Ownership Strategies for Women Home Buyers with Business Coach Michelle Ozymy

Join forces with Michelle Ozymy, a real estate maven and business coach extraordinaire, as she unveils the strategies for women to purchase their own homes. In this heartfelt exchange, she throws open the doors of opportunity, sharing her personal evolution from the corporate grind to the helm of Knob and Key Realty. Witness Michelle's candid revelations on the art of mastering life's tightrope and her uplifting mission to nurture other women carving out their legacies in the business world.

In the spirit of growth and reinvention, we take a glimpse into Michelle's latest endeavor - sculpting a coaching program for female entrepreneurs with aspirations that soar beyond the boardroom.  With resources at the ready and inspiration in abundance, this episode is your beacon, guiding you to the shores of personal and professional triumph.

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Transcript

Speaker 1: 0:10

Welcome to Ella Go. My name is Lisa. Join me on the journey in having real raw and uncomfortable discussions about fitness, health and everything in between, because, let's be honest, this journey would suck if we don't get our shit together. Today we have a really special guest. Her name is Michelle Ozemi. She is the owner of Ignite U 90 Business Coaching and owner of Knob and Key Realty, with over 18 years experience as an entrepreneur. So there's a reason why I brought her on here. Being a woman, she's going to be dropping some major nuggets for us women if we're thinking about purchasing a home and other things that Michelle has the ability and capability to offer women in business. So with that, welcome Michelle.

Speaker 2: 1:13

Thanks so much, lisa. I'm so excited to be here. Oh, my goodness, I'm looking forward to it. You're a runner like me, and that's how we met, I know.

Speaker 1: 1:23

I was just going to say that obviously, what people don't know is I know Michelle. We met before in person. We're both health coaches and that's where we met in Dallas Texas. I've never been to Dallas Texas. I met Michelle there and she was such a helpful host and we did connect because of the running she was such a helpful host and we did connect because of the running.

Speaker 2: 1:50

Yes, absolutely, absolutely.

Speaker 1: 1:54

I'm excited to be here today, so fire away, okay. So, michelle, tell us a little bit about yourself with the listeners. I know about your background, but you know your background. How'd you get into real estate? And now you're coaching? Oh gosh.

Speaker 2: 2:02

So I got into real estate after the birth of my second child.

Speaker 2: 2:05

I was in corporate and it was just you know, rush to pick the kid up from daycare, rush to get the kid to daycare, oh, you got to work late, okay, well, and it was just the back and forth and after my second child was born and the expensive daycare and just all the things as a mom and I'm married and I had the support of my husband, but even between the two of us and just all the things as a mom and I'm married and I had the support of my husband, but even between the two of us, we just couldn't get it all to work out. So I looked into what it would take for me to get my real estate license and I was like I'm doing this, I'm doing this and I did, I jumped in and thankfully I did, okay, that first year, because it's kind of sink or swim and this was way before, like the internet and cell phones and all those things. In fact I had a Matzko. Does anyone remember those? Where you turn? Do you even know what that is?

Speaker 1: 2:57

Oh my God, yes, I do, yes, yes, wow, there goes our age.

Speaker 2: 3:02

Yeah, yeah. So I had the Matzko and, yeah, that was it's how I got my start. I know, right, your listeners are going what? What even is that? And then I graduated to the Blackberry, but it would never connect to anything. So, anyway, here we are today and, yeah, I, you know I was blessed with a very quick uptick in my real estate business, thankfully.

Speaker 2: 3:30

It's a tough business. It's a very challenging business to be in. It takes a lot of hustle and a lot of luck and somehow I stepped into both and I've had a great real estate career. I've owned a couple different brokerages and today I'm the owner of Knob and Key Realty, which is a boutique brokerage. We're one of the top agencies in the DFW area. I'm one of the top 500 agents in DFW. So very, very proud of that because I've had great support. So super excited about that.

Speaker 2: 4:05

But I guess the coaching started during COVID. Um, you know, so many of us during COVID have that story. And because we are a boutique brokerage, I was never really um, interested in having a large group of agents or a large team, but I did love training them and just as I've advanced in my career and advanced in what I do and I've sold a ton of houses and I still love, love, love helping clients. But now I've recognized a need to help women really develop their businesses, not just in real estate, but any sort of entrepreneur.

Speaker 2: 4:42

There's not a lot of coaches out there that focus on the female entrepreneur and what work-life balance looks like. For that. I've had some incredible coaches and they would just say you have to find your work-life balance. Okay, I understand what you're saying, but it doesn't translate not as a female, it just doesn't. And I think, instead of trying to make our work-life balance fit into this box for everyone, let's be realistic about what that means as a female and an entrepreneur and what your life looks like, and let's find work-life balance for you and build your business at the same time, so that you don't spend your entire life feeling guilty of how you've done things.

Speaker 1: 5:31

Yeah, so, yeah, in a nutshell yeah, wow, that's a lot, but I will say this um, you know, michelle, what I will say about you and this is a reason why I wanted you to be on the show is that you are, I mean, obviously you're a successful businesswoman, but you're also a very giving, successful woman.

Speaker 1: 5:50

You're giving, you're such a giving person to other women I try to be oh, girl, you are, and that's why I have you on here, because I know you're going to be dropping some major gems for these women that are listening. So let's get to, we're going to get into the coaching for women, but let's talk about real estate. You know, let's talk about women purchasing homes and I, you know, I just had this conversation with my co-host and we're saying we said, you know, we're seeing a lot more women we are in our areas a lot more women buying homes on their own. Are you seeing the same thing? I mean, are you seeing that uptick of women who are this career-minded woman that's independent, that's buying their own homes, and what are some of the apprehensions that they do have when purchasing a home?

Speaker 2: 6:41

First, absolutely, absolutely. As the world shifts and women's roles are being more and more recognized, I often see women buying homes first homes and investment properties and vacation properties and Airbnbs. It's and it's completely possible. I even see we're seeing a shift of this where the woman is the breadwinner in the family, so they may have a husband or a spouse and they are still buying the home on their own because the spouse is staying home taking care of the children. So I'm okay with that Interesting, yeah, yeah. So it's absolutely happening and it's out there and it's recognized and women shouldn't be afraid. That's the first thing is women shouldn't be afraid.

Speaker 2: 7:35

Um, I have a girl I'm coaching right now and one of her goals this year is to purchase a home, and I keep telling her the first thing you need to do is call a lender, and they're so afraid to do that. I don't know if it's this, it gets real when you do that, or if it's, I'm afraid of what they're going to say. Either one. That's the first step you have to take. It's so important because a good lender is going to give you direction and they're going to help you through the process along with your realtor, and you've got a team of people working for you and, if you have the right team, they're only looking out for your best interest and they're going to put you in a space that's perfect for you in a time that suits your financial goals.

Speaker 1: 8:27

It's funny you say all of this. I mean I purchased my home when I was 27 only because my mother was a real estate agent. She pushed me to do it because I would have never thought I didn't know that she doesn't do it anymore. She was doing it back then but I would have never in my mind. I remember my mother's like well, why don't you just buy a house? I'm like what? No, I can't. That's like adulting, I can't do that. That's big wigs here, that's the big leagues. I'm not there yet. And my mom's like, why not? And she helped me through the process.

Speaker 1: 8:58

And now I reached out to you when I was purchasing a home at the worst time ever. Yeah, and I wasn't as apprehensive to purchasing a home on my own because of that first experience. But it is a big, I think. For me it was definitely like, could, like that, could I do? I deserve this, could. Is this possible? Like not even believing that it's possible, right? So the other question I had was when you say lender, people are listening. What does that mean? Is that a bank? Who is that?

Speaker 2: 9:36

That is the person that's going to give you the money for the loan, which is it's called a mortgage, and you may get that from a bank. You may get that from a full circle lender that has lots of different pools of people that they work from, which is typically what I suggest. Especially if you're a first-time buyer, a mortgage company is going to be able to. You'll talk to an individual and that's who you'll work with through the whole process, is your loan officer and they're going to take you through the process and find the best program for your needs, because there's more than just the one program out there, and I think that's what people don't understand is they feel like they have to have all of this money up front, and that's not true and hasn't been true for a long time. So there are lots of options available for you, no matter what your situation is. She is correct.

Speaker 1: 10:32

So, all right, let's talk about what are some of the things that women need before buying a home. I know you said the first thing was to reach out to a lender.

Speaker 2: 10:43

For sure, you need to have a realistic idea of the market. You know, don't go to New York City and look for 2,500 square feet for $300,000. It's not going to happen. And you need to make a list of what you have to have, what would be nice and what is a dream, because you're not going to find everything and you don't want to put yourself in a box of okay, I need all of these things because you don't.

Speaker 2: 11:20

What do you really need in your next home that's going to satisfy you for the next few years? Because for most people, you're only in your home. No matter if it's your first home or your 10th home. You're only going to be in it three to five years. Your lifestyle is going to change, your income is going to change, you may get relocated. So no home really, especially in this day and age. No home is your forever home and you can always use it as an investment property later on. So those are some of the big things. Is really set your goals realistically by knowing the market in your area and listen to your realtor, because they'll tell you the truth, and then have your list of what are the priorities.

Speaker 1: 12:08

Okay, so let's just take a step back here, because I'm trying to think you know who could be listening to this and maybe like feeling, like there's they're thinking there's no way in hell I'll be able to buy it. Like they're thinking there's no way. And let's say you have that woman that's thinking there's no way in hell I can afford, or, but then how would you know? So is right, like how would you know unless you actually? I mean, I would have never known at 27 that I could afford a house unless I did it. But what would be the the first, first, first step? Do you think it is to reach out to a lender and kind of like, all right, taking out all your stuff?

Speaker 2: 12:49

Here's why because people don't understand. They don't want to bother the lender and they don't want to bother the realtor. What people don't understand is the real. The lender doesn't pick up the phone and expect you to close on a house today. It's a process and we in this profession are happy and ready to walk you through the process, and if you don't ever start, you won't ever finish. So, yes, the lender is so, so key, because they're going to tell you what you need. They're going to tell you what you qualify for, and if they tell you, oh, my goodness, you don't qualify for anything, they're going to tell you how to fix it and what you need for. And if they tell you, oh, my goodness, you don't qualify for anything, they're going to tell you how to fix it and what you need to do, because what you see on Google is not correct. Um, what you?

Speaker 2: 13:38

There are so many different options for down payments, for credit scores, for length of time, for down payment assistance, assistance and we'll get to that. Being in New York City. There's some options people probably don't even know about and you're not going to find that information just Googling. You need a professional to guide you through, so don't be afraid to call a lender, try to get a recommendation from someone you trust, and then you're going to have a team that's trying to get you to a goal. That may take a year, it may take three years, but that's what we're here for. We understand that process.

Speaker 1: 14:16

So I did not know that existed until this round of purchasing a home. I didn't know. So for those of you who are listening to this this, when she's saying it's a team, she's not kidding. It's a team of people who are working for you to make that dream or goal happen. And it's and they're giving you the advice of what to fix, which is like it feels good to say, you know, for someone to look at your dirty laundry, all the stuff you know, all your debts and all that, and say, okay, let's fix this so that you can purchase the house. And these are people who know the language, who know what to do, and it's not you going on Google and trying to be like you know. The days of just going to a bank and applying. Those days are over, Like there's what she's talking about. You said it's a full circle.

Speaker 2: 15:08

A full service lender that has all that, offers all the different programs. Most banks just have your typical 20% down conventional mortgage for the person that has a 750 and up credit score. Let me tell you that's like 1% of the people in the world today. So don't go to the bank. They're not, they're most likely not going to be able to help you, and then you're going to feel defeated and they're just going to tell you no and not give you any wisdom, whereas a full service lender that has all these different options knows what it's going to take to get you into a home, because it's more than you think. If you have late payments and a low credit score, well, you may think that just paying off collections is what it's going to take. That actually will do more damage than good. There's tricks to it that you can't possibly figure out. So you definitely want people in your corner that are all helping you move towards the same goal.

Speaker 1: 16:11

Yeah, absolutely Okay. So let's talk about the market a little bit. What, how does I mean? When I reached out to you, the market was horrific, yes, yes, it was like I was putting offers and someone came in with cash, like, and I'm talking three hundred thousand dollars in cash, and I was like, oh, there goes the house, yeah, so how is the market?

Speaker 2: 16:36

now it has definitely settled. It is still a bit of a seller's market. Just because there's not a ton of inventory out there, we're going to see that loosen up. The reason you're not seeing a ton of inventory is because people who have bought their homes in the last six to eight years have these low, low interest rates that they're not willing to give up. But they hate their house so they're ready to move and they're just waiting on that interest rate to drop. It's not going to. It is potentially starting. I expect the Fed beginning in May we're going to start seeing some reductions.

Speaker 2: 17:19

I don't think interest rates are going to get lower than 5% for several years. That's a normal, stable interest rate. That's good for the buyer, the seller and the economy as a whole. If we see 2 percent again in my lifetime, I'll be surprised. So waiting for that and what people don't understand? They get fixated on this interest rate. The market as a whole has stayed relatively strong during all of this. So as you're waiting for the interest rate to go down, the value of what you want to buy keeps going up. Yeah, so you're not winning. You're not winning. And as rents are going up, definitely the sooner you can get into a home, the better for you and it's the best way to build wealth.

Speaker 1: 18:11

So I was going to ask you about rentals. I heard that you know now, because there's a lot of people who don't want to buy a house because of their rate of the interest rate or they feel like they can't afford a house, now they all want to rent a house. What is your outlook on that?

Speaker 2: 18:32

You're just giving your landlord money. I mean, there's reasons to rent for sure. I'm currently renting, I'm planning to make a move soon and I want to be able to do it as quickly as possible. So I'm renting, but that's because I was able to sell my home with a ton of equity after not being in it for very long, so I can afford to do that right now. Um, there's just, even if your interest rate is high, it's still interest that you're paying and it's a tax deduction and you're building equity into your property. Just because you're afraid of the interest rate is not a good reason to keep renting. Or because you think you can't afford a home is not a good reason to keep renting. If you can afford rent, you can probably afford a home.

Speaker 1: 19:19

Oh, I like that. Yep, 100%. Okay, let's get into the New York City situation, because I know you dropped that when we spoke earlier. Tell us a little bit about that.

Speaker 2: 19:30

Yes, absolutely so. I, even though I live in Dallas, I am highly vested in the New York City real estate market. My daughter lives in Manhattan. She calls it Manhattan, I'm pretty sure it's Harlem. But you know she's happy, she's living her best life. Um, but you know she's happy, she's living her best life. Um. So I follow a lot of the news and goings on there and recently, um, I read an article and I've done some research on it.

Speaker 2: 19:55

It's a down payment assistance program that if you purchase a home in the five boroughs you can be eligible for up to a hundred thousand dollars in down payment assistance. Now, obviously it's income restricted and different things like that apply Typically with these programs. They're government programs. They're totally legit. Now, truthfully, when you're receiving these programs, they do put a time limit of how long you have to be in the home. So, on the bigger amounts, like the $100,000, I believe you have to be in that home 10 years. If you move before that, then they allocate a certain amount that does have to be paid back, but again, you'll have built equity. Say, you only live in it eight years, you're probably going to have more than enough equity to make a profit and pay back any portion that's still owed. Yeah, the city is really pushing for home ownership for its citizens, and I think that's fantastic.

Speaker 1: 20:59

Yeah, I was going to ask that. What was the reason behind that? They want more owners versus renters, is that?

Speaker 2: 21:07

Absolutely, absolutely. An economy is more stable in an environment, in a community where people have ownership.

Speaker 1: 21:16

That makes sense, oh, that makes a lot of sense. Okay, Well, that's a big nugget for the New York City listeners. So let me ask you something, Michelle, If people are listening to this and I know I was hesitant to even reach out to you ask you something, Michelle. If people are listening to this and I know I was hesitant to even reach out to you because you're in Dallas, let's say there's people who have questions that don't live in Dallas and maybe they want to get ahold of you. I mean, are you?

Speaker 2: 21:37

able to help them out. Absolutely. I can answer questions. I can direct them to a lender. I have a huge, having done this for 18 years. I have a huge network of lenders and realtors that I can source people out to, and I'm happy to do that so that you fall in line with someone that suits you and that you can trust and be comfortable with.

Speaker 1: 21:58

That's awesome. Okay, so let's talk about the coaching and how you're making that transition, especially this big bomb that you dropped, I think was on Friday. You were mentioning something about yes, you know what, come on, I'm following you and I'm like, okay, I want to talk about that, but let's talk about how you're transitioning into this coaching. You're saying this is for women who are entrepreneurs and helping them to be successful. So tell us more about this.

Speaker 2: 22:32

First of all, I'm loving it. It's just funny how we change as we get older or as we go I don't like to say older as we get into a different season, we just get more out of our shell. Like I really wish my 23 year old could be as as careless as I am and carefree Like you know we just it takes getting a little older to get to that point. But with that wisdom I have a different appreciation and understanding for what I went through as an entrepreneur and what I went through as a mom with so many children I had three, it felt like so many and I have a wonderful, supportive husband and still it was always just a struggle and the mom guilt and all of the things that we all experience and finding time for self care and I can't run because Gracie has this and I can't leave her there.

Speaker 2: 23:29

So that's where the coaching came from. Is I really wanted to help women trying to find their place as an entrepreneur and that wanted to be successful. Like I thrive in my work environment. I absolutely love it and I don't want to go home and not have time to fix dinner and then feel guilty that I enjoy my work.

Speaker 2: 23:49

Um, and that's who I'm here to help is women who really want to build their business and still have a life they love, have a great family life and community life, and not feel that guilt because it can be done. It just doesn't look the way it does for everyone else. So my, I guess, master program, you would say, is six months of online coaching where we all work as a community together, building our business, coming together and collaborating. But then you also get an individual call each month to talk about the things in life that maybe you just don't want to share with the group or that you really need to dig into, whether it's your health, your physical fitness, relationships, whatever it may be, and my next session starts March 28th, so I'm super excited for this one.

Speaker 1: 24:41

Okay, and we'll put all the links on the show notes for people to get a hold of you. Okay, let's talk about the bomb you dropped. What is that all about? First, I'm not even going to say what it is. You tell us.

Speaker 2: 24:56

So it came as an accident really, but I am now on a Facebook live show every Wednesday morning, 9 am, central through Studio USA, and it is all about empowering women and mindset and goal setting for women. I'm super excited and my co-host is an absolute trip. It came about as a part of a real estate podcast that I did. I hopped on and talked all things real estate, really got along with Rick so well. And then March 1st rolled around, or we were coming into March, which, if you guys didn't know, is Women's Month, yay. So I just reached out to him and said, hey, let's do a special, let's do a special show for Women's Month. And he said forget the month, let's just do a whole show. So here we are. Yeah, he's fantastic, super funny, and we're going to teach him a thing or two about women.

Speaker 1: 25:59

So Michelle is my Facebook friend and she I was like scrolling and I see her posts and I'm like what? And everyone's like so excited for you, like it is huge.

Speaker 2: 26:12

I'm so excited and if you knew me three or four years ago, it's just funny where God has taken me I would not have been on anything I was. I've always been very analytical and very business oriented and really good one-on-one, but I was not going to be on any kind of show or do any kind of speech or speak anywhere and it's just kind of evolved and taken me all these places and it's just, it's been so wild and so fun to watch it work itself out.

Speaker 1: 26:41

Yes, that's so cool. I'm so happy for you, I'm so happy to see you you know a fellow, a fellow running buddy to be so successful. Yes, thank you, thank you Doing all such great things. I'm really proud of you, thank you. I'm going to assume that that is the two things that you have on the horizon is your program that's going to be launched pretty soon, and then, your Facebook Live, which I'm sure will keep you busy.

Speaker 2: 27:10

Yes, yes, very, very excited about all of those things. So, and the people I'm meeting along the way, so that's so cool.

Speaker 1: 27:19

So, michelle, I think that you really just listening to you and I hope the listeners are listening and know that you know. As far as purchasing a home, talking about that, you know, yes, you're not going to know whether or not you can or cannot do it, unless you just do it. You got to find out where you're at and I think you know. Like I said, for me was, could this even happen? But you're right, a lot of people think, well, I can't afford a house, I don't got that kind of money, and they're thinking that they need the full blown cash money for that whole entire home, and not at all Don't need to do that.

Speaker 1: 27:57

And you shared with us what are the ways that a woman can go about purchasing a home. You gave us an idea of what the forecast looks like. And then, as far as those women who are entrepreneurs and who own their own business, you're doing service to them as well. So, if they're interested in reaching out to you to have you as their coach and helping them to be successful and then, of course, they can watch you on Facebook Live. I'm going to need a link for that too, so I could put that in the notes so people can watch you. And when is that launch again?

Speaker 2: 28:31

This coming Wednesday. Like he wasted no time, so yes, first Wednesday of the month. Wednesday at 9 am. Central is our first show, and it'll just be the two of us myself and Rick and he's hilarious. And then the week after that we'll start having some awesome guests. So I'm so excited.

Speaker 1: 28:50

I am so happy for you. I'm excited for you. Thank you, so I think that you dropped a lot of gems for us today.

Speaker 2: 28:58

And.

Speaker 1: 28:58

I appreciate you being on here and, like I said, I wanted you here because not only are you a successful business woman, a successful coach, but you're also a giving coach, and I say that because you really want all of us women to be just as successful as you are. So I do appreciate you coming on here and sharing all the goodness.

Speaker 2: 29:20

Thank you, thank you. I know in my life I've had some strong, supportive people and the most important thing they've told me is don't give up. So don't give up. Whatever your dream is, whether it's homeownership or a successful business, don't give up. Just keep going.

Speaker 1: 29:39

See, she's such a nice soul, I'm telling you, such a good soul. All right, michelle. Well, thank you again. Thanks for coming on. We're going to put all the links for people to get a hold of you on the show notes. Awesome, thank you so much. It was great to be here. Thank you and thanks everyone for listening. Bye For you and me, for you and me.