Welcome Home with Monique

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This is a k u and v studios original program.

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The content of this program does not reflect the views or opinions of 91.5 Jazz and more the University of Nevada Las Vegas or the Board of Regents of the Nevada System of Higher Education. You see me?

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Good morning. This is Monique Buchanan, the host of the welcome home with Monique show. And on this show, I talk all things real estate. Listen, I want to thank you for tuning in. Well, hello, Las Vegas, it's Monique Buchanan, the host of the welcome home with Monique show yet again, I've got a great show for you guys, I just want to get you guys up to date on what is going on here in the Las Vegas market. And if you're just tuning in for the first time, I'm only to Canon, your host, also your local Las Vegas realtor here in the Las Vegas Valley. I cover all areas. And I have the number one lender on my team. Mr. Anthony Valentino on with us today. So Anthony, can you jump on and and give my listeners an update on this market? Please?

Unknown Speaker 1:17
Absolutely. Thank you for having me, Monique, it's always a pleasure to chat with you on all things real estate, especially in this ever changing market. So, you know, as you talked about, you know, what we saw yesterday is not what we're going to see today, and not what we're going to see tomorrow. I mean, this market is changing right before our eyes, just like we've been talking about the last six months about how the next 3060 90 days are going to be the most important time to buy if you want to buy within the next five years. And that's just because we have leverage right now with these rates, you know what they were at an all time high, therefore, the sellers were motivated. Whereas now, you know, the feds, they raise the rates, you know, almost a dozen times in 2023. Whereas now, the feds are forecasted to drop the rates four times in 2024. And drop the rates four to six times and 2025. So just like we saw the rates historically go up over the past year, they're now going to historically go down and and what that's going to do to the supply and demand is completely tilted. Whereas right now we're getting closing costs, we're getting the house we want. Whereas in the next 3060 90 days, once people start seeing these rates are only going down. Now there's going to be 10 people going for the same house. And what do you think that's going to do to the supply and demand?

Unknown Speaker 2:40
Well, Anthony, what's crazy is after the first of the year, the news, it was all over the news, announcing that the Fed had already started to slowly drop the rates. And I have an influx of buyers ringing my phone now to go ahead and buy and not to mention, with all my listings that are under 400,000 I'm already having I've got 10 offers on one of my listings right now, that has not happened in the last six months. But I'll tell you what, I've got a couple listings, I have multiple offers on them, even right now. Anthony, so it's already starting, it's already starting.

Unknown Speaker 3:16
Yeah, I know, it's starting right now. And like I've been telling my my clients, you know, if right now is the best time to buy and, you know, just talk to your local real estate professional or real estate or lender, you know, talk to you talk to me, and just see your options, because right now, if you're sitting on equity, you know, you can be leveraging that you can be using that to your advantage to buy now and then, you know, refinance once these rates get to that, you know, sweet spot in the next 1218 months, but you're able to make a lot better economical decision now that if you were to wait till you know, the everyone shows up to the party, so to speak.

Unknown Speaker 3:56
Absolutely. So I've shared with my listeners that I'm even looking for another property for myself. And you know, I've got a couple of things I need to tackle. And I'm even nervous myself that I'm not able to pull the trigger right, right now like I want to pull it right now. Because I'll tell you what, I just recently had one of our clients, you know, this Anthony. We just negotiated $100,000 off of her $1.35 million home. So it was listed at 1.35. And I was able to get the property for her in escrow congratulations to her for 1.25. Now had she waited? I know this, you know this Anthony had she even waited a couple of months. There's no way I would have gotten that much that much of you know, been able to negotiate that much from the seller for my client. So the market is changing ever fast. And I was looking at a property over at Toll Brothers just the other day for myself. And the young lady that works for Toll Brothers told me, Monique, I'd love to hold this home for you. She said but I I can't hold it and I just need about a month, maybe two. She said, by that time, this, this property will go up 100,000. She said, I guarantee you, I said, Well, you know, I don't want to buy it if it's gonna be 100,000 That's why I'm like, even for myself, so I'm, we're not just talking this, I'm actually out there myself leveraging my equity in my home to purchase a second property. So you're, you're absolutely right now, what are some ways that they can leverage their equity? Can you share that with them, Anthony, in case they want to reinvest in this market, they want to, you know, if they want to give us a call, and we can go out and get them an investment property, or maybe get one of their kids or property, so they don't miss the boat? How can they go about doing that?

Unknown Speaker 5:42
Yeah, absolutely. And just to touch on what you said that, you know, you that I see you do, you know, you have what I call BEAST MODE agents, which are, you know, agents like you, and then you have agents that just push buttons. And so, you know, with a beastmode agent, like yourself, you know, we had a client, and this client was in stagnation, because, you know, they just, they were not finding the house they want in the price range. And they also didn't like the rates, because you know, the rates being in the upper sixes, and then they were dropping to the mid sixes, but they were still a high, you know, still a high payment. And that's when you came in, say, You know what, let's bump up this purchase price, let's ask for 100,000 reduction, let's ask for 30,000. In closing costs, let's drop that rate to 4.5, the first year 5.5, the second year, and then year three through 30, goes to 6.5. And now she was able to get a house she wanted that was out of her reach, but now was in her reach. Now she's getting that rate in the fours, like it's going to be in the next two years. And so she can date the rate and buy the house. I know, that's the crazy, you know, slogan that everyone hears, but it's true, you know, in this is exactly what we did. And we took a client who was in stagnation, and now she's in escrow. And, you know, for, for our clients who are, you know, have houses already, and they're sitting on equity, and they don't know what to do with it. That's where, you know, talking with a professional real estate agent, like yourself, talking with someone like myself, we show them math, because math never lies. And they can, we could show that we can create another nest aid, and we can have that money start working for them. And they can take that money out in the form of a home equity line of credit, or a cash out refi. Or we can even do a bridge loan to where they don't even have to sell that property before buying another. And then they could get a bridge loan, which basically bridges the amount of proceeds that they would get from that future sale. And that way, they don't have to sell it right away. And then they purchase another house and then they sell their old house, if they want to sell on that write it out. And then they pay that bridge loan off. And now they are able to purchase before they even sell their current house. So there's a lot of options out there.

Unknown Speaker 7:53
Anthony, that's such an amazing, you know, what, I understand it only because I've been in real estate, can you explain or give an example of the bridge loan? You know, Mr. Smith has a house, you know, something along those lines, just break it down for, for somebody to really grasp?

Unknown Speaker 8:08
Yeah, so there's basically, you know, there's there's two aspects to a bridge loan one, you know, people don't want to have their debt to income ratio, you know, hit on having two houses and two house payments, that their debt to income ratio. And then the other thing is, is they have all that equity that's tapped in that they want to use, but they have to sell it before they buy the house. And so a bridge loan takes care of both of that a bridge loan allows you to purchase a house and then to carry a second of whatever future proceeds, you're getting on the sale of your house to bridge that gap. So that way you can use that prove those proceeds of the equity that of the house that hasn't been sold yet to purchase the new property without having to worry about selling the house before. And so it gives the homeowner or in the purchase or peace of mind knowing that they can purchase the new house, they have the money that they can put down from the equity that's tapped into that house and it's not going to affect them on paper. And now they have 1224 36 months to sell that house and then to pay that bridge loan back. But now it's there's no obstacles in front of them that's stopping them from buying the dream house they want or a smaller house that they need to downsize or whatever situation they're in.

Unknown Speaker 9:22
So it's basically just giving them the money that they would have been waiting on to sell that property to put down on the new drug free, it's just giving them that money upfront. And letting them you know, time about

Unknown Speaker 9:33
selling that house. Okay, that yeah, not only that, but it also helps you Yeah, it helps you as a realtor because you know if you put in an offer on a house and it's subject to them selling their own house that offers gonna look ugly, whereas if you send them a clean offer, now you push them up to the front of the line and now you know their offers gonna look the best because there's no contingency

Unknown Speaker 10:00
Yeah, so you're not telling the new the new person you're trying to buy your house from, hey, I can only buy your new, you know, this new house from you if I sell my other house, because that makes the seller very hesitant to accept your offer. But now you're able to say, Listen, you don't have to wait on me to sell my other house. I'm in a position that Anthony Valentino has put me in a bridge loan, and I'm able to move forward now. And then I'll take my time about selling other other house. So that is an amazing thing. Especially with, you know, the competition that is coming. And I'm glad that you touch on that Anthony, like I tell a lot of people, they said, Monique, you know, I see all these people buying from you. And Anthony, why is that I thought it was a bad time to buy. I say you know what, maybe it's a bad time to buy with other people, other lenders and other agents. But it's been a great time to buy from my clients, because we have been getting them the future low rate today. And that is what you've been doing, you know, you've been getting by clients. And when I tell other agents this, I say listen, all my people that I've sold a home to the last year, we have been able to get them in 4% rates, 5% rates, and they're looking at me like how in the world, you have to have an amazing lender, and knows all the products and has accessibility to all the products, you know, and as a broker. So if you don't have the lending put in place correctly, then you're right, then it probably isn't a good time for you to buy. So on the line today, and he's gonna walk, he'll happily walk you through every single aspect of the loan, and give you all the options. And that's what you need, right? You want to be able to make an educated decision for yourself. There's no pressure here. There's no pressure, it's a five minute conversation. And it's all about educating me and Anthony, are a great team. Because we both care about people. And we both want people to be educated, whether they use us or not. We, we hope and pray you would use us after educating you. But at the end of the day, it's about enriching your lives in letting you make the best decision for your families. And that's honestly what, what truly matters, right, Anthony?

Unknown Speaker 12:14
It is. And you know, the biggest thing I look at is this, if if we take care of our cars, and we send them to the tune up shop to make sure that they're running at its finest. You owe it to yourself to do a property, mortgage assessment tune up, you know, if you own property, or you own assets, let's pop the hood. And let's see how its operating. Let's see how it's working. Let's see, you know, I'm a big believer. And you know, when I used to be a stock trader for Warren Buffett, he encompassed the process improvement, continuous process improvement. And so I look at that with those types of lenses on everything in my life. And and I encourage our listeners to have that continuous process improvement mindset of where you're at now, how can I continuously improve it, and real estate and mortgages and, you know, all of that can be improved? It's just a matter of popping the hood.

Unknown Speaker 13:09
Absolutely, absolutely. So, just in case you're just joining us, this is Monique Buchanan. I am the host of the welcome home Monique show. I'm also a local Las Vegas realtor here in the Las Vegas Valley. And I've got my team lender on Mr. Anthony Valentino. And so we are just going over some different options for you not to miss this boat. I always say this Anthony Las Vegas is turning into little LA, the prices are shooting up. They've already shot up. I don't foresee them coming down at all. Why would they? We have got Hollywood coming to Las Vegas, Oakland A's just announced that they're coming here. So I don't know what makes people think that will ever go back to the $200,000 homes again, you guys. It's just not going to happen. But we're going over some ways that you can access the you know, equity within your home right now, if you don't want to miss the boat, maybe you want to reinvest, maybe you want to help out a family member by getting a home. We're here to guide you and help you with that. My number is 702-984-3700 My number again is 702-984-3700 I will get you with Anthony, him and his team five minute conversation and he'll give you your options. Okay, like I say no pressure. Another thing Anthony uses a Soft Pool method, which means you will not lose points from your credit when he pulls your credit. Is that right Anthony?

Unknown Speaker 14:36
That's right. Yeah. So you know, most lenders have come up with that, you know, that they understand that this is the biggest investment of everyone's lives. And so, you know, myself and a lot of professionals in my industry, you know, we do a soft pool now the ones that do a heartful they you know, they try to get you in and and get you stuck with them. Whereas, you know, at least myself and you know my loan officers under them myself, we do softballs, and we do not do a heartful until you're in contract. So that way, you know, you're not obligated on anything. And you know exactly what your payment is, what your out of pocket is, there's no question marks left on the table, and you're confident going into the, to the home buying process. Without, you know, being, you know, a hard pull on your credit and being forced to one position, that

Unknown Speaker 15:22
is a very good point, because that's a lot of people's concerns, they don't want their credit pooled, and then, you know, lose those points. So I like to always point out that you guys do that. You guys are just totally on the up and up. And I really appreciate that about you guys. That's why I worked so closely with you. But once again, 702984 3700 If you have any questions, we're here to help you guys 702-984-3700 My website is welcome home with monique.com. And you can check out previous shows on YouTube as well. Welcome home with Monique show. So we're gonna dive back into the guys listen, after the first, my phone has been ringing off the hook with buyers, which I'm happy about. They they're reading the writing on the wall. They say, Monique, listen, we need to buy we want to buy now. And we're gonna just go ahead and refinance in a couple months. Now I guess they finally they finally believed me because they heard MSNBC talk about the you know, the the lowering of the rates already. You know, CNN, it's been all over the news. The feds have announced that they pretty much have the economy where they want it. And it's looking good to them. So they're talking about lowering these rates, like you like you mentioned, right? That's right. Yep. So and then you have some other things you have the bank statement program as well, for people out there that are entrepreneurs as well. Can you touch on that, as well?

Unknown Speaker 16:46
Yeah, so you know, you have two different types of loans, you have conforming loans, and you have non conforming loans. conforming loans mean you conform to the guidelines. And so typically, that's the central bank guidelines, whether it's Fannie Mae or Freddie Mac, or FHA or USDA or VA. first time homebuyers, seasoned homebuyers, you know, those are conforming, where they want to make sure you have the credit score, you have the taxes, you have the pay stubs, you have the employment, all that stuff. Whereas when it comes to non conforming, that's where you do not have those documents, you don't have the documentation to show. But that doesn't mean that this is a back alley loan or a hard money loan. It is by far not even that it's just a different loan for that type of client. So I have a lot of savvy clients who don't like to pay their uncle, Uncle Sam that is, and so they like to utilize being self employed and being able to have all of those write offs. And so they write off all the stuff that they're entitled to. But what that does is it lowers their overall income that they can show on paper. And that takes them out of the the conforming guidelines, and they have to go with non conforming. But you know, a lot of my clients love non conforming, because they only need a bank statement, 12 months of bank statements and they can get approved or a p&l only and they can get approved or at DSCR where it's basically, you know, no income, and it's based off of the debt service ratio of that loan, meaning the mortgage payment meets the the rental payment, and there's no income at all. So there's so many options out there to be had, it just is really, we have to sit down and talk to the client understand their story, what they're trying to do. And that's where we come in to show them the best option for their situation.

Unknown Speaker 18:48
Right. And you guys, if you're just tuning in, I just want to give that number one more time. 702984 3700 We only have 30 minutes on the show. But there's so much to be said, you know, so many different options out there. Now the last one I want to touch on again, is the HELOC. I love that one because it does not interrupt their current rate if they want to pull out money and call us and say hey Monique, we want to reinvest we want to buy a couple of condos by the strip. You know, we know the Oakland A's are coming over there by the Tropicana or wherever. So we want to buy a couple condos over there. But we don't want to touch our current rate with our our home. And that is what the HELOC Can you dive into the HELOC so they can understand that as well. Absolutely.

Unknown Speaker 19:33
So if you're a homeowner and you own a house, whether it's a primary second home or investment, and you have, you know, equity that's untapped. You can pull that equity out in two forms. You can either do a cash out refinance, or you refinance the first loan and and then you take money out and it changes that rate and then you change the loan amount or for most people who took advantage of the economy and have rates in the twos and threes, that is a unicorn rate that we will never see again in our lifetime. So they don't want to touch that. So you have the second option, which is a home equity line of credit, or what is called a HELOC. And that's a second loan that is separate from the first. So that way you don't touch that first loan. And then any money you take out is a second position. And you know, you can take as much as 95% out, you know, so every 100,000 that you owe you, that is worth you can take up to 95,000 out of it. You know, there's a lot of options. You know, you can do ones where you could do withdraw, where you open it up, and then you can take money from it for five or 10 years before you can no longer take money and then you just pay it back. There's fixed there's there's variable, there's, you know, all different kinds of options. There's no prepayment penalties, there's early payment that you can do. There's amortization for 30 years or 15 years, there's a lot of options of what's gonna best fit the client's situation.

Unknown Speaker 21:02
Yeah, so just so they understand it will be when you if you take $100,000 out, you know, and I'm just throwing numbers out there, obviously, Anthony's the lender, but let's just pretend that you'll have an extra $800 payment is that Does that sound about right? Depending on average?

Unknown Speaker 21:19
So I mean, if we're looking at, you know, say, you know, 100, you say 100,000?

Unknown Speaker 21:26
Yes, if they take 100 100, if they have $300,000 in equity, and they decided to take $100,000 loan out as a HELOC around, you know, just giving them some ideas on what that will look like.

Unknown Speaker 21:40
Yeah, absolutely. So, I mean, I have dozens and dozens of clients on a daily basis who feel you know, because I'm licensed in the United States, not just in Nevada. And so I have dozens of applications come in for HELOC where there's no appraisal will where there is no paperwork. And within five days from start to finish, the funds are in and they come to me and their past clients or their from, you know, people who they trust to send them to me and they go Anthony, I have a $600 month car payment, I have $600 a month in in credit card debt, and I have a $300 a month installment loan and I paying $2,000 a month for all of that. And I say okay, that's 75 grand, why don't we take 100,000 out get you 25,000 as well, after you pay all your debts off, and $100,000 loan at 30 year fixed are looking at around a $630 payment. You know, so that right there alone is gonna save them 1000s of dollars on top of getting money out solid ating all their debts, not paying those high credit card, you know, double digit interest payments, you know, making the flexibility of having a 30 year term, but being able to pay it off whenever and you know, and it gives them options. It gives them that spending flexibility and and frees up their overall, you know, income, you know, debt income ratio for their whole whole portfolio I

Unknown Speaker 23:05
love. That's what I love about you. You look at people's entire package, you looked at my clients and said, hey, you've got student debt, you're paying, you know, like you said that that person was paying $2,000 with car notes, maybe student debt, you know what I mean? And you just said, Hey, let's do a HELOC. It won't interfere your current rate, you're able to knock out all your debt and still have $25,000. And now your monthly payment is all the way down to just 600 bucks extra that makes complete CIPS instead of just sitting on your equity and doing nothing with it. You

Unknown Speaker 23:41
send me clients all the time. And they say, Well, you know, I'm paying, you know, 1800 a month in rent, and I can't afford a $2,500 a month mortgage payment. But then I look and I see that they have a $600 car payment and $400 and, and in credit card bills. And they have $30,000 sitting in their 401k Making 3% average yield. And I advise them you can take that money out as a first time homebuyer for your primary residence not get early payment it you can take that money, and then you can pay off through the loan, your car payments and your credit card payments. And now you're dropping your overall by 1000. So you're usually paying 1800 I dropped 1000 That's 800 I can bump your mortgage up to 2700. And it feels like you're still renting but now you own. And so that's why it's important to have someone look at your entire situation. So I can show you how you can utilize everything that's within your tools to get you into being a homeowner and these are things that a lot of clients don't see and realize and that's where I come in to look at their whole portfolio to help them understand that you can be a homeowner you can have the same payment that You're renting you just have to be creative and utilize what that what's in front of you and make you a homeowner.

Unknown Speaker 25:07
Yes. And I appreciate that. I appreciate that you take the time to look over my client's entire package, like everything that's going into their, their lives, like you just don't you know, hey, look, here's your score, you know, you're not approved and just go on about your business. I appreciate that you care enough to look at the overall, you know, situation and figure it out for them. So I just want to thank you again, Anthony, for coming on today. I look forward to having you on again. And I want to give our clients a big shout out to the St. Louis family. We closed on them what yesterday. So congratulations, me and Anthony are happy for you guys. And we look forward to each and every one of you out there are k u and v family that's going to share this information with someone that's going to refer us we appreciate that in advance. And we want to say thank you for listening to the show. And until we hear from you. You guys have a great weekend. You're

Unknown Speaker 26:04
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