Something that
Speaker 1: Mandy actually introduced me to. Mandy when you started working
Speaker 1: with Helen, you know, I didn't have a financial advisor
Speaker 1: at the time, and you said that Helen helped you
Speaker 1: kind of like be a tie breaker like you and husband,
Speaker 1: you know, And so I suggest that too, finding a
Speaker 1: financial advisor that your meeting with, especially in the beginning regularly,
Speaker 1: because they will help to walk through your goals and
Speaker 1: how do you reach them together. And that way he
Speaker 1: feels he's heard and you feel like you're heard too.
Speaker 3: Yeah. Absolutely, And it just basically like he listens to
Speaker 3: her to me, even though she's saying what I could say,
Speaker 3: you know, but obviously she has way more training than
Speaker 3: I do as a financial planner. But yeah, that's kind
Speaker 3: of what I was getting at too with premorital counseling,
Speaker 3: Like they're not going to be able to give you
Speaker 3: the financial advice, but they can help you learn how
Speaker 3: to approach it if it becomes like this, really, you
Speaker 3: mentioned both having trauma financial trauma in the past, so like,
Speaker 3: if it's really tough to even get the conversation started,
Speaker 3: maybe it's good to start in a premarital counseling and
Speaker 3: then work your way up to like getting a financial
Speaker 3: planner and then but I would just say, like, you'll
Speaker 3: find the system that works for you. For us, it's
Speaker 3: it is one joint like household expense account and one
Speaker 3: joint savings and then we have our separate accounts where we,
Speaker 3: you know, have money for whatever we want to buy. Oh,
Speaker 3: she asked, any strategies you employed to start saving for
Speaker 3: a wedding. Yeah. We moved in with his parents and
Speaker 3: cut our I had never been earning more in my career.
Speaker 3: I think I was about to take a job making
Speaker 3: like forty K more than what I was earning at
Speaker 3: the time, and for some reason I snapped and I'm like,
Speaker 3: we have to save all this extra money, Like I
Speaker 3: don't want to, you know, just get a nicer apartment.
Speaker 3: We moved him with his parents into a tiny apartment
Speaker 3: and way in Wood Upper Manhattan and gave up our
Speaker 3: lovely two bedroom apartment in Queen's and basically lived off
Speaker 3: of You know, we were able to save the majority
Speaker 3: of our income, which helped. You don't have to go
Speaker 3: that drastic. But I was hell bent on not having
Speaker 3: debt for my wedding, and I was also hell bent
Speaker 3: on having a gorgeous wedding. So if you both want that,
Speaker 3: it's easier to make that decision together. We both really
Speaker 3: wanted a nice wedding, so I think it was easier
Speaker 3: for him to say yes to my crazy idea that
Speaker 3: we lasted. We lasted like six or eight months there.
Speaker 3: I think saved like twelve thousand dollars. It was nice.
Speaker 1: Yeah, no, that's okay.
Speaker 3: We had to get out of there.
Speaker 1: Same thing. Like like Mandy, we lived really simply, Like
Speaker 1: Darrell was a super for housing and we lived basically
Speaker 1: on campus. I mean it was a cute We had
Speaker 1: a townhouse, but rent was because he worked there. It
Speaker 1: was severely discounted to like nine hundred bucks a month,
Speaker 1: nine to twenty. And so we lived there and we saved,
Speaker 1: and we both agreed, and it's not something you have
Speaker 1: to do, but we were both agreed because I mean,
Speaker 1: I got married at thirty seven, so I didn't necessarily
Speaker 1: want like a big old wedding. And so we decided,
Speaker 1: do we want to spend this money on the wedding
Speaker 1: or do we want to set aside to purchase a
Speaker 1: home together, And so we said, let's have a simple wedding.
Speaker 1: So we did justice at the piece. A friend of
Speaker 1: mine has this really nice restaurant that she closed down
Speaker 1: Bonda for us, and Mandy was there and so we
Speaker 1: just like, that's what we did. My mom was distraught,
Speaker 1: of course, because I'm Nigeria and how dare I not
Speaker 1: have an extravagant, ignorant wedding.
Speaker 3: It was my favorite Nigerian wedding. It lasted. What was
Speaker 3: I even? It wasn't even a wedding, It was just
Speaker 3: a reception.
Speaker 1: I loved it.
Speaker 3: It was the best.
Speaker 1: My friend Andrea, she made my dress. She's like she's
Speaker 1: like now she's like some famous like wedding dress designer.
Speaker 1: She like one like making the cut on them with Pattie,
Speaker 1: Heidi Koum and Tim Gunn. But like yeah, I mean
Speaker 1: she was big then to Pantoa Bridal. She made my
Speaker 1: dress and gifted it to me. My my friend JP
Speaker 1: did our video for free. Honestly, it was like the
Speaker 1: I don't think I spent two thousand dollars, like including
Speaker 1: Alyssa's dress, Jurrell's close from like Banana Republic, you know,
Speaker 1: all everything photos and but it was beautiful because after
Speaker 1: it was said and done, we purchased I wouldn't have
Speaker 1: had the money to purchase the home cash. I didn't
Speaker 1: know at the time that this house was going to
Speaker 1: come up. But not only did we purchase the home cash,
Speaker 1: we paid off my student loan debt fifty thousand dollars
Speaker 1: and we were able to pay off my parents' house
Speaker 1: one hundred and twenty thousand dollars. And so for us
Speaker 1: it was like and for all partnered people, you have
Speaker 1: to decide what's your design outcome jointly as well as individually,
Speaker 1: and make the decision from there. So to Mandy's point,
Speaker 1: like you know, if you can reduce how you're living,
Speaker 1: however that looks and set aside. Right now, Citizens Bank,
Speaker 1: we don't I don't work with them or anything, but
Speaker 1: they because all I think is like three point three.
Speaker 1: So I moved my money from ally to Citizens Bank
Speaker 1: is three point seven, So like.
Speaker 3: Narrates are going up, yes, but like joint bank accounts,
Speaker 3: he just wanting to be sure they're really easy and
Speaker 3: simple to next your external accounts too, especially if, like
Speaker 3: unless you're both going to move all your stuff to
Speaker 3: that one bank account, which would be easier. But like
Speaker 3: Enrique has a bank account that I don't have, and
Speaker 3: I have my personal one with Ally, and then we
Speaker 3: have the joints. So as long as you can do
Speaker 3: auto transfers, that has worked for us. It took a while,
Speaker 3: but I was like, dude, automatically transfer money into Ally
Speaker 3: each month so that I know we'll have enough to
Speaker 3: like get daycare covered and stuff like that. But yeah,
Speaker 3: for your savings, for sure, I would just choose the
Speaker 3: bank with the highest interest rate because you want that
Speaker 3: to be easy to get to but not too easy
Speaker 3: to get to. But yeah, good luck on this journey,
Speaker 3: and congratulations Taylor on your engagement's.
Speaker 1: What do we love to hear? Because you know we well,
Speaker 1: I well, damn, I'm gonna say we're all married couple,
Speaker 1: married ladies now, But I'm like, I don't know, do
Speaker 1: I still feel married?
Speaker 3: You're a rich aunty.
Speaker 1: I know I am a rich Jounty. The first time
Speaker 1: someone said like, oh, you're not married anymore, I was like, oh,
Speaker 1: shut up. Now I'm just like yeah, Now I'm like,
Speaker 1: well I'm a.
Speaker 3: Rich two guys put together so long, like you can't
Speaker 3: just you know, look at your relationship as the years
Speaker 3: you were married. You know, you guys had a storybook.
Speaker 1: From me, it's always storybook when someone's like, honestly, it
Speaker 1: was pretty awesome. But yes, like, yes, I have a
Speaker 1: rich aunte now, so we'll say that, but yes, keep
Speaker 1: asking your questions, bring them on there, we have one.
Speaker 1: Well we're gonna take a break, right, mandra Yeah.
Speaker 3: And take a little break and come back with one
Speaker 3: mode question. Yes, So we'll see you on a little.
Speaker 1: Bit and we're back. We have a question. Oh her
Speaker 1: name is Tiffany girl. I like that name. Hey girl,
Speaker 1: But hey, ladies, I'm a huge fan of your podcast.
Speaker 1: You all need a show, like seriously. Okay, I have
Speaker 1: a fairly simple question. However, it's so hard for me
Speaker 1: to get by it. How do I find funding to
Speaker 1: start my business. I'm twenty seven and have new savings
Speaker 1: and I want to flip properties, but I have no
Speaker 1: money to start. Please help, Okay.
Speaker 3: You squeeze blood from a stone.
Speaker 1: I don't know if you ever heard, well, have you
Speaker 1: ever heard of house hacking? Mandra, Yeah, but I need
Speaker 1: a refresher. So house hacking, young Tiffany, I love this
Speaker 1: twenty seven. Oh he's so fresh and for a life.
Speaker 1: So house hacking is when you live in a house
Speaker 1: ideally ideally like a multi family house, let someone else
Speaker 1: pay the rent, you know, and then save from that place,
Speaker 1: so like you know, you're saving on you not having
Speaker 1: to pay rent, someone else is paying the mortgage for you,
Speaker 1: and then you use that money or you could even
Speaker 1: pull out money from that property to purchase the next property,
Speaker 1: you know, and so.
Speaker 3: Exactly what producer and money is doing right now.
Speaker 1: Exactly, and so I would you know, like if you
Speaker 1: The thing about purchasing at home is that you can
Speaker 1: use something called leverage, Like leverage comes from the word lever,
Speaker 1: and a lever is like a doorknob. So you think
Speaker 1: about the small little doorknob could open this.
Speaker 3: Big old door.
Speaker 1: How is that right? So the same thing with the
Speaker 1: way when you leverage your money in real estate, you
Speaker 1: don't have to come up with a full amount like
Speaker 1: I have purchased my properties some of them cash, but
Speaker 1: you don't need to do them. You can literally leverage
Speaker 1: by you know, putting down giving an fah loan, putting
Speaker 1: down three and a half percent, so you don't have
Speaker 1: to put down the full five hundred thousand or two
Speaker 1: hundred thousand or whatever, maybe three thousand and four thousand
Speaker 1: and five thousand, which means you do have to save something,
Speaker 1: you know, and then you use that leverage to purchase
Speaker 1: an asset that is much greater than what you initially invested. Patience,
Speaker 1: you know, maybe you fix it up while you're there,
Speaker 1: do a little something to it, find yourself some you know,
Speaker 1: someone who's going to rent, and then you know, after
Speaker 1: a couple of years you're able to pull out some
Speaker 1: money from that property as well as hopefully you've saved
Speaker 1: some of that rent money you're getting to then purchase
Speaker 1: the next thing. And so that's what I would suggest
Speaker 1: for you to start. There's some great resources, so many
Speaker 1: some I don't know if that all United Ways still
Speaker 1: do this, but some of them. You might want to
Speaker 1: look at your local United Way. Oftentimes they have something
Speaker 1: called an IDA program, an Individual Development Account program. This
Speaker 1: is a program where can you take like a series
Speaker 1: of classes, and the United Way has partnered with the bank,
Speaker 1: and some banks just do this on their own. So
Speaker 1: you can look for individual Development Account programs at different
Speaker 1: banks and then they will pledge if you put a
Speaker 1: certain amount of money in and you take these courses
Speaker 1: or classes, they will then grant you money, like in
Speaker 1: multiple So if you put up five hundred, they might
Speaker 1: say for every five hundred you put up, we will
Speaker 1: multiple times for that's what the IDA program that I
Speaker 1: used to teach, so literally when I was working at
Speaker 1: the United Way, people took my course. If they say
Speaker 1: that up to five hundred dollars, at the end of
Speaker 1: the course, they got two thousand, which is great and
Speaker 1: so like, so look for IDA programs. Another thing, there's
Speaker 1: Naka Naca love Naka the neighborhood. I forget what stands for,
Speaker 1: but NAKA, right, it's this on this nonprofit organization that
Speaker 1: helps new homeowners purchase home so you can get a
Speaker 1: multi family I think up to four families with NAKA
Speaker 1: and NAKA will typically help you lock in a much
Speaker 1: lower interest rate than any place else and they commit
Speaker 1: for you to have no down payment. They really help
Speaker 1: with like no down payment, help with closing costs and
Speaker 1: you get a lower interest rate than what's out there,
Speaker 1: and so look at for NAKA programs also too. I
Speaker 1: would just consider, like, you need to start taking like
Speaker 1: these free first time home buys courses to understand the
Speaker 1: home buying process in general. You know, like, you know
Speaker 1: what is it you know, what is insurance going to
Speaker 1: look like? What is that going to look like?
Speaker 3: Shoot, property taxes.
Speaker 1: Yes, but also too, well, how do you get more
Speaker 1: in a mortgage? Also too, you're going to want to
Speaker 1: to connect with realtors in the area that you're considering purchasing,
Speaker 1: because oftentimes realtors will have their ear to the street, like, oh,
Speaker 1: you know what M ANDT Bank has a twenty twenty
Speaker 1: thousand dollars grant, this bank has, you know, there are
Speaker 1: grants all over And so I would say for the
Speaker 1: next honestly year to inundate myself with taking these courses,
Speaker 1: meeting with realtors, you know, reaching out to banks to
Speaker 1: see if they have any grant programs, doing your you know,
Speaker 1: your your research, and if you do that, before I
Speaker 1: start flipping, I would house hack and maybe consider doing
Speaker 1: some renting and so I can get some money up
Speaker 1: to do the thing that you're wanting to do.
Speaker 3: Yeah, I'm curious because she says she wants to save
Speaker 3: up money for her business, which I'm assuming is the
Speaker 3: house flipping. Should people who are thinking I feel like
Speaker 3: house hacking. You know, you buy the home under your
Speaker 3: own name and then rent it out. Excuse me, if
Speaker 3: you're wanting to then get into home flipping. Do you
Speaker 3: get a business entity like an LLC and then you
Speaker 3: purchase under that entity or are people out there flipping
Speaker 3: houses just like as themselves?
Speaker 1: I mean, ideally, you can definitely get an entity because
Speaker 1: you want to be protected anytime you have a business, Yes,
Speaker 1: and including that kind of business. For someone who's never
Speaker 1: flip before, I suggest hacking first because it's basically a
Speaker 1: slow flip. You know, you get someplace, hopefully undervalue. Maybe
Speaker 1: you need some new toilets, blah blah blah. You're living
Speaker 1: there and fixing it up while you live there and learning, Oh,
Speaker 1: don't work with that contract or he's a thief. Oh
Speaker 1: that's a really good painter. You're starting to build your
Speaker 1: team while you're house hacking. So when you finally get
Speaker 1: the money together, then you know, and you have a
Speaker 1: team together, then you can consider flipping. I do not
Speaker 1: suggest flipping right off the that unless you're partnered with
Speaker 1: an experienced flipper and you're kind of like working side
Speaker 1: by side, because you can do that too. Oftentimes these
Speaker 1: flippers have no admin assistance. They're a mess, So you
Speaker 1: might want to look for a flipper and offer your
Speaker 1: services to keep them organized so you can learn on
Speaker 1: the job. That's something you can consider.
Speaker 3: Too, and like start inundating. Like Tiftien said, inundating, I
Speaker 3: forget what you said with education around, you know, the
Speaker 3: home ownership process. I'd also recommend like following blogs or
Speaker 3: tiktoks from people who are in like doing it, doing
Speaker 3: the thing that you want to be doing, and just
Speaker 3: learning from their experience. I know blogs or so two
Speaker 3: thousand and four, but I remember Paula Pant from afford Anything.
Speaker 3: She used to do this in Atlanta, and I would
Speaker 3: read her blog and she was like very transparent about
Speaker 3: fixing up homes and living in them and renting them
Speaker 3: out in that whole process. And I anyway, she has
Speaker 3: a podcast called afford Anything. Also Bigger Pockets. I feel
Speaker 3: like it's more real estate investor focus, So maybe add
Speaker 3: those to rotation with brown ambition as well, and give
Speaker 3: yourself time because it's not something you want to jump into,
Speaker 3: you know. So I like that TIFFs like house hack
Speaker 3: and make it a slow flip because you're learning and
Speaker 3: all of that and saving, you know.
Speaker 1: Join these There's like a ton of like Facebook groups,
Speaker 1: so you can kind of sit back and like listen
Speaker 1: and learn because I like one of my friends, Christina,
Speaker 1: she she flips homes in Saint Louis and they do
Speaker 1: meetups all over the country where they just talk to
Speaker 1: each other, they share information. So you really want to consider, like,
Speaker 1: as I said, inundate for the next year, just inundate
Speaker 1: yourself with I'm part of this group. I join this
Speaker 1: meetup before you really start to like you're gonna it's
Speaker 1: a very expensive process. So the more education you can
Speaker 1: have because you're going to make mistakes and they're going
Speaker 1: to be pricey, but they can be reduced in price,
Speaker 1: you know, if you if you take the time for education.
Speaker 1: So good luck to you.
Speaker 3: Tiffany, that's Tiffany on Tiffany, y'all for v a q A.
Speaker 3: All right va fam again. If you want to submit
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Speaker 3: or just head to our website Brandimission podcast dot com.
Speaker 3: Contact us, but until next week bye.
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Speaker 4: It's edited by the wonderful Emani Crosby and produced by
Speaker 4: Tanya Bustos. Dennis Demplinsky is our in house tech Turu
Speaker 4: and I am Bandy Woodrid Santos your co host, and
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Speaker 3: A