Speaker 1: Hey, hey va fam, it's Mandra here. Thank you so
Speaker 1: much for continuing to rock with us. I know that
Speaker 1: it's been a different kind of show these past few
Speaker 1: weeks as we're giving our beloved Tiffany the time that
Speaker 1: she needs to heal. Thank you again for your continued support.
Speaker 1: I have to say though, this episode has been I
Speaker 1: guess seven years in the making. Tanya Rappily is the
Speaker 1: millennial money expert and creator of the award winning site
Speaker 1: my fab Finance. And for those of you who may
Speaker 1: not know, you're gonna find out on today's show some
Speaker 1: og financial influencer history when it comes to Tanya, Tiffany,
Speaker 1: and a group called the Frugal Fab Five. I didn't
Speaker 1: even know of this story, but Tanya joins the show
Speaker 1: today not just to catch up on what she's been
Speaker 1: up to the past seven years since launching her business
Speaker 1: back in twenty fourteen, but also how she was able
Speaker 1: to finally hit her first million dollar year of business. Yes,
Speaker 1: I was so inspired by my conversation with Tanya, especially
Speaker 1: when we started talking about a subject that I really
Speaker 1: hadn't anticipated real estate. You know, as an entrepreneur, I
Speaker 1: sort of assumed that as soon as I launched my
Speaker 1: own business, getting a traditional mortgage was just something that
Speaker 1: was either going to be a huge, massive headache or
Speaker 1: even just be not possible for me. But Tanya is
Speaker 1: proving that even though she runs her own business and
Speaker 1: by the way, her husband is also self employed, they
Speaker 1: are launching the very beginnings of what will soon become,
Speaker 1: I'm sure, based on Tanya and how she's always killing
Speaker 1: the game, a mini real estate empire. They just purchased
Speaker 1: their first investment property in Atlanta, and Tanya's gonna tell
Speaker 1: us all about it, like how they got alone using
Speaker 1: something called hard money, Like what is that? Tanya really
Speaker 1: lays it all out for us today, and I hope
Speaker 1: that you guys feel inspired and also learn a little
Speaker 1: bit about the alternative ways to invest in real estate
Speaker 1: and even the fact that it may feel like it's
Speaker 1: out of reach, but there really are some good tools
Speaker 1: and products out there that can help you launch your
Speaker 1: own venture into real estate. So, without further ado, here
Speaker 1: is my conversation with Tanya Raply of my fab Finance.
Speaker 1: I am so I'm shocked and excited today. I'm shocked
Speaker 1: that it has been this long and we've never had
Speaker 1: Tanya rap ly on the show. But today I am
Speaker 1: so excited because we are finally making it happen. Hello,
Speaker 1: Miss Tanya.
Speaker 2: Hey, yeah, I think the last time you reached out,
Speaker 2: I was like in the throes of like morning sickness.
Speaker 3: It was like, this ain't gonna work.
Speaker 1: Yeah. Yeah, I'm glad you chose yourself in that inside.
Speaker 3: Yeah.
Speaker 1: But for those of you who do not know Miss
Speaker 1: Tanya of my fab Finance, personal finance educator, badass entrepreneur. Yeah,
Speaker 1: she's a mom, but that's not it. A NEWB real
Speaker 1: estate entrepreneur as well, because we're never going to stop
Speaker 1: adding things to the after our names apparently just keep going.
Speaker 1: But I am so excited to talk to you because
Speaker 1: I mean, y'all, we have Tiffany and I both, but
Speaker 1: I have known Tanya since two thousand and we all
Speaker 1: met at fin Con, I feel like for the first
Speaker 1: time in person twenty fourteen, thirteen fourteen, and it was
Speaker 1: when my fab finance was just kind of getting kicked off.
Speaker 1: When did you start all of that?
Speaker 3: Yeah?
Speaker 2: So you know, I think I know Tiffany a little
Speaker 2: longer than I've known you, because I met Tiffany early
Speaker 2: on in my journey.
Speaker 3: She was one of my early.
Speaker 2: Mentors, but my fab Fini had started in January of
Speaker 2: twenty thirteen. My goal was to get a seven thirty
Speaker 2: credit score by the time, a seven hundred credit score
Speaker 2: by the time I turned thirty years old, and I
Speaker 2: wanted to close for Macy's. Those were my ambitions when
Speaker 2: I started it in twenty and thirteen, and here we
Speaker 2: are in twenty twenty two with a multimillion dollar business
Speaker 2: and other things that have been offshoots of that. So
Speaker 2: it's been a journey, but we met. Yeah, fen Con,
Speaker 2: I think Black Enterprise is about to happen.
Speaker 3: Yeah, yeah.
Speaker 1: When I saw that cover, you got the cover Black Enterprise, right, yeah,
Speaker 1: I mean that was no joke and just slaying ever since.
Speaker 1: But listen, I mean one of the things that we
Speaker 1: talk about on Brown Ambition is it really is about
Speaker 1: the journey. Everyone who was tuning into the show today
Speaker 1: is just kind of hearing. I don't know, it's definitely
Speaker 1: I don't want to call it the epilogue, but we
Speaker 1: are like two third I mean, you're always a work
Speaker 1: in progress, right, but we're pretty far in the Tanya journey, right,
Speaker 1: I mean, and this is the this is the You're
Speaker 1: seeing all the fruits of all those seeds that you
Speaker 1: have been planting for the past eight seven eight, you
Speaker 1: know years now. So let's back up a little bit.
Speaker 1: How do you get to be a multimillion dollar And
Speaker 1: by the way, congratulations, because I know you're multimillions over times,
Speaker 1: but this was your first million dollar year in twenty
Speaker 1: twenty one, in a single year. That is extraordinary from
Speaker 1: something that you built, that you created, you know what
Speaker 1: I mean.
Speaker 3: It still feels.
Speaker 2: I mean I felt it right like I was doing
Speaker 2: that work, like I felt it. But it still feels surreal.
Speaker 2: And I think that when black enterprise happens. A black
Speaker 2: enterprise happened in twenty and fourteen. I left my job
Speaker 2: in twenty and fifteen to do this full time, and
Speaker 2: there's been so many I'm really thankful. There's been so
Speaker 2: many remarkable things that have happened along the way. And
Speaker 2: I remember everybody's like, this is your time, this is
Speaker 2: your time, this is your time, this is your time.
Speaker 2: And I just feel like our time is as long
Speaker 2: as we want to hold it, as long as you're
Speaker 2: willing to work for it, as long as it's you know,
Speaker 2: it's supposed to be. So I still feel like I
Speaker 2: don't know, Mandy, like I feel like I haven't even
Speaker 2: hit my prime yet. I feel like I feel the
Speaker 2: same ye say, this is just the beginning. I'm really thankful,
Speaker 2: but I feel like I haven't even hit my prime.
Speaker 1: It's scary to think that too. I mean, well, scary
Speaker 1: in one way. It's like the scary excitement. I told
Speaker 1: my husband at the beginning of this year. You know,
Speaker 1: I had some and I'm a newbie. I'm a baby.
Speaker 1: I'm kind of like where U, Tiff, and everyone else
Speaker 1: were seven eight years ago. I'm a baby entrepreneur now.
Speaker 1: But I told my husband, I was like, I have
Speaker 1: no idea what twenty twenty two is going to look like,
Speaker 1: but I'm already excited for the like the opportunities that
Speaker 1: I know are going to I just feel it, you
Speaker 1: know what I mean. I just feel like this is
Speaker 1: not it. I've got so much room to grow, and
Speaker 1: I don't know how. I feel like what you're expressing
Speaker 1: right now is similar to that. It's like the excitement
Speaker 1: of possibility and knowing every day it's like preparing for
Speaker 1: that next that next exciting email to hit your inbox.
Speaker 1: You know those you yes and.
Speaker 2: You know, my one of my managers used to say,
Speaker 2: I've seen people's life change with the email, and it's
Speaker 2: so true, like your life can literally change for the
Speaker 2: better with one email. But then also like, we got
Speaker 2: to put some respect on your name, Mandy, Like, yes,
Speaker 2: you're a baby entrepreneur, but you've still been doing this
Speaker 2: and you have such a strong network. And I think
Speaker 2: that when you have that strong network of people, you
Speaker 2: can call on people, you can ask questions who have
Speaker 2: been there, who have made.
Speaker 3: The mistakes that I don't consider your baby.
Speaker 2: You might be a toddler, like you're not in the
Speaker 2: infant stage, maybe a todder because you learned from so
Speaker 2: many of our mistakes and you did it your way.
Speaker 3: So we gotta put some respect on Mandy's name. You know.
Speaker 1: That reminds me that I just did see you in
Speaker 1: Atlanta not that long ago, and I feel like we
Speaker 1: had a very similar moment where I was like trying
Speaker 1: to downplay where I'm at and you're like, wait, wait, wait, wait, wait,
Speaker 1: let me remind you who's who my friend Mandy is.
Speaker 3: We ain't gonna let you do it. We're not, we not.
Speaker 1: So I love seeing you in Atlanta and You've just
Speaker 1: recently moved to Atlanta, right with your.
Speaker 3: Fad in twenty twenty.
Speaker 2: So, yeah, we moved to Atlanta in the middle of
Speaker 2: the pandemic our house without seeing it, which was actually
Speaker 2: a really good choice. It's been a really, really good
Speaker 2: home for us. And so we're in We were in
Speaker 2: California prior to moving to Atlanta, but I'm from the South.
Speaker 2: Housing prices were just ridiculous in California, and for me,
Speaker 2: the beauty of being location independent, the beauty of becoming
Speaker 2: financially secure so you can choose what's in your best interest.
Speaker 2: Is that I wanted to raise my son around my family,
Speaker 2: Like I didn't have the liberty of that because my
Speaker 2: mother and father were in the military, and so for me,
Speaker 2: it was really important for my parents to be in
Speaker 2: driving distance. As a matter of fact, I'm taking my
Speaker 2: son to my parents' house on Wednesday and for him.
Speaker 1: To give experience.
Speaker 3: Yeah, I know.
Speaker 2: And they girl, they bought a house in Florida, you know,
Speaker 2: and so I like, yeah, I'm going to Florida on
Speaker 2: Wednesday to pop in on my parents, check on them,
Speaker 2: and take my son so you can spend some time
Speaker 2: with them. But it's a beautiful blessing to be closer
Speaker 2: to them as well as Atlanta has so many opportunities.
Speaker 3: This is this is where the enterprise is to be built.
Speaker 1: So yeah, I can't believe you about your house sight unseen.
Speaker 1: All right, So a million dollar a year, let's get
Speaker 1: into it. What does that look like for you? Was
Speaker 1: that something that you know at this point in your business?
Speaker 1: You are and I'm understanding too, a lot of the
Speaker 1: you know, the checks that you're cashing, you know in
Speaker 1: advance that they're coming, like you sign a deal. And
Speaker 1: of course it takes a while for those those cash
Speaker 1: those checks to hit your bank account. As we know,
Speaker 1: direct deposit likes to take its time.
Speaker 3: But draws or immediate.
Speaker 1: Oh yes. I was telling Chris last week on Popcorn
Speaker 1: Finance when he was here. I was like, let me
Speaker 1: tell you how quickly the IRS came for my deposit
Speaker 1: from my withdrawal when I made my tax payment, and
Speaker 1: yet my refund check will probably take two months.
Speaker 2: But man, listen, I was just saying, I amend my taxes,
Speaker 2: and they like, I am ended my taxes I think
Speaker 2: in June, and I still have they still have not
Speaker 2: processed the amendment. But that, Oh, but you want to
Speaker 2: tell me about everything else, but you haven't processed like
Speaker 2: my amendment and like the taxes are paid off and everything.
Speaker 3: Okay, all right, they.
Speaker 1: Will snatch your money quit immediately, very quick. But let's
Speaker 1: talk about that. Did you have an idea it was
Speaker 1: gonna be a million dollar year or was this a
Speaker 1: goal of yours?
Speaker 3: Like?
Speaker 1: When did you realize this is gonna be it? Like
Speaker 1: we're gonna I set the attention.
Speaker 2: I set the intention in February of last year at
Speaker 2: my friend Maya Elias's impactweeking conference, and she had this
Speaker 2: thing where it was like road to a million and
Speaker 2: I was like, telling you, why you keep telling yourself
Speaker 2: that you can't.
Speaker 3: Make a million in a year. Why have you counted
Speaker 3: this out of your story? You can do this.
Speaker 2: And so that weekend I committed to like, Okay, this
Speaker 2: is gonna be my first million dollar year. And I
Speaker 2: think it really hit me that it was gonna be
Speaker 2: my first million dollar year. Around June, when I signed
Speaker 2: my biggest brand partnership to date, it was almost half
Speaker 2: a million dollars, and.
Speaker 3: I was like, Oh, it's gonna be a year.
Speaker 2: And then August I was sitting there and I was like,
Speaker 2: I think at like seven hundred and something thousand dollars,
Speaker 2: and I was.
Speaker 3: Like, Oh, this is gonna be a million dollar year.
Speaker 2: Like if I made seven hundred thousand dollars in eight months,
Speaker 2: I can make three hundred thousand dollars three hundred thousand.
Speaker 3: More by the end of this year. So we passed that.
Speaker 3: We hit one point two. Which is it?
Speaker 2: You know, I think it's a culmination of everything. It's
Speaker 2: a culmination of me having the right team in place.
Speaker 2: It was a culmination of me having the right relationships
Speaker 2: in place. It is a cummination of me having the
Speaker 2: work ethic in place, and all those things combined, I
Speaker 2: think led to and the willingness and the belief that
Speaker 2: it was possible. I think it was all those things
Speaker 2: that led to making it possible and that will lead
Speaker 2: to future million dollar years. So I'm really slow to
Speaker 2: ease into my years. I kind of feel like I
Speaker 2: have like a New Year hangover, and like, just like
Speaker 2: last year, I didn't set my goals until February this year, like, Okay,
Speaker 2: I'm like, all right, this year, we want to do
Speaker 2: one point five to two million. So the work starts now.
Speaker 2: Tomorrow's February first. For me, the work starts now, so
Speaker 2: I give myself. I really like to take December off ideally,
Speaker 2: so give myself February to November to make it happen.
Speaker 1: Oh I love that. And I also think like whenever,
Speaker 1: even if you decided, you know, June or September or October,
Speaker 1: whenever you decide, like that's the day that matters these
Speaker 1: whole Like make a resolution just because it's January first, Like,
Speaker 1: come on, now, we know dreams.
Speaker 3: Can happen, end of time.
Speaker 2: And I don't take I don't take resolutions for granted.
Speaker 2: I don't take like goal setting for granted. Evening the
Speaker 2: other day, I was thinking about how I want to
Speaker 2: create space for me to go away and think about
Speaker 2: my goals and I really write them down and commit
Speaker 2: them to paper. I don't want to just be oh, okay,
Speaker 2: I'm gonna sit here and think about it in my office.
Speaker 2: I really want to connect to myself and make sure
Speaker 2: that my goals are sol aligned. That's always what my
Speaker 2: work has been about, is like soul aligned, wealth creation.
Speaker 1: Soul s o U L aligned, Yes, s o U.
Speaker 3: L like soul like I want to.
Speaker 2: I wanted to be aligned with my divine assignment and
Speaker 2: what I'm here to do. So I'm going to take
Speaker 2: some time and we'll iron those things that out in
Speaker 2: the coming weeks.
Speaker 3: But right now, you know, we're just flowing. We're just
Speaker 3: we're flowing into the year.
Speaker 1: Tell me more about that that weekend or what was
Speaker 1: that you said, the Road to a Million Maya Elliott, Yes, Impact.
Speaker 2: American program, Maya who actually is a good friend of
Speaker 2: all of us. So those who I don't know people
Speaker 2: probably are OG's. But early on in my financial journey,
Speaker 2: and I think Tiffany was about five six years into
Speaker 2: her journey, we had this collective called the Frugal Fab Five.
Speaker 2: It was Tiffany, myself, Marcia Barnes, the finance bar Kara
Speaker 2: Stevens of Frugal Feminista, and at the time I had
Speaker 2: a business partner, Tiffany Victoria for my fab Finance, and
Speaker 2: we were a Frugal Fab five and we actually like
Speaker 2: traveled around and did events.
Speaker 3: We did something at the cis of legend.
Speaker 1: I forgot about this legendary.
Speaker 2: Old finance history, finance OG history, and so we we
Speaker 2: did these events together and Maya actually designed our flyers
Speaker 2: for our our programs. That we were doing together as
Speaker 2: well as she was our photographer at our event in Charlotte,
Speaker 2: North Carolina. And so Maya's been a friend of ours
Speaker 2: for so long, and she's pivoted into helping women create
Speaker 2: brand and live with impact and purpose. And so that's
Speaker 2: ballooned into or blossomed into Impact Weekend in her program
Speaker 2: build Your Impact, which as she's grown to be a
Speaker 2: multimillion dollar program. And I was in support of her program.
Speaker 2: You know, that's another thing in these relationships. I was
Speaker 2: in support of her. I was there, I went to
Speaker 2: support her, and I walked away with like okay, all right,
Speaker 2: like inspiration and it impacted me. But the weekend is
Speaker 2: actually coming up this weekend here in Atlanta. The week
Speaker 2: right now is like the first weekend in February. And
Speaker 2: so that's one of the reasons I'm taking my son
Speaker 2: to my parents' house is because he's going to be
Speaker 2: there so I can go just fully dive in and
Speaker 2: learn and digest the Impact weekend.
Speaker 1: I love. I think that that ties in so nicely
Speaker 1: to the point you made a minute ago about setting
Speaker 1: aside the time to think intentionally about what you want
Speaker 1: and not letting it be something that Like for me,
Speaker 1: it's the classic. You know, it's the end of the night.
Speaker 1: It's ten o'clock, like the babies asleep, and you know,
Speaker 1: I'm on the couch watching thousand pounds Sisters, Like, maybe
Speaker 1: I should think about what I want to do next,
Speaker 1: you know what I mean? But actually create carving out
Speaker 1: that time and for you and and people can get
Speaker 1: I'm sure they'll. People will google and you should like
Speaker 1: look up, we'll put a link to to impact. What
Speaker 1: is an impact?
Speaker 3: Sorry, I keep for getting impact weekend.
Speaker 1: Impact weekend in Maya's program. And that's wonderful. But whatever
Speaker 1: that looks like for you, even just doing you know,
Speaker 1: renting an airbnb for a couple of days or leaving
Speaker 1: the kids with a sitter or whatever, so you have
Speaker 1: time to think about what you want and being intentional
Speaker 1: about it and putting that like it almost puts like
Speaker 1: a timer on that It's it's nice because you carve
Speaker 1: out the time, but it also gives you like a
Speaker 1: contained amount of time so that you can't just like
Speaker 1: put it off. You know, you're kind of forced to
Speaker 1: spend that time and thinking about it. So now is
Speaker 1: it something that you do on a regor their basis
Speaker 1: or is it the annual you know, go to Maya's event,
Speaker 1: or how do you do that for yourself kind of
Speaker 1: throughout the year.
Speaker 2: So one of the things that I do is as
Speaker 2: a mom, it's important for me to have me time
Speaker 2: where I'm only responsible for myself, and so I do
Speaker 2: quarterly getaways. And so last year I did my thinking
Speaker 2: during my quarterly getaway. I think I just did a
Speaker 2: staycation here in Atlanta, got a room at the suite
Speaker 2: at the w when it got massages, just that focus
Speaker 2: on myself that weekend. And then I also rented a
Speaker 2: treehouse here in Atlanta and went to the treehouse and
Speaker 2: had like my meals prepared and everything for my chef
Speaker 2: here and just hold up in a treehouse and did
Speaker 2: some planning. But at once a quarter I create space
Speaker 2: for myself just to think to myself and think in
Speaker 2: my business, to be away so that I don't wear
Speaker 2: the mom hat, I don't wear the wife hat. I
Speaker 2: just wear the Tanya hat and focus on what's most
Speaker 2: important to Tanya. And if Tanya feels good about how
Speaker 2: she's moving through the world in her business and in
Speaker 2: my own life, and that's really important to me because
Speaker 2: I think that we can really get disconnected from ourselves,
Speaker 2: especially in the social media era. We get take on
Speaker 2: others expectations of ours. We can take on pieces of
Speaker 2: other people's lives that don't even resonate with what we want,
Speaker 2: but it's what's socially acceptable or socially aspired. And so
Speaker 2: it's just that reconnection moment where I tune everything out.
Speaker 3: I don't watch TV.
Speaker 1: I just know thousand pounds Sisters for you.
Speaker 3: Yeah, No, No, no SNOWFALLLL.
Speaker 2: No, no Avid Elementary, which I'm like really into right now,
Speaker 2: No HDTV, none of it.
Speaker 3: It's just me spending time with me.
Speaker 1: Is that was it in your tree house when you
Speaker 1: decided I think it's time. I think I'm ready to
Speaker 1: be a real estate entrepreneur.
Speaker 2: No, you know, the real estate piece is something I've
Speaker 2: always wanted to do, always wanted to do, like always
Speaker 2: been having conversations with people enrold of my friend Julian's
Speaker 2: multimillion multi family mastermind, like always wanted to do. But
Speaker 2: I think that was one of the things I counted
Speaker 2: myself out of, especially when we bought our house here,
Speaker 2: because we bought a single family home. I was like, well,
Speaker 2: there goes my FHA three point five percent down. Now
Speaker 2: I got to say twenty percent down on an investment property.
Speaker 2: Let's just go ahead and do that and pay taxes
Speaker 2: and all this other stuff and pay a team and
Speaker 2: pay a nanny and all these other things. And I
Speaker 2: counted myself out. And then my current mentor we were
Speaker 2: having launch and we were talking about my million dollar years.
Speaker 2: She was like, girl, you're gonna need some more write offs.
Speaker 3: And I was like, I know.
Speaker 2: She was like, you need a property, and I was
Speaker 2: just like, I don't know if I could do it.
Speaker 2: She was like, there's ways, there's ways, and loan bold
Speaker 2: there are ways. They're ethical. We did a hard money
Speaker 2: loan on our on our property. So we were doing
Speaker 2: the Bird strategy, which is by renovate, rent, refinance.
Speaker 3: And then repeat.
Speaker 2: So we buy the house and need some work, you
Speaker 2: renovate the house, you rent it out. Once you renovated it,
Speaker 2: you go refinance to get the hard money loan off
Speaker 2: of the property and put a standard conventional mortgage on
Speaker 2: the property, and then you repeat the process.
Speaker 3: And so that is.
Speaker 1: Hard money loan.
Speaker 3: Yeah, we get are we getting?
Speaker 1: You're going to get into it? Because I love these details. Also,
Speaker 1: I'm quite sure I have an idea of what it is,
Speaker 1: and I think we used to write about this all
Speaker 1: the time at Lending Trade. But go ahead. Hard money.
Speaker 2: Yeah, and your hard money loan is it can come
Speaker 2: from a private lender, which is an individual who just
Speaker 2: has a lot of money, or it can come from
Speaker 2: institutions that are set up to support real estate investors
Speaker 2: because they're quite popular in the real estate community. The
Speaker 2: hard money loan is going to come with a higher
Speaker 2: interest rate, but often it's going to be they understand
Speaker 2: that you are doing renovations. So we contracted our house
Speaker 2: for two hundred and twenty three thousand dollars. We took
Speaker 2: a hard money loan through two hundred and eighty five
Speaker 2: thousand dollars, so they funded us sixty thousand, sixty two
Speaker 2: thousand dollars to do the renovations. Our loan is for
Speaker 2: two hundred and eighty five thousand. But once we renovate
Speaker 2: the house, we've forced appreciation. So the house, the ARV,
Speaker 2: the comps in the area are about four hundred. So
Speaker 2: I'm really getting in real estate terms now.
Speaker 1: So I'll know I need you to slow down and
Speaker 1: go ahead.
Speaker 2: The other homes that are selling in that neighborhood are
Speaker 2: going for four hundred and fifteen four hundred and thirty
Speaker 2: five thousand dollars. We paid two hundred and eighty five
Speaker 2: thousand dollars that included our renovation costs. So now we
Speaker 2: can refinance our home technically for like three hundred thousand
Speaker 2: dollars to pay off that hard money loan that we
Speaker 2: took from the lender. And then now we have even
Speaker 2: though we have a mortgage for three hundred thousand dollars,
Speaker 2: our homes were four hundred and fifteen thousand dollars. Our
Speaker 2: hard money lender is going to They don't look at
Speaker 2: your credit history, They don't look at your like your
Speaker 2: debt to income ratio or anything like that. They look
Speaker 2: at the strength of the asset of the property. So
Speaker 2: because the property we bought it at such a low
Speaker 2: price and once we finished renovating it, they know that
Speaker 2: we can get a mortgage for that property because we're
Speaker 2: actually going to be under mortgaging that property, and so
Speaker 2: they lent to us. Now, you definitely want to make
Speaker 2: sure if you're exploring hard money that you do your research.
Speaker 3: Do you get reviews are hard money lender.
Speaker 2: We were connected to them by my real estate mentor
Speaker 2: who's done several deals with them before, so she knew
Speaker 2: that they were ethical.
Speaker 3: There weren't any like crazy points.
Speaker 2: It wasn't some like back bar, you know, agreement where
Speaker 2: we don't pay they're gonna break our legs or anything
Speaker 2: like that.
Speaker 3: It was they.
Speaker 2: Were really an ethical company. They've been really they've been
Speaker 2: a pleasure to work with. And you know, I could
Speaker 2: do a whole podcast on the process that we've been
Speaker 2: going through with it. And you know, you fund the
Speaker 2: renovation costs and they they reimburse you. So are we
Speaker 2: paid upfront for our contractor to get started. Once we
Speaker 2: reached a certain point, we contacted the lender said hey,
Speaker 2: we're at this point. They came out and looked, you're like, okay,
Speaker 2: you did this work. They wired us money immediately that
Speaker 2: day to pay the like to repay us for what
Speaker 2: we paid the contractor.
Speaker 3: So it's been a great process.
Speaker 2: A lot of people use it and real estate, and
Speaker 2: I think that what keeps a lot of people out
Speaker 2: of real estate is the assumption that you have to
Speaker 2: have your twenty percent down or how am I going
Speaker 2: to renovate this property?
Speaker 3: And everything, and that's why it's.
Speaker 2: Important to like reach out to mentors, join communities because
Speaker 2: there are ways. There are ways, and a lot of
Speaker 2: people are using these ways to get into real estate
Speaker 2: and to grow their real estate portfolio.
Speaker 3: It's not people's money.
Speaker 2: They're using other people's money, and it's essentially other people
Speaker 2: on any strategy.
Speaker 1: Yeah, and it's great to hear you talk about that too,
Speaker 1: because I mean, we purchased a home in twenty eighteen.
Speaker 1: At the time, my husband and I was very easy.
Speaker 1: We're both w two workers at the time, and I
Speaker 1: remember one of the biggest one of my biggest I mean,
Speaker 1: it was it's all fine, but I look back at
Speaker 1: it and I'm like, dang, I really put a lot
Speaker 1: of like of I don't know, I put a lot
Speaker 1: of pressure on myself to have that twenty percent because
Speaker 1: I just wanted to show the bank or whatever like
Speaker 1: we got it, like we we like saved up, you know,
Speaker 1: we are very reliable, and I was proud to put
Speaker 1: that twenty percent down. But in hindsight, I'm like, dang,
Speaker 1: why did I put all my cash on the line?
Speaker 1: And then we did like a renovation after and I'm like, dang,
Speaker 1: we really could have used that money for the HVAC
Speaker 1: or whatever. And I'm like, you know there are other options,
Speaker 1: and you and I knew that intellectually, but I just
Speaker 1: you know how money is emotional. I was emotionally invested
Speaker 1: in the idea that I was going to do the
Speaker 1: right thing. But there are all these tools there for
Speaker 1: a reason, right low down payment options. You mentioned you
Speaker 1: did an FHA three and a half.
Speaker 2: Three point five percent down on our single family home.
Speaker 2: And actually what I'm going to do is we're refinancing
Speaker 2: my name off of the single family home property and
Speaker 2: I'm going to use my FAHA to go get a
Speaker 2: multi family property. And so I'll be getting probably a
Speaker 2: triplex or a quadplex and using three point five percent
Speaker 2: down instead of twenty percent down to secure that secure
Speaker 2: that multi family property.
Speaker 1: Now as a the other point is now I'm now
Speaker 1: I am self employed, and I we would love to
Speaker 1: buy another property, probably in Atlanta. And I don't want
Speaker 1: to come down, Kyle. Well, you know that's my place,
Speaker 1: that's my town. I'm coming down and police believe me
Speaker 1: with it. When Stacey wins, I might I might need
Speaker 1: to be there. I might need to be there once
Speaker 1: the governorship. But anyway, I would love to buy a
Speaker 1: property there, but I don't want to give up our
Speaker 1: home here in New York. I don't know. I just
Speaker 1: love it as our starter home. I want to rent
Speaker 1: it out. And I am just at the beginning stages
Speaker 1: of telling myself that it's possible, even though I feel
Speaker 1: like the perception is that, oh, you're self employed and
Speaker 1: not a W two, it's going to be so hard
Speaker 1: for you to get approved for a loan. But you're
Speaker 1: already dispelling that myth for me so absolutely.
Speaker 2: And I yeah, because actually our single family home that
Speaker 2: we have now, we me and my husband are self employed,
Speaker 2: Like we bought it a self employed individuals. I've been
Speaker 2: self employed since twenty fifteen. He's been self employed since
Speaker 2: two thousand and like I think he was off and on,
Speaker 2: but he was officially self employed in twenty sixteen. And yeah,
Speaker 2: we did it, like you just have to have. And
Speaker 2: the other thing is you don't have to finance it
Speaker 2: in your name. You can finance it in your business name.
Speaker 2: And when you finance it in your business name, you
Speaker 2: can get what's called a no doc loan where it's
Speaker 2: just like either they want you to have to twenty
Speaker 2: percent down, or you go to a hard money lender
Speaker 2: and you get something that needs some you know, renovations
Speaker 2: and you don't have to provide aw two.
Speaker 3: And that was what I wanted to do because buying.
Speaker 2: A home as a self employed individual, they definitely ran
Speaker 2: us like they ran us. They needed contracts, they needed
Speaker 2: most bank statements on bank statements on bank statements, but
Speaker 2: they needed contracts to show that we had other jobs
Speaker 2: coming in even after we closed on our house, and
Speaker 2: I was.
Speaker 3: Just like, I don't want to go through that. I
Speaker 3: wanted to be simple.
Speaker 2: And when we did the hard money loan, literally asked
Speaker 2: for our operating agreement bank statements to make sure that
Speaker 2: we had money to get the renovation started and if
Speaker 2: something was to fall through that we had money to
Speaker 2: cover it. Our EI in information and they needed the
Speaker 2: property like details about the property and comps in the area.
Speaker 3: That was it. We had a two week like if
Speaker 3: we closed in two.
Speaker 1: Weeks, you're giving me.
Speaker 2: So to think that all those years I thought that
Speaker 2: I would be hindered by not being a traditional employee.
Speaker 2: To find out that we closed quicker using like my
Speaker 2: business changed. It changed the game for me. It changed it,
Speaker 2: and it just shows me what's possible as well as
Speaker 2: what people have been doing all this time.
Speaker 1: Well, honestly, I think as Black Americans we are sold
Speaker 1: a very different version of the American dream. One is
Speaker 1: that one that is extremely convenient to the people at
Speaker 1: the top and holds us back.
Speaker 3: That's our that gets us and debt has us taken
Speaker 3: our stud a loan.
Speaker 1: Here's y'all's dream. Dream for a nine to five job,
Speaker 1: dream for some bootstraps you can pull yourself.
Speaker 3: You know, we create those nine dream to keep the light.
Speaker 1: Bill paid, you know what I mean. Dream to be
Speaker 1: able to put food on your family's tables and have
Speaker 1: good American values and maybe real estate investing. No, now
Speaker 1: that's for us, you know, like investing in general.
Speaker 3: That's for you.
Speaker 1: Don't want a four to one king.
Speaker 3: Nay, passive income not just go ahead for it.
Speaker 1: Active dream for a cash checking store in every block
Speaker 1: and upon time, and.
Speaker 3: Then off with social Security when when you're.
Speaker 1: Dea and there you go, that's a good American life.
Speaker 1: AD's a freaking loop. All right, we are back. You're
Speaker 1: just reminding me of the importance of yes, like you said,
Speaker 1: networking with one another and among your peers and being
Speaker 1: inspired by one another. And I always kind of get
Speaker 1: you know, especially when you know its influencers. You don't
Speaker 1: want people to feel like, oh, this is the way
Speaker 1: that I need to do things, and this is you know,
Speaker 1: if I'm not an entrepreneur, I'm not self employed, I
Speaker 1: don't have a house, and I'm not doing things right.
Speaker 1: But it's not so much about the mindset. When you're
Speaker 1: kind of like listening to stories like Tanya's or other
Speaker 1: influencers out there, is not necessarily to look at that
Speaker 1: and compare yourself, but to look at it and let
Speaker 1: it just like level up the dream, you know, like
Speaker 1: and for some people that can be terrifying, and their
Speaker 1: immediate reaction is like to become defensive or like go inward.
Speaker 1: Do you know what I mean, Because that's just so
Speaker 1: shocking to think.
Speaker 3: Like your time, take your time.
Speaker 2: Like there are some people who realize their vision at
Speaker 2: a very early age.
Speaker 3: I remember I was.
Speaker 2: Doing a panel with a guy who was like twenty
Speaker 2: one and had already had seventeen units, and that's his
Speaker 2: you know, that works for him. But for some people,
Speaker 2: that's not your journey. And don't beat yourself up for
Speaker 2: them and not become not being a part of your journey.
Speaker 2: You know, sometimes I think about, like how far off
Speaker 2: ahead would I be if I had started this at
Speaker 2: an earlier age. But then I also think about, like
Speaker 2: how much life I lived and how many things I enjoyed,
Speaker 2: and how many places I lived because I wasn't tied
Speaker 2: down to one city.
Speaker 3: I lived in New.
Speaker 2: York, I lived in la I lived in Miami. I've
Speaker 2: lived places I want to live because I haven't been
Speaker 2: tied down. And for me now, I don't have any
Speaker 2: what fs. I don't live with what f's because I
Speaker 2: gave myself time to just feel through it and then
Speaker 2: it started to lay like a stronger foundation and put
Speaker 2: my roots in the ground.
Speaker 1: Yeah. I love that. So you have you mentioned your
Speaker 1: husband who's also self employed. I would love to know
Speaker 1: how you guys sort of tackle business decisions as a couple,
Speaker 1: and are you guys in business together? Does he have
Speaker 1: his own thing?
Speaker 2: He has his own thing, but we like real estate
Speaker 2: is something we've done together. We bought the company Club
Speaker 2: Blufa together. And it's not always harmonious, you know, it's
Speaker 2: not always harmonious, but it has highlight for me, like
Speaker 2: the difference in my work style and also the areas
Speaker 2: that I can improve upon because I'm very much like
Speaker 2: it's in my head, go get it, like y'all should
Speaker 2: know what I'm thinking.
Speaker 3: And he's like, no, I.
Speaker 2: Need you to create a spreadsheet and explain this and
Speaker 2: break it down and like give us clearly defined roles
Speaker 2: and everything else.
Speaker 3: I'm like, oh, yeah, that would be helpful to people.
Speaker 2: And so it really has to help me identify the
Speaker 2: weaknesses in my work style. But you know, it also
Speaker 2: is great that he is wonderful of what he does,
Speaker 2: and it's also nice to have someone who understands what
Speaker 2: it is to be an entrepreneur. I think that sometimes
Speaker 2: it could be tricky when you have someone who is
Speaker 2: not an entrepreneur. They don't necessarily understand everything that comes
Speaker 2: with it because it's a lot.
Speaker 3: It's a marathon, it really is.
Speaker 2: And some days, you know, you can you can come
Speaker 2: off your best year yet and then be sitting there.
Speaker 3: You know, a week later, like so what next? Like
Speaker 3: what next?
Speaker 2: You know, and being a low because you're like, I
Speaker 2: don't know what's next. I spent the entire year focused
Speaker 2: on this, and now I.
Speaker 3: Made it happen.
Speaker 2: And now I feel guilty that I don't have a
Speaker 2: plan for what's next because I've been so focused on
Speaker 2: what it was. And it's important to have someone who
Speaker 2: understands those thought processes because the wrong the other you know,
Speaker 2: another partner would be like how ungrateful are you?
Speaker 3: Or you know just kind of look at it and
Speaker 3: as like how dare you?
Speaker 2: But an entrepreneur will like, well understand, like no, I
Speaker 2: get it, I get it, but just remind yourself give
Speaker 2: yourself some graces, you know. So it's been really it's
Speaker 2: been beautiful.
Speaker 1: Well it's nice. Yeah, my husband and I we talk
Speaker 1: about real estate, but we are just it terrifies me.
Speaker 1: Not terrifies me, but I just know it's so much
Speaker 1: harder when you're working with a partner, like when you
Speaker 1: cause I come down to my zen den and it's
Speaker 1: Mandy Money show, you know what I mean. I I
Speaker 1: just got to know what I'm thinking, just like you've said,
Speaker 1: and everyone reports to me, me being me, I'm the
Speaker 1: one who reports to me, and every once in a
Speaker 1: while house bas like. So it's really funny because this
Speaker 1: is his version of like checking in on me. Will
Speaker 1: be in the car going somewhere and he's like, so, like,
Speaker 1: we're okay, right, bills are getting paid, right. I'm like, yeah, yeah, yeah,
Speaker 1: we're good. Just keep driving, you know what I mean.
Speaker 1: But real estate, yes, I mean that would definitely be
Speaker 1: just buying this house was stressful enough, deciding on the location,
Speaker 1: what kind of home you know, those those that's it's Yes,
Speaker 1: it's got to be.
Speaker 2: Challenging as a couple, I will say, then when it
Speaker 2: comes to buying an investment property, it's a lot less emotional.
Speaker 2: And so I think that's where it does differ from
Speaker 2: a your primary residence. Your primary residence, You're gonna wake
Speaker 2: up every day there, like you're thinking about where you're
Speaker 2: gonna put the kids room, where your office is going
Speaker 2: to be.
Speaker 3: How am I going to feel waking up? How is
Speaker 3: it going to be entertaining what a rental property? You're like,
Speaker 3: do these numbers make sense?
Speaker 2: Like, dude, numbers make since well it appreciated that area,
Speaker 2: Like does it all make sense? And like if it
Speaker 2: all makes sense, then the motions are out of it
Speaker 2: and you're just kind of like, this is a practical decision,
Speaker 2: what needs to be done. You tackle it as a
Speaker 2: project versus a passion. So I think that it is
Speaker 2: easier working with a partner when it comes to it,
Speaker 2: because it's just about like what makes financial sense, and
Speaker 2: let's make it make financial sense.
Speaker 1: So what are some of the early lessons you've learned
Speaker 1: having now been a real estate entrepreneur for I don't
Speaker 1: know how many months now, And you just said that
Speaker 1: you were at the property today, so you're in the
Speaker 1: midst of Renolds. Any Yeah, any little nuggets, any surprise
Speaker 1: that started?
Speaker 2: We started Renolds a week of Christmas, and they were
Speaker 2: like literally working the day after Christmas on the property
Speaker 2: and they're going to be done this week. So it's
Speaker 2: been a relatively quick renovation considering we knocked down some walls,
Speaker 2: we renovated three bathrooms, we renovated the kitchen, and we
Speaker 2: created a short term unit downstairs. So we brought a
Speaker 2: split level home and or the top unit is a
Speaker 2: three to two, the bottom is a two to one.
Speaker 2: I would be used as an Airbnb or housing for
Speaker 2: traveling nurses. So what I have learned is your contractor.
Speaker 2: Like everyone says like your contractor is essential, but your
Speaker 2: contractor really is important to be able to have a
Speaker 2: contractor that you can communicate with and keeps those lines
Speaker 2: of communication as open as important staying on top of it.
Speaker 2: I don't know if I would have doing this property.
Speaker 2: Before I did this property, I was open to investing
Speaker 2: out of state. Now doing this property, I need my
Speaker 2: control issues that I have. I need to invest in
Speaker 2: the same state I live in. I need to be
Speaker 2: in driving distance. Ideally I need to be twenty five
Speaker 2: minutes from my house. Because even today I went to
Speaker 2: the house and they had the vanity that I had
Speaker 2: purchased for downstairs at Airbnb units. So it's like this
Speaker 2: funky blue they had that up about to put it
Speaker 2: in upstairs, and I'm like, no, this goes downstairs. Up
Speaker 2: is going to be a traditional family home. Downstairs gonna
Speaker 2: be a funky Airbnb. We do not need a blue
Speaker 2: vanity up here, a white bandity, you know.
Speaker 3: But just little things like that.
Speaker 2: If I wasn't able to walk in and see what
Speaker 2: they were doing, flooring, the flooring I wanted.
Speaker 3: Was out of out of stock. She asked me if
Speaker 3: I would be okay with a lighter flow color. I didn't. No,
Speaker 3: lighter meant blonde.
Speaker 2: So now I walk in and I thought I was
Speaker 2: gonna have light wood, And now I have blonde floors,
Speaker 2: and I'm like, hold the countertops, hold the cabinet paint, Like,
Speaker 2: we got to figure out what matches these blonde floors.
Speaker 2: So I would say, like I do recommend for someone
Speaker 2: to invest in their backyard. That's what I've learned, is
Speaker 2: that for me, it's important because I'm very particular. So
Speaker 2: like to understand what your control, your management style is.
Speaker 2: Are you going to be particular or are you just
Speaker 2: going to let things go. If you're not the let
Speaker 2: things go type of person, invest in your backyard or
Speaker 2: in your city or in your state. If you're kind
Speaker 2: of like it would just work out whatever, then okay,
Speaker 2: out of state works for you. So yeah, the contractor
Speaker 2: determining where and how you want to invest. And then three, like,
Speaker 2: really make sure you have a solid mentor or solid
Speaker 2: friends that you can reach out to that do and
Speaker 2: understand real estate. When we have quite a few friends
Speaker 2: who are involved in real estate, and then I have
Speaker 2: a real estate mentor. So even when we got our
Speaker 2: first contracts.
Speaker 3: Even when we were looking at the numbers and wanted
Speaker 3: to make sure the numbers made sense, we ran to
Speaker 3: buy our friends.
Speaker 2: We ran a buy our mentor. When we were looking
Speaker 2: at the budget from our general contractor and pricing things out.
Speaker 2: We knew what to take out and give to another
Speaker 2: contract or, a subcontractor, instead of having our general contractor
Speaker 2: do it because we could get a better price on it.
Speaker 2: Our general contractor was going to charge us like ten
Speaker 2: thousand dollars to do our roof. We found someone else
Speaker 2: who did our room for five thousand dollars and someone
Speaker 2: told us like, hey, that's a lot of money. She
Speaker 2: was going to charge us eleven thousand dollars to paint
Speaker 2: the exterior. Someone was like, that's a lot of money.
Speaker 2: Found someone to do our exterior paint for fifty seven
Speaker 2: to fifty So if we didn't have someone to run
Speaker 2: those numbers by, we would have been significantly over budget.
Speaker 2: But having so it was really important to have like
Speaker 2: those those relationships, those people that we could reach out
Speaker 2: to that ca can you just look over with this
Speaker 2: budget for us really quick and let us know and
Speaker 2: even then there's still gonna be stuff. We're still over budget,
Speaker 2: Like we're.
Speaker 1: Just about to see how's that budget? Twenty thousand were
Speaker 1: money when we were doing our we were doing our renovation,
Speaker 1: our contractor, like anytime we wanted to. We got the
Speaker 1: counter somewhere else. He was like so offended every time.
Speaker 1: And I feel like getting someone with the right attitude
Speaker 1: of like knowing that you're on a budget and that
Speaker 1: you may go outside of them for certain yeah, you know,
Speaker 1: because every time.
Speaker 3: It was too but girls, okay, this is not your money.
Speaker 3: We had.
Speaker 2: Oh I've never worked like this before. Really, I don't
Speaker 2: believe that. I'm sure everybody else is financially conscious. It's
Speaker 2: financially mindful.
Speaker 3: I don't believe that. So they're gonna feel how they feel.
Speaker 3: It's not your money.
Speaker 1: I'm glad.
Speaker 2: I mean to like pay you, you know, so they will.
Speaker 2: And yeah, we're over budget, but I can say that
Speaker 2: with a smile on my face because we had the
Speaker 2: money going into it.
Speaker 3: We had the money in the account to do certain things.
Speaker 2: And the over budget is actually coming from converting the
Speaker 2: short term unit downstairs. If we were not creating a
Speaker 2: whole separate unit, we would not be over budget. But
Speaker 2: because we had to install an HVAC system downstairs, which
Speaker 2: we didn't including the budget, we didn't think about it like, oh,
Speaker 2: downstairs can't have the same HVAC as upstairs. So like
Speaker 2: we didn't include an HVAC unit in that. There were
Speaker 2: some other things that we thought that like windows. I
Speaker 2: just didn't realize how much it bothered me that we
Speaker 2: had old wooden windows in our in the house. So
Speaker 2: I'm doing complete window replacement for vinyl windows because they
Speaker 2: previously had wood windows which had you know, all the
Speaker 2: layers of paint over them. Can't even open the window
Speaker 2: because it's been painted on so many times. It's like
Speaker 2: people can't live in Atlanta and not open the windows.
Speaker 2: They just they can't. So replacing windows. So some of
Speaker 2: the things were my like we weren't going to tear
Speaker 2: the cabinets out in our kitchen. Once I got in
Speaker 2: there saw the water damage, I was like, no, these
Speaker 2: cabinets got to go. We can't establish these cabinets, tore
Speaker 2: the cabinets out, or replacing a cabinet. So it's things
Speaker 2: like that that sent us over budget. But we know
Speaker 2: that the airbnb downstairs on a low month is going
Speaker 2: to bring in additional nine hundred dollars on top of
Speaker 2: what the top unit brings in which the top unit
Speaker 2: covers a mortgage, So an additional nine hundred dollars to
Speaker 2: an additional twenty five hundred dollars a month. I'm okay
Speaker 2: with being twenty five hundred dollars over because that is
Speaker 2: going to be replaid by the end of this year.
Speaker 3: So drink.
Speaker 1: My little brother is building a house outside of not
Speaker 1: out in Atlanta, East Atlanta, and he is so yeah,
Speaker 1: he's so smart. I don't know if y'all should like
Speaker 1: be friends on I love East Atlanta. Yeah, he and
Speaker 1: he got the Atlanta of my dreams. Like you know,
Speaker 1: because I was twenty ten graduating college two thousand and nine,
Speaker 1: I was like, gone, get me out of here Atlanta
Speaker 1: and was not as hot as it is now. But
Speaker 1: now I'm like, damn to be young and black in Atlanta.
Speaker 1: Just live in the dream. But anyway, so he yes,
Speaker 1: and he's building a house and he's building a whole
Speaker 1: guesthouse in the back just for Airbnb, and I'm like
Speaker 1: the potential. I'm so proud of them.
Speaker 3: So the treehouse I stayed at here. That's what they did.
Speaker 2: They built a treehouse and it was in East Atlanta
Speaker 2: and they built a treehouse and it was It's breathtaking.
Speaker 3: They have a bandy, they have emos running around.
Speaker 2: It's called it Email brands have emos running around this
Speaker 2: treehouse like in East Atlanta. It's it's remarkable what they've done.
Speaker 2: The potential is endless. Like the next house I get.
Speaker 2: I do not want to be in a hoa community
Speaker 2: because if I want to build a treehouse in my
Speaker 2: backyard that I run out on Airbnb, I don't want
Speaker 2: you to tell me that it's against the community high ordinance.
Speaker 3: So your brother's doing it right.
Speaker 1: Well, tell me really quickly about the search for the house,
Speaker 1: because I know Atlanta and this is not for anyone
Speaker 1: listening in other cities, any big city. It just feels
Speaker 1: like post pandemic that the real estate market was crazy.
Speaker 1: My dad was trying to buy a house outside of Atlanta.
Speaker 1: It took him six months to get something he could afford.
Speaker 1: So what was that process like, And any tips for
Speaker 1: folks who are like researching real estate properties right now
Speaker 1: and feel like they are like never going to find
Speaker 1: that sweet spot As far as price.
Speaker 2: Yeah, well yeah it was. It was definitely a seller's
Speaker 2: market when we bought. But that's the power of having
Speaker 2: a mentor. My mentor gave me a strategy. She was like,
Speaker 2: we bought the house off the MLS we didn't go
Speaker 2: to a wholesaler. It wasn't we weren't driving around looking
Speaker 2: for numbers. But the strategy is there are going to
Speaker 2: be houses that are beautiful on Zilo, and like everybody
Speaker 2: wants that house. Look for the ugly house on Zillo
Speaker 2: that's been listed for that's been on there for like
Speaker 2: a couple of weeks.
Speaker 3: Because nobody check out for the ugly house.
Speaker 2: They not even like our house had like five saves,
Speaker 2: but it had been on it had been there for
Speaker 2: like three weeks, only.
Speaker 3: Had five saves.
Speaker 2: So the seller was getting desperate and they were kind
Speaker 2: of like, well nobody was really checking for the house.
Speaker 2: And we got a diamond, Like we got a diamond
Speaker 2: in the rough. And then once we went into our
Speaker 2: strategy was really looked for the ugly house on Zillo
Speaker 2: and look for the house that has potential for us
Speaker 2: to be able to expand and forced appreciation because something
Speaker 2: to think about it when we think about forced appreciation,
Speaker 2: forced appreciation means you are able to do renovations that
Speaker 2: take the home value up so that it gives you
Speaker 2: almost instant equity. And so by us turning the bottom
Speaker 2: level and renovating the house and then turning the bottom
Speaker 2: level into an airbnb or short term rental. Now we've
Speaker 2: added additional like additional value to that home.
Speaker 3: So we forced appreciation.
Speaker 2: So when you find these ugly homes, that's why you
Speaker 2: used to see those we buy ugly houses signs, because
Speaker 2: the ugly house is undervalued, and once you make the
Speaker 2: house more beautiful, you increase the value of that house.
Speaker 3: So that was our strategy.
Speaker 2: Look for the ugly house on Zillo and the house
Speaker 2: has been listed for three weeks or more.
Speaker 1: We found an ugly house too. It was the only
Speaker 1: one we could afford. It made it very easy, made.
Speaker 3: It very easy.
Speaker 2: And I mean and now, like that's the thing when
Speaker 2: like when Kamari is looking Kamori is my husband's name,
Speaker 2: So Whenkamari is looking at Zillow or looking at stuff
Speaker 2: or we get listings or whatever, I'm like, how long
Speaker 2: has it been on the market? First question? I asked,
Speaker 2: if it's been on the market for the like the
Speaker 2: first week. I'm not gonna call them.
Speaker 1: I don't want to smell a little stale, you know,
Speaker 1: I don't wanna smell a little stale.
Speaker 2: I want something a little like They're like, this house
Speaker 2: has been listed for three weeks and we are just
Speaker 2: looking for a buyer, anyone, please, Like that's who I want.
Speaker 3: I don't want the girl that everybody's asking out.
Speaker 1: I want to sound that scammy, but you're not scamming.
Speaker 3: Scammy, not scammy.
Speaker 2: And we we we our house like we bought it
Speaker 2: from a older woman who her husband had passed away.
Speaker 2: She had heard the house from her aunt and she
Speaker 2: just couldn't take care of it anymore. And we bought
Speaker 2: it from her, and like she walked away with a
Speaker 2: check from it, and we walked away with our first property.
Speaker 2: That I'm in love that, Like how you have an
Speaker 2: affinity for your first home, like I have an affinity
Speaker 2: for my first investment property, Like that's truly my first baby,
Speaker 2: because I feel like I created something beautiful out of
Speaker 2: something that was a little you know, she want that cute.
Speaker 1: You got the bug. I can already feel it. You
Speaker 1: got now you see like the makeover, the real estate
Speaker 1: makeover bug.
Speaker 2: I'm I'm blown away every time I walk in, Like
Speaker 2: even today I was there, I was like, oh my gosh,
Speaker 2: this had ugly wood paneling all around, and now it's
Speaker 2: light and bright and vibrant and has modern trim and
Speaker 2: a charcoal fireplace like it's the bomb.
Speaker 1: I can't wait to see the Airbnb photos too. I
Speaker 1: know you're gonna get a good photog when do you So?
Speaker 1: How quickly are you looking to flip it?
Speaker 3: So we are we.
Speaker 2: Are gonna flip. We're doing buy a hold. So I'm
Speaker 2: doing buying a hold strategy. So there are two strategies.
Speaker 2: There's flipping where you get in forced appreciation reselling somebod
Speaker 2: ad buys it, and then there's buying and holding.
Speaker 3: And that's my strategy.
Speaker 2: Because I want to build a real estate portfolio because
Speaker 2: I really want that passive income to cover my bills.
Speaker 3: One of the things that my fra.
Speaker 1: Huh you said, Sorry to interrupt you. I just wanted
Speaker 1: to go back. That's right. You said you were doing
Speaker 1: burr brur so burr.
Speaker 2: So for me, burr is I repeat the process. But
Speaker 2: it also means that I'm going to hold the property
Speaker 2: in my Portfoka. And so my friend Kindred, I remember
Speaker 2: I was having a conversation with her and some I
Speaker 2: was trying to buy her company. Then we were just
Speaker 2: talking and she was like, you know, I'm not taking
Speaker 2: just anything like my properties paying my.
Speaker 3: Bills like this is I don't, I'm not. And I
Speaker 3: was just like, ooh, what a flex.
Speaker 2: Pay my bills like, And so that's that's what I'm
Speaker 2: working on, is like having enough passive income through real
Speaker 2: estate to cover my monthly overhead.
Speaker 3: I'm just buying what I can buy. That's why the
Speaker 3: next one is going to be a multifamily.
Speaker 1: All right, the multifamily that's the one. And you said
Speaker 1: you took a course on that or your friend has
Speaker 1: like a multifamily buyer's course something like that.
Speaker 2: Yeah, Julian, So they call him mister Multifamily, Julian Gordon,
Speaker 2: multifamily mastermind, multifamily movement. Think his website is the Freedom School.
Speaker 2: He has so many different aliases, but so if.
Speaker 3: You look any of those up, you'll find Julian.
Speaker 2: But Julian, his whole thing is like turning like he
Speaker 2: has single moms in there, he has single women, he
Speaker 2: has husband and wives, he has single men in there.
Speaker 2: And his whole goal is to help a thousand people
Speaker 2: purchase a multi family property to help them leverage for
Speaker 2: a larger real estate portfolio. So I think right now
Speaker 2: he's up to like two hundred and seventy four closings
Speaker 2: in his community, but two hundred and seventy four black
Speaker 2: people have purchased multi family properties in his program so far,
Speaker 2: which is powerful.
Speaker 1: That is powerful, And even as I'm sitting here, I'm like, oh,
Speaker 1: multi family now, that's next level. That's like landlord of
Speaker 1: multiple tenants. Like sounds like a headache. But then I'm
Speaker 1: just going back. I'm like, who taught me to talk
Speaker 1: myself out of being a quadruplex? I didn't know that
Speaker 1: was even a word in the English dictionary, but now
Speaker 1: I know.
Speaker 2: Quplex is not it is, but you know, you screen
Speaker 2: your tenants, You screen your tenants, you get good people
Speaker 2: in there. And it's the original house hack. I'm my
Speaker 2: friend Kindred. That's how they they have a property in DC.
Speaker 2: They had a multi family they had and they had
Speaker 2: their tenants paying the mortgage and they were able to
Speaker 2: save their money and leverage that to go buy more properties.
Speaker 2: And so it and you can use FAH loan to
Speaker 2: do it. The FAHA will give you up to you
Speaker 2: can buy the four units with three point five percent down.
Speaker 2: So if you think about it, if you try to
Speaker 2: put twenty percent down on something that costs six hundred
Speaker 2: thousand dollars versus three point five percent down on something
Speaker 2: that costs six hundred thousand dollars. We're looking at the
Speaker 2: difference between like twenty five thousand and one hundred and
Speaker 2: twenty thousand dollars down, significant difference to think that you
Speaker 2: can get into an income generating asset that is four
Speaker 2: units for less than twenty five thousand dollars.
Speaker 3: Like why, Like when I found out, I was.
Speaker 2: Like, what, K, poor, K, what do you mean that
Speaker 2: I could do that?
Speaker 3: Like it's really a powerful tool.
Speaker 2: And I advise anybody who's open to it, like, please
Speaker 2: don't talk yourself out of it, because I wish I
Speaker 2: would have done that in New York. Like I wish
Speaker 2: when I was living in New York, I knew that
Speaker 2: I could buy a multi family and only have to
Speaker 2: put three point five percent down, I probably would have
Speaker 2: been a landlord a lot sooner.
Speaker 1: But also even three point five percent of a proper
Speaker 1: to New York, that's very different than three I mean,
Speaker 1: it's very different.
Speaker 2: It is you moved to Knarsie. There's still places where
Speaker 2: you know, there's still some areas in New York. I
Speaker 2: think East New York is now starting to come around,
Speaker 2: but there's still some areas in New York where you know,
Speaker 2: it is not as expensive, like living in Bedstock or
Speaker 2: like established.
Speaker 1: We're just saying, stay in Atlanta. No, no, no, Tony,
Speaker 1: you got to stay in Atlanta.
Speaker 3: You're not coming. I'm not coming.
Speaker 2: You can't pay me to go back to New York.
Speaker 2: You I'm southern, I am.
Speaker 3: No. Okay, I'm looking at that snowstorm.
Speaker 2: I was like, no, I'm already going to the grocery
Speaker 2: store in a firm when it's twenty seven degrees here,
Speaker 2: I will.
Speaker 3: I can't. I'm not built for it anymore.
Speaker 1: Man, I know how quickly they turn. That's okay, Well,
Speaker 1: take care of Atlanta for me, take care of Atlanta,
Speaker 1: take care of my city. Say hi hopefully, well, hopefully
Speaker 1: I'll see you soon again in Atlanta. Yes, I will
Speaker 1: definitely be down visiting very soon.
Speaker 3: Yeah, I think so much for your brother's Airbnb. I'm
Speaker 3: excited for him. I'm excited for you.
Speaker 1: I feel like y'all should Yeah. I feel like y'all
Speaker 1: shoul link up because he's he's he's on mogul, he's
Speaker 1: on that quiet he's not as loud as I am.
Speaker 1: About my about my goals, but he's always like quietly
Speaker 1: becoming a mogul in the background. I'm very proud of him.
Speaker 1: But can I just say thank you again for joining
Speaker 1: Brown Ambition. Finally, oh my, finally, It's.
Speaker 2: Been such a thrill that I hope people got value
Speaker 2: out of this because we're just friends having a conversation.
Speaker 1: So I think our value out of this, I know
Speaker 1: I did. That's what I care about. No, I feel
Speaker 1: like for anyone the messages, you know, and this is
Speaker 1: especially it was good for me too, because I do
Speaker 1: feel like real estate. Like I said, it's something that
Speaker 1: I started to kind of just put on the back
Speaker 1: burner as a possibility. But thanks for giving me some
Speaker 1: room to dream a little bit about it. And even
Speaker 1: if I don't buy a property this year, which I
Speaker 1: definitely probably won't, you know, a couple of years, I'll
Speaker 1: think about this conversation and maybe even I'll take some
Speaker 1: steps today like anyone listening, to start researching what the
Speaker 1: potential is, what options are out there. It's not like
Speaker 1: you have to.
Speaker 3: Yeah, yeah, don't count yourself out.
Speaker 2: I just remember I had that I had a housing
Speaker 2: event in New York City. A couple of years ago
Speaker 2: before I left and you came to the event. I
Speaker 2: remember that, like you left the event and found and
Speaker 2: like you were counting yourself on then and left the
Speaker 2: event and found out that you were actually like financially
Speaker 2: ready to buy a house, like when you left that, like, oh,
Speaker 2: I'm actually in a place where like we could buy.
Speaker 3: You know, it's a matter of you coming around and
Speaker 3: being ready to buy.
Speaker 1: It was mentally preparing myself.
Speaker 3: Yes, don't count yourself out. Yes, yeah, of creating more
Speaker 3: passive income for.
Speaker 1: Yourself, whatever it is. I mean, whether it is passive
Speaker 1: income from real estate. I mean, as you've shown passive
Speaker 1: income from leveraging your your brand to book half million
Speaker 1: dollar brand partnerships. I mean, can we talk about goals?
Speaker 1: Like so proud of you and you're also that you
Speaker 1: can be all these different things at different times in
Speaker 1: your life. You don't have to just choose one and
Speaker 1: stay in your lane. You can be so like many things.
Speaker 1: I wish we could keep talking forever, But thank you again, Tonia.
Speaker 1: Any what do you want to promote? What do you
Speaker 1: want to shout out? Where can people find you?
Speaker 3: Oh?
Speaker 2: So people can find me, you know outside of I
Speaker 2: don't do real estate. I'm a financial educator and one
Speaker 2: of the things that's important for me is helping people
Speaker 2: understand like where they are in their financial journey, understanding
Speaker 2: their money persona and how they've related to money up
Speaker 2: unto this point. Because hesitancy plays a role in our
Speaker 2: financial journey, risk risk tendency or risk tolerance plays a
Speaker 2: role in our financial journey. And so we developed this
Speaker 2: quiz called your Money Persona. It's your Moneypersona dot com
Speaker 2: and you can go to find out where you are
Speaker 2: in your financial journey. So I highly recommend people just
Speaker 2: kind of take their temperature and see where they are
Speaker 2: and see where the areas for improvement are.
Speaker 3: We give you tips to improve.
Speaker 2: Where you are and set goals to help you get
Speaker 2: to the next level based on what your servering response is.
Speaker 2: So your money Persona dot com it will also have
Speaker 2: ways for you to connect with me at my fab finance.
Speaker 2: And when you go to my fab finance, my personal
Speaker 2: Instagram is actually in the handle, and so you want
Speaker 2: to find like I don't talk about real estate much
Speaker 2: on my fab finance, even though I'm about to do
Speaker 2: a real on it. But if you're interested in the
Speaker 2: person behind the brand my fab Finance. You can find
Speaker 2: me at Tanya dot raply.
Speaker 1: I'm always interested in what Tanya's up to, what she's wearing.
Speaker 1: How cute her son is. What's your son's name again,
Speaker 1: Kars Caros? Okay, well that's just like your husband's name,
Speaker 1: Kavaris Kamar girl, Sorry.
Speaker 2: Okay, his name is Kamari, And yeah, my son's name
Speaker 2: is cars and so that's my joy. No matter what
Speaker 2: I accomplish, like, he is my greatest accomplishment up until
Speaker 2: this point. He's such an amazing little human.
Speaker 1: Everything I do with this business is just like the
Speaker 1: time freedom to spend time and to bring joy to
Speaker 1: that time I get to spend with him. I'm like,
Speaker 1: this is everything, So thanks for being an example of that.
Speaker 1: All right, everybody, check out your money Persona dot com.
Speaker 1: I love mea quiz, so I might go right there
Speaker 1: and take my quiz right now. Your Moneypersona dot com.
Speaker 1: Follow Tanya on Instagram at myfab finance and find her
Speaker 1: anywhere at Tanya Rapili also on social media. Thanks Pal,
Speaker 1: thanks for coming on the show. Phil in Tiffany's seat
Speaker 1: while she's out, so take care and for the rest
Speaker 1: of you, I'll ba fan, you know where to find
Speaker 1: us Branhambisson podcast dot com, hit us up on ig
Speaker 1: Brown Ambition Podcast, and we'll see y'all next week