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, hello Las Vegas. Welcome back to the welcome home with Monique show. I am your host. Monique buchannen, a local Las Vegas realtor, but like I always say, I can assist you in all 50 states and in 24 countries. Okay, guys, so let me remind you I still have, which is shocking to me, that listing over there in Spanish trails community, in the Spanish trails community, guys, very rarely do listings come up in this community. It is a golf course community guard gated you have access to the clubhouse. You guys heard the owners. I had them come on and talk about all the amenities that are offered within that community. Now that is a multi million dollar community. In other words, there are homes upwards of $20 million in that community. Now, what's rare about my listing right there in the Spanish trails community. It is listed for under 500,000 it is a three bedroom townhome, two car garage, and we've got it at $480,000 you heard me right, three bedrooms, two bath. Now, technically, you've got two full rooms and an office that is easily made into a third bedroom. You're talking 1758 square feet. You guys almost 1800 square feet. In the Spanish trails community, it is completely remodeled, turnkey. You walk in, put your stuff down, and start living in the lap of luxury. Okay, so again, that address is 7217 Mission Hills, drive, 89113, that is on the corner of Tropicana and rainbow. That is where that community is located. I mentioned that because that is a community that is very near the airport, very near the strip. We're talking maybe less than seven to 10 minutes, you know, to either or either, as well as the Raiders stadium. It's on Tropicana, so you know, the very next street over is Russell, which is where the Raiders stadium is. Again, 480,000 you guys, town home. It feels like a home. I almost hate even calling it a town home, because if you ever, if you have, if you view the property, it doesn't feel like that, the way they have it, set situated. It does not feel like that. The owners went through and they remodeled the entire property. They were making upwards of $3,500 a month by doing long term rentals. They had folks coming in from all over the world, because of the golf course community, because of the location. It stayed booked out. So whether you want to live in it as your primary or if you're thinking of doing long term rentals, there is so much there to be had. So 480,000 you guys, 7217 Mission Hills Drive, and that is in none other than the community of Spanish trails. Guard gated so you're not and nobody's rolling right up to your door. Okay, guys, let's jump on in to the rest of the show today. So today, I am just going back to the basics once again, because let me tell you, we are in a buyer's market right now. First time in many years, it is definitely a buyer's market. In other words, there are more listings out there right now than there are buyers. So that's that hasn't happened in Las Vegas in quite some time. So that's great news for anyone that was sitting on their hands and waiting right now is when you're going to score the deals. I've been scoring deals for my clients left and right. And let me tell you something, they're coming out the woodworks, and that's a good thing. I want as many people as possible to take advantage of this, because the way the real estate market works, it can turn on a dime, literally turn on a dime, okay, or figuratively. Don't come for me if I'm not using it the right way. But you know what I mean? It happens quickly, you guys. One week, I'm over here getting 1020, $30,000 for my clients from the seller to pay their cost. The very next week, the rates change, or something changes, and guess what. Now they're asking the buyers for $20,000 over their list price, and they're getting it. So right now, like I said, we are. A buyer's market. I had a young man reach out to me, and he told me that he was trying. He just joined Metro. Congratulations, Jaden, so he just joined Metro, and he said, Miss Monique, you know, my uncle had me give you a call. He listens to you on the show, and he wanted me to call you because I am trying to rent a property right now. You know, that was like a cuss word to me. I'm like, rent what? But I said, Okay, tell me more. What's going on? He says, Yeah, they want me to put $5,700 down because my credit score is, you know, under 640 so they're asking for an extra deposit, and I have a dog, and they're not allowing me to bring my dog. You guys, there are so many people that's listening to me right now that are thinking, yeah, that's what I'm going through, or I know somebody is going through the same thing. That is ridiculous. You guys, you're gonna leave a loved one behind to continue renting. I just I can't, I can't fathom it. For one I said, Listen, young man, that same amount you're about to give a landlord and get nothing in return, and you're gonna leave your dog, which is, I don't know about you guys, but I am a huge dog lover, so that's family to me. In fact, Malia and Sasha call my dog Kenzo. He isn't even named Kenzo anymore. He's a Yorkie. That's my baby. I love him to pieces. He's called brother. Drives my husband crazy. My husband from Louisiana drives him nuts. I don't care. That is my, that is brother. So the idea of me having to leave my my baby boy, my Kenzo, no, it's not. It's I can't do it. It's not gonna happen. And I know there's many out there that are just like me. So here's my point, the same money you're gonna spend, or you're thinking of spending to get a rental property where you are not allowed to make any adjustments to that home. You know, you have to ask permission, you have to leave your dog with some stranger or some family member, and you're gonna give them almost $6,000 to move into a rental property for one year. That does not make any sense. You guys. Think about that. I told them, Listen at the end of the day, right now, we could take that same amount of money, right? And I can get you in a zero down program, pay your down payment. Okay? Then I'll get the closing costs, the majority of them, if not all of them, paid by the seller. So you very well will be an owner of a home for the same amount. Okay, you guys, two years on the job, that's it. Now him, he was in school, you know, going to learn how to be a police officer. That counts, because it's a professional, you know. So they can, they can go ahead and count that, even if you were in school to be a nurse while you were going to school, that counts. So don't already count yourself out, like, oh, well, I haven't been on my job for two years. No, it is a five minute conversation to make sure there's not a way around it, because, you know, in many cases, there are loopholes and ways around you having that two year, even if you know there was a you know, ex, you know, like a circumstance that you had no control of, there's different little things that will be, you know, help you know, help you to be overlooked if you didn't quite make the two years. So don't just count yourself out. So two years on the job. Now you do need a 640 credit score for the zero down. But like this young man, if you have some savings, or if you have 401, K, you only need a 600 credit score. So there you go. Okay, so he was enlightened. We're gonna be out there looking for a home this next weekend, and he is not going to be renting and wasting that money. Think about it, you guys. Let's just use him as as an example. The property that he was going to rent was $2,000 a month. Okay? They wanted $5,700 because he had under a 640 credit score, basically the same that I need you to have for zero down program. So because of that, they said $5,700 if he were to live in that house for five years. Okay, that's on average. That's about how long we stay in our properties on average before we get the itch to move. So five years, at $2,000 a month, he would have walked away and gave that landlord $120,000 plus. Wait, I'm sorry, I forgot the 5700 I'm sorry after five years when he decided to move on, or maybe buy another house, because he sat on his hands long enough, yeah, he could have paid 120,000 Wait, $125,700

Monique Buchanan 9:20
and that same five years on his own property. And honey, when he heard that, and we did the numbers, and he understood that he actually is in a position to buy, like I said, we'll be going out this weekend looking homes, because it doesn't make sense. I don't think that renters realize how much money they're leaving on the table. I don't think they realize it. They don't realize that sitting on your hands and waiting every year is costing you 1000s of dollars that could have been in your bank account, that could have been that could have went towards your children. When God calls you home, you're able to leave something that will bless them for generations to come, if they keep it or if an emergency pop. Up they have an asset that they can possibly save another family member's life because they could sell it and have the money to do so, you know, we just, we just get in life, and we get going, and we don't think about these things. But like I said, I don't think that renters realize just how much they're leaving on the table. Your home increases in value every single year. So why would you want to buy or not even buy rent something where you're getting zero out of it, zero. I don't care if you planned on moving next year. You could always rent that property out, right? Or you could sell it, but at least you're walking with something rather than nothing. Okay? And I know that it's scary times right now. You know, a lot of people are, you know, there's a lot of uncertainty in the world right now. I get it. I get it with everything going on, I get it. But there's one thing, okay, that is very certain, and we that's going to be that we all need a place to live. We all need a home. I don't care what happens. We're going to need a place to live, a safe haven. And if things really hit the fan, owning your home means that you have options, right? Renters don't have options. Owning your home, you have many options. They banks will do their best to keep you in that property, because they're not in the business of owning properties. They will work with you. And once again, if you're struggling right now, you need to call your mortgage company and let them know you are because they have programs where they will lower your payments hundreds of dollars to help you keep that property. They don't want the house back, you guys, but a lot of people make the mistake of being quiet and not saying anything, and then that hurts you. You get foreclosed on, and it's just, you know, bad credit you can't buy is, it's a it's a nightmare that takes months, by the way, though, okay, as a renter, you get a Hey, pay or quit, five day. Pay or quit. You don't get five months pay or quit five days, right? So there's a huge difference there. So if the if it really hits the fan, you have way more options. As a home owner. You know, you can stay in your home, work things out, or you have months to try to figure it out, versus five days. You can also modify the home, adjust it, make it work for you and your family's needs. You can't do that when you're renting. I have a lot of friends that are like, oh, you know what? I think this or that's gonna happen, and if it happens, you know, they're back there growing gardens in the back of their houses. I get it. As owners, they're able to do all those things to the yard, you know, tear up the yard and put gardens, do whatever they want, because they own the property. You know, I've got a friend talking about he's gonna put a, what do you call it? Like, where you go into underground, just in case. I said, okay, sir, go for it. He can do so, because he owns his property. He can do whatever he wants. But in a rental, you're not able to do that. I'm just making these points for you guys, okay, your home is going to increase in value every single year. You're going to build equity. You're going to own your home. Have equity in your home. Have an asset to pass to your children. Have an asset period. So if there's an emergency that comes up, you can sell and be able to take care of your family, okay, not to mention just have that, you know, sense of nobody's gonna knock on my door and say that I have to sell my home, or they're selling my home that I'm renting from. I have a client that was there, renting for 20 years, 20 years, paid on time. Hey, knew those the owner. It does not matter that owner is going to do whatever's best for them and their situation and their family, just like you would. So if it comes to a point where they need to sell, need to sell, hey, I appreciate that. You were a great renter, but here's your 30 day. You've got 30 days I'm selling my property. Okay, so on that note, I have another client that I'm I'm representing her as a listing agent, and that's what happened with her. She said, Hey, I've got renters. They've been in there nine years, you know. So I went over there, spoke with them, because, you know, I care about both sides. And I said, Hey, let's try to get you approved. Because they didn't want to leave. They've been there nine years. Guess what? They didn't think they'd be able to get approved. We got them approved. So we just went into escrow with them, instead of me giving them to a an investor, where, where they didn't have to show the property where, you know, they will let the owner pick what day they want to move out and all that. I do have that as an option, but let's try to see if these tenants can go ahead and buy turns out, they were approved, and now we're going to go ahead and go that route and let them buy the property. They are over the hill excited. They're so excited, right? So I'm very happy for them. So congratulations to them. If you're just tuning in, my name is Monique Buchanan. I am the host of the welcome home with Monique show, and I talk all things real estate and community, because you will hear me talk about solar. I am a huge advocate for solar. If you have people knocking on your door right now about solar, you can call me first and have Michelle come over, who is a reputable solar rep, and have her go over all your options. 7029 84 3700 or if you're thinking of selling or buying a property, I am here to assist you. 7029 84 3700 My name is Monique Buchanan. You can check my. Website out, which is, welcome home with monique.com and again, my IG is realtor, Monique buchann, and I'd love to assist you guys. Listen, I answer my own phone. Okay, so if you call, you're gonna hear me. It's more than likely gonna be me, so never hesitate if you have a question. You know you want to pick my brain. That's what I'm here for. I'm here to help and assist. Like I told you guys before, my personal story was, I was a single mother back in 2000s and I tried to buy a home. I wanted a home so bad, and I was just turned down left and right and left and right. And, you know, I'm not blaming the realtor, but my realtor that I had chose, he did it part time. I think he was like a bartender regularly, you know, nine to five, and he was a friend of a friend, so I just used him. But because of that, he wasn't really in touch with the programs. He didn't really know what was really going on. He just knew how to basically open a door, show me the property and get me in a contract. Well, I needed more than that, because I was a single mother, I had a couple challenges, and I think that's why God put me in this position, because I have not forgotten where I came from, and that's why I can assist my multi million dollar clients. And yes, I do have them, and yes I do assist them, just like I do my $400,000 client. I care about everyone, but my heart really goes out to the people that have been told no, no and no. There are so many people I'm humbled and grateful to say that me and my team have given home keys to that were told multiple times that they would never buy a home, different various reasons, student loans, bad credit, all kinds of stuff. But guess what? They're in a house today because we got them there, because we we knew how to guide them and get them into a home. So that's where my heart is. That's who I am. So let's jump back into it, you guys. Let me give you a couple examples out you're out there thinking about, you know what? Monique's right? I need to go ahead and not rent. Okay, let me go ahead and give her and her team five minutes, you know, do a quick app, talk to my lender, and let's see if we can get you approved. There's, I would say, 75% of the time, people that think they're not gonna get approved, they end up getting approved. And I'm not exaggerating. I think we talk ourselves out of things because we've been told no, and we're kind of beat down by that, so we just kind of give up. And I don't want you to give up. Do not give up, please. Okay, you deserve a home. You get up every stinking day and go to work when you don't feel like it, when you feel none of the weather, you pull yourself up and you go, you deserve to pull into that driveway of a home that you own. Okay? So that I'm very passionate about it. So let me give you some examples. All right, you guys know, I still have my down payment assistant programs zero down. It's almost like my veterans, my veterans pay zero down. Well, guess what? You guys can pay zero down, just like the veterans. My veterans, they're, you know, right now, they're walking away with homes with, like, nothing out of their pockets. So you know, if you're a veteran, you really, I'm telling you, please take what you what is owed to you for serving our country, you know, build some equity for your family, even if you're saying, Well, wait a minute, I might get deployed, or I might be, you know, hey, that property could be making your family some money by renting it out. You know, it's an asset. So no matter what, in my opinion, not just because I sell homes, it is always going to be better to buy a property because you're making something off of that. Why would you rent a property and make nothing, right? So anyways, veterans are zero down, okay? And then their payments are a little bit less because they get the lowest interest rate. So even though interest rates are sitting at around six and a quarter right now. Veterans would be even lower than that, because they are veterans, and their credit score is they only need, like, a 600 for my vets. So if you're out there, you're listening 702984,

Monique Buchanan 18:52
3700, is my number veterans well, and for all of you down payment assistance program, you don't need 20 and $30,000 to buy a home you guys, you know, I love our parents, but they bought in a different time. Now you it's great if you have that and you could put 20% down, but it's definitely not needed. I'm gonna go over some examples with you today. All right, hopefully I do this right, and I am not a lender. This is just what has been regurgitated to me from my lenders. Okay, so let's pretend you're buying a $400,000 home. All right, so at six and a quarter percent, which is around what it is today, rates fluctuate, you guys, we're looking at 24,000 down. You can get that from savings, your 401 k, if you do not have that 24,000 down, it is not a problem. All right, as long as you have a 640 credit score, we can get you approved for one of my zero down programs. That means you don't have to bring a penny for down payment. Okay, so now let's look at that. So at six and a quarter zero down, or you just say, You know what, MO. Week, I'm gonna go ahead and pull it from my 401 k, because I do realize when I use the down payment program, my rate's gonna be a little bit higher, and I'm gonna go over those numbers with you as well. So just to save on my monthly mortgage, I'm gonna go ahead and pull it from my 401 K. I've been on my casino job for years. I've got money in there. I know that once I pull it out for the purchase of a home, they will not penalize me as long as the next year you go and show them that you actually bought a home. Now I'm not, I'm also not a CPA, so, but that is my understanding, and that's what worked for me and many of my clients. So normally, when you pull it out to buy a home, you're not penalized, or maybe you just you work at a casino. You never signed up for that dag on 401, k, if that's the case, you can use one of these down, zero down programs. So at $400,000 purchase price, your payment per month on your own home that you will make money on instead of just throwing it away every month will be $2,800 a month. And that's a little bit padded. I always go a little bit higher, so you're happier when it's less. But just tell yourself $2,800 a month, okay, for 400,000 that's FHA. Now, if you say, Well, you know what, Monique, I've got 20% down I've been saving, or my, my 401 K has over $100,000 in there. So I realized that my purchase of the home in five years will make more than my five year 401 K, more than likely. So I see that it makes more sense for me to pull this money out and reinvest it into real estate, because that's what you're doing. And then over five years period, I'm likely to walk away with 100,000 whereas my 401, K, maybe i I only make 20,000 in that five years. So it makes it's smarter for me to put it down on my own home, not be penalized, and stand to make more money than my 401 K could have made in five years. Aha. Kind of like coming to America when he said, taste the soup? Aha, you guys. So just, just think about that. I don't know about you, but I have friends that have had their 401 K for almost 20 years, and there's only $20,000 sitting in that 401 k, so it's not making much. So that's what I'm saying. I don't know what your 401 k is doing. Maybe you're a wizard at that stuff, but if you're a regular person like myself, and like many of my friends, it's not doing that great, right? It's not gonna make you more than likely 70 to 100,000 in five years. Okay? So the home, the property, will always make great returns. I mean, at least that's what the history says, right? So there's the point. So $2,800 a month, if you pull the money out of your 401 K or you use one of my zero down grant programs, now the 20% down will make the payment. $2,300 a month, and that, and that 20% at 400,000 you're looking at about 89,000 so if you have a 401, k, that has maybe 100,000 in there, I don't know what you take half, so maybe, like, I don't know, 140 you're able to pull out that money. If you're able to pull that money out the 89,000 or if you just have the 89,000 saved, or whatever, then your payment will be $2,300 a month because you put 20% down. Okay, now let's talk about if you were to buy something at $350,000 which there are some cute homes out there. I've got quite a few investors right now buying single story homes at 353 60. So I've been looking at quite a few of them. They're very cute single story, three car garage. So anyways, if you put 20% down, that would be $78,000 and your payment would be $2,000 a month for your own home, okay? But if you say, Monique, I don't have, you know, 80 grand to be putting on a home right now, we'll go on back to our zero down. Or you can put the 3.5% down, which is 21,000 or zero down if you have a 640 credit score, and then your payment will be $2,400 on average a month. You guys, there's people paying 2400 right now in apartments that they don't own, that when they get ready to move, they're going to be nitpicked about the carpet and how your dog chewed on the baseboards, and now we're not giving you your security deposit back. In fact, you owe us 3000 and we're gonna put it on your credit, you guys. That happens? Or how about this one? Oh, yeah, your lease is coming up. We're gonna up your rent $400 this what? Yes, we're upping it. Nevada has no rent cap. We are not California, we are not Washington state. We have zero rent cap for landlords, they can up that rent as much as they want every single year. You heard me right, and you remember what I told you, if you've been renting right now, and most of you have way higher rents than $2,000 a month, but I use $2,000 a month as an example. Do you realize if you have been renting for the last five years for $2,000 a month, you have paid your landlord, or, better yet, you paid $120,000 on that house. On paying that house off. Could have been your own house, but you gave it to the landlord for him and his kids, or her and her children to benefit off of. I hope that makes you mad. I hope it doesn't. I hope you know my number 702984, 3700, you guys are just two. Much opportunity right now this window, like I've been saying over the couple months, because I'm happy it's lasting this long, but it could happen tomorrow, next week, the market could change. That's That's how fast it changes, you guys. So we have zero down programs. I told you, people are buying with me and my team for less than what it would take to rent a property right now, okay, you could have multiple people on your loan. So if you are a family that wants to pool together, you can do that. You guys, there's, hey, I had a family buy. There was four people on the loan. That's fine. Yeah, I've got parents that put their kids, their children that are working 18 year olds, yes, come on, let them build some equity with you. Make it a family thing, you know, make sense? You're all living together. Okay, so anyways, I hope that you guys have been blessed by this information. Another little tidbit I shared on my social media, I want to tell you guys, too, if you are a owner of your property and you've been living in your property for, let's say, three to four years, I want you to understand and know that more than likely you've made 20% on your property. So if you're in a conventional loan, you can simply do an appraisal to prove that your home is now worth 20% more, and you can drop that mortgage insurance premium. That's gonna save you two to $300 on average of your monthly mortgage. So a lot of people are out there and they don't realize that you bought your home a couple years back. Hey, take a look and see what it's worth. For instance, let's say your house was 300,000 when you bought it, and now it's worth 360,000 you see, you can even call me and ask me, and I'll you know, but you can look and see what they're being sold for. Your neighbors, if they're selling them for 363 70, that's 20% more than what you bought it for. You can make your payment two to $300 less, and I say conventional, because that's the benefit in going conventional. With an FHA loan, you have to completely refinance, and we definitely don't want to do that, because you more than likely got a 4% rate or lower if you bought a couple years ago. So that would make sense for you. But I'm talking to people that bought with conventional. If you don't know, it might be worth a couple $100 a month by you finding out Mo's, got your back you guys. So hopefully you guys think of me when it's you know, anybody speaking real estate. I appreciate all the referrals. I hope you guys think of me and trust me to assist you as well in the home purchasing or me selling one of your properties. We'll get it done. We'll get it done right, and I'll always have your back. This is Monique Buchannan, if you're thinking of moving in any state in the Great America, 7029 84 3700 I appreciate you guys. Be blessed. 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. Eight.

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