November 23, 2021 • 12 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 shares her knowledge on the real estate market post pandemic.
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 back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundances. Money Movers, let's welcome
to the podcast. May a side, Let's talk about what
(00:22):
the real estate market has done post pandemic. Oh my god?
Is it a buyer's market? Is a seller's market? Like
is now the time to buy? Tony? There's always a
great time to buy? But I will tell you this
is a while while west with these sellers. They are nuts,
the agents are nuts. No one remembers. Oh, everyone is
super confused, as as if we haven't been here before.
(00:45):
Nobody remembers how it happened. So they're in bidding wars.
They're doing all of these crazy things. And this market
is great because we have low inventory. But the issue
is is that you are buying at the top of
the market, but rates are low. This is a great yes, right,
So it come of balances itself out because that makes
everyone go by now by now you're paying over for
(01:07):
over priced home, right, So you're you're buying at an
inflated market. But this isn't the bubble that we would
have experienced before because we don't have and haven't had
enough inventory for the past seven years. And everyone who
qualified for their home had to be able to qualify
based on their real income, not stated income. These were
traditional conventional or f h A loan, so the underwriting
(01:30):
was very rigid so the person could qualify for them.
The problem that we're having now is these prices don't
work long term. So this is your forever home. Great, yeah, great,
because it'll all work itself out in a couple of years.
But if you're a first time home buyer and you're
going in paying dollars above list price, as your agent,
(01:52):
I'm always gonna say, remember, oh eight, you have to
make your own decision, but you can wait for some things.
It a level set. When you say at will level set?
Is that I mean obviously it's like looking into Maa's
crystal ball. But is that in a year? Is it
in two years? Are we talking long term? This level
set in ten years and now? So you need to
(02:12):
allege out no, no, no way before ten years. Nothing
less that long. Nothing less that Long's it's a cycle
of of real estate, so nothing would last that long.
Our issue is we've got to look at rates. We
can look at the Federal Reserve. We kind of know
when they meet again. Just because rates go up doesn't
mean that mortgage rates go up. So with that being said,
you need to look at the supply and demand in
(02:34):
your market. In your market, because they're building like crazy
in South Carolina. Yeah, they're building like crists in South Carolina.
We've slowed down in Atlanta because the cost to build
is so much more expensive. We don't have enough tradesmen.
So there's a lot of things that go into play here.
So you're gonna have to buy resales versus new construction,
(02:55):
and that becomes a challenge because guess what that person
has to now find a place to live. So within
the next eighteen months, we're going to see this level
set because of because of their eviction moratorium. Like there's
properties that we don't have because someone's holding them hostage
right now. So so those sellers that some tea. But
(03:18):
so there's an eviction moratorium that's lifted, that's finally been lifted,
that's finally been lifted. They've been holding people's properties hostage
for eighteen months in the United States. This is unprecedented, Like,
are you nuts? You can't do that? So this basically
what you're talking about is people have been not paying
the rent for whatever hardship reason, and the government stepped
(03:41):
in and said, we can't evict people. But that's about
to end. So now it has ended. It ended about
two weeks ago, so it end, it ended, and they were,
you know, they're trying to take it. The Supreme Court
overturned it. They were like absolutely not, Like enough is
enough because we don't have a job shortage here, We
don't have a job to keep got stimulus checks. We
(04:01):
definitely don't have a job. People got stimulus checks might
need to get something stronger. Yeah, and everything under the sun.
So this eviction moratorium will now give us supply that
we didn't have. And you know what, you're gonna have
fire sales because those landlords who weren't experienced landlords, they're
gonna say, just tell it, I don't want I never
want to be a landlord again. Guess what you do
(04:23):
by everything they have because nothing lasts forever. People always
have to have a place to live. So now you
know what to do when you're in this situation. It
will be much more difficult for people to qualify for
a rental and rental rates right now, and most markets
are more expensive than an actual mortgage. I've heard that too.
(04:44):
I've heard that the top of the market one bedroom,
one bedroom in midtown. Yeah, that's fifty dollar mortgage. Wow,
one bedroom? All right, Well this brings me right to
my next question. This is perfect. Okay, I'm seriously fascinated.
I'm I just can't take it, guys, Mind blown, mind blown?
(05:05):
All right. So, Angelica Hill writes, my son is heading
to college next year, and my husband and I are
discussing and debating buying a rental duplex as an investment
property near the school. However, I don't think our son
is ready to manage it on his own. When buying
investment properties in another state, What are the best practices
in terms of managing it or is it better to
(05:26):
buy it near where you are? Well, it's kind of
a broad question, but I love this family dynamics and
are we buying this for my son? But I think
a lot of parents go through this because they're like, look,
I'm going to have to pay for my kid to
live somewhere for four years. Should I turn this into
something that's an equity investment? Well? I love this question.
Because there's a couple of dynamics and this kind of
(05:48):
strips away the fear that a lot of people have
buying something that's out of state. So you know, Jim's
son is going to school in Athens, right, so if
you already know he's going next year, you can do
a test. You can go ahead and rent someone else's home,
which I did in college over twenty years ago myself. Yeah,
but I rented a house in college and rented out
(06:12):
all of the rooms for other students because we've always
had a house and show. Now this is when I
feel like it's okay to rent out other rooms because
chances are there young college students that haven't turned into
serial killers. They're not just not serial killers, just yeah yeah, yeah, yeah,
early stages, early stages. So this will allow the parents
(06:33):
to kind of get a test run and they would
have very little invested out of pocket. They would just
be the person who is responsible for the rent. So
this allows them to see what the market will bear.
They can furnishelf. They were to buy an investment property
for their sun minimum twenty percent out of pocket, right,
twenty percent out of pocket if it's a two, that's
forty dollars. They can rent a house for hundred dollars
(06:56):
in a college town first and last month, and three thousand.
They can furnish the entire house from good Will. Have
you seen these college dorms. It's a twin bed. It's
a twin it's a twin bed, and an archie archie
bunker couch and Amazon shipping and yeah, every everything. Furnish
(07:16):
the entire house for five thousand dollars. Right, Well, you
rent them by the room, you actually make more money,
actually make more money, and then that cash flow will
allow you to see, Okay, well, this is a great
market for us. I know the neighborhoods better. And going
back to the original part of the question was I
don't think my son is ready to manage it. That's
not your son's job to manage it here, that's why
(07:38):
you hire a management company. I hope these parents are
listening to that. And your son's job is not to
go to college management be a landlord. You are you
were kind of right, You were kind of right. So
if this is their investment, you gotta give them time
to get into college life and grow into it. And
that's not his responsibility. So let's hire management companies. Typically
they only take about six or seven percent. And when
(07:58):
you're purchasing the home buy a home warranty, you're not
gonna have a lot of mechanical things, big ticket items
that go wrong. So if they're new to invest yeah,
and then if it's it's a front house, yeah, and
then they're not calling you because they don't want you
coming in. They'll just stuck it out. Yeah. Like I
went to school and we didn't have air conditioning, Like
we didn't have air condition in our dorm. Like ya,
(08:19):
that's all. It's college life, especially in most like the
buildings built in eighteen seventy they haven't updated it. And
guess what, some of the best times in my life.
So if you're renting off of a college campus, you
could also work with their housing department, be on a list,
and they will pay you for them because it's actually cheaper.
(08:39):
Did you see what happened with Claras Did you said
what happened with Clock Atlanta? The students came and the
housing wasn't finished, so they had to put them up
in a hotel. See how much that cost? I mean,
it's ridiculous. If they live on campus, there's a mill plan,
so the cost for them to live off campus is
actually much cheaper and more affordable. And you can do
the lease with the parents, so appearance will pay you.
(09:01):
So there's so many ways you can do it. But
if it were me, I always tell my clients if
it's at a state, if you own a rental two
streets over from you, so many times you're gonna go
by and see it almost never, almost never. So what's
the difference between two streets over into states to stay over?
There's nothing. Yeah, I'm not the mechanic, I'm not the
construction worker. And this time's back into your point about
(09:22):
the San Diego question. If you find places where I
mean college towns, typically they've got you know, lower values.
So this is a great idea. This is a great idea.
And this is California again and then it too much.
But even in California, if you weren't by the room
like they're very creative, they weren't closets. Have you ever
seen that, I've lived in New York. Yeah, so I
got it. Yeah, who literally have like to burner? What
(09:46):
do you call that? What is that hot play beside
the toilet? That was beside a mini fridge. Yeah, yeah, everything.
So there are conditions that we would never consider. But
this is a way of life for people because it's
of an affordability issue. So if I were them, that's
what I would do. Test the market out first, and
then really kind of see what the market will bear
because you can make a lot more money off of
(10:08):
that one house. You don't need to get a do pleg.
You can get one single family home. Oh I like that. Okay, Maya,
that was a great question. This was awesome. You have
dropped so much wisdom on us. I mean, you've got
my brain fired up and ready to go. First of all,
can you please share with our Money Moves audience where
they can find you on social media? You can find
me on all social media platforms at Maya Slide. That's
(10:29):
m A j A s l Y So it's Maya
Slide and that's my personal brand website. So anytime they
have any questions, they can just go there, and it's
a section that says asked Maya, you can just ask
me any question. I love it asked my Alright, Money Movers.
That's all the time we have for today. Make sure
to tune in every Monday through Friday and subscribe to
the Money Moves Podcast powered by Greenwood, so that you
(10:50):
two can have the keys to financial freedom 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 bank Greenwood dot com
and check as the Money Moves Podcast blog. Stay tuned
tomorrow and every day this week. From very special Money
Versus Moves, Well, this one sounds really tricky and interesting
(11:11):
because I'm very used to couples, but mother suntine or
from our experts, I was, I was like, wait, you
know I don't have money. I'm broke, right you. Oftentimes
we look at success as having a monetary number. You know,
you're successful if you've got bling or this, that and
the other. Yes, And I guess you won't want to
(11:31):
miss Team USA's own Olympian Rye Benjamin Silver from theirs,
WHOA How heavy is it? Streaming? Had like? Honestly, Money
Moves is an i heeart radio podcast powered by Greenwood
Executive produced by Sunwise Media, Inc. For more podcast on
(11:53):
iHeart Radio, visit the i Heart Radio app, Apple Podcasts,
or wherever you get your podcasts from two
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 abundances. Money Movers, let's welcome
to the podcast. May a side, Let's talk about what
(00:22):
the real estate market has done post pandemic. Oh my god?
Is it a buyer's market? Is a seller's market? Like
is now the time to buy? Tony? There's always a
great time to buy? But I will tell you this
is a while while west with these sellers. They are nuts,
the agents are nuts. No one remembers. Oh, everyone is
super confused, as as if we haven't been here before.
(00:45):
Nobody remembers how it happened. So they're in bidding wars.
They're doing all of these crazy things. And this market
is great because we have low inventory. But the issue
is is that you are buying at the top of
the market, but rates are low. This is a great yes, right,
So it come of balances itself out because that makes
everyone go by now by now you're paying over for
(01:07):
over priced home, right, So you're you're buying at an
inflated market. But this isn't the bubble that we would
have experienced before because we don't have and haven't had
enough inventory for the past seven years. And everyone who
qualified for their home had to be able to qualify
based on their real income, not stated income. These were
traditional conventional or f h A loan, so the underwriting
(01:30):
was very rigid so the person could qualify for them.
The problem that we're having now is these prices don't
work long term. So this is your forever home. Great, yeah, great,
because it'll all work itself out in a couple of years.
But if you're a first time home buyer and you're
going in paying dollars above list price, as your agent,
(01:52):
I'm always gonna say, remember, oh eight, you have to
make your own decision, but you can wait for some things.
It a level set. When you say at will level set?
Is that I mean obviously it's like looking into Maa's
crystal ball. But is that in a year? Is it
in two years? Are we talking long term? This level
set in ten years and now? So you need to
(02:12):
allege out no, no, no way before ten years. Nothing
less that long. Nothing less that Long's it's a cycle
of of real estate, so nothing would last that long.
Our issue is we've got to look at rates. We
can look at the Federal Reserve. We kind of know
when they meet again. Just because rates go up doesn't
mean that mortgage rates go up. So with that being said,
you need to look at the supply and demand in
(02:34):
your market. In your market, because they're building like crazy
in South Carolina. Yeah, they're building like crists in South Carolina.
We've slowed down in Atlanta because the cost to build
is so much more expensive. We don't have enough tradesmen.
So there's a lot of things that go into play here.
So you're gonna have to buy resales versus new construction,
(02:55):
and that becomes a challenge because guess what that person
has to now find a place to live. So within
the next eighteen months, we're going to see this level
set because of because of their eviction moratorium. Like there's
properties that we don't have because someone's holding them hostage
right now. So so those sellers that some tea. But
(03:18):
so there's an eviction moratorium that's lifted, that's finally been lifted,
that's finally been lifted. They've been holding people's properties hostage
for eighteen months in the United States. This is unprecedented, Like,
are you nuts? You can't do that? So this basically
what you're talking about is people have been not paying
the rent for whatever hardship reason, and the government stepped
(03:41):
in and said, we can't evict people. But that's about
to end. So now it has ended. It ended about
two weeks ago, so it end, it ended, and they were,
you know, they're trying to take it. The Supreme Court
overturned it. They were like absolutely not, Like enough is
enough because we don't have a job shortage here, We
don't have a job to keep got stimulus checks. We
(04:01):
definitely don't have a job. People got stimulus checks might
need to get something stronger. Yeah, and everything under the sun.
So this eviction moratorium will now give us supply that
we didn't have. And you know what, you're gonna have
fire sales because those landlords who weren't experienced landlords, they're
gonna say, just tell it, I don't want I never
want to be a landlord again. Guess what you do
(04:23):
by everything they have because nothing lasts forever. People always
have to have a place to live. So now you
know what to do when you're in this situation. It
will be much more difficult for people to qualify for
a rental and rental rates right now, and most markets
are more expensive than an actual mortgage. I've heard that too.
(04:44):
I've heard that the top of the market one bedroom,
one bedroom in midtown. Yeah, that's fifty dollar mortgage. Wow,
one bedroom? All right, Well this brings me right to
my next question. This is perfect. Okay, I'm seriously fascinated.
I'm I just can't take it, guys, Mind blown, mind blown?
(05:05):
All right. So, Angelica Hill writes, my son is heading
to college next year, and my husband and I are
discussing and debating buying a rental duplex as an investment
property near the school. However, I don't think our son
is ready to manage it on his own. When buying
investment properties in another state, What are the best practices
in terms of managing it or is it better to
(05:26):
buy it near where you are? Well, it's kind of
a broad question, but I love this family dynamics and
are we buying this for my son? But I think
a lot of parents go through this because they're like, look,
I'm going to have to pay for my kid to
live somewhere for four years. Should I turn this into
something that's an equity investment? Well? I love this question.
Because there's a couple of dynamics and this kind of
(05:48):
strips away the fear that a lot of people have
buying something that's out of state. So you know, Jim's
son is going to school in Athens, right, so if
you already know he's going next year, you can do
a test. You can go ahead and rent someone else's home,
which I did in college over twenty years ago myself. Yeah,
but I rented a house in college and rented out
(06:12):
all of the rooms for other students because we've always
had a house and show. Now this is when I
feel like it's okay to rent out other rooms because
chances are there young college students that haven't turned into
serial killers. They're not just not serial killers, just yeah yeah, yeah, yeah,
early stages, early stages. So this will allow the parents
(06:33):
to kind of get a test run and they would
have very little invested out of pocket. They would just
be the person who is responsible for the rent. So
this allows them to see what the market will bear.
They can furnishelf. They were to buy an investment property
for their sun minimum twenty percent out of pocket, right,
twenty percent out of pocket if it's a two, that's
forty dollars. They can rent a house for hundred dollars
(06:56):
in a college town first and last month, and three thousand.
They can furnish the entire house from good Will. Have
you seen these college dorms. It's a twin bed. It's
a twin it's a twin bed, and an archie archie
bunker couch and Amazon shipping and yeah, every everything. Furnish
(07:16):
the entire house for five thousand dollars. Right, Well, you
rent them by the room, you actually make more money,
actually make more money, and then that cash flow will
allow you to see, Okay, well, this is a great
market for us. I know the neighborhoods better. And going
back to the original part of the question was I
don't think my son is ready to manage it. That's
not your son's job to manage it here, that's why
(07:38):
you hire a management company. I hope these parents are
listening to that. And your son's job is not to
go to college management be a landlord. You are you
were kind of right, You were kind of right. So
if this is their investment, you gotta give them time
to get into college life and grow into it. And
that's not his responsibility. So let's hire management companies. Typically
they only take about six or seven percent. And when
(07:58):
you're purchasing the home buy a home warranty, you're not
gonna have a lot of mechanical things, big ticket items
that go wrong. So if they're new to invest yeah,
and then if it's it's a front house, yeah, and
then they're not calling you because they don't want you
coming in. They'll just stuck it out. Yeah. Like I
went to school and we didn't have air conditioning, Like
we didn't have air condition in our dorm. Like ya,
(08:19):
that's all. It's college life, especially in most like the
buildings built in eighteen seventy they haven't updated it. And
guess what, some of the best times in my life.
So if you're renting off of a college campus, you
could also work with their housing department, be on a list,
and they will pay you for them because it's actually cheaper.
(08:39):
Did you see what happened with Claras Did you said
what happened with Clock Atlanta? The students came and the
housing wasn't finished, so they had to put them up
in a hotel. See how much that cost? I mean,
it's ridiculous. If they live on campus, there's a mill plan,
so the cost for them to live off campus is
actually much cheaper and more affordable. And you can do
the lease with the parents, so appearance will pay you.
(09:01):
So there's so many ways you can do it. But
if it were me, I always tell my clients if
it's at a state, if you own a rental two
streets over from you, so many times you're gonna go
by and see it almost never, almost never. So what's
the difference between two streets over into states to stay over?
There's nothing. Yeah, I'm not the mechanic, I'm not the
construction worker. And this time's back into your point about
(09:22):
the San Diego question. If you find places where I
mean college towns, typically they've got you know, lower values.
So this is a great idea. This is a great idea.
And this is California again and then it too much.
But even in California, if you weren't by the room
like they're very creative, they weren't closets. Have you ever
seen that, I've lived in New York. Yeah, so I
got it. Yeah, who literally have like to burner? What
(09:46):
do you call that? What is that hot play beside
the toilet? That was beside a mini fridge. Yeah, yeah, everything.
So there are conditions that we would never consider. But
this is a way of life for people because it's
of an affordability issue. So if I were them, that's
what I would do. Test the market out first, and
then really kind of see what the market will bear
because you can make a lot more money off of
(10:08):
that one house. You don't need to get a do pleg.
You can get one single family home. Oh I like that. Okay, Maya,
that was a great question. This was awesome. You have
dropped so much wisdom on us. I mean, you've got
my brain fired up and ready to go. First of all,
can you please share with our Money Moves audience where
they can find you on social media? You can find
me on all social media platforms at Maya Slide. That's
(10:29):
m A j A s l Y So it's Maya
Slide and that's my personal brand website. So anytime they
have any questions, they can just go there, and it's
a section that says asked Maya, you can just ask
me any question. I love it asked my Alright, Money Movers.
That's all the time we have for today. Make sure
to tune in every Monday through Friday and subscribe to
the Money Moves Podcast powered by Greenwood, so that you
(10:50):
two can have the keys to financial freedom 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 bank Greenwood dot com
and check as the Money Moves Podcast blog. Stay tuned
tomorrow and every day this week. From very special Money
Versus Moves, Well, this one sounds really tricky and interesting
(11:11):
because I'm very used to couples, but mother suntine or
from our experts, I was, I was like, wait, you
know I don't have money. I'm broke, right you. Oftentimes
we look at success as having a monetary number. You know,
you're successful if you've got bling or this, that and
the other. Yes, And I guess you won't want to
(11:31):
miss Team USA's own Olympian Rye Benjamin Silver from theirs,
WHOA How heavy is it? Streaming? Had like? Honestly, Money
Moves is an i heeart radio podcast powered by Greenwood
Executive produced by Sunwise Media, Inc. For more podcast on
(11:53):
iHeart Radio, visit the i Heart Radio app, Apple Podcasts,
or wherever you get your podcasts from two
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