June 28, 2022 • 19 mins
Maja Sly operates a real estate empire and an entrepreneurial training and real estate coach program. Anything in the real estate space you have ever wanted to learn about this woman is your go-to source.
Maja joins the podcast to share the top 3 ways to make money in real estate in 2022.
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 case to the Kingdom
of financial stability, wealth and abundant money. Pay Money Movers,
Welcome to another episode of the Money Moves podcast, powered
(00:23):
Bright Greenwords. Here we are for another episode of Real
Estate Moves. I love the segment. I'm super excited to
welcome back to set one of the leading women in
real estate business. Maya Slide Maya, welcome back to Money Moves.
Excited to be here. We've got so many things to
talk about, so many things, and Maya like, real estate
(00:44):
is a really popular industry to make money in. You know,
you're starting to even see it pop up on reality
television shows and everybody wants a piece of this bag.
Let's talk about real estate today and what's happening and
how we can introduce more people to the money Moves
made in real estate. I love it, Okay, so fun.
Fact we are at the top of the market in
(01:08):
every city in the United States. Every city in the
United States. We have an inventory shortage and that's not
slowing down. So super excited to share with the audience
all the different ways you can become a part of
real estate without even being a realtor. Wow, the ways
you can make money when you're like, oh, if I'm
not an Asian, I can't make money. No no no, no, no.
(01:29):
You can be an investor. You can be a hard
money lender. A lay person can be a bridge loan
person in a transaction because you have builders who want
to build but may not have the capital. I have
clients who want to buy who have already got pre approved.
So this kind of bridge is the wealth gap. You
can do good at the same time, and then an
(01:49):
investor like me or you can give him forty thousand
to get the deal going and then get paid when
the deal closes in ninety days a d and twenty
days on a square foot house and you can make
money off of that. See, this is what's so interesting
to me about it, because once upon a time, and historically,
like black people couldn't own land, and so we always
felt we were combating or fighting this uphill battle. We were,
(02:12):
But now we are here and there's so much opportunity
and like you said, at the top, you're like, listen,
we're at the top of the market, meaning that the
real estate market prices are just rising and rising and rising,
and almost every major market seventeen some people as much
as and these were first time homebuyers who sold their
(02:34):
homes purchased closed in right in the middle of the pandemic,
so they might have gone under contract at the beginning
of was being built head delays, but closed in June.
One client yesterday closed in June at two. The house
next door to him closed a week and a half
ago for four oh five same square footage. What but
(02:56):
it's in cobb In like the sweet spotting Cob But
for are years ago, that part of cob was like
not so much. Now, guess what, you can't make any
more land. Wow, it's true, you can't make any more land.
So this is like really interesting. I want to dive
into that. So let's talk about the top three ways
to make money in real estate right now. And I
want to come at it from the perspective of I'm
(03:17):
a regular person. I'm not trying to buy a seven
twenty million dollar condo and flip it. I can't maybe
buy into multi level homes. But like, I'm a regular person,
I have a job. I might have a little bit
of money stored away to make some smart real estate investment, Like,
how would I approach it? Okay, so, um, for contacts,
what was small by so I'll speak to that small
(03:40):
would be thousand? Yeah, okay. So let's say you are
a recent college graduate, not really ready to buy your
first home because you don't know if you want to
live in that city, right, but um, you do see
every single day, you know, before the end of the
last year, the stock market, every day I'll getting stocks,
(04:01):
getting stocks, and now it's been a nose died. Well,
everyone doesn't have appetite for that, but with real estate,
you do have a real asset that it's tied. So
for someone like that, if I were you eight years
old and I didn't want to live out in the suburbs,
but I did want to be able to benefit from
this market right now, then I would buy as an investor.
(04:22):
But I would get me and a friend together to
do it because we can actually make more money doing
it together than me trying to do it on a
hundred and fift I know, right, Wait a second, So,
but this is the thing, and I think we always
talk about this, like, okay, does business and money relationships
(04:42):
ruin a friendship or grow a friendship? Well, I can
tell you if you have the right types of friendships
to be like minded. So I have friends that are
my friends that we travel together, we have fun together,
we kick it together. I have friends that are my
entrepreneurial friends. So those friends I can literally pick up
the phone and call and tell them the deal and
it's a fast yes or a let me think about
(05:03):
it before they say no, because they take calculated risks.
So if you're young and ambitious and you're making thousand
dollars a year, and you have another friend that might
be a teacher, but she wouldn't be in the position
to necessarily be able to do the deal by herself,
but you have the cash, she has the credit. So you, guys,
(05:28):
combine it. Because she's putting her name on the deal,
she's signing for the house, right You're giving her the
money for the down payment because you're going to go on.
And you, guys, this isn't just mana talking. She's like,
this is a legal transaccent putting. But you know, I
love to explore these things because oftentimes people like never
mix business with pleasure. But this is sometimes how we
(05:50):
have to get ahead. We have to put different people's
assets together. To build the a team. So if your
credits law and obviously do your research. Guys, you don't
just pick anybody or the guy you met the other
day on Tinder who was like, give me your social
Security number, that's not what we're not. Send me your
cash app and I'll put five thousand of you know,
bitcoins in your account. No no, no, no no. But
you would be quite surprised that people who are just
(06:11):
work friends come up with this in the break room
when people were really in office but working from home.
Now they're seeing things online every day that regular everyday
people are finding off market deals, or they may have
a cousin that's getting ready to move and she wants
to just get out of her house. But you, as
the teacher, you know that you don't have the liquidity.
(06:34):
If the hot water heater were to burst, you wouldn't
have the money for it. But you know you have
a girlfriend that's been looking for a property and she says, crap,
I just I can't I keep losing deals losing deals?
Well she has forty You've got the deal. You guys
come together. You don't have to be friends to do
business together. And oftentimes most of my money deals that
I've made, big deals like that have been from just relationships,
(06:57):
so you know, it's of course you're gonna bet the person.
But the great think about a real estate transaction is
that both of your names are going on the deeds,
so she can't do it without you. They can't do
it without each other, so it's a mutual benefit. And
the reason the person would want to do it is
because now they're spreading the risk. So that's a great
way for someone to get into real estate who doesn't
necessarily want to flip per se, but they want to
(07:19):
take advantage of the tax advantages and the right offs
because if you're making a hundred and you don't have property,
a rental property, you get way more right offs than
you do your primary home. Yeah, because it's gonna you're
not you're gonna have a different schedule. You have a
schedule et. So the money that they're taking out in taxes,
now you get to depreciate those losses. Any repairs that
(07:40):
you make, any maintenance that you do to the house
now gets to carry over to your ten forty, which
is your front page, and now you can get some
of that money back, so you can make money in
real estate. Just by basically being on a house that's
not really making any money, you're actually taking a loss
and now you're you're lowering your tax liability. Okay, I
have a question here because I mean you've got letters
(08:02):
after your name in terms of being a real estate
broker and all this. I did you learn all this stuff?
Like did to real estate school? I went to real
state school. I've been a licensed real estate broker for
I've been a licensed agent for twenty years, and my
license Optember eleven when the planes were crashing. So I
was selling houses when rates were seven and a half percent.
I was closing deals when rates were seven and a
half percent. So no one can ever say rates are
(08:24):
I'm like, the rates are three percent? Rights, rights are
everybody to go up? Well, our prices are still relatively
low compared to most major cities. So I learned all
of these things really just being able to deal with
a lot of different types of clients. And I always
back into the deal. So we're both Sagittarius, so we
(08:46):
are what problem solvers. We like to get to the solution,
like don't don't bother me with the problem, Like let
me just get to the solution. Just let me back
into it. And I know that most people, you know,
they are passionate about their pockets. Yeah, they're not passionate
out the house. They're passionate about their bottom line. And
when you can show people how they can change their
life by a piece of real estate, I have young
(09:10):
women who would have never I call it for savings.
So you said, another way to make money in real
estate is to actually buy some because it's for savings.
You can't save point number two folks, you're listening. Your
point number two is for savings. If you bought a house,
and let's not even use this market where it's just
on fight, right, you bought a house in two thousand,
(09:33):
in ten, two thousand and twelve, the average person stays
in their house, their first house seven years. That's the numbers,
about an average of seven years. So in seven years,
if you had just a flat market in you know,
wasn't really a lot of building in construction on your
three to five percent, But in a two hundred thousand
dollar house, three percent of the six thousand dollars the
(09:55):
first year, the next year twelve, So you've got thirty
thousand dollars forty two thousand dollars in equity. This isn't
a soft just a regular flat market. A teacher would
not have been able to save for two thousand dollars
and oftentimes the payment that they're making was close to
(10:17):
what they were paying and rent. See, this is this
is what we need to share because this is how
we get those I mean, that's a lot. That's a lot.
That's a lot, especially a teacher salary. And I love
that we're using, you know, real life examples, like you're
a teacher, you're this, and sometimes it feels like out
of reach and not attainable on a teacher salary, but
you get together, you invest in this property seven years,
(10:39):
seven years, forty two thousand. Let's look at how much
you were able to write off from a tax staving
staving standpoint. So you've got money back. Because if someone
were to look at their W two right now, so
to the audience, look at your W two. As a
teacher making in the city of Atlanta, making a first
year teacher making forty two forty three thousand dollars a year,
(10:59):
they would have paid an income tax, not state in
income tax that would have been taken out of their check.
They had no control over that ten dollars, but if
they had riot offs and ways to offset that, rights
to offset that. When when you get a refund, if
you don't have children, they're giving you money. They're just
(11:20):
giving you your money back. You just gave the government
your money to hold for you. I don't need you
can see what they do with money, so I don't
need them holding my money. So if you work for
a company that takes the taxes out, they're sending the
money there. But when you file on April fifteenth or
whatever day you file, you will now be getting a
refund of the taxes that you've already paid. So think
(11:43):
about that. So not only are you making money from
the real estate that's appreciating. Now that refund, you can
dump that money into your four oh one K or
you know, go do a vacation or whatever. But think
about it. You have four savings that you wouldn't been
able to save on your own. Yeah, forty two for
them to say, forty two dollars in seven years, so
(12:07):
twelve every twelve months, they would have had to save
three dollars and touch it's it's a lot. And so
this is like a really great way Okay, so tell
me another what are what are another the top three
ways to make money in real estate right now? Because
I know you've talked about a lot of different areas,
you know, I mean number one, it's just buy in.
It's you've got to you've got to get in the game. So, UM,
(12:27):
I was on a panel and UM we were talking about, um,
the fair the fair housing at you know when that
was passed and what that looked like for African Americans
in this country. Only of African Americans owned day home.
Then would you like to know what the number is
now today? What do you think it is? Please say hi?
Please say hi? What do you think that's it? So
(12:50):
that is the disservice that we have done to the
people who fought for us, because we buy into all
the things about the Internet that make us scared to
do something. No one tells you not to go get
that binds. No one tells you not to go get
that BMW. No one tells you, but everyone tells a
woman who is single, oh, I wouldn't buy a house.
Do you know that's gonna be too much upkeep? Do
(13:12):
you know what brakes? Do you know? What? Do you
know what brakes costs on a Porsche eight hundred dollars. Yeah,
if your toilet brakes, it's normally not gonna cost you
eighteen hundred dollars. No one talks about that. So the
reason I really love what you all are doing here
at Money Moves is you're giving people all the different
ways you can make money. But also, let's call a
(13:33):
spade a spade. We can't keep saying that they're keeping
us from doing anything. No, if we don't jump in,
if we don't jump yeah, better you better take this
bull by the horns. And you also you have to
know that real estate has ebbs and flows. We're in
the flow right now, like we're killing it right now.
But if you're not in the game, what are you
(13:54):
waiting for the market to crash? Well, I can assure
you that we're not going to have an oh eight
almost ever. Again, would you like to know why we
haven't had enough inventory for seven years for the demand.
So for every one house right now, there are ten
people waiting to buy it. So how do we fix this?
Because I know this is the thing that everyone is
(14:15):
talking about, is that a buyer's market is a seller's market.
There's just not enough inventory, So it's an assassination seller's market.
But what I will tell you is this is that
every time you drive down the street and you see
a lot, that's an opportunity in your third way to
get into real estate. Look at that the problem I
have a conference this Saturday. It is for people to
(14:36):
get into real estate that would have never even thought
it was an option for them. But because there's so
many grants, there's so many programs for down payment assistance
for the buyer right anything in the affordable space not
low income. Let me be clear, Affordable is a teacher, firefighter,
nurse being able to buy a home inside the city
(14:56):
limits in any major city that is not crime infested.
There is almost no inventory under three hundred thousand dollars
average day on the market. One day put a head
of listing on that I put up on Saturday, two
hundred and fifty thousand dollars. Forty offers. Wait, so two
d fifty dollars. Where was this place? Like described it?
In a gated community off Camp Creek Parkway, a gate
(15:19):
it community, score feet beautiful house. I have right now
fifty nine listings. I have eight hundred people on a
waiting list for fifty nine homes. They are being purchased
with no model. They only have a rendering to go buy.
But because if they wait until the neighborhood is done it,
(15:40):
we're sold out. I mean. So this is another great
thing that I think people always talked about being able
to buy into a property when it was preconstruction. Talk
about that and what that means, because I think that's
that's something that's very it's an easy way for move
for us. It's new for us as African Americans, and
so culturally you have to remember there's two or three
types of buyers. But the biggest challenge that we have
(16:03):
is that we have those voices, you know, the crab
bit of bucket. That's a real thing. And for everyone
that's telling you not to buy something, remember who you
take your advice from, Like, be careful who you seek counsel.
This is biblical, right. So someone's telling you not to
buy something who doesn't own anything, they don't own anything,
(16:23):
or they lost their house in oh four oh five,
that's been you know, in two thousands, they bought a
house oh four oh five, lost in oh eight. They've
had fifteen times too. You only need it's two years
to get back in. To get to get back in
the game next time, be smarter about what you buy
and what you do, do more research. But to continue
to rent somewhere else for another twelve fourteen years years,
(16:46):
it's just too long. Yeah, So this preconstruction game, like
it's interesting. So the building you're talking about, it's basically
you know, someone drove by, they saw an empty lot.
They're like, hey, listen, we're gonna build up, so they
might put um, you know, single family homes when home one.
That makes it easy, that's attainable, that's not a heavy lifting,
it's not scary. You can buy a plan online, a
(17:09):
plan online if you go on Zelo or any of
the search engines that are public, not even if you
were using an agent. It's better if you use an
agent because they're gonna be able to give you the
most accurate data. But if you go online right now
on your phone and put in three oh three one
eight right in that putt in that zip code two
hundred thousand to three hundred thousand, you're not gonna everything's
(17:30):
gonna show Penny. Everything is gonna show Pendy. It doesn't
matter if it's something that you're like, I wouldn't live there,
you won't live there. But that is a neighborhood that
someone grew up in and they don't want to leave
from that area. And they see that there's building, someone's
building around here. So you see a lot or dilapidated
house in an area, buy that house because renovating it
(17:54):
is gonna cost less than building it from the ground. Now,
that's an interesting thing. Renovating it will cost less than
building it because everything is already there. The plug is there,
the plugging is already in the ground. You don't have
to do any development. So if you were to tear
it down to the studs everything, rip the house out,
totally renovated, make it modern. In Pittsburgh, that's narrat Pittsburgh.
(18:18):
You know what's going in over there right now? A
house in Pittsburgh right now four hundred thousand dollars unbelievable,
unbeld But this is every major city. This is a
national podcast. So I charge anyone listening right now to
look at the worst neighborhood that you could consider when
you think of crime, and think of that. No, every
(18:41):
block in that area, you look your own block, it's
not easy, but you got to do your research. And
we've given me three great tips on how to get
into the real estate game how to make some money
here and Maya is a repertoire of wealth and knowledge
and experience in this so trust and believe Maya will
not steer you on. Thanks to again for tuning into
another episode of Money Moves with our real estate expert,
(19:04):
Maya Sla. 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 Greenwood Executive
(19:26):
produced by Sunwise Media, Inc. For more podcast on i
heart Radio, visit the i heart Radio app, Apple Podcasts,
or wherever you get your podcasts from
Hey, Money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the case to the Kingdom
of financial stability, wealth and abundant money. Pay Money Movers,
Welcome to another episode of the Money Moves podcast, powered
(00:23):
Bright Greenwords. Here we are for another episode of Real
Estate Moves. I love the segment. I'm super excited to
welcome back to set one of the leading women in
real estate business. Maya Slide Maya, welcome back to Money Moves.
Excited to be here. We've got so many things to
talk about, so many things, and Maya like, real estate
(00:44):
is a really popular industry to make money in. You know,
you're starting to even see it pop up on reality
television shows and everybody wants a piece of this bag.
Let's talk about real estate today and what's happening and
how we can introduce more people to the money Moves
made in real estate. I love it, Okay, so fun.
Fact we are at the top of the market in
(01:08):
every city in the United States. Every city in the
United States. We have an inventory shortage and that's not
slowing down. So super excited to share with the audience
all the different ways you can become a part of
real estate without even being a realtor. Wow, the ways
you can make money when you're like, oh, if I'm
not an Asian, I can't make money. No no no, no, no.
(01:29):
You can be an investor. You can be a hard
money lender. A lay person can be a bridge loan
person in a transaction because you have builders who want
to build but may not have the capital. I have
clients who want to buy who have already got pre approved.
So this kind of bridge is the wealth gap. You
can do good at the same time, and then an
(01:49):
investor like me or you can give him forty thousand
to get the deal going and then get paid when
the deal closes in ninety days a d and twenty
days on a square foot house and you can make
money off of that. See, this is what's so interesting
to me about it, because once upon a time, and historically,
like black people couldn't own land, and so we always
felt we were combating or fighting this uphill battle. We were,
(02:12):
But now we are here and there's so much opportunity
and like you said, at the top, you're like, listen,
we're at the top of the market, meaning that the
real estate market prices are just rising and rising and rising,
and almost every major market seventeen some people as much
as and these were first time homebuyers who sold their
(02:34):
homes purchased closed in right in the middle of the pandemic,
so they might have gone under contract at the beginning
of was being built head delays, but closed in June.
One client yesterday closed in June at two. The house
next door to him closed a week and a half
ago for four oh five same square footage. What but
(02:56):
it's in cobb In like the sweet spotting Cob But
for are years ago, that part of cob was like
not so much. Now, guess what, you can't make any
more land. Wow, it's true, you can't make any more land.
So this is like really interesting. I want to dive
into that. So let's talk about the top three ways
to make money in real estate right now. And I
want to come at it from the perspective of I'm
(03:17):
a regular person. I'm not trying to buy a seven
twenty million dollar condo and flip it. I can't maybe
buy into multi level homes. But like, I'm a regular person,
I have a job. I might have a little bit
of money stored away to make some smart real estate investment, Like,
how would I approach it? Okay, so, um, for contacts,
what was small by so I'll speak to that small
(03:40):
would be thousand? Yeah, okay. So let's say you are
a recent college graduate, not really ready to buy your
first home because you don't know if you want to
live in that city, right, but um, you do see
every single day, you know, before the end of the
last year, the stock market, every day I'll getting stocks,
(04:01):
getting stocks, and now it's been a nose died. Well,
everyone doesn't have appetite for that, but with real estate,
you do have a real asset that it's tied. So
for someone like that, if I were you eight years
old and I didn't want to live out in the suburbs,
but I did want to be able to benefit from
this market right now, then I would buy as an investor.
(04:22):
But I would get me and a friend together to
do it because we can actually make more money doing
it together than me trying to do it on a
hundred and fift I know, right, Wait a second, So,
but this is the thing, and I think we always
talk about this, like, okay, does business and money relationships
(04:42):
ruin a friendship or grow a friendship? Well, I can
tell you if you have the right types of friendships
to be like minded. So I have friends that are
my friends that we travel together, we have fun together,
we kick it together. I have friends that are my
entrepreneurial friends. So those friends I can literally pick up
the phone and call and tell them the deal and
it's a fast yes or a let me think about
(05:03):
it before they say no, because they take calculated risks.
So if you're young and ambitious and you're making thousand
dollars a year, and you have another friend that might
be a teacher, but she wouldn't be in the position
to necessarily be able to do the deal by herself,
but you have the cash, she has the credit. So you, guys,
(05:28):
combine it. Because she's putting her name on the deal,
she's signing for the house, right You're giving her the
money for the down payment because you're going to go on.
And you, guys, this isn't just mana talking. She's like,
this is a legal transaccent putting. But you know, I
love to explore these things because oftentimes people like never
mix business with pleasure. But this is sometimes how we
(05:50):
have to get ahead. We have to put different people's
assets together. To build the a team. So if your
credits law and obviously do your research. Guys, you don't
just pick anybody or the guy you met the other
day on Tinder who was like, give me your social
Security number, that's not what we're not. Send me your
cash app and I'll put five thousand of you know,
bitcoins in your account. No no, no, no no. But
you would be quite surprised that people who are just
(06:11):
work friends come up with this in the break room
when people were really in office but working from home.
Now they're seeing things online every day that regular everyday
people are finding off market deals, or they may have
a cousin that's getting ready to move and she wants
to just get out of her house. But you, as
the teacher, you know that you don't have the liquidity.
(06:34):
If the hot water heater were to burst, you wouldn't
have the money for it. But you know you have
a girlfriend that's been looking for a property and she says, crap,
I just I can't I keep losing deals losing deals?
Well she has forty You've got the deal. You guys
come together. You don't have to be friends to do
business together. And oftentimes most of my money deals that
I've made, big deals like that have been from just relationships,
(06:57):
so you know, it's of course you're gonna bet the person.
But the great think about a real estate transaction is
that both of your names are going on the deeds,
so she can't do it without you. They can't do
it without each other, so it's a mutual benefit. And
the reason the person would want to do it is
because now they're spreading the risk. So that's a great
way for someone to get into real estate who doesn't
necessarily want to flip per se, but they want to
(07:19):
take advantage of the tax advantages and the right offs
because if you're making a hundred and you don't have property,
a rental property, you get way more right offs than
you do your primary home. Yeah, because it's gonna you're
not you're gonna have a different schedule. You have a
schedule et. So the money that they're taking out in taxes,
now you get to depreciate those losses. Any repairs that
(07:40):
you make, any maintenance that you do to the house
now gets to carry over to your ten forty, which
is your front page, and now you can get some
of that money back, so you can make money in
real estate. Just by basically being on a house that's
not really making any money, you're actually taking a loss
and now you're you're lowering your tax liability. Okay, I
have a question here because I mean you've got letters
(08:02):
after your name in terms of being a real estate
broker and all this. I did you learn all this stuff?
Like did to real estate school? I went to real
state school. I've been a licensed real estate broker for
I've been a licensed agent for twenty years, and my
license Optember eleven when the planes were crashing. So I
was selling houses when rates were seven and a half percent.
I was closing deals when rates were seven and a
half percent. So no one can ever say rates are
(08:24):
I'm like, the rates are three percent? Rights, rights are
everybody to go up? Well, our prices are still relatively
low compared to most major cities. So I learned all
of these things really just being able to deal with
a lot of different types of clients. And I always
back into the deal. So we're both Sagittarius, so we
(08:46):
are what problem solvers. We like to get to the solution,
like don't don't bother me with the problem, Like let
me just get to the solution. Just let me back
into it. And I know that most people, you know,
they are passionate about their pockets. Yeah, they're not passionate
out the house. They're passionate about their bottom line. And
when you can show people how they can change their
life by a piece of real estate, I have young
(09:10):
women who would have never I call it for savings.
So you said, another way to make money in real
estate is to actually buy some because it's for savings.
You can't save point number two folks, you're listening. Your
point number two is for savings. If you bought a house,
and let's not even use this market where it's just
on fight, right, you bought a house in two thousand,
(09:33):
in ten, two thousand and twelve, the average person stays
in their house, their first house seven years. That's the numbers,
about an average of seven years. So in seven years,
if you had just a flat market in you know,
wasn't really a lot of building in construction on your
three to five percent, But in a two hundred thousand
dollar house, three percent of the six thousand dollars the
(09:55):
first year, the next year twelve, So you've got thirty
thousand dollars forty two thousand dollars in equity. This isn't
a soft just a regular flat market. A teacher would
not have been able to save for two thousand dollars
and oftentimes the payment that they're making was close to
(10:17):
what they were paying and rent. See, this is this
is what we need to share because this is how
we get those I mean, that's a lot. That's a lot.
That's a lot, especially a teacher salary. And I love
that we're using, you know, real life examples, like you're
a teacher, you're this, and sometimes it feels like out
of reach and not attainable on a teacher salary, but
you get together, you invest in this property seven years,
(10:39):
seven years, forty two thousand. Let's look at how much
you were able to write off from a tax staving
staving standpoint. So you've got money back. Because if someone
were to look at their W two right now, so
to the audience, look at your W two. As a
teacher making in the city of Atlanta, making a first
year teacher making forty two forty three thousand dollars a year,
(10:59):
they would have paid an income tax, not state in
income tax that would have been taken out of their check.
They had no control over that ten dollars, but if
they had riot offs and ways to offset that, rights
to offset that. When when you get a refund, if
you don't have children, they're giving you money. They're just
(11:20):
giving you your money back. You just gave the government
your money to hold for you. I don't need you
can see what they do with money, so I don't
need them holding my money. So if you work for
a company that takes the taxes out, they're sending the
money there. But when you file on April fifteenth or
whatever day you file, you will now be getting a
refund of the taxes that you've already paid. So think
(11:43):
about that. So not only are you making money from
the real estate that's appreciating. Now that refund, you can
dump that money into your four oh one K or
you know, go do a vacation or whatever. But think
about it. You have four savings that you wouldn't been
able to save on your own. Yeah, forty two for
them to say, forty two dollars in seven years, so
(12:07):
twelve every twelve months, they would have had to save
three dollars and touch it's it's a lot. And so
this is like a really great way Okay, so tell
me another what are what are another the top three
ways to make money in real estate right now? Because
I know you've talked about a lot of different areas,
you know, I mean number one, it's just buy in.
It's you've got to you've got to get in the game. So, UM,
(12:27):
I was on a panel and UM we were talking about, um,
the fair the fair housing at you know when that
was passed and what that looked like for African Americans
in this country. Only of African Americans owned day home.
Then would you like to know what the number is
now today? What do you think it is? Please say hi?
Please say hi? What do you think that's it? So
(12:50):
that is the disservice that we have done to the
people who fought for us, because we buy into all
the things about the Internet that make us scared to
do something. No one tells you not to go get
that binds. No one tells you not to go get
that BMW. No one tells you, but everyone tells a
woman who is single, oh, I wouldn't buy a house.
Do you know that's gonna be too much upkeep? Do
(13:12):
you know what brakes? Do you know? What? Do you
know what brakes costs on a Porsche eight hundred dollars. Yeah,
if your toilet brakes, it's normally not gonna cost you
eighteen hundred dollars. No one talks about that. So the
reason I really love what you all are doing here
at Money Moves is you're giving people all the different
ways you can make money. But also, let's call a
(13:33):
spade a spade. We can't keep saying that they're keeping
us from doing anything. No, if we don't jump in,
if we don't jump yeah, better you better take this
bull by the horns. And you also you have to
know that real estate has ebbs and flows. We're in
the flow right now, like we're killing it right now.
But if you're not in the game, what are you
(13:54):
waiting for the market to crash? Well, I can assure
you that we're not going to have an oh eight
almost ever. Again, would you like to know why we
haven't had enough inventory for seven years for the demand.
So for every one house right now, there are ten
people waiting to buy it. So how do we fix this?
Because I know this is the thing that everyone is
(14:15):
talking about, is that a buyer's market is a seller's market.
There's just not enough inventory, So it's an assassination seller's market.
But what I will tell you is this is that
every time you drive down the street and you see
a lot, that's an opportunity in your third way to
get into real estate. Look at that the problem I
have a conference this Saturday. It is for people to
(14:36):
get into real estate that would have never even thought
it was an option for them. But because there's so
many grants, there's so many programs for down payment assistance
for the buyer right anything in the affordable space not
low income. Let me be clear, Affordable is a teacher, firefighter,
nurse being able to buy a home inside the city
(14:56):
limits in any major city that is not crime infested.
There is almost no inventory under three hundred thousand dollars
average day on the market. One day put a head
of listing on that I put up on Saturday, two
hundred and fifty thousand dollars. Forty offers. Wait, so two
d fifty dollars. Where was this place? Like described it?
In a gated community off Camp Creek Parkway, a gate
(15:19):
it community, score feet beautiful house. I have right now
fifty nine listings. I have eight hundred people on a
waiting list for fifty nine homes. They are being purchased
with no model. They only have a rendering to go buy.
But because if they wait until the neighborhood is done it,
(15:40):
we're sold out. I mean. So this is another great
thing that I think people always talked about being able
to buy into a property when it was preconstruction. Talk
about that and what that means, because I think that's
that's something that's very it's an easy way for move
for us. It's new for us as African Americans, and
so culturally you have to remember there's two or three
types of buyers. But the biggest challenge that we have
(16:03):
is that we have those voices, you know, the crab
bit of bucket. That's a real thing. And for everyone
that's telling you not to buy something, remember who you
take your advice from, Like, be careful who you seek counsel.
This is biblical, right. So someone's telling you not to
buy something who doesn't own anything, they don't own anything,
(16:23):
or they lost their house in oh four oh five,
that's been you know, in two thousands, they bought a
house oh four oh five, lost in oh eight. They've
had fifteen times too. You only need it's two years
to get back in. To get to get back in
the game next time, be smarter about what you buy
and what you do, do more research. But to continue
to rent somewhere else for another twelve fourteen years years,
(16:46):
it's just too long. Yeah, So this preconstruction game, like
it's interesting. So the building you're talking about, it's basically
you know, someone drove by, they saw an empty lot.
They're like, hey, listen, we're gonna build up, so they
might put um, you know, single family homes when home one.
That makes it easy, that's attainable, that's not a heavy lifting,
it's not scary. You can buy a plan online, a
(17:09):
plan online if you go on Zelo or any of
the search engines that are public, not even if you
were using an agent. It's better if you use an
agent because they're gonna be able to give you the
most accurate data. But if you go online right now
on your phone and put in three oh three one
eight right in that putt in that zip code two
hundred thousand to three hundred thousand, you're not gonna everything's
(17:30):
gonna show Penny. Everything is gonna show Pendy. It doesn't
matter if it's something that you're like, I wouldn't live there,
you won't live there. But that is a neighborhood that
someone grew up in and they don't want to leave
from that area. And they see that there's building, someone's
building around here. So you see a lot or dilapidated
house in an area, buy that house because renovating it
(17:54):
is gonna cost less than building it from the ground. Now,
that's an interesting thing. Renovating it will cost less than
building it because everything is already there. The plug is there,
the plugging is already in the ground. You don't have
to do any development. So if you were to tear
it down to the studs everything, rip the house out,
totally renovated, make it modern. In Pittsburgh, that's narrat Pittsburgh.
(18:18):
You know what's going in over there right now? A
house in Pittsburgh right now four hundred thousand dollars unbelievable,
unbeld But this is every major city. This is a
national podcast. So I charge anyone listening right now to
look at the worst neighborhood that you could consider when
you think of crime, and think of that. No, every
(18:41):
block in that area, you look your own block, it's
not easy, but you got to do your research. And
we've given me three great tips on how to get
into the real estate game how to make some money
here and Maya is a repertoire of wealth and knowledge
and experience in this so trust and believe Maya will
not steer you on. Thanks to again for tuning into
another episode of Money Moves with our real estate expert,
(19:04):
Maya Sla. 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 Greenwood Executive
(19:26):
produced by Sunwise Media, Inc. For more podcast on i
heart Radio, visit the i heart Radio app, Apple Podcasts,
or wherever you get your podcasts from
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