Subscribe
Share
Share
Embed
Monique Buchanan, your real estate specialist, talks all things real estate. On this show she covers the processes of buying and selling a home. The Monique Buchanan informs you on best practices to navigate the housing market so that you can start building your wealth through home equity.
Announcer 0:00
This is a K-Unb Studios original program.
Wesley Knight 0:04
The content of this program does not reflect the views or opinions of 91.5 Jazz and Moore, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education, you
Monique Buchanan 0:41
Good morning, Las Vegas. This is Monique Buchanan, the host of the Monique Buchanan Show. And today we are talking real estate, wealth, and home ownership made simple. Listen, I've got none other than Miss Becky Coins with me. Good morning, Becky. Good morning, Mo. Good morning. So today we're gonna go ahead and kind of shake it up a little bit, and go back to, you know, what I started the show with, which is the, you know, down payment assistant programs, and kind of breaking up those myths of why you can't become a homeowner, because there's so many people out there that think they cannot become a homeowner.
Becky Coins 1:16
Yeah, absolutely, just like we did, we didn't think it when we had it.
Monique Buchanan 1:19
Absolutely, I didn't think I could even.. I was.. I had just got my license, real estate, but I was hesitant. I had already been selling homes, but I just.. for some reason, I just thought it would just never happen for me. I thought something would happen, something would pop up on my credit, or something would happen.. I don't know why I had such negative energy towards it, but I'm not alone,
Becky Coins 1:41
thinking that it wasn't obtainable.
Monique Buchanan 1:42
I thought it was unobtainable. I thought it was too difficult to get. I thought I had to have 20,000 30,000 $40,000 I thought I had to have the best credit in the world, you know, like I thought my credit had to be at least like 700 or 680 and at the time my credit was like 646 50, so I really just didn't think that I would ever become a homeowner, and if, and if I did, I'd have to buckle down for like five years and make it happen. It's crazy, it's crazy, but it's very common. It's a common thought process, right? So that's what we're here for, guys. We're here to break up those myths. I want to kind of revert back to the olden days of me, five years ago, starting this show, and, and that's, you know, I felt like that really reached a lot of people. A lot of people heard this show, they reached out to their kids, their grandkids, and said, hey, I want you to listen to this lady on 91.5 Monique Buchanan, and because of them and their referrals, we have blessed over 400 home people with homes that thought they otherwise could not have them, and it's just, it's so, it's such a blessing. That's why I love what we do. Yeah, and it's actually well over 400 but I'm just saying, so we're grateful for you guys. So, let's jump on into the show. We are here to tell you that it absolutely can happen for you. We are here to tell you that you absolutely do not need a 686 60, even credit score. What do you need, Becky? What credit score do you need?
Becky Coins 3:04
640 usually on average,
Monique Buchanan 3:07
especially with the down payment assistance program.
Becky Coins 3:09
DPA is at least 640
Monique Buchanan 3:11
right?
Becky Coins 3:12
You need to be on your job for two years,
Monique Buchanan 3:14
and when she says on your job, you guys, she means any job. You don't have to be on the same job for two years, but any job, just be working for the last two years, even if you had a little hiccup, maybe you unfortunately got sick or something, and had to take a month or two, or so, off. A lot of times we can write a letter to explain that, and we can still move forward, right back.
Becky Coins 3:34
Absolutely,
Monique Buchanan 3:35
so we want to really talk to our veterans, especially.
Becky Coins 3:38
Yes,
Monique Buchanan 3:39
so I was at Walmart the other day, and I ran into a friend of mine. I used to live in Centennial Hills. He used to be a neighbor, and he says, "Monique, it's nothing but God that I see you today. And I'm like, "What's going on? His name's Kevin, and he's a veteran, and he still lives in Centennial Hills. And he says, "Mo, I am renting a house. I've been at the same property for like seven years, he said, I've been renting for 2800 a month. I love my landlord, he's great, he's nice. He said, but you know what, I've never used my entitlement.
Becky Coins 4:09
Did you look at him and say, what,
Monique Buchanan 4:11
girl? Whenever I hear Veta say that, my heart just drops.
Becky Coins 4:13
I know,
Monique Buchanan 4:14
because you earn that, you deserve that, and I always wonder why. Why would you choose to rent and make nothing at all when you have a very unique ability, and, and, well, you have a unique opportunity, I should say, to the others don't have, which you earned it to buy your own home with zero down to have a lower credit score than everybody else, 600 credit score to have a better rate out the gate than everybody else, to not even have an extra cost that everybody else has to pay, which is if you don't put 20% down and you're not a veteran, you have to insure your own loan, and that's by. Like an extra two $300 on average on your mortgage, but veterans don't have that, so their mortgage is even cheaper by the rates and by not being hit with that extra cost. You know, guess what else? A lot of our disabled veterans also get a tax break on their mortgage payments, nothing down, and they still don't use it. They just, they, they decide to give somebody six or seven or $8,000 to move into a rental and pay their mortgage for them.
Becky Coins 5:30
Yeah, I feel like the veterans have their, they have the same myths that everybody else has, that they feel it blocks them, but in addition to that, they have even more so because they are VA, so they, you know, they have different things that some of them, they've either bought a house before, they think they can never use it again.
Monique Buchanan 5:45
Oh, that's a good one.
Becky Coins 5:46
Yeah, they can. You absolutely can.
Monique Buchanan 5:48
Absolutely, they changed that rule a couple years ago, so as long as you can financially afford it, you are able to buy multiple properties,
Becky Coins 5:56
yeah,
Monique Buchanan 5:56
with your entitlement. But anyways, back to Kevin. So this is what he said. He was honest with me. That's what I love about Kevin. He said, 'Listen, Mo. He said, 'You know, I've had it, I've never used it. He said, 'I'll tell you what, I just didn't feel like it was gonna happen for me. I told him straight up, too. You know, I shoot straight from the hip. I said, 'Kevin, neither did I. Yeah, but let me tell you, I own multiple properties now, bro, and it can happen from you or for
Becky Coins 6:23
you. It can absolutely,
Monique Buchanan 6:24
but of course it always depends on having the right lender, the right real estate agent, the right guidance. You need that because a lot of people, like your friends, you know, Heather and Tate, they've been told no by their bank that they were with for maybe 30 years, so they figure in their minds, if my bank told me no,
Becky Coins 6:44
yeah, if the bank told me no, or another lender,
Monique Buchanan 6:46
or another
Becky Coins 6:47
lender
Becky Coins 6:47
told them no.
Monique Buchanan 6:48
I've tried once, so now I'm going to give up. No, please don't do that, because just like with anything in the, in the world, right, you have to be in the right hands. Different lenders and different banks have different guidelines, some more strict than others. So, maybe whoever you applied with had extremely strict guidelines, right, where they weren't able to overlook that time off that you had to take for a month.
Becky Coins 7:12
Yeah,
Monique Buchanan 7:13
and you know there's different caveats to that. So, that's why I always tell people, never give up when you've been told no, and even if it's a no, it's never, it's never going to be a never. It might be a not right now.
Becky Coins 7:26
That's what my biggest frustration is with people that come to us and tell us I was told no before. Almost every time it's just a flat out simple no. It might be something so minor that needed to be just adjusted that could make that possible, sometimes very quickly,
Monique Buchanan 7:40
right. And then, like, with our veterans, especially, shouts out to mr. Dennard Miller. Congratulations, Dennard. Um, he got a beautiful home over the Northwest area. We were able to negotiate $12,000 in closing costs. He's a veteran, so it's zero down for him. He also is disabled vet, so he's going to get a tax break. Um, his normal taxes are like 2357 a year, and I believe that his disabled veteran were estimating that to bring those taxes down almost $100 a month. So he's excited, we're gonna be closing on him at the 31st of this month. His closing costs are only around $9,000 I think the extra money that we're getting, and we were able to negotiate, we're going to be buying down his rate. I do believe so. He's walking away with nothing out of pocket, zero down with his entitlement. We got over what he needed for his closing costs, right? He's right there at about 10 five, I think, for closing. So all that's covered. He's got a little bit left over. We'll either buy down his rate if possible, or we'll pay his hoa for a year, year and a half. This is a veteran, you guys, and it's not abnormal,
Becky Coins 8:50
like we keep having
Monique Buchanan 8:51
it happen over and over and over again. Yes, absolutely. So, zero down vets, even if you're thinking that you might end up getting, you know, deployed or relocated, you can always rent out that property, like your son did. He wasn't worried about it, because he said, 'Hey, there's plenty people on base that will rent for me. Yeah,
Becky Coins 9:09
that was one of his concerns, and one of his worries at first. I don't know if I'm going to be here long enough. I don't know if I'm going to be here where it's going to matter, and I can only tie this up for so long. And I know that's not how that works. We have a way to get that sorted out,
Monique Buchanan 9:20
and there's so many people that have that same concern, you know what I mean. So they're thinking the same along the same lines. But hey guys, as long as you have the property for a couple years, we can typically sell it, and you'll still walk away with a little something. But even if we don't sell it, let's say that you want to move on within a year, obviously you know selling wouldn't be ideal. Well, you can rent it out, and in many cases, you could still have a little bit of a cash flow.
Becky Coins 9:46
Yeah,
Monique Buchanan 9:47
in other words, you'll make us little something on renting out, as long as you know, because once again, you are a veteran, you are going to get the lowest rates, uh, lower rates than the normal public would get. So, but let's pivot to our normal public now to. Thank you for your service, all my veterans out there. We appreciate the freedoms that you have given us through your sacrifice and your family sacrifice. So, for more information about anything that we have talked about today, you can reach me and us and me and Becky, 7029 84 3700 Again, if you are interested in anything that we spoke about today, or you just have questions, or if you want to find out if your entitlement is active, or God forbid you're a fallen, you have your spouse of a fallen soldier, you know there's been many times we've helped those folks out and went ahead and looked into it for them, many of them are able to purchase still using that entitlement, but anyways, any questions you have, real estate wise, 7029 84 3700 Instagram at Realtor Monique Buchanan, B U C H A N A N, is how you spell my last name, that's at Realtor Monique Buchanan. Okay, so let's pivot on in to our down payment assistance programs, this always gets everybody excited. It gets me excited, because this is one of my, my favorite things to do. You know, it just makes it so much easier for people to buy a home. So, you know, Big Momma and Big Daddy, they save 20% and good for them. They had the mattress money, a lot of them paid cash for their houses. Times have changed, you guys. You don't have to save up all that money, just like a veteran with zero down. And on top of that, a lot of our down payment assistance programs not only cover your down payment for you, but they cover the other costs, which is closing costs. They cover a portion of that as well. Right? Beck,
Becky Coins 11:38
yeah, absolutely. And we've been negotiating that right now, because of the market and what's happening right now, so we've been definitely getting closing costs for a lot of our buyers.
Monique Buchanan 11:46
You might as well say the last two years we've been doing zero down and zero closing costs almost for almost every one of our bars.
Becky Coins 11:54
Right, I
Monique Buchanan 11:54
can't, I can't remember the last two years where we didn't get closing costs and some, you know, some kind of closing costs from the seller, which goes towards our buyers.
Becky Coins 12:02
Yeah, when I hear people say they're trying to time the market, that's that's all what keeps going on over and over and over again. You keep trying to time the market, you keep trying to time the market, these rates start going down. You think you're getting in the game later. These other people that we've been helping all this time, they're already building their wealth, they're already in their house, they got in with either, you know, down payment assistance programs, or they had enough of their down, or we got their closing costs covered,
Monique Buchanan 12:24
or they pulled it from their 401 k, you can do that with no penalty, so you can pull that money out, if you only need a $400,000 house, you're looking at a down payment of 12,000 you can absolutely reach out to your 401 k, I've never known one of them to say that they will penalize you if you're buying a primary home, so it is definitely obtainable, but you make a good point when you try to time the market you're thinking, okay, how I might be able to save 30 or 40,000 if I just wait for this mysterious, you know, crash that's supposed to be happening for the last eight years that has not happened, but let's just say that, you know, you're gonna save 20, 30,000 or whatever you think you're gonna say. Well, all this time you've been waiting every single year, you would have made money on your house. So, but by this time, if you've been waiting, the last - because I've been hearing this for a good eight eight years, let's just say the last five years - you've been waiting for this crash. I made almost $200,000 in five years of owning my home, so I sold my house. What I was in it for seven years, we walked away with like 250,000 So imagine if I was one of those people sitting on the sideline waiting for that seven years versus the person that bought. Now they are cashing out 250 grand, and you're still waiting to buy a house.
Becky Coins 13:40
I can't,
Monique Buchanan 13:40
it doesn't make
Becky Coins 13:41
sense
Becky Coins 13:41
to get around it sometimes.
Monique Buchanan 13:42
Yeah, but I get it, you know. You know, nobody has a crystal ball.
Becky Coins 13:46
No,
Monique Buchanan 13:46
but you know numbers don't lie.
Becky Coins 13:49
Very true.
Monique Buchanan 13:50
And every time you buy a home, guess what it does? It goes up in price. So, as you're in your home, the value of that home tends to rise, you know, on average.
Becky Coins 13:58
And just because you may have bought a house before, and then you sold it, and you've been renting for the last couple of years,
Monique Buchanan 14:04
right?
Becky Coins 14:04
You are now considered a first-time homebuyer.
Monique Buchanan 14:06
You absolutely are. So, you only need a 640 credit score, like Becky touched on. You need to be working for at least two years. It does need to be your primary home. We have a multitude of different options to choose from. Teachers have their own DPAs, down payment assistance, you've got first responders have their own down payment assistance, culinary workers, all the unions, a lot of them have different ones, so we have access to each and every one, the majority of them out there, a lot of them, mr. Valentino pretty much covers all of them, and he does it in all 50 states, and by the way, we also can sell a home in all 50 states. We have nationwide down payment assistance programs. There's ways to get that down payment paid for you, and, like Becky also touched on, sellers are paying closing costs. Will that be forever? No. As soon as these rates draw. Up that window has closed for you. There's no need for a seller to pay or give you a penny if he's got a line full of people waiting to buy him his house. Why would I competition drives up every, you set back? You want to touch on that? Yeah,
Becky Coins 15:14
that position's long. I know that, because you know UNLV is building up all that stuff. We're trying to get all of these doctors out here, and nurses, and we, you're trying to build up our medical program out here, absolutely, which I think is fantastic. I think the city absolutely needs it, and we have a down payment assistance loan program for our physicians, nurse practitioners, pretty much almost anybody in the medical field,
Monique Buchanan 15:38
right? And so also the medical residents, as well, right?
Becky Coins 15:43
Oh, yeah, medical residents, like I said, it covers most people in the medical industry.
Monique Buchanan 15:50
Our phone number is 702984 3700 Anthony, or as I call him, mr. Valentino, is he is able to do this for the physicians, so there is a multitude, and mr. Valentino will absolutely let you know if you are approved, and if you're, you fall into the category that can absolutely use this, this zero down program. Guys, you're, you can have a cosigner. Student loans do not count against you. Let me say that again, because whenever you try to buy traditional, they absolutely do. They look at your student loans, and unfortunately, a lot of our life-saving people have $100,000 $200,000 in student loan debt. And then they're - I hate to say it - but punished and not able to buy a home. This is the workaround. We're able to get past that with this program. So, 702 94 3700 but give them a little bit more about it. I mean, at the end of the day, it's zero down, just like you're a veteran. Okay, we already said we're able to get a lot of the closing costs from the sellers right now, right? And you're able to go ahead and purchase anywhere in the city. There is not like you're, you have to be in some, a certain area, that's with all of our down payment assistance programs. The only one that is not like that is the rule, so that means that you have to buy in like Perunk, but there's so many, like most of them you can buy anywhere in the entire Clark County or even Mesquite, wherever, like I said, we have nationwide ones, so don't think that you have to buy in a certain area, okay?
Becky Coins 17:19
And even if you're early in your career, there still may absolutely be opportunity for you there.
Monique Buchanan 17:23
Medical residents can apply for this loan, so while you're learning to become a physician, you are able to buy a home for yourself. So, remember, guys, you can use your 401 k in many cases to use for your down payment. Okay, you can also buy with family members, that's like a big thing right now, people are pulling together, you know. These prices are crazy, so people are saying, you know what, let's pull together as brothers and sisters and buy a house, and then after a couple years, we're gonna take that equity, and then we'll buy this, you know, one of the sisters will get their house, and then so on and so forth. That's so smart, right? Oh, absolutely.
Becky Coins 18:00
I call it what's it, millennial house hacking. Some people are doing their friends. It doesn't have to be family.
Monique Buchanan 18:08
No, it does not have to be, and it could be up to it, could be 567, and it doesn't matter. Don't feel like there's a limit on how many people can go on that loan, pull their money together, and get a house instead of every single person spending $2,500 a month on rent, you know, you got five family members or four family members spending $2,500 each for their properties, that's $10,000 a month that those family members are spending on rent. Once again, if you have any questions or if you want any more information about anything that we talked about today. You can call me at 702984 3700 Don't worry, I say it again at the end of my show. 7029 84 3700 that is the phone number here. And then also you can follow me on my IG at Realtor Monique Buchanan. Okay, but yes, so that's what we're talking about today, guys. It is a buyer's market. I want everybody out there to hear me. Yes, we have quite a few listings right now. A lot of people are calling me to list their property, and hey, it is a good time as well, because there are buyers in the market. But right now, the buyers have a little bit of an upper hand, as I've mentioned. We're getting closing costs from the sellers. Well, here's the good news. When I list property, I know how to kind of divert that. I know how to try to make them or teach them or show them the way of getting their hand out of my seller's pocket and showing them how to wrap it into their loan if necessary. But you met, you want to make sure whoever you hire to list your property understands what market you're in, because that can cost you 1000s if they don't, right. So, you want to make sure you have a strong listing agent, and as well as a buyer's agent, you want to make sure they know what market you're in.
Becky Coins 19:52
Now, what listings do you have on the market going on right now? Mom, I
Monique Buchanan 19:56
just did a live on my Facebook. You can also find me at Monique Buchanan, but. Anyways, 892 Hollywood Boulevard, panoramic views of the city on a half acre lot. It's completely fenced in. RV parking, I'm telling you, at least 12 cars could get in that area for parking. You've got the two car garage, that RV parking. This house is a single story, four bedroom, over 2400 square feet. It's been modernized. It even has a new roof, electric car plug-in, you know, tankless water heater, going for 620,000 So that property is 892 Hollywood Boulevard. Now, the one that just hit the market is 3868 Badger Brook. The price point is under 380,000 It's also over 1400 square feet, two story, and it is on the Cliff Shadows area. You can go right when you go right on the 215 which is only about a three minute drive. You're looking at Centennial Hills in about seven minutes. When you go left, you're at the Summerley Mall in about seven minutes. Two story, two car garage, backyard fully done, turf, everything's ready to go, moving ready, you know, high ceilings when you walk in, vaulted ceilings, and that one's going for just under 380,000 Now, another one, this one is a single story, 621 El Gusto, G U S T O. That property is also going for 379 999 So, and so was the other one, by the way, Badger Brook, I said just under 380 just under 380 is a three bedroom, two bath, 2021 LGI home. So it's a newer home, everything's new, new air conditioning only five years old, roof only five years old, you know, appliances only five years old, all stainless steel, everything has, you know, it's updated, it's got the cam lighting, new flooring does have solar, so anyways, you guys, if you're interested in any of those properties, 702 94 3700 or you can always just jump on any of the websites. Again, the address for the single story for just under 680 621 El Gusto, you could pop by, take a look at that property. Um, 892 Hollywood Boulevards, having a open house today. That's the one that has the Las Vegas City views, and that one is from 11 to one today. There will be an open house, 892 Hollywood Boulevard, as well as 3868 Badger Brook. That one is our Cliff Shadows property, and that one you can see as well on any of the websites, so that one's going for just under 380,000 and that one also is a three bedroom, three bath. Now, shouts out to our buyers, we're so excited for you guys. Congratulations to our veteran, mr. Miller. We're gonna get you keys the first of this month, or sooner, 31st and Becky, I'm excited. I am so excited. What this year is going to bring. Yeah, it's already, you know, it's doing really well. I'm so proud of my buyers for, you know, getting their property, locking it in before it turns into a crazy house fest. I don't even know what to call it. Basically, 2019 where we had realtors standing outside in lines in 2019 Guys, I went through that, standing outside in line. We're all waiting to see one house, not even something huge. We're talking like, you know, just a house over in, you know, the southwest valley. I think the house was actually a two-bedroom house, which is unique, but there were people waiting outside, and that was very common back then. People were over bidding, paying more than what they asked. That's coming back, you guys, as soon as these rates drop.
Becky Coins 23:30
Like we said before, more competition drives up everything,
Monique Buchanan 23:33
always. You know, like I use the analogy, if I have a PlayStation and they're all sold out, am I going to give you a discount on my PlayStation?
Monique Buchanan 23:40
No, ma'am. No, ma'am. no
Monique Buchanan 23:43
upselling, right?
Becky Coins 23:44
But I love making our buyers feel very confident, because most of them that come to us over and over again, like we said at this at the top of the show, have that myth they didn't think they could, or they were able to, and watching all of them become through the whole process to help them through, they just.. I can't believe it.
Becky Coins 24:02
Yeah, I
Monique Buchanan 24:03
can't believe it. You know, I still have people call and say, Monique, you know, thank you guys. Yeah,
Becky Coins 24:08
I love by the time we're giving them keys, they're already talking about the next one they're gonna buy.
Monique Buchanan 24:11
Yeah, I love that too. I love that. And you know what, that's exactly how it works. Even your son, he was hesitant. Now you can't shut him up. Now he's telling all his friends, you can do exactly what you said. We want that for you guys. Okay, we want you to walk into your property and say, you know what, I feel like painting that wall purple, and guess what, it ain't my choice, but you can go ahead and paint your wall purple. That's right, you don't have to give up your animal because you got to move, and that's a sad reality. A lot of people have to give up their loved one, their pets, because they have to move and the rental does not allow it, so we love you guys. We hope you're having an amazing Memorial Day weekend. See you guys next week. We love you all. Talk soon. 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.
Transcribed by https://otter.ai