The Rise and Fall of Miss Mazuma's Empire

As I shared on previous shows my team at The Financial Gym, the company I started, has set a major goal in an effort to attract venture capital investors and we need your help to accomplish it. In two months, we plan to sign up 165 new clients of The Financial Gym. If you’ve ever thought about joining or know someone who could use the personalized attention of my financial fitness trainers to achieve their financial goals, send them to financialgym.com/friends to sign up today.We launched this effort two weeks ago and so far we are quarter of the way there with over 40 new clients! Thank you so much for your support! Let’s keep this momentum going! And the listener who refers the most new clients between now and the end of May, will win 3 free months of financial training from me personally which is an over $600 value. So go to or send friends to financialgym.com/friends and get started on achieving your financial dreams today!On this episode of Martinis and Your Money, I am talking to Bianca, founder of the blogsite, Miss Mazuma, about her journey from owning 3 homes to barely being able to rent an apartment on her own. Her rollercoaster experience in real estate is chock full of lessons to be learned, and thankfully, it has a happy ending. Listen and enjoy! Cheers!

What are we drinking?

Bianca — Bloody Mary

Shannon — Bloody Mary

Podcast Notes

  • Mazuma means money in Yiddish!

  • Bianca is a flight attendant and has been for 15 years.

  • She considered her job as a flight attendant to be a transitional job, but she still loves it today!

  • She started her blog to help make sense of finances for younger professionals and also to discuss real estate.

  • Bianca purchased property in 2005, 2006, and 2007.

  • She rented two of her properties but was still losing money on them.

  • She and her ex-husband then purchased a home in 2010.

  • She decided to short sale her other three properties because she could no longer afford them.

  • Bianca felt like she did everything right with her real estate investments but accepts she couldn’t change certain factors like the market.

  • When she started the short sale process, she had stopped paying the mortgages on her properties.

  • She ended up paying cash for another unit in the building of two of her properties and still lives there today!

  • Bianca says don’t buy a property if you plan to sell in two to three years.

  • Owning property doesn’t make you any better than those who rent!

  • Shannon says she frequently advises against purchasing a home.

  • Owning property puts you on the hook for repairs and other things that go wrong with them.

  • Bianca’s last short sale was in August 2013 – almost 4 years ago, which is important because she can get a new loan since no one will give you a new loan until 4 years after a short sale.

  • Now that she owns her home, her savings rate is 75% and her financial picture has completely turned around!

  • To do so, she started hustling, working harder, and saving more.

  • She wants to own another property soon.

  • She has gone from a 620 credit score to a 789.

  • Her salary when she first started purchasing real estate was $45,000, and it is now $75,000.

  • Bianca’s story is proof that a financial low won’t last forever!

  • Shannon and Bianca agree acceptance is key to transform your situation.

  • Your friends and family want to help you – you just have to let them.

TAKEAWAY: Anything we do financially can be undone. With time and dedication, anyone can rise from the financial mistakes of their past just like Bianca.

Random Three Questions

  1. What is your favorite flights to do?

  2. What is your biggest budget-buster?

  3. Would you rather read a book or watch tv?

Connect with Bianca

Website

Twitter

Have you ever had to deal with a foreclosure? What's your biggest financial regret?