Welcome Home with Monique

Wesley Knight 0:00
This is a KU NB studios original program. 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 for

Monique Buchanan 0:40
you. Well, happy Saturday Las Vegas. This is Monique Buchanan, the host of the welcome home with Monique show, and I have a great show for you today. Listen today's show. I am totally freestyling. Okay, that's what I'm gonna do. I'm gonna freestyle. I'm definitely not a rapper, but I'm gonna attempt to freestyle this. These are real estate facts for you. Okay, listen, you guys, my number one question I get from my my, you know, my friends, my family, people on social media, is Monique? Is it a good time to buy because a lot of them are listening to people, um, you know that? Mean, well, at work, or maybe somebody that a parent, or somebody that has bought one house or two houses in the past, and so they feel like, Oh, they've got a touch, you know, they got their finger on the pulse of real estate. But no, unless you're out here every day and, you know, you really don't know what's going on, because in real estate, it's very much like the stock market. It can change in an instant. In one week, it could be a buyer's market the very next week, it can literally be a seller's market that fast. So when you're talking to people that bought homes five years ago, three years ago, heck, even six months ago, in many cases, it's not the same market. They're talking to you about their experience when they bought, but you don't know what that is today. So that's why I'm here to tell you what the market is today. Guys, today, it is the best time to buy in the past 10 years, hands down. Honestly, and I'm not just saying that you guys just sell your house. Okay? My provisions come from my father. He's upstairs. Jesus Christ. I'm not telling you that, you know, like we say out the side of my neck, I bought a new house myself just last year while the rates were in the sevens. I'm not crazy. I sure did. I'm so grateful that I did too. I'm gonna dive into why, right? Oh, and by the way, me and my husband just went to escrow on an investment property just last week, and my rate's gonna be 8% guys, my rate's gonna be 8% but I'm gonna tell you and show you why it's not a bad time, even with the rates where they're at. You know, I the loopholes. I have the ways around these rates, right? I have the way to make it affordable for you, but to put you in a position to purchase the home you want, not the house that's left over. Because if all of you out there are still sitting on your hands and you're listening to people telling you to wait, that's a huge mistake. It really is. We can rewind to 2019 when covid was, you know, about to go on and or was going on, I should say, or just getting started, whatever the point was, the market was hot, hot, hot. Vegas has been hot for many years, especially with all the changes that we've got going on here in Vegas. We have the Raiders stadium. We've all these changes going that Vegas has never seen before. Investors have been pouring in here from all over the world, not just the country, and we call it the California Exodus. It is so easy for California residents to purchase here and jump right on over at three hours to see their family and the homes are a fraction of what it would cost to buy in California. So we've been hot for years, you guys, but back in 2019 I was taking clients out to look for homes. There were literally lines outside. Because Vegas, as big as it seems to be to many people, we don't have a lot of homes here. Okay, there's quite a few on the market right now, but that's going to change as soon as those rates drop even 1% and that is where everybody's making their mistake. They are waiting to jump into the pool with everybody else. And we always know that when you jump in, you're gonna lose options. The price is going to go up, right? So that is not the smart thing to do. What you need to do is figure out, how can I buy right now, get the home that I want and afford the mortgage, right? Make it affordable. Nobody wants to be house poor. How can I do that right now? So that, you know, it puts me in a position that I can just go ahead, get what I want, not settle and then refinance. Because we all know that the refinance is coming, right? We all know that it's not a. Secret. It's all over the news, right? He's being pressured left and right to go ahead and lower those rates. It's going to happen. He's just trying to make sure that we don't do it prematurely. But I I predict that it's going to happen, definitely within the next year. But that's my prediction. Okay, I'm not a genie, but it's been said all over the news that the rates will be coming down, right? So that's what I'm gonna talk to you about. The reason I purchased my house last year, I decided to upgrade. I was already in a three bedroom house, but many of you know my father has been living with me for the last five years, since my mother passed away. My daddy is older. He's 76 I want to get something a single story home for my father so I don't have to worry about him, and just, you know, other things that we wanted within the home. I seen the opportunity on the wall because the rates are a little higher than people are used to right now. That's caused the sellers to lower the prices, right? Because they don't have a lot of buyers banging down their door, right? So I went out and I found the home. I had plenty to choose from. I found the home that I wanted, and I got the home that I wanted. I took the seller's closing costs that he contributed to me. Because once again, the sellers are they. They are giving you an incentive to buy their home, because they know that you have many options right now, so you're able, just like when you buy a brand new home, they're offering you incentives. The sellers are doing the same. Guys, I got $15,000 from my seller, and what did I do with that $15,000 something you guys have heard me talk about, I did, uh, something called the three one buy down. Okay, what is that? Monique, what do you mean? What's the three one buy down? It I took the 15 grand that he gave me, I purchased the three one buy down, which basically what it does is it makes my mortgage lower for three whole years while I wait for Mr. Powell to go ahead and lower those rates. So instead of my mortgage being the $3,500 it would have been out the gate my very first year, my mortgage was only $2,800 okay, now that was last year. Powell has not lowered the rates where? Well, he's lowered him but not, not where I want to be, right? I want, I want to refinance once it gets to like in the fives. So I'm gonna hold off. I could have refinanced when he went down to the sixes. Heck, he even went to 5.75 but I decided to wait another year, or wait until he decides to do it. So now my mortgages just went up to 3200 because I'm going on my second year. So year one was 2800 right? Year two is 3200 and then year three will be whatever it was going to be out the gate for from three to 30. So from three to 30, it'll be the regular payment of $3,500 if the rates don't lower, does that make sense? Oh, I'm so sorry. I miss I misspoke. 2800 3200 yes, no, that's right. And then 3500 from year three through 30. So this is not an arm. This is not, you know, a mortgage that's going to go up down and all around this is a 30 year fixed mortgage. But this program is what's lowering your payments to make them affordable while you wait for the rates to drop. So that's the first nugget I want to give you guys. That is option number one, or you can take that same 15,000 closing costs. You know, that's what I've been getting for my clients. You guys, I go, I go for the jugular when it comes to closing costs for my clients. So I try to get as much as I can, because I know that we could take that money and buy down the rate. If you say, Monique, I'm not really comfortable with the whole three, one buy down, two, one buy down. I'm not comfortable with that. I'd rather just have it out the gate, what it's going to be for 30 years. No problem. We can still take that money that I have negotiated from the seller for you and just buy the rate down out the gate. Well, buy it down. You can buy it down one or even two points. Okay, so if your rate right now is around six and a quarter, you can buy the rate down all the way down to the high fours, which makes your mortgage payment much cheaper, because we're letting the seller pay for that for you. That's why you don't want to wait. You don't want to wait. You want to be able to be in a position to get money from the seller towards your cost. Pick the home you want. Don't fight. Have to fight 10 people for the same house, because that's what's coming you guys, because we are still house poor here, right? So once the rates drop, everybody's listing their house, and they're going to be up in those prices. Okay, so there's that, you guys, if you're interested in selling or buying a home, my name is Monique Buchanan. I can assist you in all 50 states. You guys, please remember that you hear any family and friends talking about moving out of state, my girl mo can assist you. I can assist in all 50 states. But if you're thinking about investment properties, that's another thing you can definitely reach out as well. My number is 7029 80 430-700-7029, 84 3700 you can check me out at at Monique, no, I'm sorry, at realtor Monique. On IG or you can always check out my website. Welcome home with monique.com Again, that number 7029, 84, 3700 guys. I'm just trying to, you know, educate as many of you out there and give you the options that I didn't know about. You know, when I was a single mother trying to buy a home, I didn't know what a down payment assistance program was, you know,

Monique Buchanan 10:24
I didn't know the avenues that I could take to become a homeowner. And it's so important. You guys hear me always talk about my story of renting, right? So I was renting my home right before I got my real estate license in Centennial Hills, and when I got my license, I was still living there. We getting ready to buy our first house. Buy our first house. I said, let me check and see how much this man spent on this house when he bought this house, because I had been renting for $1,300 a month for the past five years, I looked it up, he bought that house for $100,000 and basically me and my husband had paid that house off for him, and guess what? When we moved out of that house, it was now worth $200,000 more. So he made $200,000 if he decided to sell it, and we paid 100,000 we paid for it for him. That is why it's so important to stop renting. You have you listen at the end of the day, if you're paying 100% rate. So why are you spending one more dollar towards that? Or, guess what, you're already paying somebody else's mortgage so they can leave that property to their kids. And you don't have an asset, God forbid, an emergency happens within your life or your family. You have no assets, more than likely, I don't know if you have stock or something, but I'm just saying. Just saying you have a home. You have an asset, something to leverage in a time of need, right? That's another thing like I always talk about the movie John Q that man would have owned a home. He wouldn't have had to go to the desperate measures that he did for his son. I know it's a movie, but hey, it points out something. You know, he was selling everything in his house, and they still couldn't keep up with the bills they needed. Hundreds of 1000s. I told you, when I sold my first home, I walked away with almost $250,000 when I when I rented, when I let go of that rental, I just told you about. I had to have my my daughter walk through with the video camera so we could prove that we didn't leave the house in, you know, a bad condition that we left it very nice, and had to beg for my my $2,500 deposit back. And you guys know what I'm talking about. If you're a renter right now, you know that's true. So guess what? Renters right now, you pretty much have to be in the same position to qualify for a rental as you do a home. So why are we not having a five minute conversation? Because a lot of you guys that have that five minute conversation with me are pleasantly surprised that you actually are approved, and we're gonna go out and get you a house, right? So guys right now to even rent. They're looking at 640 credit scores. Okay? Because of covid, so many people stayed in the homes and did not pay a lot of the landlords got really strict when it comes to renting. Now they want the 640 credit score, you still have to put an application in. Heck, they even make you pay a fee for the application. Well, guess what? They're going to run your credit for that rental. We're going to run your credit for a home. We're not going to make you pay for it. No application fees over here, right? So it's a quick app, a quick conversation, and it's so crazy to me, how many people are pleasantly surprised that I'm telling them, You know what? You only need to pay that credit card down by about, you know, $1,000 or so, and you're good, you're ready to rock and roll. What? What? Yes, we give you the roadmap. We don't just give up on you. Okay, my heart is in this. My lender's heart is in this. By the way, shouts out to my lender, Mr. Valentino, he is, uh, just got awarded. He's top 1% in the entire country. And there's, man, almost 100,000 lenders. So that is a great achievement. I am so blessed to have the team that I have that that is why I'm able to help the hundreds of families that I've been able to help throughout my years. So thank you. And, um, yeah, and thank every one of you for listening to the show supporting me. You know, I got to meet some really cool people. The other day, went over to their house, Miss Williams, um, and her lovely husband, they're thinking about listing their property. So, um, she told me, Mo, I've been listening to you for years, and you know that just really touches my heart when I hear people say that. You know, you give a lot of good information. Monique, you know, I appreciate that. I hope that I'm making a difference. You know, not all of you are going to use me, unfortunately. But you know, even if you don't, I'm just glad that at least when you go to you know, make that transaction, you remember some of the things that I've told you and that you know now you're not in the dark completely. That's my mission, me and my team's mission is make sure you're not in the dark when you're making the biggest purchase of your life. Okay? You want to make sure you use a professional if you're gonna sell. All the biggest purchase of your life, or if you're going to purchase one of the biggest purchases of your life, you need to make sure that person has your best interest at heart, not their own, and make sure it's not just about money, because that comes up, and I've seen things done where they'll sit there and choose money over their clients. Now most of my colleagues, that's not the case. We take an oath as realtors to put our needs aside when we're representing our clients, but you guys know in every career there's always going to be some, right? So you just want to make sure that you choose reputable people to represent you, and if you're if we're blessed enough that you choose me and my team, we're humbly happy to have you, and we'll make sure to hold your hand the entire time get you to that finish line. We will jump over those hurdles that come up together, right? But anyway, so let's jump back into it, and if you're interested, my number is 7029 84 3700 I am here to assist if you just have real estate questions, 7029 84 3700 3700, so, another thing that comes up, I have a lot of clients and people that I know that deal with properties that were either like left to them. I call them big mama's house. You know, a lot of them have properties that maybe somebody has passed away, and now it's almost like a burden trying to figure out, how are they going to get rid of this property. You know, sometimes there's 30 years worth of stuff in there. They know that there's a lot of, you know, issues that need to be repaired and things like this. So it's a little intimidating, and they just don't know, like, where to begin, right? I'm here to assist you guys. Okay, for one, I'll come over walk the property. Let's see if we can just list it, traditionally, if we can't, or if you're not interested in having to deal with showings or things like that, you know, there's like major issues. Maybe the pool is empty back there and has had issues for years. I don't know what the problem is, but that's what my job is. I am the problem fixer. I have a team of investors that will come in. They will buy the property their cash. It'll close in less than 30 days. One of them even offers a 30 day move. So if somebody's living in the property, maybe you have tenants in there, and you need to, you know, help them move out. 30 day move within the city for free, right? So there's options out there. I'm here to help you. It's a lot when you're not, you know, in that space to have to deal with, especially when you're grieving as well. I also specialize in probate sales, so if somebody's passed on, you need to sell the property. That's what me and my team do as well. We have relationships with probate lawyers, so we're here to assist you in all those avenues. Excuse me, but you guys mentioned or not, not you mentioned, but you heard me mention that I just went into escrow on another investment property I was going to invest in Minneapolis, Minnesota, right? My cousins live out there. I just went out there a couple weeks ago. What was it for? Fourth of July. Had a great time. I love the terrain. It reminded me of Seattle, where I'm from. And, you know, I just fell in love. And the homes out there were so much less, right? And there's 10,000 Lakes, so you can buy a house on the lake out there for like, 400,000 or even less. So that intrigued me. I was like, okay, I can do this. I can have this as a vacation home. And by the way, if you're buying a vacation home, you only need to put 10% down. So I was thinking of different things to do, but a great opportunity came across my table, and I me and my husband. I talked to him about it, and he said, Okay, let's make a move on it. Some friends of ours were selling a property, and we decided to make a move on it. Now I'm bringing it up because we use the tool that I like to call property pays for itself tool. It's a program. And what I mean is this tool, or this you know program, if you're self employed or retired or you just, you know, don't feel like handing over your financials, you can use this to build your portfolio. So maybe you owe taxes, right? Maybe you owe maybe, you know, you owe $30,000 worth of taxes. So you're like, Oh man, it's a great time to buy Monique's right? I want to build my portfolio, but dag on it. I need to pay these taxes, right? Well, guess what? They don't look at your financials at all, including that sounds too good to be true, right? But no, we're we're using it right now, and I plan on looking for another property ASAP afterwards. There's no limit to how many you can buy with this program, okay? And you could just stack, right? So let me just tell you real quick. In a nutshell, what it does is you do need to have 20% down. Let me give you my example of what we're purchasing. We're purchasing a property, a town home, for $175,000 okay, now we are going to have to put down 20% of that, which is $38,000 you could pull it from your 401 k. In fact, I was going to pull it from my stocks, my stocks. I was going to pull it and just use that for my down payment. So either you have it saved up, you can use 401 K, stocks, whatever, cash it out and go ahead and buy this property, right? So $38,000 is my down payment. I. Okay, the house itself is 175,000

Monique Buchanan 20:03
right now, I also have to have at least a 680 credit score. Okay, actually, 660 I think. But if you're over a 680 then you get to put 20% down. I think if you're a 660 you have to put 25% down. Okay, so that's my understanding of it. Here's the point, you have to have decent credit. If you don't have that, I have one of the best credit people in the world. He's a lawyer. He's not just somebody on Tiktok. He knows what he's doing. He gets it done fast. He's proven himself to me over the last two years with my clients. So I can help you with the credit so anyways, 680 credit score is the best, but you can use a 660 you need to have the 20% down, or 25% down, depending on your credit score. Now here's the main component of this tool. The reason they don't care about your financials at all. They don't need to see bank statements. They don't need to see pay stubs. They don't care about you owing the IRS. The reason for that is this, what they do care about is, can the property pay for itself. So right now, right now, because the properties are lower, the mortgages are lower, I'm paying an 8% rate at 175 my mortgage with the HOA, because the property has Hoa, is going to be $1,400 okay, so $1,400 I just have to make sure that I can prove that I can rent this property out for $2,000 or even 1450 if I can rent it out for even 1401 you're good to go. Do you guys hear me? So you don't have to worry about, Oh, I already own my home, and I don't think I can afford another house Monique, because I'm paying my 3500 for this house, for my own mortgage. My primary home doesn't matter. Does not matter. This is a way for my people out there to build properties. Build your portfolio, get multiple properties under you that tenants renters are paying off. You could put them on Section Eight. We are in a dire need right now, Section Eight needs people out there to buy properties. So they need people, seriously, you don't know how many people call me asking me about, I don't do rentals, but they ask me, Monique, you know? And I'll go on there and look, and no section eights are available. So you don't have to worry about your your your mortgage getting paid. It's going to get paid because section eight is going to pay it every month. Now some people, oh, well, you know, they tear up houses. For one, don't, don't paint everybody with the same brush. Not everybody tears up houses, okay. But even if you do need to maintain that house, it's getting paid every month. You need to set aside some money. In my situation, I stand to if I can rent it out for, if I am able to rent it for 2000 I'll make around 600 a month on it. Well, I'm not just gonna waste that money. I'm gonna put a little bit aside. I'm gonna make sure that I have a home warranty on the property that covers all the major, major components of the home. Think of it like your car. Whenever I sell anybody a house, I always get them a home warranty. It's like the extended warranty on your car, right? So when you buy the used car, you know, things are gonna go they're gonna happen. So you get an extended warranty. Well, that's what you do. When you buy a used house, you get the home warranty. It covers all the major components, your air conditioning units, plumbing, electrical. So you can even have it cover your appliances. So I'll go ahead and pay that little $500 a year, and that way, when my tenant has an issue, I call the home warranty. If it's something more major than that, I've set aside some money for that, right? But here's the point, I have somebody else paying off my asset, like I paid off that man's asset when I lived in Centennial. So eventually my tenants are gonna pay for that home completely. Now I'm just collecting rent in my older age, right? 10 years down the road when they paid it all the way off. Now, rents went up. Now I'm making $3,000 a month on it. Well, guess what? That's my retirement money. And that's only one house. You guys, that's only one townhouse. Imagine. Well, don't imagine, because I'm going to do it. I'm going to buy as many as I can, I'm going to buy as many as I can. And I'm talking to you today because I want you to buy as many as you can, because none of us are getting any younger, and we need more than Social Security coming through the door. We need more than just that retirement coming through the door. I don't know about you, but I plan on flying my grandbabies to Europe, to Disney, to Disneyland in my older age, if God says the same, if God says the same, I plan on doing that. That's how I want to live my last years on this world, spoiling my grandchildren and being comfortable, and that's what I want for you guys as well. I've watched family members struggle in their older age because they don't have the finances, and there's just no need for that. But knowledge is what will change your life. I heard Ramsey say this, I believe if you live like nobody today, you'll live like nobody tomorrow. That's why you guys Don't look for me to be driving a brand new $100,000 car. Yeah, I probably could afford it, but I'm not doing that. Why would I do that when I know that same 100. 1000 would buy me three properties that's gonna make me money. You have to change your mindset. I have a 2014 Lexus that's been paid off forever, but because I have cars that are paid off, and I'd haven't went and lived like everybody else and get those cars with those $900 payments, it's so sad. How many people have to turn down or tell them that, hey, you would have been approved for 450,000 but because you went out and got that truck for 700,000 or $700 a month, now you really can't find a house because that raised your debt too much. So now you're not approved for that. Now you're only approved for 300,000 and that's exactly what happens, guys. So you have to play the game smart. You have to be smart. If your credit is good enough, sure you can go get $100,000 car. $100,000 car. Your payment only be like 300 $400 so that's fine, but for me, for me, I want to take that money and purchase properties so I can leave them for my children. Okay, I've got four kids. Each one of my kids will have a home so they don't have to fight over them, and, you know, ruin relationships over who gets to keep the house and all this family mess, right? You guys know I'm talking real right now, but I love you. I'm on this show every week because I want to see you build wealth for your families. Okay? And this is the fastest, proven, fastest way to wealth is real estate. Okay? I had so much to talk to you guys about today, but at the end of the day, I want to give some shots out to my my buyers. One of my my buyers is she's my hairdresser, and, uh, what about a month and a half ago, maybe two months, I was sitting in her chair and she was doing my hair, and she said, you know, Monique, my lease is coming up, and I've tried so many times to buy a home, and I just we're always turned down for some reason, or they tell us something that, you know, we can't get the house. I said, Well, you know what? I want you to take a chance on me and my team before you give up, because I hear that so much you guys, and you have to understand, it's about who you're talking to that can help you get into that home. You talk to a bank, they have very strict guidelines. A lot of people say, I've been with my bank 20 years. They told me they denied me, couldn't get a loan. Okay, don't give up. They have strict guidelines. Everybody has their own guidelines. Don't give up on your family building wealth just because a couple people told you no. I've had clients that were told they would never own a home. And let me tell you something, they're sitting with keys today. You've heard a couple of them come on the show and tell you, we were told we would never, ever own a home for this reason or that reason. Well, they tried our team, and they're sitting in their home today in Henderson. And guess what? My girl, Danielle, my hairdresser, gave her keys two days ago. They couldn't believe it. They bought a home in sky Canyon. She is so excited, so grateful that she did not give up and get another rental when you're just gonna go through the same process anyway. Guys, you know you deserve it. You deserve to pull up to your home and be proud of your home. You deserve to not be told you can't have a dog, can't bring your your pet family to the house because you're renting. You deserve it. You work hard every day, and that's all I'm asking is don't give up on yourself before you talk to us. All right, guys, I gotta get out of here. I hope you enjoyed the show. I pray that you will share this message with whoever you know may need it if it's not you. Hey, no worries. Thank you for listening. Thank you for supporting me. Thank you that every time you hear somebody say, I'm thinking about selling my house or I'm thinking about buying a house, you say, You know what, my girl, Mo, can help you from 91.5k U, M, V, and I want to give a shout out to this radio station, and especially to Ashton. Thank you so much for starting these shows to enlighten the community about all different topics. I am so grateful for this platform. Thank you. Thank you. Thank you. It's been a blessing to many, and I pray that God will continue to let me bless many more families and people with this knowledge of real estate. All right. Love y'all. Have a great weekend. Thank you for listening. Please remember all terms discussed are simply an estimate. My license number is S 1788, 46 my phone number, if you'd like to contact me, is 702-984-3700, you can also find me on YouTube. You.

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