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July 7, 2022 • 11 mins

Real estate expert Maja Sly returns to the podcast to help gig workers get their financial affairs in the best position to qualify for a home.

Host IG:@itstanyatime

Guest IG: @majasly

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Episode Transcript

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Speaker 1 (00:00):
Hey, money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. Hey money Movers, we

(00:22):
are back with another episode of Real Estate Moves, and
I'm so excited to have our resident expert Maya slide
back with us today. Hi Maya. Hey. Okay. So one
thing that I've that has kept me up at night
is this economy in the industry of work and what
work looks like has dramatically changed. We have people, yeah,
making careers out are being influencers on Instagram, who are

(00:44):
uber drivers? Who this gig economy that's really taken over
but afforded so many of us to make really big
money moves. People are making a lot of money. The
problem is how does this translate when they are have
found their dream home, they found a property, their dinner
to take that leap and create a real estate asset
or get equity. But they can't or they're struggling because

(01:07):
they can't figure out how to sort of translate this
income that they're getting from jobs all across the board
to you know, walking into the bank and getting alone.
Help us, my, help us, help eyes on the way.
So first of all, we're going to have to get
our affairs in order before we walk into the bank
because once they see it, they can't unsee it. So,

(01:27):
you know, knowing the way, So what we're not supposed
to do and be like, Hey, I'm making all this
money over here over there, look over here, I bought
this new watch. Okay, get your fares in order and
listen to this podcast before you go into the bank.
So the first thing you want to do is know
how much money you're making. You be shocked at you know,
people who get paid to post things on Instagram and

(01:47):
all of these things. They're getting money via cash at PayPal,
Vin mo Zel. They don't know how much money they've made. Yeah,
how much they've made and how much they would be
obligated to report. So it would be better if you
won know how much you make. Get an account in
or a bookkeeper like bookkeeping. Yeah, I just want to

(02:08):
pause there because I think this is like something that
people forget. Any business that you start, you have to
get your back office, your back end in order get
a bookkeeper. There's so many different ways to find bookkeepers. Now,
there's so many companies that help you automated soon if
you're at least super chea yeah, super cheap, super cheap,
they will. You can give them admin access to your

(02:32):
bank account. They can't do anything with the information, but
keep your books and literally it's two or three like
Bank of America, all these big bags. You know, they
have a company that does that for them. But for
someone who you know, especially four years old, you're not
I'm not thinking about buying a house. Well, when you
start making five thousand dollars a year, you want to

(02:52):
live in the slip condo too, right, or you want
to live in the slip condo, but you don't have
the paperwork to support it. And the number one question
or the challenge I have with those types of clients.
They're one they don't have any financial literacy. Their parents
never talked to them about money. Why have the money,
but you don't have the five dollars and the proof
to show it? And that's what I wanted to do.

(03:13):
What I mean, like, we got it. And here's the
thing about whence you start making a little bit of
money starts spending a little bit more. This isn't about
like reminding people to save safe, save. This is a reminder,
and I want people to understand that you need to
be accountable for the money that comes in from the
very beginning, not when like you're thirty five and you're like, oh,
I need an accountant now, and now I want to
buy a house and I've never filed my taxes. So

(03:36):
the best thing for you to do, the best advice
I could give anyone who is who left a company
and now wants to be in the entrepreneurial space and
whatever that looks like, because an entrepreneur doesn't look one
way anymore. Like working for door dash and uber is
an entrepreneur. That's a gig. You know, working on set
as a makeup artist is a gig. So with that, um,

(03:57):
the first thing that needs to do is put themselves
on payroll. You need to have an idea of how
much money you're making. So just say your first year
you kind of blue money, fast got it, Second year,
blue money got it okay, third year okay, No, we
need to we gotta get it together, because what you're
doing is you're seeing your peers who might have had

(04:19):
family or parents to put them in a position to
set them up. You're gonna have to set yourself up.
And the way you do that is by getting a
bookkeeper and a payroll company, very inexpensive. You put yourself
on payroll so that that way they're swiping that money
out of your account, your business account, and they're paying
you on payroll. You're now a W two employee, so

(04:43):
they're taking the tax right there and it's painless. You're
paying it every week now versus you having some huge
tax bill at the end of the year. Oh that's
brilliant because I think that's what everyone fears about taxes.
You're gonna have this huge bill. How are you ever
going to recover from this? And this foresight in this,
this being able to plan ahead of time, I mean,

(05:03):
it just eases all that tension and you don't feel
it like if you have to pay if you're making
you know, I have a client who literally as a
social media influencer. That's all they do is social media.
They film content, making five hundred thousand dollars a year,
but all of the equipment every they get to write
these things off. If it were in a business, but

(05:24):
what they carried it over, they would still have a
tax liability. So we set their company up as a scorp.
And they pay themselves on payroll from the S Corps.
So they have attacks from the corporation, but not nearly
as much as if they were trying to do this
by themselves. And now when they go to apply for

(05:45):
a loan, guess what, they have proof proof of income.
This is the crux of the conversation. We want you
to be able to have proof of income so that
you can buy the home that you want. You cannot
show up just going well, I made this money some where,
And this applies across so many disciplines of listen fans, Yeah, okay,

(06:06):
well we're talking to you only fans, like I mean,
do you don't any dancers make a thousand dollars two thousand,
three thousand dollars a night but they live in some
rundown dingy apartment because no one will co sign for
them an apartment. They don't have proof of income. And
if you don't have proof of income, you're basically keeping
yourself in a situation that you're never gonna have ownership.

(06:27):
You're never gonna and you pay more for everything, Yes,
you pay more for ever everything. You pay more for everything.
So now we've listened to this podcast, we're like, Okay,
my aunt Tani are talking about something real here. We
got our stuff together and we have this proof of
income because we found the c p A that was
going to help us amass all this information. So now
what now you have proof of income, you have your

(06:49):
W two's. Based on those W two's is how much
home you can qualify for. So if your business and
you're bringing in as a gig worker hundred two hundred
thousand dollars a year, don't put yourself on payroll for
fifty because you're not gonna be able to qualify for
the home that you want. Okay. So this is interesting
to me because I think oftentimes people think they're trying
to like sort of cheat the system, and they're like, oh,

(07:11):
if I do my taxes and as long as I don't, like, yes,
I don't make a lot of money, is that going
to be beneficial to me? Do you? Just because I
think people think that they're like, hey, I'm a gig worker.
I'm gonna downplay how much I'm actually working barbers, hairdressers,
like you say, but you're actually doing yourself a disservice
if you want to eventually own own real estate, which

(07:32):
is an asset, which is a piece of equity for
your future. So for anybody, I purchased my office of
stylist and not when I worked in the salon um
at the beginning of my career, I mean, I didn't know,
like how do I do this? And so I just
started researching and really trying to figure out, Okay, how
do I need to set myself up on paper? Because

(07:53):
at the end of the day, that's all that they
care about. This was before state at loans even existed.
So traditionally, whatever you reported I your taxes is it.
And legally you can take all of these write offs.
But if you don't want to take if you take
all the right offs, you're not going to be able
to qualify for almost anything. So it's better to know, one,
what's the average price home in your area? If you

(08:15):
know the average price home in your area and the
average price home of where you want to live. So
if the average price home where you want to live,
if you're a gig worker in l A and you
want to buy a condo and downtown Los Angeles right now,
it's five thousand for a loft, it's five thousand for
a loft. How much income do you need to show
and what does your debt look like? What does the

(08:36):
debt look like? So what does the debt look like?
So if you have a car payment, then you know
you're gonna have to show a lot more money on
paper to offset that dollars income debt. Yeah, so it's
not just income, it's also your debt. So make sure

(08:56):
you sit down and talk to a loan officer be
or you start shopping for a house, because it's not
how much money you make, it's how much money you
qualify for that's super important. So talk to a mortgage
broker so they can tell you what loan programs exist
for you. Some people can just simply go based on
their big statements, but you have to put a lot

(09:19):
more down. So if you want a five hundred thousand
dollar house, you're gonna have to put down a hundred
thousand dollars. But if you had put yourself on payroll
for a hundred and ten thousand dollars, you would have
only paid in dollars in taxes. So you gotta just
you gotta pay one way or the other. Your research,

(09:41):
Do your research, find the right mortgage broker, find the
right person to lead you into the promised land of
real estate. I love that. Thank you so much. This
was a great This was a great episode because I
feel like it was very hands on. We really got
an understanding of what we need to do to get
where we need to go. Yeah, we got to get there,
but we just need to know what the numbers are.
The numbers don't lie. People do so and what one

(10:01):
bank won't do, another one will. Every bank has a
different appetite for a different type of worker. So if
it's a self employment loan, yes, but if you know
you want to put is little down on that house
home as possible, then put yourself on payroll. I love that.
I love that. Put yourself on payroll. All right, you guys, Maya,
thank you so much for helping us today with real

(10:22):
estate Moves here on the Money Moves podcast. Let our
audience know where they can find you on all social media.
On all social media, you can find me at Maya
slide that is m A j A s l y
m A j A s l y. Make sure you
follow me. Were always dropping nuggets and shares about what
you do about your money. And this isn't to browbeat you, guys.
This is to really help you. We want to bridge

(10:44):
this financial wealth gap in this country. So I'm so
happy that you guys have me yes all about uplifting
and making money moves. So Money Movers, that is all
the time we have for today. But make sure to
follow my on all her social media handles, and of
course make sure to tune in Monday through Friday and
subscribe to the Money Moves podcast powered by Greenwood so
that you too can have the keys to financial freedom

(11:05):
that you so rightly deserve. Thank you so much for
tuning in Money Moves audience. If you want more or
a recap of this episode, please go to the Bank
Greenwood dot com and check out the Money Moves podcast blog.
Money Moves is an I Heart Radio podcast powered by

(11:27):
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