"Get $ Out of your House WITHOUT Changing Your Current Rate!"

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You're listening to locally produced programming created in KU NV studios on public radio K u and v 91.5.

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The content of this program is sponsored by CMG financial, 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 on the

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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.

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Well, hello, hello Las Vegas. It's Monique Buchanan. Yet again with another show for you just want to say hello to my que UMB family and I want to give a shout out to one of my Special K UMB listeners that reached out to me just about two weeks ago and said hey, I'm ready to get this. You know, the ball rolling Monique, I hear you every week. And you're always saying that, you know, this is something that I can do. I want to get the ball rolling. I said okay, let's do it. So I got her in my my lenders hands. She had her conversation, we got her approved. And guess what guys, she's buying a brand new home. Congratulations, Miss Linda over there at Teamsters. Congratulations, Miss Linda. And thank you all for listening to my show. And thank you so much for always just referring me, you know, folks that need to help or need assistance when it when it comes to purchasing or selling their properties. I appreciate the referrals. And I want to give a big shout out to Miss Linda over at Teamsters. Also, a big shout out to miss Simpson. She actually reached out to me last year, she was approved for about 350,000. But back then remember the market was completely different. It was a seller's market, a hot seller's market, which it has been for quite a few years. And she just you know, could not find anything to purchase every time she would get something and you know, in writing or get, you know, put an offer in. Unfortunately, she was outbid. So she kind of took a step back, she came back to me. And guess what, I also got her into a brand new home as well. So congratulations, Miss Simpson. She's going to be purchasing a right in the same community, I believe as Miss Linda. So congratulations, ladies. So there's the good news. You know, that's my good news for this Saturday to start off with and also, if you're out driving around, I have an open house today at the property on 2511. Ashley rose terrace 2511 Ashley rose terrace 89052 that is in the McDonald's Ranch community. All right, that property is going to have an open house from one to four today. You know, listen, it is over 3000 square feet. It is on a corner lot. You know single story, four bedroom with an office, you guys. Okay, don't miss that one. So one to four. Today, if you're looking to go look at an open house, one to four. Today, the address again is 25 at 11. Ashley rose terrace in the McDonald's Ranch area. And if you've been thinking about listing your property, just please remember that we do listings as well, although I talk a lot to buyers, I am a listing agent. And we are still selling our properties. In fact, congratulations to let me see I got what Yeah, three, all three of the other properties that I recently just had, they were all in escrow, we're actually going to be closing this week coming up. So congratulations to my sellers, you guys have heard me announced their properties on the air, which drove quite a bit of traffic, of course, to their properties. And we've got them sold, and they're very happy. And so am I so congratulations to all three of the other properties that will be closing this week. So congrats, guys, but yes, I am a listing agent as well, I do have quite a few buyers, obviously, you know, from having the show, I have quite a few buyers that are looking to purchase. So if you're thinking of listing your property, you know, it could be a very, a very good thing, just having the radio platform as well as the buyers that I you know, have connections with as well as the realtors, the other realtors in the city that I have connections with. We will get your property sold. So congratulations to my sellers as well. All right, so let's jump on into the show. And you guys, I don't mean to keep hitting you over the head with the same thing. But I actually was getting quite a bit of response from my last show. And a lot of people want to know about these grants that are out there. And and just know, hey, how do I access them? You know, is it you know, is it something I really can do? You know? And if I do this, what does it look like? So let me once again go over a couple of the just key points. So Okay about the grants that I have access to. So there's zero down grants, that means they're forgiven, you do not pay these grants back, this is going to be zero out of your pocket for the down payment on your homes. All right, here's a little couple little tidbits, I have grants that you can have as little as a 600 credit score, and get approved for the grant, okay, 600 credit score, you do have to be working for the last two years, all right, if you had a little bit of a break, we can explain it away great. But um, if it's more than like three months, you know, that might be a little bit harder to explain. So just keep that in mind, you do have to be working. Alright, if you're retired, and you have, you know, a pension or whatever you have coming in, as long as you can prove that, yes, we can use that as well. All right, of course. So however much you have coming in, is going to determine the amount that you'll be approved for, there's something called debt to income ratio. In other words, if you have very high car notes, but maybe you only have $3,000 coming in a month, that's going to really affect what you'll be approved for, you may not even be able to be approved for anything that we can, you know, pretty much move, move forward on. Because even right now the condos are going for around 200,000. So just keep that in mind, you can bring other folks on the loan with you. So if you have like a child that you want to bring on with you, or maybe you guys all want to pull your money together, maybe your child or whoever you guys are paying rent, you know, over here, over there, you know, different places, and, and that's looking like over $3,000 a month in rent between you guys, you decide you want to move in together, get a brand new house, and pay less than that, per month, you know, that's a great idea, right? You guys are saving money, and you're living well, I have some clients of mine, actually, I just got them approved. That's exactly what they just did. The Baldwin family. So what happened is, she was renting an apartment and she was paying about $2,200 for her apartment, her parents were also renting an apartment paying about the same. So they decided, hey, let's move in together. And I'm about to get them a a nice house. And they're gonna pay less than what they were paying combined, you know, separately. So $4,200 is what they were out of their pocket, living separately in two different apartments, now they're gonna go ahead and just move in together and save a ton of money, I think they're gonna pay maybe around 2500 $2,400, that's saving them a lot of money, right. And it's building equity. So that property, once they've built, you know, maybe 40 $50,000 worth of equity, they're going to go ahead and tap into that equity, pulling it out, maybe throw a HELOC or a refi. And go ahead and get the daughter her own place maybe next year, or the year after that. So I think that's very smart. Because people have to realize, Nevada has no rent cap, zero rent cap, you guys, they can go up on your rent as much as they want. There is no rent cap, it's not California, okay, just so you know. So keep that in mind, you want to make sure that you know what your payments gonna be for the next 30 years, you definitely want to purchase. If you want to make money, and not just be out that money every year, you definitely want to purchase because like I said, you will make equity on your property. Okay, so as you're chipping away at what you owe on it, you're also making equity on it. I always share the story that, you know me personally, I'm sitting on a little over $200,000 in equity. In other words, if I were to sell my property, I would walk away with about $200,000. But just on that note, you don't have to sell, okay, you can pull money out because right now a lot of people don't want to do refinances, because a lot of them. They they purchase their properties at the great low rates of maybe 3%. So why would you want to refi right now, and possibly get, you know, twice that amount, or whatever, it doesn't make financial sense. But you know what you need to you feel like you need to tap into some of your equity. You don't want to just sit on that equity, and it's not doing anything for you. So you're aware that you're sitting on 200,000 $300,000 equity and you're like, you know what, Monique, I really need to access maybe $100,000 of that equity. How can I do that without touching my, my rate, I don't want to refi because that will touch my rate. So normally, you could do a cash out refi but what that'll do is you'll get the current rate, we don't want that. So you can do something else called a HELOC. Okay? So you can do a HELOC pull that money out, it does not touch your current rate. All right, non $100,000 If you have over a 700 credit score, that that monthly payment for your $100,000 is going to be typically around $800 All right, so just keep that in mind. Maybe your mortgage, you know, because you did get that 3% rate and maybe your mortgage is only $2,000. Well, you can access $100,000 of your equity. And now your mortgage would be you know, with paying the HELOC 2800. Right. So that just you know, that's a good idea if you really, really need it or if you want to turn around and reinvest it which of course, as your realtor, that's what I'm going to do I suggest that you do you know, put that money to work. If you're just tuning in this is Monique Buchanan with the welcome home with Monique show. And I'm just talking right now about grant programs I'm talking about, he locks if you are currently in a position where you have you know that you have equity within your home, and you'd like to accent says that equity without touching your beautiful rate of 3% or 4%. Guess what, there is a way to do it. It's called a HELOC. All right. Now, if you're someone that's like, Man, I, you know, I'm still renting, I want to get in a position where I have equity and no longer, you know, take five years of renting and end up paying $100,000 on somebody else's, you know, investment, because that's what you're doing as a renter, you're if you're paying me rent for five years, you know, just that, you know, $1,500 a month, you're paying almost $100,000 towards my investment, you're paying off my house for me, thank you, right? I mean, I appreciate that. But at the end of the day, you need to make money and make, I'm sorry, make these investments for yourself. So you can make equity for yourself, and, you know, build your financial wealth. So that's why I'm talking to people out there that maybe say, well, Monique, I've always heard these, you know, rumors that you need 800 credit score, and you have to have 2030 $40,000 saved, you know, hey, the pandemic just hit I don't have that. My credit is not the great, greatest right now. Right? I hear you. And that's why I'm on the show today to tell you and enlighten you on a couple of programs that are out there that I have access to, that can bless your family by getting you into home ownership with as little as a 600 credit score. Okay, guys, you heard me right, this is a nationwide program. So if this if you're listening to me in Ohio, or you're listening to me in California, Hawaii, wherever you're at, yes, I'm still talking to you. This is a grant that you can also access, you do not pay this money back, you are required to live in the property for up to five or five years. If you decide that you need to move or sell or refinance a property, you'll just simply take the proceeds that you make and pay them back the prorated amount that you owed for the down payment. Does that make sense? So if you've been there for three years, and they put forward $10,000 on you know, for your down payment, they're going to prorate that and I'm just gonna throw a number out there. So now you owe us $4,000 You know what I mean? Great. But yeah, so you're just required to live in it does have to be your primary residence. This is not for investors. This is for first time well, actually, you don't have to be a first time homebuyer I almost said the wrong thing. Alright, so you are considered a first time homebuyer if you have been renting a property for the last three years. Or if you have not purchased a property within the last three years. You are considered a first time homebuyer anyway. Okay, but you do not have to be a first time homebuyer for this nationwide grant. That is has a credit score as low as 600. You can use it okay, there's no income limit on this grant as well. So there's no income limit a lot of times these grants have in the income limits. This particular one is nationwide, it does not you heard me right does not have an income limit. Now what do I mean Monique by you don't have to be a first time homebuyer. That means that you just can't currently own a property. In other words, you'll say, Monique, I need you to sell this property. And then once we sell this property, I'm not going to get that much I know I'm not going to make a lot of money on this property. I won't have enough money for my down payment for my next property. I'll say don't worry about it. Once we sell this property, we'll go ahead and use the grant for the next property. So that's what I mean by you don't have to be a first time homebuyer. Okay, this is not a zip code driven grant so you can live anywhere there's no K, you can only live in this area or that area. That's not the case with this grant. Okay, and let's see what else we got here. You can purchase brand new homes with this grant too, by the way, yes, you can buy brand spanking new homes. You can buy a four Plex or a duplex with this grant. Let's say that you're like you know what, I just I know that I want to get into investment or I know that I want somebody else to pay off my investment. So I think my first property is going to be a four Plex Monique or or duplex that's perfect. The only requirement is that you live in one of the units okay? For that five years. You just have to live in one of those units for the five years after that. Guess what you just bought your first investment with zero down out of your pocket. How does that sound? This is Monique Buchanan. I am with the welcome home Monique show actually the host and I am your local Las Vegas realtor here in the Las Vegas Valley. I service Henderson, Summerlin, Sky Canyon Providence Northwest alley on teh. I serve as Spring Valley everywhere. This is my home. I grew up here. Yeah, so I am a Las Vegas girl. But anyways, we're getting back into it. We're talking about a nationwide grant program for people that are wanting to fulfill their home ownership goals. For 2023 Here it is you guys. And like I always ask you guys, listen, if this is not for you, maybe you already own a property, but you know, you heard somebody talking about, they want to become a homeowner this year. Listen, my number is 70298437007029843700. My website is welcome home with monique.com. You can Google welcome home with monique.com. If for some reason you couldn't grab that number. I also say that at the end of every one of my shows, I repeat my phone number. Check me out on YouTube. You guys welcome home with Monique. All right, so I was talking also about the HELOC. And the reason I was talking about that, I was talking about reinvesting your money that you're sitting on. So there's many out there that have purchased properties even just three years ago, you're sitting on quite a bit of equity right now it's doing zero for you just sitting on it right. So we want to put those dollars to work right. So I was discussing a HELOC taken that out and go, maybe you pull $100,000 out. The reason I say use a HELOC is because that does not affect your current low rate that you were able to, you know, to, to get when you purchase a property. So if you've purchased a couple years ago, more than likely you got a great rate. And you don't want to touch that. But let's take 100,000 of those dollars or we don't even have to use a whole 100,000 I just gave you that example. Because that lets you know, you take a whole 100,000 On average your payments gonna be around $800. Right. So let's pretend that you only you only take out 50,000 Obviously, your payment will be 40 $4,400 a month to pay back that HELOC and of course, these are estimates. I am not a lender. I'm just regurgitating what my lender gave me as an estimate. When I asked him for my I always like to give you guys some kind of an idea. So that's all I'm doing. Okay. All right. So let's say that you call me up and you say, Monique, you know what, that's a great idea. We want to access that we want to go ahead and start with this HELOC. And then we want to start investing with some of your, you know, you guys know I have referral partners all through the states, right? In every state, I have somebody that's part of my team. So just know that if you're moving, I have somebody I can refer you to and get you into good hands. So you know, I'm only going to use one of your referral partners, I think we want to buy a property over in OKC. Okay, and the reason I choose that is they have some really great prices for homes out there. And they also have a lot of people flocking there. So your appreciation is gonna, you know, go ahead and make you some money on the appreciation of that property as well. Right. So we always want to make sure we know where we're investing. So you go ahead and say, okay, the average median home price in OKC is 168. Well, knowing that, that means you only have to put down through $33,000 on that property, because remember, now you are an investor, you're going to have to put down 20%, because you are an investor now, now if you decide you want to just buy a vacation home, instead of an investment property in OKC, maybe you're gay, maybe you're a fan of the team,

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you can do that as well. Now that would only be 10%. Down. Okay, so just giving you guys ideas, thoughts, you know, of what you can be doing with some of that money that you are currently sitting on. And that is not working for you. Maybe you want to buy a cabin, and Utah. I've got people on my team that they have their license in Utah, I listen, I have referral partners throughout the whole 50 states. So if you need a referral, I'm your gal. All right, so anyways, let's say that you want to buy a cabin, you can go ahead and pull out, you know, just 10% or whatever that cabin cost. So obviously, if the cabin was 250, you're gonna pull out 25,000 Put down on your vacation home, in Utah in a different state. Right? You can do that. All right. So like I said, if you want to buy an investment property and rent it out, or do whatever, average house in OKC is 168. That's only $33,000 down you guys. And then you could turn around and rent that property and start collecting that rent, as well as gaining equity. In that second property. You're putting those dollars to work, you guys. It's not hard. It's not hard. It's completely doable, you can do it. Okay, so another thing, I'm pivoting now to my owners, so if you already hurt, you know, own your property. You say, Monique, you know, I really do want to buy a bigger house, but I don't want to sell my property. I want to hold on to it. How do I do that? Well, you can totally do that. You don't have to sell. I have my property management group that will assist you. And yes, they'll take care of all the you know, landlord duties for you, at a very low cost you guys is typically only about 7% of whatever you're charging for for rent. That's not a lot do not have to deal with anything, right? I totally do it. So I would, I would think you'd want to do it too. So anyway, so just keep this in mind you're gonna have to rent out the property, okay. So you would just have to get a lease in place and that will free you up just like when you first bought the property to only putting 3.5% down in purchasing the next property. Obviously if you have more money to put down Now you can go ahead and once again, pull out the 20%. Or I'm sorry, yeah, the 20% out of your HELOC and purchase your second property, right. Remember, we can still use that HELOC and go ahead and pull out the 20% for the next property and get yourself a bigger house if that's what you want to do, and rent out your current house. So no, you're not stuck in that house. Now mind you, I will list your house if you want to sell your property, I can list your house and we could go ahead and sell it. I'm just giving you options. This is Monique Buchanan. If any of this interests you, please, please. My number is 70298437007029843700. Okay, so I'm hoping that this is blessing you. And now I'm going to pivot a bit and talk about brand new homes, you guys, I have been selling quite a few brand spanking new homes, I've come across some really great deals. And I love selling brand new home properties. And one thing I want to, once again, remind you guys, listen, if you are thinking about looking at a brand new home, you need to contact your realtor, okay, and by the way, I am a realtor. But no seriously, you do not want to assume the person sitting down in that new home field is going to be representing you because I've had them come on the show and tell you their cells. They do not represent you. They do not have your best interests at heart. They work for the builder. Okay, now I'm sure they're good people. They're great people actually. But they're salespeople and they're selling for the builder. That is who signs their check. They'll tell you their sales, you're not going to get a discount, because you decide to walk through those doors without a realtor. Okay, I'm sure that there's been people has done it before. And thank God everything went smoothly. They made it through, you know, and now they think they don't need one. No, no, you just got lucky really? No, seriously, because building a home, a lot of stuff can come up, okay. You want to have your realtor on your side, okay to be that liaison between you and the builder. All right. You want to be able to have somebody that has your back and understands that contract of over 100 pages. Okay, because I don't know not one person that's reading 100 page contract. But luckily, we do know what's in those contracts. Okay. And you need to know, because there's been incidents, incidents huge. And see, let me give you an example. Okay, I had a client of mine. Back when I first started real estate, she went into the home new home build, she told them that she had me as a you know, she said, Yeah, I have a realtor. But guess what, that does not matter. Your realtor has to be present with you the very first time you go through those doors, or they do not honor that. So she tried, right? So what happened was, I was not allowed to represent her. She went on with the purchase, okay, she goes on with the purchase, she gets into the home gallery, you know, and you're excited you get into that home gallery, you start picking out stuff, you know, next thing you know, you spent $50,000 on upgrades and then you know, you don't even know how it happened. I'll tell you how you have to happen because they'll daggone slider doors by their cell for 13,000. But no, seriously, you get in there. You don't have your realtor there to advise you. Right, you're just in there. So what happened was, she went in there and went crazy. Made the house gorgeous. But guess what happened? Guys, this is something that this is just a little example. There's many more of these kinds of things that you don't know, as a consumer, but your realtor does. So just that's why I'm going to give you this one thing, okay, for an example, if you go into that home Gallery, and you spend too much money. And now when the appraisal comes, guess what happened? Her home did not appraise for how much she spent. Okay, let's let me just give you an example. I don't remember the exact numbers it was years ago. Let's pretend that she her base price was $400,000. Right? So she bought the house for 400,000. She went into the gallery, she spent 50,000. Well, now she's financing 450,000, your home has got to appraise for you to get that loan. All right, it has to right. So now the appraisal comes through and says Guess what? This house is only appraising I can only appraise this house at 430. Although you guys have a loan for 450, because she spent that much money. Guess what happens? She had to come out of her pocket another $20,000. They don't just they're not going to lower the price. Right? They're not lowering the price. You went into the home gallery went crazy. So that's, that's something that's a little different than resale properties, like with me and you go out to look at normal properties that are resale that are not brand new, then yes, what I do is I take that back to the table and I say hey, I want to get this property for my client at this value because this is what it's worth. Okay, the appraised value is for 430. I need you to drop this price. Okay, or we're not moving forward. Okay, so I can negotiate that that's not the case with brand new homes. So she learned her lesson, right? So there you go. So there's a lot of people that say, Oh, well, I've done it before. You just got lucky. So once again, if you're going into a brand new home, please do not without your realtor, I am a realtor. My number is 702984 3700. I also have access to everything in Vegas all the brand new homes, I have a platform so you don't have to drive all around looking around. I have a platform. So just real quick before I let you guys go. Don't forget about that open house one to 425 11 Ashley rose terrace today, one to 4pm Okay, I've got some brand new homes that are selling for $340,000 Yes, you heard me. That's right. $340,000 Right now you guys, two car garage three bedrooms over 1500 square feet. Yes, I've sold quite a few of these. But anyways, they're very hard to find at this price point. So if you have an approval of 350 Let me know you know any. Actually, if you have a rule of 340 Let me know my number is 702984 3700 I have a great option for you brand spanking new. Okay. Also if you're looking for up to a four bedroom, I know a community that is selling four bedrooms at 365,000. So once again, you guys I am your resource, whether that be you're moving out of state and you need to get in the hands of a realtor out of state I am your resource. If you're just looking or thinking about pulling some money out of your current property without selling it. I am your resource. If you're thinking of selling your property, I am a resource. If you have a question about real estate, my number is 702984 3700 My name is Monique Buchanan, your friend in real estate. kind of cheesy right but it's true. I am your friend. And you guys are my K UMB family and I look forward to hearing from you have a blessed 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 and please join me tomorrow at my church Living Word Church on hassle. I'm part of the EXP Realty Group. Alright, tune in next week.

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"Get $ Out of your House WITHOUT Changing Your Current Rate!"
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