Business of VO: Bosses on the Move

What’s a Boss to do when they need a major change in scenery? Duh, they make a move! But physically moving your business is a royal PIA — pain in the Anne! Yup, Anne Ganguzza is putting her house on the market and we talk about the good, the bad, and the ugly wallpaper in that half-bath! Join us for this episode of House Hunters, voiceover Boss style!



Takeaways

Quick Concepts from Today’s Episode:

  1. Anne’s purchase of a new home has created a bit of chaos and it’s made us realize that a move is major for any boss.

  2. When an entrepreneur wants to make a major change, it’s not a question of IF, but simply when.

  3. On the surface a bold move can seen impulsive or rash but it’s usually not.

  4. But self employed individuals must be prepared for the process of purchasing a large item like real-estate without traditional employment. It’s a different process and may require a less conventional loan.

  5. Living and working from the same locations also comes with many specific property requirements that other home buyers may not have.

  6. Not all homes are equipped to accommodate a business and not all locations are ideal for a voiceover business.

  7. If you maximize your business deductions and the tax benefits of owning and business and working from home, you are likely minimizing your taxable income. Doing so can be problematic because your taxable earnings may not show the income needed to qualify for a large purchase.

  8. Lenders still want the business of self-employed borrowers, but they will likely want a higher interest rate too.

  9. Stated income loans can be more difficult to acquire.

  10. Lenders may also require you to pay down debts in order to improve your debt to income ratio.

  11. Debt to income is most prevalent when buying a home.

  12. An accountant and financial planner working together can greatly help you with obtaining large purchase goals.

Tweet This

Share ideas with your own network ++

My decision-making make seen rushed, but it’s probably more pre-planned than you think. #VOBOSS

Being a boss takes a leap of faith. Wanna jump with me? #VOBOSS

Moving is expensive! #VOBOSS


Referenced in this Episode

Direct links to things we brought up ++

  1. Tips on getting a home loan, for freelancers.

  2. Aside from finances, the act of moving is complicated. Here’s one checklist to help make sure you get it all done!

  3. Recorded on IpDTL

Full Episode Transcript

>> Today’s voiceover talent is more than just a pretty voice.

>> Pretty voice.

>> Pretty voice.

>> Pretty voice.

>> Today’s voiceover talent has to be a BOSS.

>> BOSS.

>> A BOSS.

>> A BOSS.

>> Join us each week for business owner strategies and success with your hosts Anne Ganguzza and Gabrielle Nistico, along with some of the strongest voices in our industry.

>> Rock your business.

>> Rock your business.

>> Rock your business.

>> Like a BOSS.

>> Like a BOSS.

>> Rock your business like a BOSS.

>> Rock your business like a BOSS.

>> A VO BOSS.

>> A VO BOSS.

>> A VO BOSS.

Anne: Hey everyone, welcome to the VO BOSS podcast. I’m your host, Anne Ganguzza, along with my VO BOSS bestie. God, I miss you, Gabby, and I need you now…um oh, Gabby Nistico. Hey, Gabby.

Gabby: I can hear the stress. I can hear the stress pouring out of you right now, Anne.

Anne: It’s affecting my performance.

[both laugh]

Gabby: You’re frantic. So this is fun. Anne blew up her life, like –

Anne: I did.

Gabby: [laughs] I’m gonna let you just go ahead and tell. Go ahead. Take it away.

Anne: I think, Gabby, the appropriate title for this episode should be “Bosses on the Move.” Yes. I’m moving. [laughs]

Gabby: [laughs] 

Anne: And this has just, and it formulated as a simple thought at first.

[both laugh]

Anne: Where I said, you know, it’s a good time to sell in my town. It’s a pretty popular town to live and I bet I could make a decent profit on that, and you know what? I really would like to just have a little bit of change. Maybe we’ll start looking for a new home.

Gabby: Maybe turned into – 

Anne: And that just blossomed into this full force, kind of like how Anne Ganguzza does things. Don’t ever just do anything lightly. I have to go full force into it.

Gabby: While her husband was away on business –

Anne: Yeah, this is what happened.

Gabby: – Anne went and toured a lovely piece of property and took video.

Anne: And I loved it.

Gabby: And before Jerry’s plane even hit the ground home, she had put down a deposit on this place. 

Anne: Jerry, the day after he flew home, we went to go look at the property and then we put a deposit down on it. [laughs]

Gabby: Now she’s in a mad rush to pack up her existing house, stage it, get it ready to sell.

Anne: Yeah, we haven’t sold this house yet. Here’s a couple of things that, you know, might help.

Gabby: Avoid your impulsive nature. [laughss]

Anne: Here’s the deal. I think anybody who’s listened to this podcast knows that I very much run my business and personal life with my gut. When my gut said, you know, maybe it’s time to sell and move, I listened to it. And when I saw – you know, Gabby, I think this happen to a lot of people when they go and they look at a property, and as soon as they walk into it, they know. They know in their heart, that they can see themselves living there and this place is calling them, or at least that’s me. That’s how I shop actually. [laughs] Those shoes, they’re calling me, Gabby.

Gabby: Yeah, I relate to that. For a lot of entrepreneurs, once we engage the process, it’s no longer an if. We’ve somewhere in our minds made up that this is the right decision.

Anne: That’s the goal.

Gabby: As much as I’m enjoying giggling at you and watching your panic ensue – 

[both laugh]

Anne: It’s a controlled panic, I like to say that.

Gabby: It is, it is. As much as I’m watching the comedy of it, there’s something to be said though for bosses behave this way. When we want X, we go for it. That’s it. We do it.

Anne: Totally agreed.

Gabby: Things that on the surface to other people can seem like a very snap decision or a very rushed decision we go, “well, no. This is what I wanted to do and these are the facts and the statistics that I’m working with, so why delay?” 

Anne: And you know, before any of our listeners sits back and say “wow, that Anne is a little bit crazy. She hasn’t even sold her house yet,” – right there’s a big leap of faith, and I think we all can identify with that leap of faith because any of us that have gone into voiceover, and come from a corporate background, and decided to go full-time or even take the leap into VO to begin with, that’s a leap of faith. This is certainly a leap of faith, however I don’t want you to think that it’s, that there’s not something to back it up with. I’ve been diligently accumulating funds in my safe account [laughs] you know, for just something that, if it were to happen to come along, that I could use those funds for. And so making that decision was not as difficult or as wild or as crazy as it might seem, because I knew that I had funding for the majority of it, and I have a belief, I have a faith that my house is going to sell. It will sell. It just depends on what price it will sell at. Guys, just so you know, I have a lovely home available in Southern California for those of you that are interested, and it will be listed on MLS quite soon. [laughs] Feel free to come down and take a look. 

Gabby: For those of you who have not been through the process of purchasing a major thing as a self-employed individual, there’s a fun process here, guys.

Anne: Oh yeah.

Gabby: It comes as a bit of a shock.

Anne: Which hit me in the…in that place. I went, whoa! [laughs]

Gabby: I want to touch on some of the logistics, some of the things you have to be prepared for if you’re doing this professionally, and you know that a move may be in your future. You know, obviously the buying and selling process alone, right, it’s very stressful. There’s a multitude of factors to consider on the buying side because we have these wacky, weird requirements that other people don’t necessarily have.

Anne: [laughs] Yes, for the buying side, and we’ll say that t all starts with a discussion about money, right, because if you’re thinking of selling and/or buying, you have to really sit down and take a hard look at numbers, and that’s something that’s very difficult sometimes for us to do. A hard look at numbers is what can you afford, right, and that right there alone is probably the number one stressor. Plus where we’re looking has to be able to accommodate our business. As you’re mentioning, Gabby.

Gabby: Yes. Again, this is where I feel like we’re always in sort of a Catch-22. On one hand, self-employed individuals who are running their business well, who are taking tax deductions to the fullest, who are working with an accountant who’s helping them to make sure they’re maximizing deductions, and reducing their tax debt quarterly, annually, whatever it might be, we don’t necessarily on paper look to make a lot of money because that’s one of the ways that we keep that down.

Anne: That’s one of the ways we run the business.

Gabby: Right. The problem then becomes when we go to a lender and say I would like to purchase this thing, they want to see our income.

Anne: And borrow less money. Exactly. That’s the one thing, Gabby, that did take me by surprise. Not you, because I know you’ve already been through it. So my husband, who has, you know, a job, they take his gross monthly income, yet for me, because I’m self-employed, they take a net monthly income. And there’s – when we had our discussion with the lender, that was like, what? [laughs] And so they’re also looking for any excuse in the book to say – of course they want to lend me money. Of course they do. But they want to lend it to me at a higher interest rate.

Gabby: Absolutely. 

Anne: Any reason for that to happen.

Gabby: It’s a challenge. I mean, when I bought my house, it was based off of what’s called stated income.

Anne: Yes.

Gabby: And stated income has been a fluxing sort of situation for a number of years, especially after the crash in ‘08. There was a lot of issues with stated – you couldn’t, you couldn’t use stated income for a while to purchase anything. The challenge is the bank wants to see – 

Anne: The money coming in.

Gabby: Yeah. If your taxes say you make a certain amount of money, but you go, “no, I make more than that. Really, I do OK.” The problem is the lender wants proof, and that proof comes in the form of your bank accounts and your statements.

Anne: And when that is the case, because now my lender did say I could do that. However the interest rate would be higher.

Gabby: But there’s another kind of piece to it that’s very, very stressful. I know for me, when I went through this, it’s that you have to have a certain amount of money in the bank.

Anne: Oh yeah.

Gabby: Untouched. And it has to stay there.

Anne: As proof.

Gabby: It’s so funny, because you go ok, one of the most expensive times in your life is moving. It’s the packing, it’s you have to pay for the movers, you have so many expenses that pop up, repairs, then you have the acquisition of new things for the new place, there’s all of this stuff, and they’re going right, but you can’t spend anything.