Welcome Home with Monique

Kevin Krall 0:00
The content of this program is paid for by Monique Buchanan LLC. The content of this program does not reflect the views or opinions of 91.5 Jazz and more, or the University of Nevada, Las Vegas. You see me

Unknown Speaker 0:26
good morning Las Vegas. Thank you for tuning in. I am Monique Buchanan with Deville Realty Group. And this is the welcome home with Monique show. On this show, I'd like to enlighten future homeowners with the home purchasing process, as well as the home selling process. So thank you for tuning in. Well, hello, hello, hello, Las Vegas. It's Monique Buchanan, the host of the welcome home with Monique show. And I just want to say I took a little time off went to Atlanta on a great real estate retreat. It was amazing. I've got a team out in Atlanta, I've got a team in Seattle, I've got a team in Texas. And sometimes I have to go out there and show my face. And I'll tell you what, they they hosted me well, it was a great real estate retreat, I learned a lot. But I missed you guys, I missed you here in Las Vegas. So if you have been hearing my previous last like two or three shows, they were actually recordings from back, you know, last year or so just so you know, some of those numbers might have been a little bit off. But those were just some pre recordings because I was out of town. Now listen, I want to give a thanks to Allah, Donna, and my credit girl Tanisha. They did my show when I was in Atlanta. And I'll tell you what, it was an amazing show. If you missed it, don't worry, I'm about to start my podcast where you can jump on. And you know, listen to any of my previous shows that I've done over the last almost two years now. Isn't that something you guys it's almost been two years. It's crazy. But I love you guys, I'm so thankful to have this show and be able to get this information out to you guys. Because you guys are always calling me and saying Monique, we appreciate the information that you're putting out amongst the community. And so Hey, at the end of the day, that's what I do it for I do it to just hopefully help you. If you are in you know in the mind of purchasing any property, commercial or you may be residential or investment property. I'm here to try to help you just kind of know those you know little tidbits that will help you along the way. I love to explain the process. I absolutely love being a realtor. I love it. I love being a part of people's dreams, you know basically coming true as I know it's a lot of our dreams to own property to own our own home or to build a portfolio in investments and I love being a part of that. So I just want to take a moment to say thank you to all my que UMB listeners. You know all my people that follow me on social media at Monique Buchanan on Instagram or just Google Monique Buchanan I'll come right up. And I thank you guys for just supporting me send me referrals send me your friends and family because you know you trust me with them. And that does not go unnoticed. Thank you so much. So let's jump into our show today. It's a good one since you know I've I've been away. I want to come back and kind of talk about some what we call myth understandings. And unfortunately, there's so many out there you know, you have to have 2030 $40,000 to purchase a home and that's just not true. Okay.

Unknown Speaker 3:25
If you're a first time homebuyer, which just means if you have not purchased a home if you have been renting, okay, for the last three, you know years, you're considered a first time homebuyer All right, and what does that mean for you? That means that you only have to put down 3.5%. So there is no 20 $30,000 that you have to save up for your down, especially if you're a first time homebuyer when you hear those figures, you guys, that's typically because they're talking about either investment properties where you need to put down 20% Or maybe just maybe it's your second home purchase or something and it's not you're not a first time homebuyer so anyways, I'm recording this live for the first time. I have a quite a following on Facebook. And a lot of them were were saying, hey, Monique, you know, can you please start recording your show live so I'm doing it so I just want to say hello. So if you hear me talking, you know I'm not going crazy you guys I've just got the live in front of me as well. But yeah, let's jump back into this. Real quick. Did you know that if you own a another property in another state, let's say that you own something like I actually got a phone call. Last week a gentleman called me and he says, Hey, I'm looking for a rental. I'm having a very hard time finding a rental. And we all know right now it's it's a nightmare. You guys, if you're out there looking for rentals, it is a nightmare. I'll dive into that later. But anyways, I asked the gentleman I said listen, I don't really assist with rental properties, but can I ask you, why are you renting? And he said, Well, you know, I don't have the, you know 10 20% That I have to put down because I already own a home in Detroit. You know I work for Delta. I'm a supervisor, I own a home in Detroit Monique. So I don't have, you know, that big hunk of money that I would need to buy my second property here in Vegas. And so I went ahead and shared with him, Sir, if you are renting out that property in Detroit or even if you're not renting it out, but Las Vegas is your primary residence. Okay, here's one of the MythBusters wherever your primary residence is, okay, you can still go ahead and put down, you know, 5% You know what I mean? You don't have to put down 10 15%, you can still put that lower down payment, because this is your primary residence. Okay, so it doesn't matter that you already own a home somewhere else. As long as this is your primary residence, you can go ahead and take advantage of that low downpayment. That's great, great news, right, guys? Because right now, we all know that the the interest rates are still at a at an all time low. Okay. The other day my client called in, what did we get him, we got him a 2.875 interest rate. That's so low, you guys. Just to give you some idea when my my parents purchased back in like the early 2000s, their rate was 8%. Okay, here's another one. When I purchased, what, four years ago, my rate was 4.25%. That's a great rate, I was bragging about that rate. So when people ask me, Monique, you know, I heard that the market is, you know, it's bad time to buy for buyers. No, it's not a bad time to buy for buyers. It's just not a buyers market. So what that means is, there's more buyers than there are sellers right now. And what that entails is that the sellers have the upper hand, because there's very little inventory to choose from right now. Does that make it bad for you to buy? No, it doesn't. Because if as long as you can go ahead and secure a property, you're going to start making equity, you're going to start building your wealth. So no, if you have an opportunity to buy right now, definitely take it. Now that way, I can best explain what's going on in our market here. And not only here in Las Vegas, but nationwide. It's like, you know, when they have the Black Friday sale, you know, everything's gone. That's basically what's happened in America. You know, they dropped the Feds drop these rates so low, everybody started taking advantage of it, of course, you know, 30 year fix at 2.875. Unheard of you guys. So what's happened is, all the homes are being sold. So there's very little to choose from. But if you're in a space where you're able to go ahead and purchase, you know, you've got your two years on the job, your credit score is over 600. Okay, because remember, I do have access to a grant program, that you only need a 600 credit score, there's no income limit. All right, if you went ahead and saved your money, then you only need a 580 credit score, there's another mythbuster you guys have right? You only need a 580 credit score. If you have 401k that you can pull your downpayment out of, alright, you only need a 580 credit score for FHA. Alright, so let me give you an idea. Let's just say that you're buying a $300,000 home, alright, you're going to be putting down 3.5%. Plus, you're gonna have this thing called closing costs. closing cost is another 3%. So if you were to say, Monique, you know what, I've got some savings, I want to go ahead and just knock this out myself and take advantage of the low rates. Because remember, when you get grant monies, they have their own rate across the board for everybody that has over a 600 credit score. So it doesn't matter if you have 800 credit score, or you have a 6605, you're gonna get the same rate that grant has for everyone. But if you have your own savings, then you can take advantage of the extremely low rates right now, that would look like $19,500 for you. Okay, that's the what the down and the closing costs at a $300,000. Purchase Price, your out of pocket would be around 19,500. That's if you pay yourself, if you take advantage of the grant program that I have access to, it would be under $4,500. All right, because my grant is going to give you 5%. All right, it's going to take care of your entire downpayment, which is at 3.5%. And then the rest is gonna go towards your closing costs. Or if you don't want to do it that way, you can even do what we call, buy down the rate. Remember that that you're locked into that rate. And I think the rate for the grant right now was 3.75, which is not high, it's not bad. But if you said you know what, I want to just have them pay my down. And I want to take the rest of that money that they're gifting me as a grant. And I want to buy down my rate. I want to buy it down to 3% You can do that. You know what I mean? So anyways, with all that being said, I was I was talking about my client calling he wants to get a rental. All right. I asked him why are you renting? Do you realize that you're about to spend at least $4,000 If you're looking at a house, you got to pay first you got to pay last. You got to pay your deposits key pet all that. And they're gonna run your credit So basically, you're gonna go through the exact process, almost, that my lender is gonna put you through to qualify you to purchase a home. Okay, and to be honest with you right now, it's so hard out there for the rental, you know, the renters, they want over a 640 credit score just to rent. So why not go ahead and let you know a lender pull your credit, and see if they can go ahead and get you qualified, a lot of people are always shocked that they are qualified. All right, and there's another mythbuster. So it's really tough right now for them, they've, you know, they're requiring higher credit scores, because of COVID. And all the issues that the landlord's had, they're being more strict when it comes to renting, especially when you've been living in your property for three or four years. Now you got a 30 day notice to vacate because the seller has taken advantage of this hot seller's market, he's gonna go ahead and and call me up, he's gonna call me up and have me list his property. So now you have to try to, you know, find a rental property. Well, you've been paying $1,300 a month at this place, you get into the rental market, and you see that our average rental right now, three bedroom home, just standard normal three bedroom is anywhere from 1700 to $2,000 a month. That's the average right now, here in Las Vegas, do you not realize that that's how much you could be paying for a mortgage $2,000 a month, you know, and if you do pay $2,000 a month, for five years, you're gonna pay $120,000 in rent, basically, you're gonna give that landlord $120,000 towards the payoff of his property, why not have that pay off your property. And just to give you an example, I own my house for four years, on average, I've made $37,000 a year. And so let's just use those figures. Okay, I'm at five years $37,000 in equity, and I just have, you know, I have a normal three bedroom house, you know, let's pretend that you go ahead and you do get qualified with me and my my lenders. Now, you're not only going to have 120,000 that you pay down on that property. Let's pretend that is the $300,000 house that you bought. So now you've paid $120,000 off on your own primary residence. And you have made $185,000 in equity, because you're making on average $37,000 a year. Look at all that money, you guys. So why would you do that for a landlord? Why wouldn't you take the 10 minutes it takes for my lender to run your credit and see if you can get approved and I apologize my number if you're interested in this, or you need more information. I've been rambling. My phone number is 702984 3700. I'm Monique Buchanan. If you're just tuning in, this is the welcome home with Monique show, and I'm just kind of explaining that, hey, stop stop paying the landlords let's let's start building some wealth and equity for you and your family. Okay, so if you're interested in more information, my number is 702984 3700. My website is welcome home with monique.com. I can assist you in any state in the nation. Okay, so if you're hearing this in Louisiana, you're hearing this in Florida. I've got you covered. I just got back from Atlanta for my team out there. I'll actually be going to Seattle, I go to Texas quite often. I've got a great team in Texas, down there in Houston, Dallas, in Austin. So you guys, I've got you covered no matter where you're at. I have clients all over the nation. And my grant program that you hear me talk about, guess what? That's all over the nation as well. All right. So let's go ahead and dive back into it. Listen, did you know that you can use your VA benefits to purchase a multifamily home? This is kind of like my Did you know show?

Unknown Speaker 13:50
I called it the myth understandings. I want to break up some myths that are out there. But did you know that you could use your VA to purchase a multifamily home you could also use the grant program that I'm speaking up. In fact, that's the easiest way to get into building your portfolio as an investor. It'll be the only time that you don't have to put down 20% as an investor. It's the first time you buy if you buy multifamily unit. If you buy a four Plex I had a lady call me yesterday said hey, I got my BA, I want to buy a four Plex. Find me some that are 500,000 or less. I just sent her a whole list before I came on right now to do this show. Okay, so that's so smart. She needs to just either occupy one or have one as an office. And of course, you want to run that by the lender to get the specifications but that's my understanding of it. If you use a grant, you need to occupy one of the units, but you can be a landlord and have a rent roll. People already renting already in place. The property is already producing income. Okay. In many cases, these places are already rented out. They stay rented out. I'll provide you with what's called a rent roll. It'll show you Okay, you've got four two bedroom apartments. See, these three, were charging 850? Well, that was a year or two ago, you probably are charging $1,000 per each one now, because like I said, average rent for a three bedroom house right now is $2,000. So, two bedroom apartments are like $1,000 at least. So there you go, you're making three grand off of the properties that you're, you know, off your four Plex. And you're currently going to live into, you know, live in the one, the one I know what the grant program, I believe you have to stay in that property for three to five years, three to five years, but hey, you're you're now your property is paying for itself. And you're gonna have that property as an investment as part of your portfolio. That's awesome. Right? And you use a grant to buy it. That's amazing, you guys. It's amazing. So, if that interests you, once again, my number 702984 3700 This is Monique Buchanan. You can check me out on my instagram at Monique Buchanan. Also, you can find me on Facebook. Monique Buchanan, bu ch a n a n. All right, guys, let's get on into it. Another thing. One of my favorite things that I've been talking about lately is if you currently own a home, okay, even you know a lot of my clients that I sold a home to last year, they're already sitting on at least $60,000 in equity. Isn't that awesome? So if I sold you a home last year, more than likely you're sitting on at least $60,000? You know, 40 to $60,000, just depending on what area you bought in. All right. So with that being said, let's start talking about making that money work for you. All right, right now it's doing nothing. I mean, it's growing. Like I said, every year I've been I've been personally averaging about 37,000 in equity, but why not make that equity really work for you? You know, I forget who it was I said, you know, you're not making money while you sleep and your work for the rest of your life. So let's let me show you one way to make that money while you sleep. You can do what's called a cash out refi. Alrighty, what you're going to do is you can take up to 70%, in many cases on whatever equity you have. All right, so let's pretend that you want to buy a house. Okay. And let's say that you want one, I think it was what 325 $325,000 house, you're gonna need about $74,000 in equity. Now, I bought three, four years ago, I'm sitting on about 150,000. All right, so if you already know or if you need to know how much equity, you can always jump on my website, welcome home with money.com. And I can provide that for you. But listen, $74,000, you're going to put that down, because remember, now you're buying an investment property, your second property is going to be 20%. Down, okay, 74 grand of your equity, you still have some equity there, you haven't touched it all in many cases. And now you're going to create that residual income. So I pulled a couple properties the other day, and like I said, on average, we'll just do the average is going to be $2,000 a month. Alrighty, so with 20% down on a 325. Purchase, more than likely your premium is going to be around $1,500. So you're you're clearing almost $500 every single month. Okay, so you're making $500 every single month that you would not have made had you just sat on your equity what you're doing right now. Alright, you don't have to sell your house, if you don't want to, of course, I can help you with that as well. But you can take advantage of the equity that you're sitting on. Okay, so you got $500 that you weren't making before, every single month, as $6,600 a year that you weren't making, had you not made that move the cash out refi All right, and purchase another property with me, then you would not be making any money off the equity that you already are sitting on, take advantage of it. Make it work for you keep building your portfolio. You know, we're not getting any younger. At least I know. I know. I'm not. And I want to have that residual income when I do decide to retire. I'm thinking that you guys probably are on the same page. Right? So let's pretend that you're buying a condo, you don't have to buy a house. I was looking at on MLS what today there was condos for $180,000.02 bedroom. Three miles from the stadium. All right, purchase one of those, they'll stay rented out. Okay, you're only going to need about let me see what was it like? 20 30,000? I think? No, it was 40,040 $2,000 for 180. I remember $42,000 of that equity pulled out of your current property. Because right now you're just sitting on all that equity and it's doing nothing. Go ahead and pull that $42,000 out. I'll get you with the lender that you need to get with. Make it happen. I'll get you out there and show you the condos. All right. Now you've got rental income. Once again, you're gonna clear about on average about three to 500 with that condo and I say that because a lot of condos have high HOAs Okay, so your mortgage payment will be low, but your HOA might be like 150 Okay, but still, that's three to $500 a month that you weren't making prior to making that, you know, that decision of doing a cash out refi All right. So let's not Get on our equity, let's make it work for you. Now, with talking about doing these refunds, you only need like, for normal refi 620 or higher credit score, I just talked to my lender on the way in here, one of my lenders and he said 620 or higher, you can be late you can have like 130 day late on your mortgage, they can pretty much work around that if you've got more than one, then you probably need to wait until you have 12 months worth of no 30 Day lates. Now don't get it mixed up. Because one of the other beautiful parts of being a homeowner is our mortgage isn't due on the first, we have all the way up until the 15th to pay our mortgage. All right. So even after the 15th we just get a small fee, maybe $35. But technically, we're not late until after 30 days. So if you need some time, being a homeowner, you have it. All right, that's a beautiful part of being a homeowner. Another thing, guys, when you buy a purchase, when you purchase a property with me, you're going to skip one month's rent, rent. We're not doing rent anymore. So forget that you're going to skip one month's mortgage for sure. All right. So if you tell me Monique, well, my, my lease is up in November. Okay. Well, I said, well, listen, don't worry about it. Let's start looking here in October. All right, we're gonna go into escrow that only takes three to four weeks, I'll give you your keys to your new home in November November 1. All right, you're not going to make a payment on that property till January, maybe longer. So that gives you a little cushion. If you're thinking about purchasing right now. You know, the process only takes three to four weeks once we lock in a property for me to give you keeps, but you're going to skip one month's mortgage right. So let's jump back into it. You can have a 30 day late and still do your refi. Alrighty. You can also do what's called a streamline. So if you already know that your credit is not that great. In fact, it's kind of bad right now. But you are, you know, feeling like oh, man, I really want to take advantage. And you know, I did buy my house at a 5%. But my credit is shot right now. And you're already leaving the myth understanding that you can't refi that's, that's not true. You can do something called a streamline. And what does that mean? They basically don't look at your credit, they just look at your mortgage history payments. So if you've been making your payments, you know, no, no later than 30 days, you have no 30 Day lates on your mortgage, then you're good to go with FHA. Okay, so you can take advantage the low rate, save 100 or $200 on your payment. So that's great news, guys. Right? Once again, my name is Monique Buchanan. I do this show to hopefully help anybody that's listening, that's purchasing property anywhere in the nation, if you'd like for me, to assist you, with your purchase, or find somebody that can, you know, give you all this great information in your state. My number is 702984 3700 702984 3700. My website is welcome home with monique.com. And I am a local Las Vegas realtor. If you're just moving to Las Vegas, I'd love to assist you, and help you to find your next beautiful Las Vegas. All right, and actually not just Las Vegas. Like I said, I've got a team every like, everywhere you guys, you have no idea Florida, everywhere in New York, everywhere. I've got team members all across the nation that I can reach out to on your behalf, make sure you're in good hands. Alright, so let's jump on back into the show. Now listen, I I want to give a shout out to my blocks. They are there. There are some of my clients. They're also friends of mine since high school, but we were just looking at property, I'm going to share this story with you because it can it could affect a lot of you that are listening, that are currently looking at property or looking to purchase property and work in the casinos. Something that's been going on a lot lately is the casinos you know everybody went back to to work full time pretty much in June with the casinos. Now, what we found is a lot of the casinos are not for whatever reason, it's not being reported correctly on their systems. And I've I've not only heard from my buyers, I've heard from some other realtors as well that, you know they're having an issue with that. So you have to go into your HR because it's basically what it's doing is the system is saying that you're not back full time. But but you but you are and that can actually kill your deal. So I'm just giving a heads up to even the realtors out there that happen. Buyers right now that work in the casinos. You want to make sure to do that verification of employment, if it's coming back that they're they're missing hours or it's a problem with the system that they need to go talk to.

Unknown Speaker 24:27
Okay with the HR department, we've figured it all out. I've gotten to the bottom of it. And I said you know what, I'm going to mention this on my show. Another thing if you're in the process of purchasing a home right now, you guys, please remember to try to maintain those hours. They you know, hey, they used to call me the early out Queen when I worked in the casino. I was the EEO queen. I love to take advantage of leaving early, but when you're purchasing a home, you kind of want to leave your hours at that 40 If you can, okay until I give you the keys to your property. Try to keep your hours steady. All right. So once again, let's go over this, let's just recap what we've already talked about. Basically, I was letting you know, hey, you can purchase a home right now and take advantage of the low rates. All right? If you own a home out of state, that's not a problem. You guys, if you're living now in Vegas, for the most part, like I told you, my, my clients know now they're, they're my clients now. I told him, why are you renting? He said, This is why I said, well, guess what, I've got great news. That's not going to lock you down. I got him approved. We're out looking right now. So he's now my client. So anyways, he's a Delta supervisor over in Detroit. So he spends a lot of time in his house in Detroit. But the majority of the time he's here in Las Vegas. So in his mind, he already owned a home and thought that he could not purchase here because he'd have to put a, you know, an astronomical amount of money down, but that was not true. So I went ahead and let him know, that's not the truth. You're good to go. Got him with my lender he's approved. We're out looking actively right now. So we're gonna get him a house here. And he only had to put the the, I believe he put down 5%. Okay. And for him, I think that was like maybe $10,000 $11,000. He already had that saved up in his savings. So we're out looking right now. So there you go, guys. Don't believe the hype. Alright, so if it's your primary residence, you don't have to put down an astronomical amount. All right, even if you own over in Hawaii, or wherever you may own doesn't matter. You can use a VA, your DD 214 To purchase a multifamily unit. There's also no limit with your VA. Now that was a rule that was changed, I believe, during COVID or right before COVID hit no limit, if you can afford it, you can buy it. All right. There you go. You can also use the grant program that I talked about, quite often, there's multiple grant programs, you guys, I just the one I talked a lot about was my personal favorite, because I use it for myself. But there's multiple there's, there's a bunch. So what I do is I get you with my grant specialist, and they will go over all of them with you. And then you'll determine which one you'd like to go with, if you want to use a grant at all. Now, I always tell you guys, I love the grants, because they help people that otherwise couldn't, you know, get into a home, get into a home. But if you have the means and you have the savings, by all means don't use the grant, in my opinion, because you're going to be able to if you have a decent credit score, take advantage of the low low rates. Because the grant programs come with a fixed rate. Okay, that's across the board. They don't care if you have a 800 credit score, and the guy next to you has a 615 You're both gonna get the same 3.75 rate as of a couple days ago with the one you know one particular grant. All right. But remember, you can invest in Vegas steal you guys, you have not quite missed the boat. It's still there. So go ahead and catch it. They've got two bedroom condos right now, right now. $180,000 near the strip, you know, so if you need more information 702984 3700 702984 3700 This is Monique Buchanan with the Vale Realty Group. And I am just going over some options for you. As far as maybe using your equity that you're sitting on as an home owner. Right now, if you purchase Las Vegas Property or house, in the last couple of years, you're sitting on a good chunk of change. But what we want to do is turn that change into some dollars, right? So that's what I'm telling you how to do it. Just go ahead and and you know, get a cash out refi $42,000 If you want to purchase one of those $180,000 condos, because now you're going to need that 20% You're gonna more than likely clear three to $500 A month $5,500 or $6,600 a year that you would not have made had you not decided to become a landlord yourself, you know, and start building your portfolio. Okay, guys, well listen, I'm gonna go ahead and end it right there. Once again, if you missed any of this or you want to find out more, my phone number is 702984 3700 702984 3700. I'm gonna go ahead and say goodbye to you guys and I hope to hear from you soon. This is your friend, your realtor, Monique Buchanan Have a blessed weekend

Unknown Speaker 29:24
thank you so much for tuning in to welcome home with Monique and I look forward to you listening next Saturday 8am Mine Nevada real estate division license number is S 17846 Be blessed. See you next week.

Transcribed by https://otter.ai