From Survival to Legacy

A mother and daughter dynamic duo have hit the Atlanta real estate scene in BIG ways and now they're teaching women of color how to make money and leave a legacy. 

Meet Lateefa Mosley and Nevaeh White on the latest episode of The Truth Ain't In Us with Host Tonya Wilder.

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Transcript

SPEAKER_00 0:08

Welcome to Truth Nation. I'm Tanya Wilder, the host of The Truth Ain't in Us, and we are back with another episode. If you want the truth, stand on truth and believe in the truth, then you have actually reached the right place. And today we have a great episode. It's a mother and daughter duo in real estate and finances. And let's welcome to the show Neva White and Latifa Mosley. Did I get that correct?

SPEAKER_02 0:40

Yes.

SPEAKER_00 0:41

Thank you for having us. Thank you.

SPEAKER_02 0:43

Thanks for having us.

SPEAKER_00 0:44

Oh, thank you for being here. So, guys, tell us a little bit about who you are and exactly what you do.

SPEAKER_01 0:53

Okay. Should I go first? Yeah, you're the start of it all. All right. Okay, so my name is Latifa Mosley, and I am a person that believes in empowering females to get to the next level anyway that that that looks like, as far as in confidence, and mostly right now in real estate. And so that's that's the gist of it for right now. I'm a um second oldest of 13. Oh wow. Yes. Um my parents have been together since my mom was 15, so I come from a huge family. And um I think that's that's it for the most part.

SPEAKER_02 1:31

Mom, be for real. What? She she started off in the film, doing production, stayed place, ventured off into real estate. Yes. She's being shy today.

SPEAKER_01 1:43

I started, so I've been doing because we're talking about real estate right now. That's why we want to know who you are, though. At the end of the day. Yes. I mean, so yeah, my my start was in the theater world. That's where like my heart is, the love. I produce and um different plays throughout Atlanta. And so that's what a lot of people kind of know me from. And then I got into real estate later on in my career.

SPEAKER_00 2:04

Okay, and what shows was that? Like was it?

SPEAKER_01 2:07

I tweeted um autobiobiographies of people that you uh know, far as like Sam Cook, Aretha Franklin, Etta Jane. Okay. Um, and then I do got some films that are on Amazon currently, right now, and on um Tubi. So yeah, I do have some stuff, but you know, we're talking about real estate.

SPEAKER_00 2:26

Don't give me the light, girl. Let it shine, let it shine. Okay. What about you, Neva?

SPEAKER_02 2:32

So um, you know, my mom is the my mom only had me, so I'm the only child. Okay. Um I grew up.

SPEAKER_01 2:38

I have 13 brothers and sisters. That's it. All of them. One and done. One and done, done, then I'm done.

SPEAKER_02 2:46

Yes. So I did go to Georgia State University and received my bachelor's degree in business and marketing. And then I just jumped into real estate because my mom was also on real estate, and I had got my license at 18. So as soon as I graduated, I was already ready to start selling some homes.

SPEAKER_01 3:02

And she's also doing her life because she's been doing entrepreneur since like forever. Anytime that we had an event, like she was selling something and doing something. So she was always had the entrepreneurial spirit in her. So she was gonna be doing something for herself. And how old are you?

SPEAKER_02 3:18

I am turning 23 in two days.

SPEAKER_01 3:20

Okay.

SPEAKER_02 3:21

Cancer.

SPEAKER_00 3:22

So already a hustler, I see.

SPEAKER_02 3:24

Yeah, so like my mom was saying, at her shows, I was running the concession stands trying to make extra money and do things like that. You know, started working at 14 years old and she had a hair business. Yeah, in college, yeah, in high school, and then I dipped a little bit into cosmetics, um, selling lip glosses and different beauty care. So, like, I was hustling all the girls and selling all the girls.

SPEAKER_00 3:47

So for a college student, you were making some good money. Yeah, okay. Absolutely. So, what led you guys into real estate?

SPEAKER_01 3:58

So, COVID happened because I was doing theater full time. That was all that I knew. And changed everybody's mind. Change everything. So my grandmother had already told me, like, hey, you might want to try this. And I was like, Oh, you know, I don't know. And then I had another good friend say, You should really try this. And so I said, Why not? And went ahead and got my license, and been in it now, going on six plus years now, six years in real estate.

SPEAKER_02 4:23

Um, so my mom forced me to get my license at 18.

SPEAKER_01 4:28

Um when I saw how well I was doing, I was like, as soon as you're able to do this, this is what you're gonna do.

SPEAKER_02 4:33

Okay. So that's that's what happened. I got my license, like I said, at 18 years old. And then after I graduated college in 2023, the job market sucks right now. So I was like, well, I do have this, you know, backup resource that I can do, and I started selling homes, and now me and my mom at the brokerage is the top four team, and it's only two of us.

SPEAKER_00 4:53

So which brokerage is it?

SPEAKER_01 4:55

Keller Williams.

SPEAKER_00 4:56

Okay, okay. So real estate being uh realtor, it's sales. So how do you guys like because it's not easy, right? No, so because a lot of people we don't, you know, a lot of people may think it's easy, they see the upside of the the lifestyle of how people live and stuff like that. So share with us like the the the other side of it. Like when you first got started, how were you able to get your clients and then be successful?

SPEAKER_01 5:31

So honestly, for me, my broker's I was at, it was a small boutique because I wasn't with Kelly Williams at the time. They used to call me ignorance on fire because as soon as I got in, three weeks I was on the contract and it was closing on the house already, and then it just kept on going, and I just kept on doing it. I didn't know what I was doing or how I was doing it, and it just so happened. And I guess from being in the theater world and really communicating in the relationships that I had and running a business in its own sense, because that's what I was doing, I learned everything that I needed to know to run this business that I'm currently doing. So um at the time she was given leads, so that's how I was really kind of doing really well because my brokerage was giving me leads. So she was paying for realtor.com, and that's how it happened. And then once I started learning how to do it myself and not paying for leads and what I needed to do, that's when I was like, oh, okay, I I could do this for a living.

SPEAKER_00 6:32

What made you bring your daughter into real estate or into this world? I mean, no, the real estate world. Okay. Nothing into the real estate world.

SPEAKER_01 6:51

Um, so again, I mean, I was a struggling mother, right? I'm a single mom. I was maintaining life at that time, you know, but I was doing what my heart so desire.

SPEAKER_03 7:04

Yes.

SPEAKER_01 7:04

And so when real estate came, I was able to do both. I was able to actually provide and not stress. You know, it's easy now to go into a restaurant and not have to count your dollars, you know. Now you go in, I know I can afford this, pay for this, get whatever I want on this menu, and my bills and everything else is still gonna be paid. And it was just a different type of freedom that at the time I honestly didn't have. And so I wanted the same thing for her as well. And so when I told her, when you turn 18 years old, this is what you're going to do. And it wasn't even something that she had a choice in a sense. So, because that's how they do it, right? Yeah, like certain families, if you're a lawyer, doctor, etc., they automatically put them in. LeBron James, his son is in it.

SPEAKER_00 7:51

Exactly.

SPEAKER_01 7:51

The team, like, yeah, you know what I mean?

SPEAKER_00 7:53

And I think we missed that mark um in the black community because me, I I I work in sales, um, been in sales for over 25 years. And at one point, when I worked in um the mortgage industry, I witnessed these white men, you know, they would tell their children, this is what you're gonna go to school for, this is what you're gonna do. And so I mimicked that with my own children.

SPEAKER_01 8:23

Yes.

SPEAKER_00 8:24

Okay, and I had my son's a doctor, um, uh, my middle child, she works for a pharmaceutical company, and then we have one in college still. But um we see it every day. Like these white girls, they go, they go to college and their parents are telling them to date up, yes, marry up, yes, um, date the athletes, yes, you know, and not saying that that's something well hell, I wouldn't want my daughter to marry it. So let me just keep it real. This is the truth ain't in us, right? Right, that's what we want. Absolutely. So with that being said, you wanted that for your daughter at the end of the day.

SPEAKER_01 9:07

Absolutely, because I was doing well, and if I would have had this at 18, imagine. Imagine where I'll be at, like different, right? And so it's something that I'm able to pass on, even if she decides later on in life to do something totally different, she can always come back to this.

SPEAKER_00 9:24

Absolutely, yeah, absolutely. So when your mom brought you in, I want to know how you guys became this duo. Like, because you said you're kicking butts, yeah, yeah.

SPEAKER_01 9:36

Top salespeople, top number four in as a team at our broadcast. That was as of last year, so we don't we just became a duo last year.

SPEAKER_00 9:44

Yeah, okay, yeah. So this year ain't over yet.

SPEAKER_01 9:47

It is I'm coming for number one.

SPEAKER_00 9:50

Alright. I love that mindset.

SPEAKER_02 9:55

Yes.

SPEAKER_00 9:56

So, how how was it for you stepping in this role?

SPEAKER_02 10:00

I think it was more accidental, accident, because I was helping her with her social media because she doesn't really know how to work social media. So I started helping her with the admin work. So I think over time it wasn't no like master plan, it just kind of started to align. And I think that's what happened.

SPEAKER_01 10:18

Yeah, because she was doing a lot of the admin stuff, transactional buyer showing stuff, homes and different things like that. Yes. And so it just came to a point too, it was like, why why not?

SPEAKER_02 10:29

I think like our broker said, let's just be a team. Could have been. Or I don't know if we made that decision. Yeah. That was some time ago.

SPEAKER_00 10:36

Yeah. I went to your social media page and I saw you talking about building wealth um in real estate. And also invest investing. And a lot of times people in our community, we don't believe in invest, you know, in investment. We don't believe in hell. A lot of people don't even have life insurance at the end of the day. And that to me, that's a part of building wealth as well. Um, what advice do you guys like give people when it comes to that?

SPEAKER_01 11:14

So, first thing first is that it's the mindset. It has to be a a person who really wants this and who's looking for not a get rich quick scheme. Absolutely. And I think that's a big thing right now because of the economy and how things are going. Everyone's looking for the fastest way to make it, and it does not work that way. It doesn't happen overnight. No, you have to truly build and actually put in the hard work. So a lot of times people see these people that are so successful and they're doing what they're doing, but you don't know what they did 10 years ago to get to where that's Oprah.

SPEAKER_00 11:44

Yes. Uh I believe Warren Buffett did not become a millionaire until he was in his 50s. Yeah. So, you know, and a lot of the the younger generation today, they believe like I can get rich overnight.

SPEAKER_01 11:58

Right, because of social media. Yeah. You know what I mean? Because there are social media people that are killing it right now, influencers that are doing really well.

SPEAKER_02 12:06

And then I think a lot of people don't realize just because you have you can rent out a luxury car, that does not mean you own the luxury car that you're in. So I think a lot of people just think, oh, what they see is what they have, and no, they probably don't own that car.

SPEAKER_00 12:19

So you think a lot of what we see on social media is cap?

SPEAKER_02 12:23

Yeah, I mean, I do think a lot of the influencers are probably don't have the money in real life. They're trying to keep up with the Joneses, keep a certain persona. So I think us as a younger generation, we're seeing that. So we're like, oh, I'm behind because so-and-so has this Mercedes-Benz at 21 years old, and I'm 25 and I'm lost, stressed, and etc. Right. So I do feel like that's what's making people feel behind.

SPEAKER_00 12:47

Yeah. And putting a lot, I think it puts a lot of pressure.

SPEAKER_01 12:50

Yeah. It does.

SPEAKER_00 12:52

It does on these younger people as well.

SPEAKER_01 12:54

Yeah, it does. But first thing first is mindset. Once you can get through someone's mindset, then I think, okay, then we can figure out how to get to the next level. And the next level is getting passive income, finding income-producing assets that can work for you while you don't have to work, and whatever that might look like for you. But what is it, 93% of uh millionaires come for real estate? Yeah, yeah. So, I mean, if you can have a couple of rental properties, and that's one thing that AI can't take.

SPEAKER_00 13:23

Absolutely.

SPEAKER_01 13:24

They cannot take that. They gonna we always need somewhere to stay, somewhere to sleep. And so if you can get a couple of rental properties, like I tell some people, even if it's $300 that you're making off of it, that's something better than nothing, A. And B, if you have five of them making $300 every single month, that adds up.

SPEAKER_00 13:46

Absolutely.

SPEAKER_01 13:46

You know what I mean? But people just don't see that. And there's other things that you can do as well, but that's what I'm saying.

SPEAKER_00 13:54

So when there are thousands of people on the internet giving uh financial advice online and stuff like that, what makes you guys stand out?

SPEAKER_02 14:05

I think because we lived it. Like we're not telling, like, we're speaking on what we're doing. Like, we're not talking about bonds and stocks because we're not in that industry. We're talking about investing in real estate. Like, as a family, we've lost hundreds of thousands and made hundreds of thousands in real estate. So we're teaching, because another aspect of our business is women invest in real estate. So we're teaching women how to invest because a lot of women feel like, oh, well, I don't have any friends talking about this. I need a man to do it, fears, and etc. So what makes us different is we're we got the receipts to prove what we're doing.

SPEAKER_01 14:40

Yeah, we're actually doing it, and I think some people are giving advice and they're not doing it.

SPEAKER_00 14:44

You know what I mean? A lot of that that's going on online. Yeah, yeah, yeah. No, I'm like, and some some may ask why listen to you guys? Because you see the well, we don't know if they have the millions or not. We see a lot of them dressed in flashy clothes, a name brand, uh carrying these expensive handbags and stuff like that. So, why listen to you guys?

SPEAKER_01 15:12

Well, wealth doesn't come in name clothes. Yeah, I'm not sure. I know that.

SPEAKER_00 15:16

I know that because the older, yeah, they don't have that life experience. So I'm asking that because of the younger people.

SPEAKER_02 15:24

I would say this the billionaires and millionaires that I've been around, they had white shirts on and khaki pants. And with me being in real estate, I'm with a whole nother mindset of people where people are making $500,000 a million dollars, and they're not focused on those things. They may have luxury pieces, but just like I said, just because you have a luxury item, you can put that on a credit card. That does not mean wealth. True wealth is assets, and a lot of people get confused on the assets and liabilities.

SPEAKER_01 15:54

I was uh listening, yeah. I was listening to this one guy on social media, and he was saying, you know, when you're making um $5,000 how you are, when you're making $10,000 how you are. He said that the happiest person is when you are able to make $30,000 a month, and anything else outside of $30,000 doesn't mean anything. But you're the happiest when you're able to make that because at that point you don't have to think or worry about anything for the most part because the money can bring you whatever it is that you might need. You have the flexibility to hire the leverage, and etc. And so that's what he felt that once you are at that level, that's when you are for most people at the happiest.

SPEAKER_00 16:36

And do you guys feel like when it comes to building wealth at the end of the day, um, does that bring people happiness? The more money you make, and let me rephrase it because I will say this. What I've learned is the more money you make, the more problems you may have, right? Yeah. At the end of the day. Or the bigger your bills are.

SPEAKER_01 17:04

Yeah.

unknown 17:05

Yeah.

SPEAKER_00 17:05

You know?

SPEAKER_01 17:06

It still comes with stress. It really just because you're making more money don't mean that it still comes with stress because let me tell you something. When me doing a couple of fix and flips, and when they didn't go so right, that wasn't $500, that was $5,000, $10,000, $20,000 fixes. And your stress is totally different when you're doing bigger deals and working with different types of money, you know? And so I think that wealth can help you if you have the right mindset, once again. I think mindset, you have to learn how to change all of that, you know? Figure out what is your happiness. And is your happiness connected to money? Or is your happiness working out? Is your happiness spending time with the grandkids? Is your happiness reading books? I don't know what those are for every person, right? But you have to learn yourself and what makes you happy. And then from then you can go on to the money and all the other stuff.

SPEAKER_00 18:07

Because money doesn't necessarily make you happy.

SPEAKER_01 18:09

No, it doesn't. You gotta figure out what those are. And sometimes people really need to sit and figure that out.

SPEAKER_03 18:16

Yeah.

SPEAKER_01 18:16

And a lot of people don't know. Like if you ask somebody right now, like, what would make you happy?

SPEAKER_02 18:21

They'll assume money, but money only solves money problems.

SPEAKER_00 18:24

Exactly. And for you, Naeva, I got it right?

SPEAKER_02 18:30

Yeah. Okay, I got it right.

SPEAKER_00 18:33

So for you, Naeva, what's the most you've ever made on a deal?

SPEAKER_02 18:40

On a deal? Okay. Okay, so you know they take commissions out of it.

SPEAKER_00 18:47

Of course.

SPEAKER_02 18:48

How much would you say?

SPEAKER_01 18:50

I mean, do we want to put that out there? Um I don't know what you want we want to name like.

SPEAKER_00 19:02

A range.

SPEAKER_02 19:04

I would say that one of our highest deals is at a million dollars. Okay. So at a 3% commission, that's $30,000.

SPEAKER_00 19:11

Okay. Okay.

SPEAKER_02 19:12

So are you talking about like a real estate deal, like a fix and flip? No, that's perfect.

SPEAKER_00 19:18

Right there. That's perfect. How do you handle $30,000?

SPEAKER_02 19:26

Me personally, or giving advice to someone else?

SPEAKER_00 19:28

No, you. How do how we I mean, just you're young and you see a I don't s you don't seem like you. I I went to your page. I don't see you out there flexing or doing, you know, oops, doing some of the things that we may see the younger people your age doing. So what like yeah.

SPEAKER_02 19:48

Me, okay. First thing I'm gonna do, I pay myself. I think it's very important to pay yourself, you know, set money aside for taxes, because a lot of people on sales think that check is yours, and that's not the case. And then I reinvest into my business, so the money I spent, because I was I do a lot of listings, so I spent a lot of money on my listings. I pay myself back, I might go on a trip. Yeah, um, but that's where most of my money goes, just reinvesting. I mean, I've already have like life insurance and all of those things.

SPEAKER_01 20:18

Yeah, her Roth accounts, like she's already kind of have all those things in place, so just adding more money into those different things, um, whatever debts or anything, like credit cards or whatever, making sure that they're paid for. Yeah.

SPEAKER_02 20:33

But yeah, but my advice if somebody did have $30,000 is pay down all of their debt because a lot of people think, oh, I have $10,000, but your credit card is $20,000, so you don't really have $10,000.

SPEAKER_00 20:45

Yeah. So here's what I'm asking you. Were you like jumping up and down, like like screaming, like, could you not like I can't believe I know when I first made I I went from making $19,000 a year in one month, I made over I had a $20,000 check, right? So for me, I was child. Like, I wasn't as wise as you. Let me just say that. Because I spent and wasted a lot of money at first. Okay. So I was what's the word I you guys use today? Like, um, I was overjoyed.

SPEAKER_02 21:25

I think, okay, I now understand the question. Yes. Okay.

SPEAKER_00 21:27

So give me the real, real.

SPEAKER_02 21:29

I was, of course, happy that I made that type of money, but my audience makes that type of money in a month because I am in real estate and I am around high producers. So it still doesn't feel like a a lot to me, if that makes sense. No champagne, no bottles pop, nothing. I mean, I agree with you, but like she's very conservative.

SPEAKER_01 21:49

I'm the one that's the hand go very conservative.

SPEAKER_02 21:53

But like, my peers are making, I know peers that are spending a hundred thousand dollars a month. So like I'm trying to get to those numbers. So I guess my Problem is, I'm not celebrating the little ones. You should.

SPEAKER_01 22:02

I'm just trying to get to she's a higher, she's a very high achiever.

SPEAKER_00 22:08

You gotta understand too that a lot of people your age ain't bring making 30,000.

SPEAKER_02 22:13

I've been making or but I've been making money since on my own from a a little girl. So like I'm not surprised or I was making tens of thousands of dollars selling hair. So like I'm happy that I made that money, but it's still like I'm looking. One, it wasn't consistent. I wasn't making $30,000, $20,000 every single month. So I need to get that consistently, and then I think I'll be more satisfied because $30,000 is not that much money, but people be.

SPEAKER_01 22:43

But let me say this when I first made $30,000. I don't know. Because you know, again, you come in front of someone like you said, making $20,000, $30,000 a year. So when you make that in one month, I'm like, what I don't know what I'm supposed to do. Exactly. But real estate changed my mind. So now, you know, if I gotta go to a closing and and invest in a house, I'm bringing $30,000, $50,000 cash. So to me, that's no, it's not money. Yes. But at one point, it was unattainable.

SPEAKER_03 23:16

Yes.

SPEAKER_01 23:17

I couldn't even concept, couldn't even think about something like that. Like, I and I would tell this, and I've said this in plenty of times, that when certain things would go wrong, like with the car, and the car might be, I don't know, $3,000 to fix. I thought that was impossible. Like, where am I? I don't even know how to even get $3,000.

SPEAKER_00 23:36

Yeah.

SPEAKER_01 23:37

That's not attainable. But now in real estate and making that money, it's attainable. So when I made $30,000 at first and it's coming in, I mean you're happy, but I was trying to figure out like what I'm gonna uh eat, where I'm gonna go, what I'm gonna drink, I'm gonna pop some button.

SPEAKER_02 23:55

I think the difference is we grew up differently. Yeah, for like me, I like I said, I'm around people who are making $500,000, you know, millions of dollars. So to me, I still feel like it's nothing. And I think that's the problem. But most of the people I'm around don't look like me either. So I guess I should be happy.

SPEAKER_01 24:14

Yeah, I mean you're you're lucky because you are been put into a different environment. Whereas, you know, like for me, I wasn't in that environment, so I don't even know, you know, where to even begin when you get that type of money. Because my first time before I got it, I got it, I had a lawsuit or whatever, and I got forty thousand dollars, and I didn't invest in doing anything with it, I don't even know where that money was.

SPEAKER_00 24:39

Exactly.

SPEAKER_01 24:39

You know what I mean? And I was like, I wish I had the right mindset back then because I got $40,000. I was like, ah, you know what I mean?

SPEAKER_00 24:47

And you're lucky because we didn't have parents that taught us about finances and credit and all that stuff. So I feel like you guys are blessed to have parents now that can teach you guys about that type of stuff. Yeah, you know, so I want to ask you guys if someone was to inherit $500,000 tomorrow, what should they do first? Well, the first thing first is taxes.

SPEAKER_01 25:14

Because I believe you're gonna have to pay taxes on that. And so you want to make sure that the IRS is handled, like, because you don't want to have any IRS problem. So that's your first thing. Um, I would then tell that person to put some money to the side for emergency savings funding, like things like that for your life. Um, the next thing I would tell that person is to pay any debt, high interest debt that they might have, um, credit cards, personal loans, you know, if they had a car payment.

SPEAKER_02 25:41

Um then I would say buy a house if you haven't brought your house. But if you've and then obviously get life insurance, max out your Roth account, you know, set up the brokerage accounts for your children. If you have children, it depends where you're at in your life. And if you've done all those things, then I would start really investing into real estate.

SPEAKER_01 25:58

So income producing assets, estate planning.

SPEAKER_00 26:01

Let's pump the brakes here. Let's pump the brakes when we're talking to our community, right? Who may lack the education, um lack finances, you know. What advice do you give them?

SPEAKER_01 26:23

First is their credit, because most of the time they don't have good credit, and credit can buy you so much. So the first thing first is get your credit.

SPEAKER_02 26:31

And I want to touch on even investing into real estate rental um DSER loans, it doesn't go based off your income. It goes based off your income.

SPEAKER_00 26:39

They don't know what that is, and neither do I.

SPEAKER_01 26:43

But first thing first, if I'm talking to a a person in our community, first thing first is what is your credit score and what does your credit look like and what is your debt? Because that's the first thing that most people don't have in order. Because most people don't even have a thousand dollars in a savings account right now. You know what I mean? So those are my first thing. Get your debt out, get your credit fixed. You you must have an emergency fund. First thing first.

SPEAKER_02 27:11

But what I was touching on is to get you invested into real estate, if your credit score is at a 700 credit score, you can get a DSCR loan, which is only based off your income, not I mean, based off your credit score, not your income. You can get a rental property and they'll give you a loan based off of the rental. Did that make sense? That makes sense. So it's not about not having the money, it's about making sure you have a decent credit score because they'll give you things. Right.

SPEAKER_00 27:37

And and that's what like your mom said, yeah. What if they don't have that? You know, credit is everything. Credit is the credit.

SPEAKER_02 27:46

I think if you have a bad credit score, you have bad habits most of the time.

SPEAKER_00 27:50

Or necessarily say that because I didn't have a good credit score when I first moved to Atlanta back in 1999. And it was because I wasn't taught about credit. Uh important it was I wasn't taught. Even though my grandmother had great credit, still she didn't teach us about it. Yeah. You know what I'm saying? Yeah. Um and I didn't feel like credit was important until I moved here and I started hanging around certain people once I got into sales. And then I knew the value of what credit could do for me.

SPEAKER_01 28:27

My credit was messed up. Yeah. And it wasn't because of that, it was one, I ain't had no money. So I'm I'm swiping at the card. I'm swiping that card, and I barely had the money to pay it back. You know what I mean? So even if I wanted to get my credit right, I could it because I didn't have the money at the time for real, for real. You know what I mean? And so it's really sitting down with a person or you or and trying to figure out your finances of how to get that debt paid off during the snowball effect or whichever one that works for you. You know what I mean? But because sometimes the thing is, I they just don't you just don't have the money. I don't have the money. I just don't have the money.

SPEAKER_02 29:03

But then I feel like sometimes people are buying certain things on their credit card that they don't really need. Yeah, and that could be the case in our community. That's how I feel with most people. Like, I do think that some people actively working, but I feel like an another section of people are just living their lifestyle on credit cards.

SPEAKER_00 29:20

Yeah. And what advice do you give to those people? Like, if they're living paycheck to paycheck, um they're not making a lot of money. Like, what advice can you give them on how to gradually get into real estate?

SPEAKER_01 29:39

Well, if you are living pay paycheck to paycheck, first I'll I'll say this as pay yourself. You gotta take, I don't know what that might, I don't know what you check, if take a hundred dollars and put it to the side so that way you can start to build, so that way you can have some money to start to do the things that you want to do. That's one. And two, I will always say this figure out how to increase. So if that means asking for a raise at your job, you know what I mean? Finding another job that you can get into multiple streams of in the case. Yeah, that can that can help you, you know.

SPEAKER_02 30:13

Um yeah, because the only way you're gonna be able to do it is if you increase your income. Yeah, that's whatever that looks like. Because if you keep reducing your debt, I mean you're gonna be poor and homeless. So you have to make more money.

SPEAKER_01 30:26

We yeah, we have to figure that out.

SPEAKER_02 30:28

Whatever that looks like for you.

SPEAKER_01 30:29

Yeah, and and some people are scared because they feel as though that um I've worked so hard, I don't know what else to do, I'm tired, I'm exhausted. I think that's another thing for us as um You feel trapped. Yeah.

SPEAKER_00 30:43

You feel like you're trapped, and especially with this economy, the cost of living right now is and it's it's it's high.

SPEAKER_01 30:51

Yeah, it's important gas prices. Yeah.

SPEAKER_00 30:53

Uh the cost of, I mean, renting a home, buying a home, it's a lot.

SPEAKER_01 30:58

Because you know, I don't know. When I was renting, it was like $500 to rent. So I'm like back $1,500 for a display.

SPEAKER_00 31:06

This place would have been $350. You know what I mean? Like, look at it. I remember when eggs were what 50 cents. Yeah, like what's crazy.

SPEAKER_01 31:16

So I I feel like it's tougher now, and the income has not changed.

SPEAKER_00 31:21

So what are you supposed to do? They have to be willing to change. You gotta be sometimes you have to educate yourself to move up for a better paying job.

SPEAKER_01 31:31

Yeah, and we as females don't ask. A lot of times we'll stay stagnant and just continue to keep doing the work, but we don't ask. We don't say, hey, uh, can you pay me more? If now I'm gonna go over here, or we don't look at another job. We won't try, we get stagnant.

SPEAKER_02 31:46

And I think I heard a study is people who stay at the same job and the people who job hop, the person who job hops makes more than the person who stayed.

SPEAKER_00 31:53

Yeah, for sure. For sure. Yeah, and I think, you know, like you're talking about real estate. That could be a door to open for them as well.

SPEAKER_01 32:07

Yeah, I tell everybody all this. Look, so the first thing first is if you don't have your own home, go ahead and get your own home. That's the first thing. And don't try to get the Taj Mahal. Because that's what everybody wants. Well, it don't meet it, don't meet this. I I want to have this. Just get you don't have nothing. Look, you gotta start somewhere, right? The ones that are at a sweet spot of um purchase purchasing a home are the ones that want the most and are the most difficult at times. The most difficult because they want everything for this big purchase. You know what I mean? Because for them it is a big purchase, and I don't want to take that away from them. But I always have to tell people like this is just a stepping stone, this isn't your in-all, you know? And so once again, the mindset, once you can get them to rethink this through, hey, get this condo or townhome or house for I don't know, whatever you could afford right now if it's $200,000, get it, work your way. That could be you can house hack. You know what I mean? House hacking is where you buy a house, then two, three years later, you buy another one, you sell it, flip it, you know what I mean? However, but people don't want to do the work.

SPEAKER_02 33:24

And I and I literally just did the math on this. People really don't understand how much money they're spending in rent. If you're spending $2,000, you times that by one year, you're at $24,000, you times that by five years, you're at $100,000 over. So if you did rent it for 20 years, you're at six, seven hundred thousand dollars.

SPEAKER_00 33:44

No equity. Yeah, you've made somebody else rich.

SPEAKER_02 33:47

Yeah.

SPEAKER_00 33:48

Absolutely. Because with that equity, you can do things with it.

SPEAKER_01 33:51

You know? Yeah.

SPEAKER_00 33:52

And what what are some of the things they can do with the equity?

SPEAKER_01 33:55

So I like to tell people to reinvest it. A lot of people like to fix the roof, you know, fix up the things in the house, but that but the money doesn't really come back. It comes back and later, you know, but it doesn't really come back to you immediately because that interest is high on those HELOCs. Yes. Yes, it is. Um, but people don't really talk about that. So, I mean, my thing is like you can get another house. You can do it, you can start your investment at that time, or your business, or whatever that might look like for you. Because everyone has their different goals of what they're trying to do. But I'm telling people to do things like that.

SPEAKER_00 34:30

So, working with your mom. Is that tough? Like, how do you work with your mom all day? And like, are you are you in mommy mode all day or no?

SPEAKER_01 34:47

At this age, no. Okay. At the age that she's at now, no, no.

SPEAKER_02 34:53

I would say since we grew up together, we're very familiar with each other's habits. So I think we know when to back off. So I think since like I we live together, we mesh well together, but like work-wise, I'm a very structured person, and she's more like not structured. So that's the only time that like we bump heads, but like I understand, like, I have weaknesses, and she it's like cool. My shrimps, um, it's her weaknesses, and vice versa. So I think that's what makes us the perfect duo.

SPEAKER_00 35:24

Yeah. And do you like get to a point at work it we're like, okay, I'm the mom, and it this is how we're gonna do it.

SPEAKER_01 35:34

Oh no, actually, I don't do that. I do respect her, like we respect each other's opinions and thoughts and everything like that. I don't use the mommy like, no, you listen to me. Now, when we get into like something personal about like um paying off a car, you know what I mean? So she was like, pay off your car, and I was like, no. She didn't want to do it, and so and she we have she didn't want to do it because it was the idea of taking this all this money and just paying a bill.

SPEAKER_02 36:02

And I was under eight, no, I was like 19 so years old. So like imagine paying $15,000 off your credit card. I ain't never spent that. So I was like, I don't want to do it. I got $15,000, I want to keep it.

SPEAKER_01 36:17

She wanted to keep it. And I told her, I sat down with her and I said, Look, once you pay this car off, that means that you don't have to worry about making any monthly payments. That's extra money that's gonna get in your pocket, and you'll be able to get this money back again.

SPEAKER_00 36:30

Because um she was absolutely right, yeah, and it increased your credit score too.

SPEAKER_01 36:35

Yeah, yeah. Yeah, I told her all those things. But it was a fight and a tug because she didn't.

SPEAKER_02 36:40

Because what 19-year-old has $15,000, it's not no Neppo baby.

SPEAKER_01 36:44

It's like, yeah, let me pay off my car. I can keep buying this, I can keep doing this. But I told her like the increase of what will happen on just paying this car off. There's no there's no need to keep it. So are you happy that you paid it off? Yeah, I paid it off.

SPEAKER_02 36:57

Um, it got totaled a couple months ago. Oh but I got another car that I uh just paid cash for. Yeah.

SPEAKER_00 37:05

Okay, excuse me.

SPEAKER_01 37:07

But it it but it's when so when I use mommy stuff, it's in things like that and personal stuff. But when we're in the business of things, I don't.

SPEAKER_00 37:16

Okay, and do you uh have you guys created boundaries for one another?

SPEAKER_02 37:22

I think, I mean, we don't work in the same room, so like we're not sitting right next to each other. So I feel like we still have that personal space, but I think it goes back to like we just respect each other and we have the same common goal. And since I know her, it just works. So yeah, we just know each other. That's why it's easy to work like that.

SPEAKER_01 37:40

Yeah, I knew her my whole life, right? And her whole life. I knew you, yeah. So you you get to know, you know, your children, you know what I mean? So you know what ticks, what don't, when when to back off, when to so I think that it works. I actually honestly think that we have made each other grow and much more stronger working together because we know I know where she's weak ass. She doesn't even have to tell me. I can already just go in and just fulfill it, you know what I mean, and do those different things. And so I like that because it's a relationship where I don't have to, you know. Now we're going to the center, but you know, and uh sometimes when you're dating or whatever in a relationship, you have to tell a person how to love you, you have to tell a person how to do certain things for you, and with her, I don't have to tell her how to do those things, she already does it, and vice versa.

SPEAKER_00 38:36

Understood. Understand. So, what advice do you guys give to um a married couple that's wanting to purchase a home?

SPEAKER_01 38:49

Okay, is this their first home?

SPEAKER_00 38:51

First home.

SPEAKER_01 38:52

Married couple. Uh, so those are always the toughest sometimes because one wants something and the other one wants something totally different. You know what I mean? And so you gotta figure out who is the decision maker. And once you figure that out, then I I like to talk to my clients and feel like what are what is your your true goals? Is this something a place you're gonna be at for a long period of time? Is this like your forever home? You're looking at this. Um, I'm also trying to figure out um family dynamics, you know, like are you having grandkids? Are you you're you do you have children? Like, what are those dynamics so that way I can help you figure out what to do next? So I helped this, like, for example, I got this one couple, they were only approved for $200,000, found them a house, they stayed there for two years, now they're selling a house, making even more money, and buying the true house that really fits their family right now. And so it's really trying to figure out the dynamic of their relationship and what's going on, so that way I can help guide you.

SPEAKER_00 39:56

Should couples have a conversation about their finances and you know, when when it comes to purchasing a house before they even get married? And what this looks like.

SPEAKER_02 40:06

I mean, I think you should know the person's finances. Yeah, that would be crazy if you didn't.

SPEAKER_01 40:10

Yeah. I think so. But then I also I'm also like, sometimes you don't have to buy the house. If you don't need to buy the house together and as a marriage, like you can just buy the house and then the husband can buy a house, and then you can have two. But again, it's all trying to figure out what the people's dynamics and what it is that they're trying to do. Because some people need the purchase power to have the other person on there to purchase that home. You know what I mean?

SPEAKER_02 40:32

And so then I think if you have kids too, because if you have kids, you might put that house in a will.

SPEAKER_01 40:37

Yeah, in a trust.

SPEAKER_02 40:38

Like if something happens to you guys, where's the house gonna go? So I just think it's it's like not one fit answer. Like what's the best thing to do? And if you don't have the money, you don't have a choice, you have to do it together.

SPEAKER_01 40:52

You have to do it, right? But I have one couple where the wife brought the house and then the husband brought the investment property. Because their their name can still be on the deed.

SPEAKER_02 41:01

Right. Both names.

SPEAKER_00 41:03

So when it comes to purchasing a house, what are the main things that people should have in order today? First is your credit.

SPEAKER_01 41:14

That's we know credit is you gotta have your credit, uh, you gotta have money. So a lot of people I I know people were saying you could buy a home with no money, but you still should have something.

SPEAKER_00 41:25

Well, I know when I first purchased my home about 24 years ago, we only had to bring like they said $2,000, and then I think it was much less than that. And that was for a $218,000 home back then. Today, people are having to bring to the table from my uh uh tell me if I'm right or wrong, $20,000.

SPEAKER_02 41:52

I mean, it depends on the the price of the home. So there's two costs that a buyer has is their down payment and their closing costs. Typically both of them are 3%. So if you're looking at a $300,000 home that's $9,000 on a um down payment and $9,000 on a closing cost. Yes, you can definitely spend less if you get down payment assistance. But a lot of times, if you do something like Georgia Dream, you have to pay that on the back end. So a lot of people feel like, oh, I'm saving money. It just went into your loan. So if you do have the money, just pay it now, if that makes sense for you and your family. But closing costs, you can ask the seller, they're not obligated to give it to you. But as of today, we're in a buyer's market, so we're able to save our buyers and collect all the closing costs.

SPEAKER_01 42:39

Yeah, because I've had where client, I had a client that got a check back where they got down payment assistance, so that was covered. The seller gave them all the closing costs and extra. And so at the end of the day, they came there with no money and they got a check back from closing.

SPEAKER_00 42:54

Are there any programs out there um for like doctors, um vets, yeah, and you know, like what what's out there for you know, or for a regular person just wanting to they need some type of assistance?

SPEAKER_01 43:14

There's all of it out there. I mean, they have there's programs for doctors, there's programs for self-employed, the yeah, VA, there's there's all different types of programs. So I think it's important that every person's story is different. So I think it's important for you to talk to a realtor or a lender to really understand your situation so that way you can figure out what's gonna be the best fit for you. Because there's teachers' programs. There's so many different police. Yeah, there's so many different. But every everybody is different. Because even like for new construction, um, for the police, they give you, they'll add you, add money towards your clothing costs, give you an extra thousand dollars. But right now, because the economy is so crazy, they're they're giving you, they're giving you the $26,000, they're paying for everything. Wow, the interest is $3.99. Right now, because they are desperate. They want people.

SPEAKER_00 44:03

Yeah, because people are thinking that the interest rates are like six and seven percent.

SPEAKER_01 44:07

They are, they are, but with new construction, they're lower. And the reason why is because they have Are they buying that um interest rate down? Yeah, so they're buying it down. The the new construction person, the new construction company is buying it down for them, and then it's being set to where it's at 3.99, 4.99 for them. Where I tell people, okay, yes, interest rates is 6%, 7%, but hey, you could go new construction and your interest rate is lower. So that same $400,000 house.

SPEAKER_02 44:37

You can pay rent and get nothing back.

SPEAKER_01 44:39

Like that same $400,000 house that you were looking at is gonna be much lower at a $4.99 interest rate.

SPEAKER_00 44:48

You know? And what do you guys make of right now today? We see a lot of um investors buying pro buying property, not property, but um what do you call it? Land, and then they're building development? Yeah, they're building like um uh townhomes and renting them out. You have it's not I mean, I know it's it's a lot of that going on. And I went into one and the lady was telling me, the agent there, she was saying that, you know, we're moving away from people buying homes now. Is that like a true statement? Because all these investors are now buying all this land and building homes to rent out, communities.

SPEAKER_01 45:40

I know it's crazy. So look, I would say this um just like I said earlier, AI can't take that away. And it's a passive income. So once I sell that house and that's done and it's gone, you made, I don't know, whatever you made, $200,000, that's it.

SPEAKER_00 45:54

But imagine making Yeah, but there's they're renting these properties out, is what I'm saying.

SPEAKER_01 45:58

Yeah, I know. So imagine as an investor, which one would you, if you was invest in, would you rather have a rental property where you know you're gonna make a certain amount of money every single month for the next 30 some years or however? Or would you rather make that lump sum that one time?

SPEAKER_00 46:14

Of course. But a lot I'm just saying for a first-time home buyer. When we so if if they're saying the market is now shifting, because the younger generation don't want to own homes, right? What does that mean for you guys?

SPEAKER_02 46:34

I don't but I Are you talking about us as realtors? Yes. I mean, we can do rentals, we can do commercial, we can do anything. We we can help you buy the land, sell the land. So we're not limited to just selling and buying houses. Um, I wasn't I mean, I think a lot of people just don't know how to purchase a home. Yeah. I think they're just scared and they have fears and they're just doing what's comfortable and what their family has done. Cause you know, as black people, we're behind. So this is what no one has owned a home. Like my mom helped her buy her mom a home and then helped you help um a brother, brother, just buy a home. So I feel like if my mom wasn't in the industry, they probably would have continued to rent because they didn't know. But then I kind of feel like I can't give people the benefit of the doubt because we have online and AI now to learn things.

SPEAKER_00 47:22

Yes.

SPEAKER_02 47:23

But I think it's just more so scared. I think people want to do it, but they're just scared to do it. Like, I even told my friend, like, she's a respiratory therapist. I told her, you should probably buy a home.

SPEAKER_00 47:34

But like, she's just she just and are you guys dating anyone?

SPEAKER_01 47:41

Are you she's dating someone who is such a great guy? I like him so much. So you make time. Why aren't you like you're not dating? You know, I'm trying. You know where we at? We in Atlanta. This is not easy. It's not easy. Everybody's gonna say it. Like, it's not easy. I'm definitely are are you are you married? Yeah, yeah, yeah. So five years. So you don't have no clue what we're going through right now. The boys want to be the girls. Are they are they married? No.

SPEAKER_00 48:13

My son is married, but my middle daughter, and then my daughter, who's here back in the back, she's only 21. She's still in college.

SPEAKER_01 48:21

So okay. Look, that's a whole nother episode. It is so tough because everyone is all about one, everyone's listened to the different podcasts of how to be in a relationship, and really is what works for you. Everyone's situation is different, but I do find it hard for me to date. One, because I'm so focused.

SPEAKER_02 48:44

Because I think dating a lot of people, like she'll go out more than me. Every weekend, you're on a date with somebody.

SPEAKER_01 48:50

I don't always be on a date with somebody. I mean, I'm supposed that's what you're supposed to do.

SPEAKER_00 48:55

Like I'm dating. Are you going to the website, finding these men, or how I'm on I'm on hinge.

SPEAKER_01 49:00

Okay. So I am on hinge. And then, you know, just going out to the regular places, just kind of meeting people, you know? And we'll we'll see when that time comes.

SPEAKER_00 49:09

Okay, so before we wrap everything up, tell the people where they can find you guys.

SPEAKER_01 49:16

You you know better than.

SPEAKER_02 49:18

See, that's what I'm saying. If she don't know social media, don't even know. Um, so you can find both of us at real estate is my game on all platforms, and you can also find us women invest in real estate as well.

SPEAKER_00 49:32

Yeah. Well, thank you guys for being here. I appreciate you. Please like, subscribe, and hit the notification button. And this is another great episode of The Truth Ain't in Us. I want to thank you ladies once again for coming here today and sharing your story and entertaining me.

SPEAKER_01 49:54

Thank you. Thank you.