October 26, 2021 • 11 mins
Real estate entrepreneur Maja Sly joins us for this special Money Moves covering all things real estate. Maja runs a real estate empire, a chain of beauty salons in Atlanta, a hair extension store, and an entrepreneurial training and coach program. Anything in the real estate space you have ever wanted to learn about this woman is your go-to source. Maja talks about how to raise your credit score if you are in the 500-640 bracket, tips on student loans, how to build credit if you are a foreign national, the difference between good debt and bad debt, Federal Housing Administration loan (FHA), and Income Based Repayment plans (IBR).
Host: IG: @itstanyatime
Guest IG: @majasly
Guest Website: Majasly.com
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey, money Movers, Welcome to another episode of the Money
Moves podcast powered by Greenwood. Our expert this week can
only be described as the real estate entrepreneur. She runs
a real estate empire, a chain of beautiful ons in Atlanta,
a hair extension store, and an entrepreneurial training and coach program.
She describes entrepreneurship as a gift given to her from
(00:22):
God and now she's ready to share that gift with
all of us. So we thought she would be the
perfect person to do a new money Versus Move segment
all about real estate money movers. Let's welcome to the podcast.
Maya slide where else my class like, audience class here like,
and the crowd goes wild. We're welcome friend to an
(00:44):
in person podcast session. I'm so excited to have you here.
So welcome to the podcast. Thank you for having me.
I'm excited to be here. This is going to be
super neuper fun to have a wonder grow separation. Your sister,
she is my sergeant, No stopping is my sergeant, and
we're birthday twins. Like wrap it up than that. Yeah,
(01:11):
that is so huge and this is meant to be
not only people. Do you understand how I meant to be.
This is the scenes that you guys are going to
make so much money from the valuable information that she
is going to impart on us today. Can't wait? Love
it so, Maya. I'm so glad you could even take
(01:35):
time out of your busy schedule because you wear so
many hats, and you do so much, and you have
so much knowledge that we're so excited to unlock. We've
had money movers from all over the globe sending questions
for you, and they are chomping at the bit to
get into the gems and pearls of wisdom that you
have locked up in there. Bring them on, sister. So
our first question comes from Jennifer Walker out in Wyoming.
(01:59):
She writes in, my credit score is a little below
six hundred, which I heard is a little too low
for an f h A loan. I'm currently working on
paying my credit card debt and student loans down, but
I'd like to buy a new home and I'm not
sure how to start or if I can even qualify
for a home loan. What are my options? Well, this
(02:20):
biggest misconception, A five eight is actually the qualifier for
FAJ Wow. Okay, that's not bad, that's folks. But but
I say this with caution. You can get qualified as
a five eighty, but you're going to be out of
a lot more money out of pocket because your origination
fee is going to probably be about two percent versus
(02:41):
one percent. Your interest rate will be higher because the
computer basically tells you what you can pay at the
credit score. So the lower your credit score, the higher
your right. So what I would say is, first, let's
speak to the lender. Always start with the lender. Don't
start going around paying down debt, because there is good
debt and bad debt on your credit profile. So student
(03:03):
loans are installment loans. Those way differently than credit cards,
which are revolving debt. So if you've got a twenty
dollar student loan bill, if you make a five thousand
dollar payment on that, that's not going to impact the
actual payment per month. But if you take that same
five thousand dollars and spread it out over a few
credit cards, that's going to boost your score. So okay,
(03:27):
I hope people are listening to that because this is
like the keys to the Kingdom of financial wealth that
we talk about, like how do you make the money
moves and how you know you're giving us really intentional things.
You've got five thousand dollars, don't just pay it off
on your student loan part. Be intentional about spreading it
out over credit cards, which will in turn increase your
credit score. Your scores goes up, and when your stars
(03:47):
go up, what happens? Now you have lenders fighting for
your business. Yeah, we like that, you know, we like
them fighting out our business. But it also gives you
more options. And you know Google is your friends, but
it can also be enemy. It will take you down
a rabbit hole. You have to be really really clear
when you look at scores and numbers and that sort
of thing. Go to the lender first. Let them tell you,
(04:09):
because they will tell you exactly. They have a similator.
Did you know that? Oh? I mean I've heard different things,
but you know, sometimes there's a lot of them. Okay,
So the lender simulator will tell you exactly what to
do to get your score. Here. So if your score
is a six oh one or a five ninety one,
and we say we need to get you to a
six fifty for you to have the best rate under
(04:32):
FHI guidelines, the computer will tell you every single thing
to do, and then we will go in and do
what's called a hard rescore, so you don't have to
wait for the credit bureaus to update your score. We
can do that in about ten days. Now, when you
say weak, you talked about Google or do you mean
I should go to a mortgage broker or somebody to
do that can help me do it for me a
(04:53):
real estate professional. So as a realtor, I've been a
licensed realtor now broker for twenty years. I got my
license of umber element when the planes were crashing. Yeah yeah, yeah,
I'll never forget that day. But what was great about
it was history is our best teacher. And in times
of war, what happens the government bleeds money. So it
(05:14):
is like we just went through that and we are
here now. So this is why this is a perfect storm.
So you need to have the right information. When they
say information is powerful, no it's not unless you apply
it and the way and put it into action and
the right information. So you talk to a real estate
professional that understands the finance piece of it, because the
finance piece is the most important. I can find you
(05:36):
a house online and we can go see it by
its sight unseen the money piece of it. Seriously, after
lands who have purchased home side unseen video they bought,
flew down and move their entire family because they trust
my judgment. But at the end of the day, people
buy based on payment, not rate, So that payment is
super important. And so for us to get you to
that payment, we need to know how do we get
(05:58):
there with the least amount of money out of because
cash is king? Because cash is king. Okay, So I
feel like we gave Jennifer a good answer. There any
more options for someone who is got, you know, five
forty to six hundred, any other tips and tricks that
you could offer them? Absolutely, So this is the long game.
So you didn't get Yeah, you didn't. You didn't get
into a situation with bad credit overnight. So we are
(06:20):
in a microwave society, in this Instagram world where they
think that you can, you know, add yourself to a
bunch of cards as an authorized user, well for underwriting
guidelines purposes. They're gonna make you remove those and then
they're going to reset your score because they need to
see how were you able to maintain your Because here
I hope you guys are hearing this because oftentimes people
(06:42):
will be like, hey, let me add my friend. This
will help boost your credit. So you're saying that when
people have you as an authorized user on their credit card,
that doesn't exactly help you stand on your own two feet,
not for lending purposes, for the purpose of buying a home.
So if you're applying for credit cards, their system is
a little bit different, but an underwriter is actually going
(07:02):
to underwrite your file. So the system now has an
algorithm they catch onto everything. So anytime you guys, you know,
we got a new game, like okay, we just do this. Yeah, yeah,
the system is gonna reset, and they're like no, no, no, no,
how no no no no no. You're forty two years
old and you just got your first credit card six
months ago. No, like, there's there's length of credit so
(07:26):
even when So what I would suggest if someone has
a five forty, typically they've had some extreme credit challenges,
but you only have to wait about twelve months to
really see that move and make some positive changes. So
when you have these credit repair companies that wipe off everything,
that's actually not a good thing because even longer debt
is credit history. So if you had a credit card
(07:47):
in college and start up, and you know it was
a charge off or what have you. That's still length
of credit. So that length and give you credit. It's
gonna give you history. So if again you need the
right and from nation and you need a positive, positive
credit files and all debt is not bad debt. So
if you've got high student loan debt, quit putting it
(08:07):
in deferment and put it on an IBr which is
an income based repayment plan, because now we have a payment.
It could be one dollar, but they're still happy to
see that you're making payments and in the and it
will reset your score because now you've consolidated these loans.
You might have ten loans. Now you just have one loan,
got it. So something you said there just reminds me
(08:28):
of when I saw him. Originally from Canada, I grew up,
I went to school, and I worked as a nurse
for probably over a decade, and then I moved to
the US as a travel nurse. And I got here.
I was so excited at my signing bonus and I
was trying to take it a credit card. It's like
the first time in the US. I lived in New York,
I was like yes, and I couldn't get any credit cards.
I couldn't get it because I had zero credit history
(08:49):
as someone who is new to the United States, and
I think at that time, like zero credit history was
worse than having bad credit. It is I did not exist. Yeah,
it's something that's for foreign nationals, what we call when
you come to this country. So always start with your
credit union when you're trying to establish credit and you're
new to the country, because they have a lot more
leniency and they'll start you off with a five thousand
(09:12):
dollar credit limit and then within six months they'll boost
you up really really quickly. So that's the way that
you can do. A great great answer. That helps me
a lot, because I think it was an interesting transition.
Is I moved from another country to be here to
build credit, and I think a lot of people have
that problem. Any other tips about how you can build
credit when you don't have credit or move from another country.
(09:34):
Easiest way is to get a secure credit card. Get
a secure credit card. So when you moved here, did
they give you a Social Security number? So you have
a social so that means that you can apply for credit.
And there's a lot of people who believe in cash,
so it's not unusual for someone to start establishing credit
in their thirties. It's not ideal, but if you're new
(09:54):
to this country, it's explainable. So go into your bank
and say I want to open a secure word credit card.
Could be as low as five hundred dollars, but after
six months they will basically turn that into a traditional
credit card. They just want to see that you have
on time payment history, the computer talk and everything to do. Okay,
that's great, I love that. Alright, money movers, I mean,
(10:15):
if we are not leaving this episode on a high,
I don't know what it is. Because my you just
gave us a perfect example of how you made your
money move girl, my bet and yes, yes, what a
beautiful thing. So tune in again. We'll have more from
Maya and segments coming up. Stay tuned tomorrow and every
(10:36):
day this week for more from our expert. My company
was on a pinky toe like. Honestly, that's a really
huge success for me. I would love to explore that
more because I hadn't even known some of these ways. Okay,
so I always teach on the three things. Oh my gosh,
that is a word. Hello and you won't want to
miss former Mayor Cassine read it's not easy being a
(10:58):
front runner in such a tough phrase, your life has
no roof on it, and you literally can achieve anything
and go anywhere where your talents can take you. Money
Moves is an i heeart radio podcast powered by Greenland
Executive produced by Sunwise Media, Inc. For more podcasts on
i heart radio, visit the i heart Radio app, Apple Podcasts,
(11:19):
or wherever you get your podcasts from.
Hey, money Movers, Welcome to another episode of the Money
Moves podcast powered by Greenwood. Our expert this week can
only be described as the real estate entrepreneur. She runs
a real estate empire, a chain of beautiful ons in Atlanta,
a hair extension store, and an entrepreneurial training and coach program.
She describes entrepreneurship as a gift given to her from
(00:22):
God and now she's ready to share that gift with
all of us. So we thought she would be the
perfect person to do a new money Versus Move segment
all about real estate money movers. Let's welcome to the podcast.
Maya slide where else my class like, audience class here like,
and the crowd goes wild. We're welcome friend to an
(00:44):
in person podcast session. I'm so excited to have you here.
So welcome to the podcast. Thank you for having me.
I'm excited to be here. This is going to be
super neuper fun to have a wonder grow separation. Your sister,
she is my sergeant, No stopping is my sergeant, and
we're birthday twins. Like wrap it up than that. Yeah,
(01:11):
that is so huge and this is meant to be
not only people. Do you understand how I meant to be.
This is the scenes that you guys are going to
make so much money from the valuable information that she
is going to impart on us today. Can't wait? Love
it so, Maya. I'm so glad you could even take
(01:35):
time out of your busy schedule because you wear so
many hats, and you do so much, and you have
so much knowledge that we're so excited to unlock. We've
had money movers from all over the globe sending questions
for you, and they are chomping at the bit to
get into the gems and pearls of wisdom that you
have locked up in there. Bring them on, sister. So
our first question comes from Jennifer Walker out in Wyoming.
(01:59):
She writes in, my credit score is a little below
six hundred, which I heard is a little too low
for an f h A loan. I'm currently working on
paying my credit card debt and student loans down, but
I'd like to buy a new home and I'm not
sure how to start or if I can even qualify
for a home loan. What are my options? Well, this
(02:20):
biggest misconception, A five eight is actually the qualifier for
FAJ Wow. Okay, that's not bad, that's folks. But but
I say this with caution. You can get qualified as
a five eighty, but you're going to be out of
a lot more money out of pocket because your origination
fee is going to probably be about two percent versus
(02:41):
one percent. Your interest rate will be higher because the
computer basically tells you what you can pay at the
credit score. So the lower your credit score, the higher
your right. So what I would say is, first, let's
speak to the lender. Always start with the lender. Don't
start going around paying down debt, because there is good
debt and bad debt on your credit profile. So student
(03:03):
loans are installment loans. Those way differently than credit cards,
which are revolving debt. So if you've got a twenty
dollar student loan bill, if you make a five thousand
dollar payment on that, that's not going to impact the
actual payment per month. But if you take that same
five thousand dollars and spread it out over a few
credit cards, that's going to boost your score. So okay,
(03:27):
I hope people are listening to that because this is
like the keys to the Kingdom of financial wealth that
we talk about, like how do you make the money
moves and how you know you're giving us really intentional things.
You've got five thousand dollars, don't just pay it off
on your student loan part. Be intentional about spreading it
out over credit cards, which will in turn increase your
credit score. Your scores goes up, and when your stars
(03:47):
go up, what happens? Now you have lenders fighting for
your business. Yeah, we like that, you know, we like
them fighting out our business. But it also gives you
more options. And you know Google is your friends, but
it can also be enemy. It will take you down
a rabbit hole. You have to be really really clear
when you look at scores and numbers and that sort
of thing. Go to the lender first. Let them tell you,
(04:09):
because they will tell you exactly. They have a similator.
Did you know that? Oh? I mean I've heard different things,
but you know, sometimes there's a lot of them. Okay,
So the lender simulator will tell you exactly what to
do to get your score. Here. So if your score
is a six oh one or a five ninety one,
and we say we need to get you to a
six fifty for you to have the best rate under
(04:32):
FHI guidelines, the computer will tell you every single thing
to do, and then we will go in and do
what's called a hard rescore, so you don't have to
wait for the credit bureaus to update your score. We
can do that in about ten days. Now, when you
say weak, you talked about Google or do you mean
I should go to a mortgage broker or somebody to
do that can help me do it for me a
(04:53):
real estate professional. So as a realtor, I've been a
licensed realtor now broker for twenty years. I got my
license of umber element when the planes were crashing. Yeah yeah, yeah,
I'll never forget that day. But what was great about
it was history is our best teacher. And in times
of war, what happens the government bleeds money. So it
(05:14):
is like we just went through that and we are
here now. So this is why this is a perfect storm.
So you need to have the right information. When they
say information is powerful, no it's not unless you apply
it and the way and put it into action and
the right information. So you talk to a real estate
professional that understands the finance piece of it, because the
finance piece is the most important. I can find you
(05:36):
a house online and we can go see it by
its sight unseen the money piece of it. Seriously, after
lands who have purchased home side unseen video they bought,
flew down and move their entire family because they trust
my judgment. But at the end of the day, people
buy based on payment, not rate, So that payment is
super important. And so for us to get you to
that payment, we need to know how do we get
(05:58):
there with the least amount of money out of because
cash is king? Because cash is king. Okay, So I
feel like we gave Jennifer a good answer. There any
more options for someone who is got, you know, five
forty to six hundred, any other tips and tricks that
you could offer them? Absolutely, So this is the long game.
So you didn't get Yeah, you didn't. You didn't get
into a situation with bad credit overnight. So we are
(06:20):
in a microwave society, in this Instagram world where they
think that you can, you know, add yourself to a
bunch of cards as an authorized user, well for underwriting
guidelines purposes. They're gonna make you remove those and then
they're going to reset your score because they need to
see how were you able to maintain your Because here
I hope you guys are hearing this because oftentimes people
(06:42):
will be like, hey, let me add my friend. This
will help boost your credit. So you're saying that when
people have you as an authorized user on their credit card,
that doesn't exactly help you stand on your own two feet,
not for lending purposes, for the purpose of buying a home.
So if you're applying for credit cards, their system is
a little bit different, but an underwriter is actually going
(07:02):
to underwrite your file. So the system now has an
algorithm they catch onto everything. So anytime you guys, you know,
we got a new game, like okay, we just do this. Yeah, yeah,
the system is gonna reset, and they're like no, no, no, no,
how no no no no no. You're forty two years
old and you just got your first credit card six
months ago. No, like, there's there's length of credit so
(07:26):
even when So what I would suggest if someone has
a five forty, typically they've had some extreme credit challenges,
but you only have to wait about twelve months to
really see that move and make some positive changes. So
when you have these credit repair companies that wipe off everything,
that's actually not a good thing because even longer debt
is credit history. So if you had a credit card
(07:47):
in college and start up, and you know it was
a charge off or what have you. That's still length
of credit. So that length and give you credit. It's
gonna give you history. So if again you need the
right and from nation and you need a positive, positive
credit files and all debt is not bad debt. So
if you've got high student loan debt, quit putting it
(08:07):
in deferment and put it on an IBr which is
an income based repayment plan, because now we have a payment.
It could be one dollar, but they're still happy to
see that you're making payments and in the and it
will reset your score because now you've consolidated these loans.
You might have ten loans. Now you just have one loan,
got it. So something you said there just reminds me
(08:28):
of when I saw him. Originally from Canada, I grew up,
I went to school, and I worked as a nurse
for probably over a decade, and then I moved to
the US as a travel nurse. And I got here.
I was so excited at my signing bonus and I
was trying to take it a credit card. It's like
the first time in the US. I lived in New York,
I was like yes, and I couldn't get any credit cards.
I couldn't get it because I had zero credit history
(08:49):
as someone who is new to the United States, and
I think at that time, like zero credit history was
worse than having bad credit. It is I did not exist. Yeah,
it's something that's for foreign nationals, what we call when
you come to this country. So always start with your
credit union when you're trying to establish credit and you're
new to the country, because they have a lot more
leniency and they'll start you off with a five thousand
(09:12):
dollar credit limit and then within six months they'll boost
you up really really quickly. So that's the way that
you can do. A great great answer. That helps me
a lot, because I think it was an interesting transition.
Is I moved from another country to be here to
build credit, and I think a lot of people have
that problem. Any other tips about how you can build
credit when you don't have credit or move from another country.
(09:34):
Easiest way is to get a secure credit card. Get
a secure credit card. So when you moved here, did
they give you a Social Security number? So you have
a social so that means that you can apply for credit.
And there's a lot of people who believe in cash,
so it's not unusual for someone to start establishing credit
in their thirties. It's not ideal, but if you're new
(09:54):
to this country, it's explainable. So go into your bank
and say I want to open a secure word credit card.
Could be as low as five hundred dollars, but after
six months they will basically turn that into a traditional
credit card. They just want to see that you have
on time payment history, the computer talk and everything to do. Okay,
that's great, I love that. Alright, money movers, I mean,
(10:15):
if we are not leaving this episode on a high,
I don't know what it is. Because my you just
gave us a perfect example of how you made your
money move girl, my bet and yes, yes, what a
beautiful thing. So tune in again. We'll have more from
Maya and segments coming up. Stay tuned tomorrow and every
(10:36):
day this week for more from our expert. My company
was on a pinky toe like. Honestly, that's a really
huge success for me. I would love to explore that
more because I hadn't even known some of these ways. Okay,
so I always teach on the three things. Oh my gosh,
that is a word. Hello and you won't want to
miss former Mayor Cassine read it's not easy being a
(10:58):
front runner in such a tough phrase, your life has
no roof on it, and you literally can achieve anything
and go anywhere where your talents can take you. Money
Moves is an i heeart radio podcast powered by Greenland
Executive produced by Sunwise Media, Inc. For more podcasts on
i heart radio, visit the i heart Radio app, Apple Podcasts,
(11:19):
or wherever you get your podcasts from.
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