Welcome Home with Monique

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Good morning. This is Monique Buchanan, the host of the welcome home with Monique show. And on this show, I talk all things real estate. Listen, I want to thank you for tuning in. Well, hello, hello Las Vegas. This is Monique Buchanan, the host of the welcome home with Monique show. And I am so thankful and grateful that you have tuned in once again to hear one of my final shows for 2023. Listen, we're gonna go ahead and just dive right into it. You guys know how I am. I get right to the point. And when you meet me, that's exactly how I am as well. Hey, what you see is what you get, I give it to you straight. And I let you make your own decisions. I hope you can appreciate that. So let's just jump on into it. You guys hear me say all the time. This is an amazing time to buy I would I would go as far as saying this is the best time to buy. Since I have received my license, which was eight years ago, you guys. Eight years ago, our market was warming up and getting hot. Okay. But it has since then become extremely hot. So many people pouring in from all over the country, especially pouring in from California, which has obviously you guys all know I'm not telling the story. When I say this is drove our rent up it drove our home prices up. Right. So I tried to tell my friends Hey, I seen the writing on the wall. You know, four years ago, we are turning into LA, little LA. Okay. So with that being said, once again, this is the best time because our market is so hot. We have one of the hottest markets in the whole nation, as far as you know, home purchasing properties. So right now for the first time in like almost eight years, you guys I'm getting the sellers to buy down and pay for my clients closing cost shots out to the Barrett family. I'm so happy to say that I gave them keys just yesterday. They are some K UMB listeners. She is super sweet. She said Monique, you know what I kept hearing you. I finally decided to give you a call. And I'm so happy that I did. So her and her beautiful family the Berets. They received their keys yesterday. So congratulations. They're going to have a home for Christmas. And I'm so happy about it. And by the way, they are going to be buying down their rate. So what I have been doing with all of my clients me and my partner, you guys know, Mr. Anthony from guaranteed rate, we are taking the seller concessions that I negotiate and we're taking that money and applying it towards buying down my clients rates now to day to day I'm getting my clients into properties as as little as 5% rate. We hadn't seen that since you know 2018 19 But that's what I'm doing today by negotiating costs from the seller and applying that towards my clients rate today. Okay, so congratulations, the bear family. But anyways, let's let me give you guys a scenario. All right, most of you guys, if you already own a home you bought at least two three years ago, okay? I'm just going to pretend that you have a 2300 square foot home. Okay, that's about average 2300 square foot home three bedrooms, nothing fancy, you know, two car garage 6000 square foot lot, you know, no pool. Nothing fancy you guys, right? Right now that can run out for around $2,300 Okay, you guys listen to me and you say you know what? Monique, I want to upgrade I want to get a bigger home. I would love to get one of those multi gym properties. I've heard you speak about and if you didn't speak you hear me speak about him. What it is guys is it's a five bedroom home that has a one bedroom apartment attached to the home. That is called a multigene. They are extremely popular right now. But they are also hard to find. But of course your K u and v realtor knows exactly where they're at. I've got three in escrow right now. And I can lead you to those as well. They're over 3800 square feet, three car garages, pavers, the nines, right? So that's one One of them, they have a single story, they have two, two stories, the single story is about 2900 square feet three car garage, right. And then the two two stories, the smaller of the two is 3800 square feet five bedroom with a one with a multigene. one bedroom apartment basically attached that you can rent out or what however you want to use it, you can use it. And by the way, it has its own air conditioning and heating system. So whoever is staying in there can control their own heat and air. So five bedrooms with a one bedroom apartment attached. That 3800 square foot home is going for about 630,000 You have the larger of all three, which is about 4200 square feet. That is also a five bedroom with a one, one bedroom apartment attached. But that one is actually about 4200 square feet. So it's bigger three car garage, that one is going for about 680 You're basically like I say you're getting a two for one special here, you're buying two homes, basically, for the price of one, right. So you have your primary that you're gonna live in, which is the five bedroom portion. And then you can rent out the one bedroom apartment that will subsidize your mortgage, it will pay. You can rent that out for $1,500 a day or a day, all day long. You guys know what I'm trying to say? So let's do the math. Let's do let's just do the math. You guys know, I get ahead of myself. I hope I don't go too fast. I'm gonna try to slow down. Let's back up. So now I guide you, me and my lender, Anthony guide you and we say listen, we don't have to sell the property, we can sell the property that you currently live in, right? The house that maybe I sold you a couple years ago or whoever sold you 2300 square feet, no pool, regular three bedroom house, right? We can rent, we can rent that out for about $2,300 a month right? Now this new home, this new home is going to cost you around $4,000 A month mortgage and you say whoa, whoa, whoa, Monique. That sounds like so much money. I'm going to be going from you know, $1,500 mortgage that I'm paying right now. To $4,000. That scares me. I'm I'm nervous that. I don't know if I could do that. Well, let's take a little step. And let's really look at the whole picture. Yes, your new mortgage is going to be $4,000. Okay, until you can refinance within a couple of months like the feds have announced they plan on doing six rate cuts this year. So yes, you will be able to refinance and get a much lower rate. But remember, I'm also having the builders buy down your rate. So you might not even need to refinance. But let's let's, let's stay on track. So, mortgages $4,000 for your big, bad new home, right? You've got the current home that you're living in, you're gonna rent that out for $2,300 a month, right? All day long. That's the average rent right now. So you got your $2,300 you got your $4,000 new mortgage? Well, guess what, after you that 2300 You say that your your mortgage is $1,500.

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That leaves you $800 $800 In the positive right. $800. So now, your mortgage on your new multigene five bedroom home is no longer $4,000. Right? It's $3,200 because you have $800 in the positive coming in from your rental. Okay, so now it's $3,200 Now you guys are gonna really make me do some math on air. But let's say that you rent that property out to make it easy for me. Right? For $1,200 you rent that multigene which is your one bedroom apartment out for $1,200 Well, my goodness, wait a minute. Now we're going to take that $1,200 off of that $3,200 That leaves you $2,000 So you went from $4,000 a month for your five bedroom. one bedroom apartment attached to the house. Mortgage $4,000 You were scared you're like there's no way I can do that. That's crazy. But now you're only paying $2,000 for a five bedroom home with a one bedroom apartment attached that you can rent out. Right? So if you rent that out and you rent out your current home for $2,300 Right? And you rent that out for 1200 which I know you could probably get 14 for but for easy math. We're just gonna say $1,200 For the one bedroom fully for like fully functional. one bedroom apartment. You weren't you rent that out for $1,200. Guys, you guys are getting a 600 and you know $30,000 home for $2,000 a month. That's only $500 more than you're paying for Your current home's mortgage. Hello? Hello, is anybody home? Do you guys hear me? So if this interests you, I will walk you through it, you guys, I've got more for you. But just chew on that for a minute. Okay, and this is just an example of you buying a property at around 630,000 that has a multigene. Okay, I'm trying to hay I think out the box, I think like an investor. And I want you guys to think like that too. Don't sit on your, your equity, okay, you don't have to sell that property, I would love to sell it for you, I have no problem selling it for you, we'll be in a you know, an amazing position. But I don't think you're gonna have a $2,000 mortgage, because we're not going to get that $2,300 a month in for rent, you know, so your mortgage might end up being $3,000. But that's still doable, you know, for what you're getting. So let's stick with the current scenario, you're going to rent out your current property for $2,300 a month, it's just a regular 2300 square foot home, you know, three bedrooms, that's what it is no pool, then you're going to rent out the multi unit, which is on your brand new home, which is attached to your brand new five bedroom home, you're going to rent that out for $1,200. Okay, so now that $4,000 A month payment that you had just went down to $2,000. So you're going to be having three doors, that's what we call in the investor world, three doors, you've got three doors, and you're going to be making are paying only $2,000. So not only are you only paying $2,000 For all this property and having two renters, but you're also going to be making equity, more equity than just that one house that you're sitting on right now. So let me tell you how that's gonna look. So now, let's just pretend most people are sitting on around $200,000 equity, we're gonna pretend that on your first home that you're sitting in now, you're sitting on about $200,000 worth of equity, that's the one that we're going to rent out. Now you just purchased this big, bad boy, right? 630,000. So on average, it goes up about 8%. You know, we're just gonna use 8% appreciation per year. Okay, so within the next three years, you could have an extra $120,000 worth of equity on the new home, not to mention, the next three years, around 72,000 more dollars on the rental property, the first one that you bought, and you decided to rent out. So that means that within three years, you could have two renters and have made almost $400,000 More in equity, than if you just sit on the house that you have now. And just do nothing with it. Okay, guys, I hope you guys are grasping this, because that's what I'm trying to tell you. Don't sit on your equity, put those dollars to work. Get yourself that big, bad house. This is the time why is this the time? Because for the first time in years, the builders are even contributing towards my clients closing costs, because I get in there and negotiate. All right, I make the rounds around the city. So no matter what if you want to be in Henderson, you guys hear me talk a lot about North Las Vegas and I talk a lot about that area, because they have a lot of brand new properties going up out there because they have more land than anybody else in the city right now. So southwest area, Hey, I just closed a couple months and mountains edge. I'm all over the city. So if you are looking for a realtor to assist you, my number is 702984 3700 702984 3700 Welcome home with monique.com is my website. You guys can catch me on Youtube. Welcome home with Monique, I am here to hold your hand and walk you through this process. So that was a whole lot for you. Don't worry, me and my lender, Anthony have we've got your back. We're going to walk you through it. We're going to make it plain for you lay it all out so you can see and make an educated decision for yourself. That's what I'm all about you guys complete transparency. I want you to be in the know, because there was one point when I was looking at properties before I was a realtor. I was not in the know. And it was pretty darn scary. Let me tell you, I didn't know what was happening. I was like what am I signing. So that is why I've created this show three years now for almost four. Just to educate you guys. And even if for some odd reason, you don't use me. At least you heard me tell you how you can make this thing happen, but I hope you guys use me. Alright, so let's just jump on back into it. I hope you you grasp that. So I'm just gonna wrap it up real quick. Just with this scenario, you buy a $630,000 home, we're now at your current property for around $2,300 Then you go ahead and rent out if this property has a casita or a mother in law or aka multigene attached to it, you can rent that out, typically if it's a one bedroom, or even a Casita, actually where it doesn't it's just a studio $1,200 all day long. And to be honest with you with this multigene example. I have clients that are going to be renting this out for 1400. All day long, they'll get it we're talking brand new. People love to get that right wring it out. And there you go. Your now your big bad $630,000 home is only going to cost you $2,000 a month. $500 more than you're paying for your current $1,500 mortgage. Hello. So anyways, my number again 702984 3700 Okay, guys, so now you can say okay, well, Monique, I don't own a home. That sounds amazing, but I don't own one yet. How can I own one? Well, did you know if you have not owned a property within the last three years? You are conservative considered a first time homebuyer? That's right, I don't care that you bought, you know, 2008 or you signed for your mom on her house and she sold it back in, you know, 2017 doesn't matter. If you have been a renter, basically, for the last three years, you are considered a first time homebuyer, what does that mean for you, that means you can get those myths and know you know, listening to people at work and, and people telling you you need to have at least you need to save up 10 To 20% to put down. That's not true, you guys, that's absolutely not true, you don't have to put 10 20% down, if you have it great, by all means that I even advise you listen, if you can't put 20% down, keep the rest of that money in your pocket. Because what happens is when you put 20% down, it makes a significant change on your mortgage. And the reason for that is you get rid of something called your mortgage insurance premium or your MIP or PMI, however you want to see a say it basically when you when you don't put 20% down, they make you ensure your own loan, and you pay for that every month, typically around $200 a month on average property. So that's why you hear people saying hey, you need to you need to save up 20% But you by no means need to have that you can have a decent payment and still put 3.5% down. You need to have your credit at around 640 You guys so shoot for 640 credit score at least okay. 640 credit score, you're in the door, at least two years on any job, not just the same job. Any job two years. That's all you guys need. Don't listen to the Miss, you know, making you feel like you can't own a home, you definitely can own a home, and I will guide you through it. Me and my team will get you there. That's what I do. I'm the one that gets the deal done. No matter what I hold your hand. You don't have to be a slam dunk. Listen, you don't have to be a multimillionaire for me to help you. Although I love to help you guys too. But my heart is in this Okay, so I like to help people, you may need a little help. I don't mind me and my team don't mind guiding you giving you the directions. But listen, you have to do with though, you have to get it done, and then we'll get you into that home. Okay, so anyways 20% down is not necessary. 3.5% down is what you can put down if you are a first time homebuyer, aka you have been renting for the last three years. All right, so if you currently own a home, and you want to do what I was talking about, which is rent out your property,

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you can turn around and buy again, at 3% as little as 3% down so you don't have to put a huge amount down. So even with like that scenario, you're looking at maybe what 18,000, that's all you have to save up for that $630,000 house, if you currently live in a property, you want me to go ahead and help you get it rented out, and then take you over to get that multigene property or whatever home you want. You only have to put down three or 3.5% down because you're renting out that property, which will then free you up to purchase another one, just like you did the first time around. So you once again, you do not have to put 10 20% down. So just know that all right. Now, multiple people can be on alone. A lot of people don't know that. So you could have five, you know, hopefully 4321 Whatever it is, you know, multiple people up to 567 Whatever it is, I don't know about seven you guys, I don't know I have to get verification for my lender. But you guys know what I mean? Multiple people. So if you have mom, dad, I just did alone mom, dad, son and daughter, four people were on the loan, and they got the property. Okay, so you just know that you can do that. You guys can use your 401 K. In fact, it's a better investment to use your 401k Cuz you're gonna make that equity way faster, then you're gonna get that little, you know, whatever it is the little Gamestop Washington say that because that went up real quick. I missed that boat. But you know what I mean, whatever that little stock is that you know, they're they're investing in, you'll get a faster return on real estate all day long, all day long. So but here's my point, you can pull out the money for your home, and you will not be penalized in most cases. I've been in this business almost 10 years now. I have many clients that pulled out 401 K. Now when they go to do their taxes the next year, they just have to show, hey, I actually did buy a home, of course, you want to consult with your CPA, but you show that you bought a home that that year with those with the funds that you pulled out, and you will not be penalized is my understanding from Elise, my CPA, and all my clients over the 10 years that I've done that, okay, so you can do that. So if you don't have the money saved up, no worries, you could tap into that 401k and reinvest that money into a home for yourself, that will make you equity. All right, and then just pay yourself back. So just know that all right, you're gonna hear people say, Oh, it's not a good time to buy right now. You should wait until the rates drop. Well, guess what the rates have already actually dropped a little bit, by the way. But the feds have announced that they have six rate cuts on the way this year 2024. I told, we've been telling you guys that for the last six months. You guys have heard me say over and over, hey, they're raising the rates right now. But they're going to drop them 2024. So what do you need to do? Don't wait on your hands like everybody else. Now. You guys see it's coming. It's coming to fruition. You don't believe me? Go on. MSNBC. They announced it today on the news. Once again, feds are going to be rates are dropping the rates this year. They're saying up to six times. Hello. That's what we said it's happening, right? But what did I tell you guys to do? Let me go ahead and sell you a house right now. And then just refinance the house when the rates drop. That way you secure the property because if any of you guys have been looking on Zillow, you see that there's very few houses out there for sale. I mean, it is slim pickins. But guess what's going to happen when they drop the rates and money gets cheap. It's going to be even more slim pickins we're talking next to none. Because everybody that's sitting on their hands, listening to all those co workers, they're about to jump into the market. As soon as the rates drop. What is that going to do? It's going to do what it already did in 2019 is going to have you paying 20 $30,000 over the list price of the house. Well, why Monique? Why would that happen? Because when the rates drop, the prices of the homes shoot up. Why? Because I'm going to tell my sellers, hey, we've got 20 buyers trying to get this property. We have people lined up in front of my listing to buy this property. So why would I sell it for cheap? No way? No how? You know what I mean? We're gonna cause a bidding war for this property, it's gonna naturally happen. Okay, so just know that we still have plenty of people stacking their cash right now waiting for those rates to drop. So unless you're cash heavy, my number is 702984 3700. The writing's on the wall. 702984 3700. And if you are a veteran, right now, my veterans are walking away with zero out of their pocket. There's zero down, right. And then I'm getting the builders of pay their closing costs. And one of my veterans just recently she's getting I got her closing costs paid. She's paying zero down. I got her blinds put in her house from the builder from negotiating. I've got washer dryer refrigerator got the works. This is all going to stop builders are going to cut all this out. As soon as they drop those rates, you guys, there's no incentive for them to do to give you anything. I remember, listen, there was waiting list. I don't know if you guys remember this, but there were waiting lists with builders. And I foresee that happening again. Because guess what? Don't believe me, check Zillow. See how many houses are out there? Not too many you guys. So Where's everybody going to turn? They're going to turn to the new homes. And guess what waiting list again, please don't let this happen to you. I am in Listen, please don't let it happen to you. I'm here to help will get you a home now. You'll refinance, I'll get you to refinance. As soon as our beds drop the rates to where you want it to be, will refinance or better yet, you'll do like all my clients right now. Go ahead and let me negotiate the sellers and pay your closing costs. We'll use those funds to buy down the rate today right now. That's what I will do for you. Okay, so if you're just tuning in, I'm giving you some some tips on how you can buy a property right now. And I can negotiate the the builder to pay down your closing costs and buy your rate down or the seller to do so. Okay, don't miss the boat, you guys because like I said, as soon as they dropped those rates, it's only obvious. Everybody's gonna jump in. And that's gonna cause the prices of the homes to skyrocket again. Okay, we're in a valley. They're getting a whole lot that we can do in this little valley. You know what I mean? So, if you don't believe me just check like I said check the news. They'll tell you the feds are planning on lowering the rates six times this year six times. So that's going to shoot our prices even further up. So if you think the prices are high now, man, hold on to your seats. Okay, so Anyways, you guys once again this is money BK. Anna, and I hope you enjoyed the show I was going over ways that you can buy and want to make sure that you understand. If you have not purchased a home within the last three years, you are considered a first time homebuyer, that means you could put 3.5% down. If you're a veteran right now, using me and my lender, you're walking away with in many cases, zero out of your pocket, my bets are getting checks back, okay, from their earnest money deposit. So it's a great time for veterans to purchase, I understand that you think that you might be deployed in a couple years, but why not be deployed and go with 1000s of dollars in your pocket, I can sell your property that you bought, or we can rent it out. And you can continue to make that equity and also have that stream of income coming in, right? So just these thoughts, you know, think about this stuff. You know, remember, you could put multiple people on a loan, you only need two years of work history to be approved 640 credit score, you guys, that's not that's not a high crazy credit score. And remember, if you need to do a HELOC, let's say that you own a property now, put those dollars to work. You're sitting on 100 $200,000 of equity. Let's pull out a HELOC that does not touch your current interest rate. It will not change your current 2.9% interest rate. When you let me get you at my lender and he gives you a HELOC, then we could pull out, you know that 20% If you want 60 $70,000 We could pull it on out. And go ahead and let me reinvest that for you get you another property so we can also make equity and you can continue to build your equity and have those funds to rely on for the future. All right. So hey, guys, I've got plenty to talk about. I didn't even get through half of what I want to talk to you guys about one more thing business owners, we can approve you with just your profit and loss statement. Okay. So there's tip earners, we can do a bank statement program. So if you're one of my fellow people in the industry from back in the day, my bartenders, my cocktail waitresses, just tip burners, my Uber drivers, bank statement programs, okay, so start putting those tips in the bank. Even if you pull them right back out. I don't care. I just need to we need to see it. We need to have a paper trail. So start putting your tips in the bank for at least six months you guys and then then you can you can give me a call. 702 94 3700 702984 3700 Okay guys, well I hope that this really helped you. And if you're out and about today I've got an open house at one of my properties. It is 6644 Lavender Lily, two bedroom, two bath townhome with a garage. Hey 284,000 All right. $5,000 is going to be credited to you for my sellers to go towards your closing cost. You heard me right, they're gonna give you $5,000 To help you buy this property 6644 Lavender Lily, two bedroom, two car or not two car garage, one car garage. Two bath in the Alia Norte area near near shopping near freeways. All that okay for 284,000 from 10 to one today open house 6644 Lavender Lily. All right you guys have a blessed weekend. And until I hear from you. This is Monique Buchanan. 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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