Welcome Home with Monique

Wesley Knight 0:00
This is a KU NV 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. But

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you still don't the

Monique Buchanan 0:27
radio, 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, happy Saturday, Las Vegas. It's Monique Buchanan, the host of the welcome home with Monique show. And I might as well start saying in the in the Becky show. Becky. Welcome, Becky.

Becky Coins 0:52
Hey Mo, hey morning. How are you? I am fabulous.

Monique Buchanan 0:56
Great. We've got a great show from you got are from you guys, for you guys, but I do want to start the show off with just thanking you guys for all your support. And I want to say that I've got a couple of my kumv listeners that are listing their properties with me. We've got a coming soon property that will be going live next weekend, and that property is a 3000 a little over 3000 square feet property, and it is a single story. Has RV parking, it has four bedrooms, all of them have bathroom access, all right? It also has a pool, and it's over 14,000 square feet as far as the lot size goes. So a lot of home hard to find in the valley right now, right? If you want to add more to your backyard, but if you want to add more, there's actually no HOA. Can you believe that? Love it, yeah. But, and it's crazy to me, because a lot of times when there's no Hoa, you see different things when you're driving down the street, oh, yeah, it doesn't really look uniform. You know, people are allowed to do whatever they want when they have no Hoa, right? But when you drive down this street, there is so much pride in home ownership that every single person's yard is immaculate. You know, it looks like there's an HOA, like, on top of them, but there isn't. They do that on their own. Yeah, that's a bonus, right? There's also solar on the property. You know, a lot of our homes nowadays have solar. Do you Did you see the you see the uptick in how many properties have solar now, yes, yeah, yeah. I'm an advocate for solar. If you guys are interested in solar, you can reach me at 702984. 3700, you know, there's people that knock on the doors, and we just don't know where they're coming from. We don't know who they are. We don't even know if their solar company is reputable. So like you guys know, I've had solar for almost 10 years now. I love it. I can't imagine owning a home without

Becky Coins 2:47
it. Michelle got me hooked up. It's been over a year. Love it,

Monique Buchanan 2:51
right, right? And you you actually like was

Becky Coins 2:54
reluctant. I drug my feet. I did, and I

Monique Buchanan 2:57
always bring how your husband, my friend Chris, told you to get solar years ago. I am aware. Let me just ask you, and we'll get off the solar thing. But what was your biggest hang up on not getting solar? You

Becky Coins 3:11
just hear all the things I was nervous about the company. Yeah, you hear all the scary stories I was like, Is it really gonna pay off? Is it worth it? Is it gonna do what it says? It's gonna do the maintenance. There's, there's a whole host of things. But

Monique Buchanan 3:24
what have you found out? What have you found out about the maintenance?

Becky Coins 3:27
Most of, most of the myths have been busted, right? Yeah, she walked me through everything made me feel comfortable, and everything she has said has been good to

Monique Buchanan 3:36
go, right, right? You know, she is, like I said, she's a trusted resource. She used to be a realtor, so she's sworn in, you know, she has integrity. So we know who she is, and we know she doesn't just offer one company either. She kind of goes over all of the companies and gives you the that's what I love about her. She's a lot like like us. You know, we like to educate folks and then let them make their own decision on if they want to move forward at all, and if they do want to move forward, at least they know which company they would like to move forward with. You know? So

Becky Coins 4:07
I like that. She wasn't afraid to tell somebody, if you're if your house is not set up for solar, we can't help you. Like, it's not a good idea. Like, she'll even, like, Be completely honest with you, yeah, that that I love

Monique Buchanan 4:18
straight shooters, don't you? That goes miles. Doesn't hurt my feelings. Tell me in a heartbeat, Monika, look a hot mess today. Well, thank you very much.

Becky Coins 4:26
We've been Dave, go home and do something 20 years. Yep,

Monique Buchanan 4:29
that's right. We're both straight shooters. That's right. And Michelle is too. That's why she's on our team. You guys go over all your options, give it to you straight and let you make your own decision. There's no higher we don't do high pressure sales with selling homes, and she doesn't with solar either. She does not. Yeah, we're just not those folks. That's why I got into real estate. I figured I don't have to sit here and hit nobody over there to buy a house. It's just not my personality. And I'm not, hey, I love all my sales people out there. God bless y'all. But I'm just not the one that's gonna like hound you and call you 15 times. Times. So I'm warning you guys right now, if you call me and listen, I'll text you and reach back out. But if it listen, you gotta, you gotta forgive me, because I'm not the person that's gonna keep calling you. I figure if you want a home, you'll call me back. Yeah, we don't like hounding people. Yeah, it's awkward, because I don't like to be hounded me neither. Yeah, no, I don't mind a hustle now. Yeah. But anyways, you guys, let's move on. So I've got another one that is actually as well, coming soon, but you can look this one up online. I have not posted pictures of my internet property. That one's being sold for 770,000 that's the one I just told you about in the northwest area, single story, four bedroom. Each room has its own bath and it also has RV parking pool. So that one's over 3000 square feet. Now I have another one. This one is also coming soon. And the address for this one, you can just see a picture of the just the front, because, guys, we don't have the professional pictures yet, so I don't, you know, just throw up any old pictures I want all my listings must have professional photography, photo shoot done. So 916, Carrie Grove. And that's C, A, R, E, y, Carrie grove. You can look that one up, you'll only see the outside. It's a corner lot, also a four bedroom on the corner, like I said, with solar. Now here's the thing about this one, the solar is going to be completely paid for, completely paid off solar at the time of close of escrow, when we get a buyer for this property. I mean, think about that. You basically have free, free solar or free, well, you have free solar, but basically free power. I mean, you might get a small bill from Nevada power, but your your solar's paid off in the desert. It has Strip views as well, and mountain views all the way throughout the property at the on the second floor. So they like to sit in their loft and look at the fireworks for Fourth of July. Right in their loft, they can see the whole, yeah, like downtown and strips. So that's really nice. This one's also a Northwest Community. It's 222 square feet. The lot is a little over 6500 square feet. Like I said, it's a corner lot. There you guys go. I'm from the northwest. You guys, so that's why I say you guys. I've had people say when you say you guys, we say that in Seattle, I don't know, but you guys say that. Do you

Becky Coins 7:19
say you guys? I say it all the time, and I'm from here, so Well, you might have picked it up for me. We made friends over 20 in a long time. I'm sorry.

Monique Buchanan 7:27
All right, so we're a little goofy today. But anyways, if you're interested in either one of those properties, Becky doesn't mind popping over showing you, even though they're in coming soon status, we can show them to you. Early, 702984, 30, 700-702-9437, 00, all right, now we're gonna pivot well a little bit. So my my people that are thinking of listing their properties, I've had a couple folks, quite a few actually call me with pretty much the same kind of story, kind of like what you're sitting in, Becky, a little bit like your situation. You but when did you buy your house?

Becky Coins 8:02
I'm almost scared to say people might get mad at me. I bought my house in 2011 Yeah,

Monique Buchanan 8:08
I'm at you, yeah. So do you mind if I ask you how much you owe on your house?

Becky Coins 8:14
No, as a matter of fact, not to get you know, go way too off topic. But I originally bought my house for 135 I did refi and pull a little equity out pay off some stuff years back, and so he lock no this is before the HELOC. Actually, I have tried to make my money work for me in different ways. I did that. One was just a refi. I dropped my interest rate when I did that, back when we could What did you do with the money? I paid off a lot of debt so that I could take care of a bunch of different things. That's

Monique Buchanan 8:48
a beautiful thing. When you own a house and you come to my kids, do you mind if I ask you, how much did you pull out? What did I pull out? The first time? I think I pulled

Becky Coins 8:55
out? 4040. 40,000 Yeah, cuz I refined it. I want to say it was like somewhere, like once, 180 maybe. And I think I owe 140 No, 150 I think is about what I owe.

Monique Buchanan 9:09
What's your mortgage? Okay, don't make me jump out this chair. 1050 Oh, my goodness, you're exactly okay. So it's crazy. So we could actually just use, well, here you have the exact same situation as one of the clients that called me and me his wife. And Anthony all had a sit down, a little chat, chat about the options that he wanted to have. So let me just go ahead and pivot to him, but it's funny, you guys are almost identical. So okay, guys, one of my husband's workers, my work. My husband works for city north Las Vegas, and he had one of his co workers chat with me about some options that he could do. So here's what he said. He said, Monique, I owe about $70,000 I'm in debt about $70,000 me and my wife bought our home in 2011 he owes 145,000 right? And guess what? He. Payment per month for his home is 1050 just like Becky's, right? But he said, I really want to pay this debt off, so I'd like to do what are my options? What can I do? And I said, Okay, well, we could do this a couple different ways, because he knows about me and my husband just buying that investment property, another investment property. So he said, You know, I'd love to do something like that, but he feels like he's not able. He's like he thinks that's so out of reach. So of course, I had to let him know you're you're quite able. So here's what I said to him. I said, listen, here's a cut and try help, help me stay on track, because you guys know I'll veer off. So I'm gonna do my best to try to say this as clearly as possible. All right, so if he owes $145,000 on his property, he has a house out in the northwest, his house that he that he bought back in the day, 2011 actually is worth, right now, about $440,000 okay, so when we talk about equity, it's the difference in what he owes to what it's worth. So he owes 145 it's worth 440 minus that. That means that that man has $263,000 of equity that is rightfully his, that he can tap into. And so can you, if this is sounding very familiar, right? So he's sitting on $260,000 that's doing nothing and making no money for him right now and then. On top of that, he actually owes $70,000 to debtors, but he at probably

Becky Coins 11:30
20% interest, probably

Monique Buchanan 11:32
20% interest rate with a Yeah, exactly. So he wants to tap into that $263,000 there's a couple different ways we can do this. And he's interested in possibly buying a bigger home, right? I said, Okay, well, here's what we can do. Couple different options. We can sell the property. I can list it for you. All right, you'll walk away with $263,000 that's after paying the realtors and doing all whatever you have to do, closing costs, yada yada, right? He's gonna walk with 263 now he's gonna pay off his entire debt of $70,000 off that 263 that means he will still have, after paying off and being debt free, $193,000 now he already lives in a home that's worth 440 he's looking at a home at about $600,000 he's willing to put 5% down. He doesn't have to. He could really put 3% down, even with putting 5% down, that means he'll be putting $30,000 down on his new big, bad house of $600,000 right? 30,000 now that leaves him with $163,000 sitting in his bank account, and he's got this new big, bad house of $600,000 but that $600,000 payment per month is going to be $3,000 a month, $2,000 more than what he's used to paying at his old house, right? Well, Monique, that's just too much money. That sounds like a that's huge. I can't I can't afford $3,000 right?

Becky Coins 13:07
Well, this whole we make your money work for

Monique Buchanan 13:10
you, right? Got to put those dollars of work. Your money is your employees. I'm sure you guys heard this before. Each one of those dollars need to be working for you, right? So let's get back to it now. His new house mortgage is $3,000 a month, right? He has $163,000 sitting in his bank account. Here's an option that he can do. He can go to Cincinnati, Ohio, and I'm just throwing it out there. There's plenty of other places you can go, North Carolina, South Carolina, wherever. Remember, we assist in all 50 states. So I'm just using Cincinnati Ohio because I am actually looking there myself. So I know that he can buy a house for $159,000 cash, right paid off in full and that three bedroom, three bath home at about 1100 square feet, rents out in Cincinnati, Ohio, for $1,800 a month. Now that $1,800 is going to come off that 3000 that he's getting every month from his renters, because he owns a house outright, right? So that's just money in his pocket every month of 1800 which, if you minus that, you know from the 3000 guess what his new big, bad $600,000 house is costing him $1,200 a month. Let that sink in and on top of his mortgage for his new big bad house being only $1,200 a month, basically what he was paying for the first house he now owns another property that every year is making equity that somebody else is paying off for him. You guys, this is how you build wealth. The these are the steps that I'm giving you. Okay, if you're just tuning in, this is Monique and Becky and we are local Las Vegas realtors. But we also can assist in all 50 states. Okay, our team is far and wide. We also can assist in 2014 Countries. So if you're one of these folks, like my daughter that picked up and moved to Albania last month, and she loves it, by the way, jealous, and I will be flying out there next month if God says the same. And I'm so excited, because now I have somewhere to stay in Europe, and we'll take a little boat right on over to Italy. I'm excited. I love Europe. So anyways, but yes, if you're thinking of moving out of the country. We can assist you with that too, 24 countries and in all 50 states. So what I'm saying is, now you, you're building your portfolio of wealth of rental properties, right? So that's, that's the first way. So now that big, bad house that he wants with his wife is only really going to cost him $1,200 a month, because he's going to be collecting rent from Cincinnati or wherever. He buys a house outright, $460,000 right? Or he could take that 160 and do what I'm about to well, here, let me, let me not pivot there yet. Hold on. Hold that thought. I'm going to hold that thought because I'm going to talk about another strategy. But he could also just rent the current house out that he owns, the one that he has the mortgage for 1050 right? He doesn't have to sell it. We could just rent it out, right? He can rent that bad boy out for at least 23 $2,400 okay, so that's gonna clear him about 1400 by itself. That's an easier plan. You know, in some people's mind, some people don't want to invest out of the state, so you don't so you don't have to. And guess what, when you rent out your property, that frees you up for the next property to put as low as 3% down, yep. All we need is that rental contract buyer stuff. Yeah, you turn basically, you turn right back into, yeah, another first time home buyer, but you have to rent out your current property. So that was the other thing I told him, Okay, well, we can rent this property out, right? And now you'll make $1,400 a month on your first house. And once again, 1400 off that 3000 you still got a very low payment for your new big bad, $600,000 house.

Becky Coins 16:56
And now, if he doesn't want to get rid of the house, and he still wants to kind of take care of that debt and figure his other stuff out. Now, back when we had those low interest rates, I was able to refi. Now it's a refi cash out. But now we have other options as well, which I took advantage of years ago too, which is a HELOC loan, which is basically like a loan against that equity on your house. So you're not giving up your house, and you're not redoing your entire like now, to refi your house, take your equity out, you have to refi at the current rates, which that's, yeah, that's not a good thing, right? So you can still keep that mortgage payment where it is, but you can still borrow against that equity

Monique Buchanan 17:36
and see that's what he could do. So when we rent out the property that he already owns, Becky, saying he can get the money for the down for the next property and pay off his debt. He could pull out $100,000 via a HELOC and move on and still own that property, not lose it, and it'll still be making him rental income. Yep, he'll still have the rental income. Now he'll have a payment, though. So here's a little catch to that he'll have a payment on that HELOC now, hopefully he has some 401, K saved up, or some savings where he doesn't even have to bother with the HELOC. That way, he'll just get that rental 1400 or that extra 1400 a month, and it can go towards his new mortgage. But if he does not have anything saved up, he can utilize some of the equity within that first home is going to come at a payment. So he might not clear 1400 a month. He might clear only seven. But

Becky Coins 18:27
that payment, yeah, but that payment is only on that part of the equity, that other payment that's on that current mortgage isn't going up because your interest rate isn't changing on that so that's still staying at that low 1050

Monique Buchanan 18:38
so what she's saying is that your mortgage, for your your interest rate for your mortgage, or his mortgage won't change with the HELOC correct, because that's why a lot of people are not refinancing right now, because they don't want to touch that low, low rate, and neither will he Yeah. So she's saying, Don't worry about that. It will not affect your current rate. You can get that 100,000 out, use it for the next house, and pay off your debt, and Hello people, and still walk with probably a couple dollars, oh yeah, towards that new mortgage payment, making your money work for you. So that's so just think about that. We're trying to give you guys ways to do this, and this is what we do, guys, because we're not just in a box. We're not just trying to sell your house and move you on out the way next. Yeah, you know what I mean. So we're, we're trying to give you all options. You know, you can call us years down the road, after we've sold or listed or whatever. For you. Mo, what do you think about this? I answer my phone. People are always shocked. Oh, I didn't think I'd get you. Yes, you're gonna get me. I'm gonna answer, you know, unless one of my assistants answer, which is normally not the case. It's normally me. But yeah, so that's what we're here for, guys, to give you options. And I hope that didn't go too crazy. I hope you guys kind of followed along with that gentleman's options, because a lot of you under my voice have the same situation, low mortgage, right? But maybe you've created a bunch of debt that you need to get rid of, and you're trying to figure out, how can I do this? House, you know. So even if you don't want to sell your house, maybe you want to stay in that house, you can still utilize that HELOC without touching your current rate. And I can always get you with Anthony, 7029843700702984, 3700, and if you are wanting to move into a new property, okay, you're ready. Because most folks don't like to live in their house, they start getting the itch about five to seven years in, yeah, a lot of people do. Yeah. They're ready. Things have changed within five to seven years. Maybe they had a baby, or maybe they got rid of some kids. God bless them, and they want to downsize. You know, whatever the situation is, we're here to help. 7029 84, 3700 Monique Buchanan and Mrs. Coins, Miss Becky, okay, so here's another thing I want to talk to you guys about. That another option, because he's interested in investing. He was interested in getting a rental property. So I told him, you can turn your current house into a rental. You can buy a rental for 160,000 outside of this state, because you're not gonna find a house for 160,000 not here in Vegas now that's gonna make any kind of money, no, not at all. So maybe you have family in the south or somewhere else that you can get a property paid off. Or here's another way to do it. Remember, you guys, I've talked to you guys about this program, right? That I just used to buy my investment property. The reason I like it, you guys, is it, it doesn't look at your own income at all. You will not be asked to upload any paycheck stubs. You will not be asked, Have you done your taxes for the last whatever, whatever. Right? Becky, that's right, it doesn't care about your income, not one iota. We don't want to see any of your income papers. We don't care. We do not care. You know what? They only care about to get to, you know, to put you in a position to buy properties and build your portfolio of rentals. Let me just name it all for you. What's one of the things there? Beck, little bit of credit, 640 that's not bad. 640 is not bad. And if you don't have it, we have someone that can get you there quickly. Yes, we do, all right? And then you just need to have at least the 20% down, okay, just the 20 for instance, I bought that property. It was 175,000 I put $38,000 down. Okay, so you have to own your own home as well. Okay, they do require that you already own your own primary residence. And this is just for investing. You cannot move into the house after you buy these properties. This is not for you to move in. This is investing. These are rental properties, or however you want to do them. If you want to make them group homes, they have to be something that's going to make you money that you're not planning on making your own home. Okay, all right, so 640 credit score 20% down, you have to own your own home. And here's the catch, here's the big what's the catch? What's the catch? I don't have to show any of my dogs already. What's the catch? Why not? This is why they don't care about your income. They don't care that you already own three of your own homes right now. They don't care about any of that. They don't care that you owe the IRS $100,000 they don't care. You know why? Here it is, because the property, and this is where me and Becky come into with the magic. Me and Becky have to find you a property that will pay for itself. Does that make sense? Can you explain what I mean by that? Beck,

Becky Coins 23:11
that's all the bank cares about. They just want to know that that house right there, that you got it, if the mortgage is $1,400 it better be able to rent out for at least that 1401, yep. Okay, so they want to know you're not having to dig in your own pocket every month to carry the weight.

Monique Buchanan 23:26
If the mortgage on that property is $3,000 that you're purchasing, it needs to be able to rent out. And me and Becky will have to prove that it can rent out for $3,001 Does that make sense? I hope that makes sense to me. So you can buy as many of these properties as you want using this right? And we can walk you through it. Like I said, I just closed on one last what was it three weeks ago? Yeah, yeah. And I'm having so much fun flipping this house you guys. I love watching you work. Oh my goodness, it's so much fun. I'm back there sanding my cabinets. I'm making Home Depot runs. Yesterday, the lady at Home Depot said, My goodness, Monique, you need to get an orange apron.

Becky Coins 24:02
And I said, You know what? You want a frequent flyer.

Monique Buchanan 24:07
I know all their names. I'm like, the paint guy is Mike. I'm like, Mike, I'm back. I'm back. I need more primer. So you guys, it's so much fun. You know, for me, I'm sprucing up this house. I'm doing the section eight route because we need so many homes right now for Section Eight folks, you know, they get a bad rap. Oh, Section Eight tears up your house. Guess what? Anybody could tear up your house? Anybody could. So for me, guess who was getting paid during covid? And hello, hello. So that's why I'm like, listen, I know that that check is in the mail for real, and they're not just saying it, nope. So for me, I want to make sure that my, you know, funds are going to be there so I can pay my mortgage. And I don't, you know, and not everybody don't paint people with a broad brush, you know, I know that I used to rent and I used to take care of that house like it was my own because I lived there. So not everybody's the same. Game. So anyways, I'm doing the section eight route because it's very much needed in our community. So I you know that's the route I'm taking. You don't have to take that route, but you can build as many as you want. So let's go on back to my husband's co worker that has $163,000 after putting $30,000 down on his $600,000 new home that he he bought with me, and now he's got that 163,000 sitting in the bank, right? We're trying to figure out what we can do with that money to make him more money to help pay that $3,000 a month mortgage. He can buy a few properties. He can buy a couple of properties, right? He can really leverage that 163 right? So in my case, well, he can buy, like, what with my little 40,000 I'm not that great at math. Y'all don't make fun of me, but three or four of the town homes, like,

Becky Coins 25:49
what I bought, yeah, depending on price, 20% down, right? And with

Monique Buchanan 25:53
my town home, because section eight pays top dollar. That's another thing, guys. Section Eight pays top rent, so I'm walking with about $500 on top of my mortgage every month. So let's do the math. That's $2,000 but he has four properties making equity every single year, four, even

Becky Coins 26:11
three, even three at $500 $1,500

Monique Buchanan 26:15
a month, yes, and if he's got four, $2,000 a month. So his mortgage will, once again, only be $1,000 on his new home, and now he owns five properties, and they're all making money. That's called leveraging, putting those dollars to work you guys, you know. So that's all I'm saying. I'm just saying, hey, there's all kinds of ways we can do it. That's what we specialize in. The

Becky Coins 26:38
everyday folks don't think you can't do

Monique Buchanan 26:40
it exactly, breaking down those myths. You can do this, you guys, and none of us are getting younger. So before I get off the phone or the phone, ring, ring, I want to take a quick pivot, real quick. And I would like to speak to my prayer warriors out there. We have a sister, a KU, MV sister. She bought a home for me last year. She's got a beautiful family, five little kids. The youngest one is seven years old. You guys, me and my my friends went to the hospital three days ago, and we all grabbed hands with her family and prayed over her. You guys, she's, uh, she's fighting for her life. She's got breast cancer, and they're telling us that she's not going to make it, but Jesus has a last say. J Diaz, she's in Spring Mountain hospital, and her babies are there, and it just tore me up. You know, to see these beautiful children, have to go through something like this, and I and I know that, you know, there's so much happening out there, so many people that are going through something similar out there that under the sound of my voice, so but I do want to say a quick prayer for everybody under the sound of my voice that are, you know, going through something similar. Heavenly Father, lifting up every person listening right now, those battling sickness, those standing by a loved one's bedside, and those who feel weary in their spirit, Lord, Your word says in Isaiah, 53, five, that by His stripes of Jesus, we are healed so Father, healing in our bodies, peace and peace in mind. Wrap them in your presence. Lord, let your Holy Spirit breathe hope where there's despair and faith where there's fear, where fear has tried to settle in, remind them that you are still Jehovah Rapha, the God who heals. Let miracles move through airwaves and testimonies rise from hospital rooms, homes and hearts tonight or today, in the mighty name of Jesus Christ. So I'm just, you know, praying that all my prayer warriors, I know I got a lot of my KU and V prayer warriors out there. They've called me. I know a lot of my listeners are saved. Later down the road, I will be giving information on how we can bless them right now. So I love you guys, and until we hear from them.

Becky Coins 28:55
Becky, love you. Mo, thanks for having me on as usual.

Monique Buchanan 28:58
Absolutely you're my, you're my girl, my ride or die. Okay, guys, we love you guys, and until we hear 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. Three.

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