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Monique Buchanan, your real estate specialist, talks all things real estate. On this show she covers the processes of buying and selling a home. Welcome Home with Monique informs you on best practices to navigate the housing market so that you can start building your wealth through home equity.
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You're listening to locally produced programming created in KU NBC Studios on public radio K u and v 91.5.
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Unknown Speaker 0:54
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 Las Vegas. It's Monique Buchanan, the host of the welcome home with Monique show, and I am your host, once again Monique Buchanan. Listen, if you are looking to purchase invest in Las Vegas real estate, I am your source. I am here to help I have a team. Today we're going to talk about what's going on in our Las Vegas market. Now, you know, if you've been listening to me for any time or any length at all, you'll know that I have been saying since last year June. Listen, guys, they just raised the rates, Feds raise rates last year, June, you know, and we were all like Oh my goodness, it's you know, it's up to 7%. It's up to you know, 6% This is so high. And like I said it was higher than what we're used to. Many of you listen to a lot of my K you and B listeners. They listened. They're sitting in homes right now. They're very happy. They've been calling me Monique, have you seen the news? They're lowering the rates? They're coming down, just like you said, yes, me and Anthony have been telling you guys since day one by right now. Because a lot of people are sitting on their hands. And they're not going to buy they're going to wait till these rates drop. But when that happens, the prices of the homes are going to shoot up, right? Because why as a seller? Would I have any incentive to go ahead and give you any kind of deal or pay any of your costs if I have five and 10 people waiting on me to sell my home, right? So anyways, it's just you know, one plus one equals two. So anyways, that's what's happening, guys, you don't have to trust me, believe me, I hope you do hope you see that I'm genuine. That's what I'm in this because I love it. But the news has been reporting it all over the place. We're already starting to see some rate cuts. They're saying that by 2025, we will have seen around six rate cuts. So what is that doing? Why are you telling me this money? Well, for one, I'm not gonna say I told you so. But I told you so. So what does that mean? All my people that have purchased within this last year with me, they are about to be so excited that they already are excited because they know that they bought right now their rates are a little bit high. But they didn't have to fight anybody for it. I was able to negotiate the sellers to pay up a huge portion of their cost, right. And they know that they can now wait and just sit on their hands and go ahead and just refinance. So they got a sweetheart deal on the price. They were able to get the seller to pays some of their their costs, the builders pay their closing costs, sellers were also paying closing costs. And right now we're in a little, a little small window. That's lowly closing, for that steel to be the case for you. Right now, my properties that are 450 or less, they are starting to see you so much more action ever since the first like I'm telling you literally like right after New Year's Day. My listings that were sitting that are 450 or less. They're starting to get multiple offers on them. No joke. I've got clients, actually from the radio station, they're my listeners. We were out looking at properties and they were they're approved for around 370. I called three properties that they said, Monique, we really liked these three properties. I caught all three. And in front of them. They heard each one of those listing agents say hey, Monique, I'd love to sell to you and your K you and B listener, but we have three offers multiple offers on these properties. They're flying off the shelf right now. So anyways, but that's at the 450 and under price point. I'm trying to let you guys know, here in the Las Vegas Valley. Okay, I am boots on the ground. You guys. I'm out in this field every day. I do this full time. I'm not a part time realtor. I've been full time for almost a decade now. So I'm out there working. I'm seeing what's actually going on. Okay, so I'm telling you right now that we have very low inventory. I've said this over and over but let me give you some examples. Okay, I did a search Before I came in, right, so I'm actually in the market myself, because I'm not just preaching this, you know, I'm actually gonna do this myself. I'm about to buy an investment property myself. So anyways, I'm looking at between six 600 to 800,000. Right. So if you're looking and you want to purchase with me, which a lot of my clients are doing right now, what they're doing is they're saying, Monique, we heard you, we want to go ahead and sell our property that you know, we're in right now. And then we're going to take that money and put it on the next house. Because we know because you have told us that you only have to put 3% down on the next house when you when you already own and you want to either go, you know, scale up or down, you don't have to put 20%, you don't have to put 10%, you can put as little as 3%, if you want. For me, it makes more sense if you put 20% Because you're gonna drop what's called PMI, which is typically three to $400 of your mortgage payment. So if you're, if I'm going to sell your house right now, let me list it, sell it for you, then when we go and I find you the next house, you can go ahead and dump you know, 100 $200,000 on that house, from you have no you know, from the proceeds of the previous house, and that's going to really put you in a great position when it comes time for your payments, right? Because you're going to have a lesser payment, obviously, because you put so much down on the house, if you're buying a $500,000 house, we take the proceeds you made 200,000 We put that on the next house, now you're only financing $300,000. And you're getting rid of that PMI, which is the insurance that you pay for, to ensure your own loan if you don't put 20% down. So that makes your mortgage payment, let's say your mortgage payment was going to be you know, $3,000 Well, now it's only 2700 Because you put 20% down, you're only financing 300,000. Just giving you an example. Okay. So anyways, so a lot of people are reaching out to me that already own and they want to reinvest or they want to buy an investment property. So anyways, I pulled some numbers right now $600,000 between 600,800 1000 in the entire Las Vegas Valley, including Boulder City, right? Three bedrooms or more, I'm sorry, four bedrooms or more. There is a whopping total, you guys have only 374 homes per cell. You guys, there's 2.89 9 million people in Las Vegas. Okay, almost 3 million people in our valley. And there's only 374 homes that are four bedrooms or more 600 to 800,000 for sale right now today. All right. Does that give you any kind of idea of how what the shortage we have and in homes, and I'm gonna go over a couple more numbers because I want you to understand, but let me just finish my train of thought. Alright, so now let's say that you're looking at a $400,000 or less property that's has at least four bedrooms, okay. 400,000 is what you have. That's your budget, right? That's a lot of people's budgets right now, because if you don't know, the average person in Las Vegas works in the casino. An average pay in the casino is around 50 to $60,000. You know, of course we got our top earners out there too, but I'm just talking across the board. So a lot of them are approved right now for 400,000. Right? There's only 127 homes in the entire Las Vegas Valley. We're talking Mountain's Edge. We're talking Summerlin, North Las Vegas. We're talking to east side we're talking Boulder City. We're talking Henderson. When I say Las Vegas Valley, I mean, everywhere in our valley. If your budget is 400,000 or less, and you need at least four bedrooms, you only have 127 homes to choose from you guys. I'm gonna give you one more. Let's say that you're looking between 400 to 600,004 bedrooms or more 677 homes. That's it. And all of Las Vegas right now. It oh, here's the best one. Let's say that you're looking for any house in the whole valley with a pool, right? Four bedrooms or more. You've got a whopping 743 homes, and none of them are located in the northwest area. There's zero. And when I say that, I mean there's zero in the northwest area. So we are in a serious shortage of homes here in the Las Vegas Valley. Why am I pounding this into your guts to say why am I going over and saying this over and over? Because I'm trying to prove my point you guys, when they lower these rates like the like the feds have already announced on the news that they are going to do this year and next. It's going to be a feeding frenzy. Everybody's jumping into the pool that wants to grab a house. If you're just tuning in. This is Monique. You can and I am your Las Vegas realtor.
Unknown Speaker 9:41
My number is 702984 3700 again 702-984-3700. Me and my team are here to help you if you're moving into Vegas, you need to have a professional kind of give you an idea of where you know how the valley is where you can move how the schools are are, you know I can give you all that so Can my team will take you out there, get you approved and get you into a poem here or Las Vegas Valley. But right now I'm just kind of going over the stats. Also my wet mom sorry, my website is welcome home with monique.com Welcome home with monique.com you can search on my website yourself. I also have like neighborhoods and things like that a lot of information there you guys, if you're thinking about listing your property, of course, you can reach out to me 984 3700. But you can also jump onto my website, get an idea of what you can list for. Of course, I need to walk the property me and my team and take a look and give you an idea of what we can live for and get it sold. Okay. But also, I'm just going over the stats, we are in a shortage of homes. We have 3 million people in our valley. And we don't have a whole lot of homes, you guys we do not have a whole lot of homes. So if you're looking for a multi dwelling, that's another one right? Let's say that you're one of my investors which they have been coming out the Woodworks. I have been very busy with investors the last like two weeks, right? They're coming out they know they see you know, and by the way, invitation homes out of Dallas, they bought 3500 homes in Clark County, you guys 3500 homes. This is a huge company out of Dallas. Okay, so they bought rental properties, right? So they see what's, you know what, what time and he's here in the Vegas valley. We've got all kinds of things happening in Vegas. I've never happened before. A lot of people are pouring into Vegas. You know, we've got all these sports teams projects coming up. I wanted to just let you guys know what's going on. So 6060 Multi dwellings in the whole Las Vegas Valley are for sale right now. 60. That's it. Okay, we're talking duplexes for plexes. And on that note, I've decided to bring on one of my one of my very good colleagues, right? She does all my commercial properties. She also speaks Mandarin. Okay, Paris, she is my commercial girl once again. So if you're out there, you're an investor, you're looking for commercial property, she will take care of it. Paris, how are you? Good morning. Thank you for coming on.
Unknown Speaker 12:10
So yeah, I'm doing a commercial for past 212 years, we are very excited in the market in Las Vegas. Because this is very exciting. A lot of investors right now, a lot of a lot of and a lot of projects coming coming in every day, there was the immigrant for the people moving to the city like a 115 people per day, right? So a lot, a lot of investors trying to look at this market right now. So
Unknown Speaker 12:40
parents tell me, where do Where do a lot of your investors come from? Where are they coming from?
Unknown Speaker 12:46
Well, I'm actually I'm Chinese. So a lot of my clients are one the state of Chinese and China. So they have a large amount of the money from China as well. Because right now China, in real estate is really, really inflation. So a lot of problems, a lot of empty buildings and, and talk about 60 minutes. empty buildings. So that's how the unit that empty right now. So the people are trying to move a lot of money from from China to the United States. Last month purposes.
Unknown Speaker 13:25
So yeah, that's awesome. So that so so there's some issues going on in China. So they're reinvesting their money here in the States. And so you get quite a few of your investors are coming from China. And it's great that you're like I told my listeners, you can speak Mandarin. So if they need that, you've got them covered. But yeah, so you've been you've been in the business for quite some time. And I know that we were talking about a property that is a four Plex right right over by the spear that you have. So you want to tell them a little bit about that particular property. The two buildings.
Unknown Speaker 14:02
Yeah, that this building is. h1 means like, you can convert a hotel so right now it's a multi family. And then there is a small plaque two building is a plaque. So two building, so it's like a little pool in the middle of two building. It looks like a really nice vacation home. So we can do that as a short term rental like an Airbnb. Yeah, so we can convert as, you know, a little motel as well. And that is actually it's like, you know, like, government paycheck like automatic every month, because that's just an aid.
Unknown Speaker 14:46
It has section eight.
Unknown Speaker 14:48
So it's automatic government pay for the rental for the tenants. So it's very easy for renting and, of course, if you want he doesn't want to do like this monthly payment. Mostly from Kevin pay. And you can always do short term rental or Airbnb.
Unknown Speaker 15:06
You said it's right by the convention center and the sphere, right by the Las Vegas Strip.
Unknown Speaker 15:11
Yeah, it's also nearby the airport, though there's a lot of potential for the, for the any anything, anything you want to do like short term rental or long term rental? Or like, you can do any commercial property as well. So, yes, it can come wedges zoning for commercial property as well. So that's a lot of the potential for any type of investment. So yeah, so
Unknown Speaker 15:36
what I like about that is that is because it's a four Plex, even if if someone's listening, and let's say that they're not a commercial buyer, they're not an investor, right? Let's just say that they're a regular person, they can actually purchase a four Plex, okay, with regular FHA financing, as long as they live in one of the units for one year, they can purchase that. So that becomes like an investment property, as well as their primary for one year. And I mean, when else can you buy an investment property, as little as 3.5% down, you can buy this property right now, I'm just gonna go ahead and give them a little information on it. There's two different buildings, there's a pool in the middle, she's selling both buildings, right? Separate, or you can buy them together. Now the one building has two one bedrooms, and two, three bedrooms, she has all four of those completely rented out. The one bedrooms right now are going for 1200 each. The three bedrooms are going for 1800 Each, you guys. So that's the one building, right. So like I said, if you were a regular person, and you said, Monique, I want to talk to Paris. You know, I'm interested in that four Plex, right, you could get an FHA financing right now I can get you with Anthony, you can get pre approved FHA financing, you could purchase this. And like she said, you could rent out, you could rent out the three units with Section eight, or you could Airbnb them, you're right by the sphere, you can do whatever you want with the other three units. And you can live as a primary unit for one of the units for one year, and still be renting out those other three units to pay your mortgage. Now, let me talk about the second building as well, she has another one that's right across the pool, right. Now this one is all two bedroom units, right. It's also another four Plex. So you can do the same thing. Now this one, She's renting all four of those two bedrooms out currently for $1,500 each. So once again, you don't have to do that, like Paris is telling you you can use this property as an Airbnb, it's h1 zone. So you can go ahead and turn this into a hotel motel if you want. You have free range with his property but the thing is, location, location location, the future of this property is going to bring you such an ROI or rate of return. You can
Unknown Speaker 17:51
literally net income you're gonna Malli down like 50 to 60,000 so it's very adorable income investment return.
Unknown Speaker 18:01
Yes. Can you say one more time it was about the income
Unknown Speaker 18:06
it's about net life if Peters 50,000
Unknown Speaker 18:09
So it next 50 to 60,000 per year.
Unknown Speaker 18:12
Yeah, yeah. So that's really adorable. Yeah. So I also have a couple listings that I wanted to share. So one is like a commercial space is 7000 square feet for the land. And then the lot and then the commercial store like the 1500 square feet, the building. So it's only only selling is 399 Guys, and wow, where's this?
Unknown Speaker 18:45
Where's this located at what area so it's an
Unknown Speaker 18:47
extension of the tongue is inside of the Las Vegas. So it's really like a mess to Walmart, all this CVS and Walgreens so area so it's all the commercial a shopping mall area. Whoever wants to do like a Domino's pizza shop or gas station or anything like that.
Unknown Speaker 19:07
How are how large is the area itself? I know that you said this the lot size was 7000 How large is the actual area for the building? Or is it just land?
Unknown Speaker 19:18
Only 1500 square feet?
Unknown Speaker 19:21
Okay. Okay so the lot size is 7000 The building itself is 1500 and you're selling it for 399
Unknown Speaker 19:28
Right right Wow. And also I have the other other lot that the only the land but it's in Las Vegas blue arc so that that is a lot that are located in Las Vegas boudoir but that one is taught for 20 minutes, but we can do like the hotel, the highlights Hotel. How
Unknown Speaker 19:49
are how how much land is that for 20 million on Las Vegas Boulevard because that's prime time. How much how much land do are they going to get for 20 million?
Unknown Speaker 19:58
Yes 8.5 acres eight,
Unknown Speaker 20:01
okay, eight and a half acres, right on Las Vegas Boulevard and is zoned for what?
Unknown Speaker 20:07
h1 Hotel. Okay, if
Unknown Speaker 20:09
you're just tuning in this is Monique Buchanan, the host of the welcome home with Monique show. And I have on my commercial colleague Miss Paris, she has been going over some commercial property opportunities out there for plexes, which she's even spoke about some land eight and a half acres right there on the Las Vegas Boulevard. So hey, that's prime time. If you're interested in anything that she has spoke on, or if you're just looking for a commercial or investment property here, Las Vegas, we know how hard that can be sometimes. She's got you covered, you can reach her at 702-984-3700. Again, you can reach Paris, my commercial girl at 702-984-3700. Okay, guys, so once again, Paris is you know, on my team, she's my commercial girl. If you guys are looking for any investment properties in the commercial space, Paris, you've got them covered, right?
Unknown Speaker 21:03
I can speak Cantonese, Mandarin Korean, French. And Michelle. I'm here for for you guys to all you guys are looking for commercial nice in Las Vegas. So
Unknown Speaker 21:14
yeah, and if you want to reach her, you can reach her at 702-984-3700. Again, 702-984-3700 If you're looking for any commercial property, Paris, dotcover Paris, thank you for coming on today.
Unknown Speaker 21:31
Thanks for having me. Appreciate it. All right.
Unknown Speaker 21:35
Thank you. Okay, guys, so that was my commercial girl once again. And I brought her on because there I've got a lot of investors that are reaching out to me and yes, I can help you in the commercial space as well. You guys I list properties. I help people first time homebuyers, veteran homebuyers. I help people that want to buy whatever I've got you covered. And not only here in Nevada, by the way, remember, my team is in 24 countries. I am about to help a young lady in Colombia. Not Yes. Colombia, the country. Okay, sell her home. I have agents in Colombia. We are in South Africa. We are in Europe. So if you are thinking of moving anywhere, listen, my number is 702 94 3700. Me and my team have you covered. If you are an agent, and you're looking for a place to hang your license, you're looking for a new brokerage. 70298 or 3700. Come join my team. Okay. So once again, I just want to kind of recap the the the show, of course we had Miss Paris on and she is once again my commercial girl, anything and all things commercial. She speaks like five languages. You heard her say that French Mandarin, Cantonese Korean. She's got you covered, she can take care of you. Also, I do have a Spanish speaking agent on my team. So if you speak Spanish, we've got you covered as well. So I am your resource, you guys. I'm here to help. Really, I love y'all. And I want to give a couple shots out to my K UMB listeners. I've got one of my investor k and b listeners. We went to escrow with a property with her. Congratulations, Miss Adrienne, this is her fourth property, fourth investment. And as she bought a condo really near the spear, I think that's prime time right now you guys got a great deal on it. And she's already got it's already rented, you know. So that's great. She's going to rock and roll with that property. We're going to close on that property in about two weeks. Okay. So I'm telling you guys right now is the time, if you're thinking about, you know, downsizing or upsizing. You want to split sell your property that you're living in now, you can reach me at 702984 3700 We can go out, get your brand new home and have the builder while they're still doing it. Okay, because they talked to me just yesterday, I was talking to them, they said that they already are starting to start waiting list on certain houses. Because you heard the numbers in the beginning of the show 127 homes for sale 400,000 or less, between 608 100,000 in the whole valley 374 homes, you guys. So the builders are about to be busy, busy, busy. And what happens when that happens? No more incentives, no more builder buying down your rate, no more builder giving you closing costs, there is no reason that they will have to, because guess what, when you can't find anything on this market, you're not where you're gonna go straight to the new home builds. So let's do it. Now. Let's go ahead and list your house now and find you a brand new home or a resale property and get the seller to pay your closing costs. While that window has not shut. It's closing you guys. Mark my words. It's closing it's time to do it now. So anyways, that's what I was going over. We have a shortage of homes here in the valley. As soon as they go ahead and lower the rates like they're saying they're about to do they've already announced it. You don't have to take my word. Go on any of the media platforms, any of the news platforms. Yes, the feds have announced that We have reg cuts coming in 2024 as well as 2025. There will be a feeding frenzy once again here in Las Vegas, because we have a shortage of homes. But we have over thrilled What 3 million people here in the Valley. And guess what they've been waiting. They've been sitting on their hands waiting for these rate cuts. Don't be that person that kicks yourself. You know it says Dad gone it. I should listen to Monique. I should listen to her. I should have bought with Monique right now. And they just refight that house with Anthony. Once the rate cuts came that way, I don't have to fight anybody for the homes. I don't have to overbid 2030 $40,000 on a house, because I'm fighting 10 other people for the same house. You guys, the time is now to purchase. And that goes for investment properties too. And that's why I'm trying to give you the resources. You know, when you go and look at commercial properties, you call those numbers when you're driving by you get no response. You know why? Because commercial property commercial agents are looking for other commercial agents to reach out to them because they get a lot of frivolous calls. Okay, so that's why I brought my girl Perez on. She has been in the game for years. You heard her 12 years. She speaks five languages. She knows what she's doing. And I am your resource. 702 94 3700 Monique Buchanan. I'm here for all your real estate needs. Me and my team are here to help. I want to thank a lot of my K UMB listeners for all your support. I want to give a special shout out to John Morrison. He he is a great great guy you know he told me when he you know I listened to you all the time I decided now you know he reached out to me a while back he decided now to give me a call and we're going to do some business together but he's an amazing person. And amazing drummer. I love when I go over to my kit UMB listeners homes and a lot of them are in the music industry. I love that. You know he showed me some some great pictures. He was involved with the platters at one time. I just love what I do. I love you guys so much. You guys are amazing people out there so many different you know people all walks of life. I love that. So I just want to give you guys some love right now. And shots. I'll tell my kids, the listeners right now they're in escrow. That reached out. We got them in escrow. We're giving them keys here shortly. I love you guys. And until I hear from you. I'm here for you and your family. So if you know anybody that wants to buy sell, list a home who wants investment property, Monique Buchanan is here to help once again 702-984-3700 Welcome home with monique.com you can catch me on YouTube, or you guys and I'm gonna start uploading more videos on YouTube. Right now all my previous shows are on YouTube at welcome home with Monique. Love you guys stay warm, and until I hear from you. 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.
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