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Hi, everybody. I'm Mary Meyer, the host of Healthy, Happy, Wise, and Wealthy. And this

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is Podcast two. And as I'm doing, I am just

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starting. I'm doing the whole example of let's start a podcast

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and figure it out as we go. And I'm only doing that because of

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Erica. Otherwise, it's a really bad idea. But

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for this one, it works. Today, I'm so excited because I did

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ask three people, wonderful ladies that I know in Reno,

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Nevada, to help me discuss everything that

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you would need to know when you're buying your first home,

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including how to find a home. Can

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I afford a home? And all of you, touch on, can I

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afford a home, honestly? So Angie Salcido

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is the owner of Premier Credit Solutions.

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Angela Kluck is a Realtor with many years in that, and Jill

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Blessing Bonnet is a mortgage lender. So I do have

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a little history with real estate, because when I was in Atlanta, before I

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came to Reno, I was a Realtor and of course, got my

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real estate license in December of 2019, right before everything

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crashed. So that might really be a good place. Not

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crash, Covid. It felt like a crash. Prices went up, the

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ability to sell a property went down because no one had anything on the market.

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So that's what I guess I meant by that in terms of being a Realtor.

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But these. These industries are super challenging, in my opinion.

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I think there's. I've heard a lot of

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stuff about how, you know, it's easy to be a realtor or a

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mortgage lender. And I don't think people understand credit repair to know what to say

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about that. So I don't think it is. I don't think. I think they're very

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difficult industries to be in. And when you use any of

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these ladies, you better be nice to them, whether it's

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anyone else in the state, because this is not easy stuff.

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So if we can start, I just like you guys to kind

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of go and introduce yourselves and say what you do in summary,

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a little bit, how long you've been doing it. So, Angie, you're at the top

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of the screen. I'll have you start with credit repair. Well, hello there. I'm

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Angie with Premier Credit Solutions, and I've been in the business for

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about 14 years repairing credit, and I've

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helped over probably about 2, 500 people in Reno

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achieve home ownership. That's amazing. And you

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are national. You can work with anyone nationally also. I can. Yes.

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Yeah. Yeah. Okay. Awesome. Jill, introduce yourself for

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us. I'm Jill Blessing Bonnet. I work with Gateway Mortgage. I have

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been in the mortgage business for about 30 years.

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I like to say that I've seen the good, the bad and the ugly

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because it is somewhat of a roller coaster ride, this industry,

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but it's very rewarding and I love what I do. I love helping, putting.

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Putting people in homes. Yeah. And so where is your. Are

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you just in Reno or you can also. My office is in

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Reno. Yes. But we can lend in 40 states.

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Amazing. Okay, so pretty much almost nationally.

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Jill. Angela. Hello. Hello. I

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am Angela Kluck. I'm with ReMax Professionals here in

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Reno, Nevada. But my license allows me to

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cover the whole state of Nevada, but I specialize

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in northern Nevada. I've been in the industry off and on for the

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last 17 years. I was just adding up the

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other day. I've been in the back end

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doing transaction coordinatings for big teams. I've been a solo

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agent. I've been on teams, big teams.

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And now I'm back as a solo agent and I'm happy and I'm

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helping people with buying and selling homes.

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And that's what I love to do. Amazing. Well, I'm gonna

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keep you on for a second. So when you have a client who's maybe they're

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a young couple, so, so. And they want to buy a home,

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where do you, what do you, what's your initial like? Give me just a few

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top tips that you give them. So a majority

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of my clients that come in are online

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leads. And so initially

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I get them, they want to look at houses right away. And

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so it's kind of the back way to do things. But I honor that because

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I know that's where people start. That's what they want. They want the shiny object.

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So we go out and we look at homes and I show them one or

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two and then we delve into some questions,

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you know, financing, what's your goals with

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buying? And we just get into that whole gamut. And then

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I start switching them over to a lender,

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a great lender like Jill here, and we start going through their

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finances, what can they afford? And then if they need a little bit of credit,

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repair, a little bit of help, then that's where Angie comes in. So this is

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a whole team that's geared to help

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especially first time home buyers

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navigate buying a first time home. Yeah. So

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Jill, tell us, when you have a first time home

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buyer, what are some of the things that you would let them know

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about? What would you do?

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Well, what I do is

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initially, usually it starts out with a Phone call. I

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really like to get them in the office or do some kind of

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zoom where we can be face to

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face. I can show them some numbers. They get to know

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me, I get to know them. It's really important for me

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to, when I talk to them, I want to know what their financial

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goals are. It's not just necessarily about buying a

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house, but what are their long term goals, you

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know, how long do they think they're going to be in the house? What kind

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of payments do they feel comfortable with? I

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obviously have to talk about their credit and a lot of times

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that can be a hard stop if their credit score, you know,

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isn't where it needs to be, which is where Angie would come in.

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So we go over a whole gamut of things before they

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even start looking. Preferably just because I want to make

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sure that we're all on the same page and that they felt comfortable with

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everything. Because that's really the bottom line is that they have

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to feel comfortable regardless of what I say they qualify for. They're the ones

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that have to make the payment every month and they have to feel comfortable with

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that. Yeah, for sure. So, Angie, you get a young

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couple and there's some credit issues, like

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maybe what would you do? What's your first steps? And it might

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not be a young couple. Let's be honest. You know, plenty of people in their

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40s and maybe even older are still trying to buy their first. So it might

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not even be young. But yeah, yeah. So what I do is I

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get them on the phone, get them scheduled for a credit consultation. I'll pull a

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soft pull credit report just to kind of see where they're at with things

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and what needs to be worked on and then come up with a game plan

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if they need to remove inquiries or late payments or anything

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like that. Also, like pay down credit card debt.

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Just, you know, abcd, what, what we

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can do to get the scores up as fast as possible.

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Yeah. So how does that work with you? Like they have an initial

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consultation with you and then kind of. And you see there's some things to do.

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What's the next step? Next step is get them signed up with me so

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that we can work on any collections or inquiries or

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late payments they may have on their credit report. And then their homework will

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be to pay down their credit cards down to

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30%, which is 30% of the

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revolving limit. So, so say, I'll give you an example. So say

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there's a $500 credit card limit and they're

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maxed out usually that will like, decrease

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the credit scores anywhere from 50 to 80 points.

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So I advise them to pay it down to 30%

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so that it's not affecting the credit scores. And

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that will be kind of their homework. And if they need to establish

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credit, we can have like the husband or wife.

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Like if it's a husband and wife and one of them has stronger credit

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scores, we'll have the husband add his wife

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to the credit card as an authorized user. There's so many different

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scenarios that happen in my office where it's just, you know,

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looking at different things to raise the credit scores as

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soon as possible. But that's, that's where the initial

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consultation is, where it's just, yeah, this is what we need to

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do, you know, make sure the balances are below

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30% and, you know, keep it there. And then we'll go

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in and start removing collections, late payments and

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inquiries. Yeah, and that's so great. And I know you

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guys, you know, I've seen you, of course, you know,

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different. You're a favorite among realtors and mortgage lenders because it's

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like you're kind of the avenue to make it happen for everyone. And I think

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most people don't even know that is a thing you can do to repair your

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credit. I don't feel like that's as much of public knowledge as maybe it

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ought to be. So it's a very good service and anyone in the US

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can, can use you. So there you go. Get that credit

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repaired. Jill, so what it. So if someone comes to you

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and their, their credit's good, the

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money's good. Maybe they don't have a down payment enough

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money for that. Like, what are some. I know that's kind of a

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super challenging thing is like, I don't, I want to buy

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a house, but I don't have money for a down payment. So what, what would

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you say to that? Well, there's lots of options that people, even

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if they don't have money in the bank, there's other things they can do.

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There are down payment assistance programs here in Nevada.

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We've got some great down payment assistance programs

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where they can get money for down payment

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and closing costs.

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Statewide. Or are those federal? These

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are state programs here in Nevada that I'm talking about. They

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do have to have some of their own money, though. And I tell people that

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because you're going to have to have some money once you make an offer on

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a home, the realtor is going to want an earnest money

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deposit and that money is used to open escrow, that could be

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$1,000. And so they do have to have that

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money. And then a lot of times we have to collect for the

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appraisal that's paid, and that's another five to six

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hundred dollars. So they do have to have some of their own money just to

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kind of get the ball rolling, because they don't. They wouldn't get the down payment

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assistance funds until the end, until the closing.

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Right. Just in case someone doesn't know

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what an appraisal is, can you explain what that is and how that an

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appraisal. Is required on most loans? And that

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is a way that we, as the

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lender, we want to just make sure the value, what they're paying for the house

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is worth that. So the appraiser is going to go out, they're going to find

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comparable sales for, like, properties that have sold,

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preferably in the last six months and

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justify that the purchase price is supporting

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the value so that they're not overpaying. Or if they're

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underpaying, that's a different story. But basically

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just to justify the value of the property. Yeah. And it feels like that's also

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a little bit of protection for the consumer because if they put in an

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offer for 400,000 on something, but other properties

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maybe only sold for 350 or

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375, that would be where it would be like you

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have to come up with a reason why it's actually worth that extra,

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extra money. But, Angela, what do you have to add to that in terms of,

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like, appraisals and getting that.

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Yeah. So from my end, what we see with appraisals

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is that reopens negotiations during the

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terms of the contract. Now, we know the lender is only

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going to lend on what the appraised value is.

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If there's a gap, you know, there's. In certain markets, the

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seller can say, I want the price that you

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offered. So the buyers, they're asking the buyer to come

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in with that difference. Not a lot of buyers have that. So

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that could, you know, that could kill a deal.

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Or, you know, the buy, the seller

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says, okay, this is what it appraised at. They can, sometimes they

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can contest that and say, here's the comps that we

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show supporting that value. And so

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sometimes the appraisers will look at that, and sometimes they don't.

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But we try. We try for our clients. And then

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that's the time when, if both parties cannot agree,

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then they. We part and we go our separate ways.

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Yeah. So we might even Be skipping ahead a little bit. I know we jumped

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into appraisals, so I asked about that. So I think once you.

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But that's like critical. So like there's this whole process, right? You got

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if your credit's not good, we need, you need to fix the credit.

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And then hypothetically the next step. Normally you're looking for properties

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and talking to a realtor first, but the next step is probably to find the

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mortgage lender and to make sure that

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you're really understanding if you have like a

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can't go above a 2000amonth budget, for example, that all

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the different things in that is only going to add up to

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2,000amonth. And then you talk to a realtor who's like,

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okay, for that amount of money, we have to look in this price

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point. And then, and then we kind

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of. You kind of go from there. But Jill, could you kind of talk to

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them about what might be some things in terms of like when they have their,

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their monthly payment and just maybe talk a little

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bit about like, you know,

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the other things. It's not just the mortgage, what's included. Yeah,

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yeah, yeah. And I wanted to touch back a little bit about down

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payment. They can also use

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401k funds if they have a 401k and

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gift money. If they have a relative, a family member that's willing to give

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them money for a down payment, that can be used as well.

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So there are some other things we can accept

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besides the down payment assistance programs. With regards

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to the mortgage payment in a mortgage, we as the lender are

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looking at the property taxes, homeowners insurance, like for fire

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or flood and then mortgage insurance. And

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when I am pre approving people, I'm estimating those three things because

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the property taxes and the homeowner's insurance is

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tied to the property. Basically it's going to depend on the property.

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But what we do is we take when the mortgage payment's made, the

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taxes and the insurance are included in that

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payment and then we take the taxes and the insurance and we put it in

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what's called an impound account. And then the taxes

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are paid and the insurance is paid for the borrower.

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And lenders prefer that because then they know those things

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are getting paid and they're being taken care of. You know, if someone doesn't keep

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the insurance up on the house and the house burns down, well, then that's the

250
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lender's collateral for the loan. Right. If the property

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taxes aren't paid, the county can then foreclose on the property

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and the lender's at a lect. And so they

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prefer to have those things impounded because then they know that they're getting taken care

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of and getting paid on time. So I don't know,

255
00:15:36,004 --> 00:15:39,772
people might not understand the word impounded. That doesn't mean they pay a

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00:15:39,796 --> 00:15:43,516
bunch of tax up front necessarily. Well, yeah,

257
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we do. In escrow. We do have to collect a few months of taxes

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and insurance when we close

259
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escrow because we haven't been collecting from them all year.

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We have to make sure we have enough in that impound account when we close

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escrow to pay that next installment of taxes, let's say.

262
00:16:01,744 --> 00:16:04,968
So is it usually just like a year? Like they don't have to pay.

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Like, I just want to. I'm like, like

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I've, you know, bought and sold homes that I know you guys have and you're

265
00:16:11,544 --> 00:16:14,792
in this business. So it's like I want to kind of make sure it's so

266
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broken down for people that just have no idea. I remember trying to explain this

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00:16:17,936 --> 00:16:21,560
to my teenagers before, way before, and

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00:16:21,600 --> 00:16:25,260
they, they could not even. They're like, is

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smart and they're like, they, I think they just looked at me like I was

270
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crazy. I'm like, you

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00:16:34,536 --> 00:16:38,112
guys have to understand this. They did not. I mean, so, but, but yeah, so

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there's like, you know, the property taxes, which are. You can find out what the

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00:16:41,656 --> 00:16:44,912
property tax is, if it's an. In a, in a homeowner's

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00:16:44,976 --> 00:16:48,816
association, which most are, then you can find out how much the monthly fees

275
00:16:48,848 --> 00:16:52,092
are. And that's just some kind of part of your planning. And then when you

276
00:16:52,116 --> 00:16:55,900
go to closing, it's going to be probably a few months or that

277
00:16:55,940 --> 00:16:59,100
year or something like that. You pay ahead of time for your closing cost. So

278
00:16:59,140 --> 00:17:02,476
usually your homeowner's insurance, you pay a year in advance.

279
00:17:02,668 --> 00:17:06,412
And then we're collecting every month. Right. And then next year we would

280
00:17:06,436 --> 00:17:10,092
pay it because we've got enough in the impound account of escrow account to pay

281
00:17:10,116 --> 00:17:13,612
it as far as the taxes go. Now in Nevada, the

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00:17:13,636 --> 00:17:17,270
taxes are paid quarterly. Every state's little

283
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different. You know, some states you pay them twice a year. So depending on when

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the next installment is due, that is how we determine how

285
00:17:24,910 --> 00:17:28,422
many months we need to collect. But it could be like three months of

286
00:17:28,446 --> 00:17:31,990
taxes. It's not going to be, you know, they're not going to be paying years

287
00:17:32,030 --> 00:17:35,862
in advance or anything like that. So it's just enough to

288
00:17:35,886 --> 00:17:39,702
make sure that when that next installment comes due, there's enough to pay

289
00:17:39,726 --> 00:17:43,334
them. Yeah. So like it's just included in your, your monthly

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00:17:43,382 --> 00:17:47,142
payment then for the next. You know, when I lived in, in Georgia and in

291
00:17:47,166 --> 00:17:50,886
Tennessee and I think in Wisconsin, which is the places I've owned

292
00:17:50,918 --> 00:17:54,454
homes, I think it's annual. Oh, okay. Wow.

293
00:17:54,582 --> 00:17:58,262
It's. I don't think I even knew that. But Angie, back to

294
00:17:58,286 --> 00:18:01,782
you. So like, let's say they are like, okay, someone, they're in

295
00:18:01,806 --> 00:18:05,622
college, right. Or whatever. I don't know, they're young. What can

296
00:18:05,646 --> 00:18:09,430
you do, what can you do to build credit from the

297
00:18:09,470 --> 00:18:13,244
start? So it's kind of risky if

298
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we do unauthorized user. But I'll give you a scenario for

299
00:18:16,916 --> 00:18:20,508
my son. He was only 16 and I

300
00:18:20,564 --> 00:18:23,920
put him as an authorized user on my credit cards

301
00:18:24,260 --> 00:18:28,012
so that he could build some credit. And then essentially when he

302
00:18:28,036 --> 00:18:31,708
turns 18, we're going to start some credit cards. But he already

303
00:18:31,764 --> 00:18:35,580
has established credit history because he

304
00:18:35,620 --> 00:18:39,046
was piggybacking off of my two credit cards.

305
00:18:39,158 --> 00:18:42,982
So it gave him about a 10 year history because I

306
00:18:43,006 --> 00:18:46,598
put him on two credit cards. And now we can

307
00:18:46,654 --> 00:18:49,730
probably get him into a lower interest rate

308
00:18:50,110 --> 00:18:53,430
credit card because he already has established credit.

309
00:18:53,590 --> 00:18:57,302
Now if they don't have a parent that can, you

310
00:18:57,326 --> 00:19:01,014
know, add them, then what they can do is start a secured card and I

311
00:19:01,022 --> 00:19:04,726
have one on my website and you put $200 down

312
00:19:04,878 --> 00:19:08,662
and it's a 19.9 interest rate and then it reports to the

313
00:19:08,686 --> 00:19:12,022
credit after three weeks. So it's not score

314
00:19:12,086 --> 00:19:15,862
driven. But that's just a easy way to

315
00:19:15,886 --> 00:19:19,462
start building credit. And why do, I mean, you know,

316
00:19:19,486 --> 00:19:23,254
there's, there's people out there, of course, who say do all cash and never

317
00:19:23,342 --> 00:19:27,190
use credit, which can be a thing. But why, why, why do we need

318
00:19:27,230 --> 00:19:29,770
credit? You guys

319
00:19:30,630 --> 00:19:34,222
too? Well, so

320
00:19:34,326 --> 00:19:38,030
we have a report card when we're in high school and college. So

321
00:19:38,070 --> 00:19:41,262
like we get grades. Right. That's pretty much

322
00:19:41,366 --> 00:19:45,134
our, our history for as adults.

323
00:19:45,182 --> 00:19:48,974
That's like our report card. Credit is, is our report card. That's what I

324
00:19:48,982 --> 00:19:52,526
explained to my high school kids, what I'm teaching to them. I'm like, you

325
00:19:52,598 --> 00:19:56,318
are, are still going. To get a report card. This is your report card and

326
00:19:56,374 --> 00:20:00,100
it's tracking all of your payment history. It's tracking the, the

327
00:20:00,140 --> 00:20:03,876
years that you've had credit, all that stuff. So if you don't

328
00:20:03,908 --> 00:20:07,732
have anything on the credit report and you're, and you're showing like

329
00:20:07,756 --> 00:20:11,396
a zero, then you don't exist in our,

330
00:20:11,468 --> 00:20:15,124
in our world. And it's, it's, you can't rent an apartment,

331
00:20:15,172 --> 00:20:18,932
you can't get a car, you can't get

332
00:20:19,116 --> 00:20:22,916
college funds, all that stuff. So you,

333
00:20:22,988 --> 00:20:26,532
you have to exist on the FICO score. So

334
00:20:26,716 --> 00:20:30,562
isn't that crazy? Jill, is there a certain amount of time

335
00:20:30,586 --> 00:20:34,354
with mortgages they need to have a history of credit before you

336
00:20:34,362 --> 00:20:37,506
can give a mortgage? Not really. In fact, I recently had

337
00:20:37,578 --> 00:20:41,330
somebody who had, he

338
00:20:41,370 --> 00:20:45,106
had only just like a couple years and he had been told by another

339
00:20:45,178 --> 00:20:48,706
lender that that was a problem. And I said, I don't think

340
00:20:48,778 --> 00:20:52,482
so. And so I ran it and

341
00:20:52,506 --> 00:20:56,242
I got it into underwriting and we got him approved. So usually as

342
00:20:56,266 --> 00:20:59,740
long as there's a score, you know, because everything's real autom

343
00:20:59,930 --> 00:21:03,624
as far as underwriting goes, which is underwriting is the loan approval

344
00:21:03,752 --> 00:21:07,496
person. And the system that we use is automated. Everything's

345
00:21:07,528 --> 00:21:10,700
very credit score driven. So as long as there's a credit score

346
00:21:11,920 --> 00:21:15,512
that we should be fine. There usually isn't a necessary length of

347
00:21:15,536 --> 00:21:19,272
time. Yeah, that's very. Unless it's

348
00:21:19,336 --> 00:21:22,952
derogatory credit. Then we have bankruptcies and

349
00:21:22,976 --> 00:21:26,152
stuff. Then there has to be a certain length of time as far as how.

350
00:21:26,176 --> 00:21:29,680
Old they are, how old the bankruptcy is.

351
00:21:30,300 --> 00:21:33,480
Yeah, how old does a bankruptcy need to be? Usually

352
00:21:33,900 --> 00:21:37,524
depending on the loan type. So government loans, it's two years

353
00:21:37,692 --> 00:21:41,360
from discharge and then conventional loans is four years.

354
00:21:41,660 --> 00:21:44,948
Okay, so two years to four years.

355
00:21:45,084 --> 00:21:48,676
So Angie, anything to add to that? If

356
00:21:48,748 --> 00:21:51,892
someone has a bankruptcy, is there a way that you can speed it up to

357
00:21:51,916 --> 00:21:55,562
get it off there record or they just kind of have to wait it

358
00:21:55,586 --> 00:21:58,330
out. So I have worked with a lot of

359
00:21:58,370 --> 00:22:01,930
bankruptcies, have a lot of attorneys that work with

360
00:22:01,970 --> 00:22:04,670
me. So once they file the bankruptcy,

361
00:22:05,490 --> 00:22:08,778
can I kind of elaborate like what the attorneys do on my

362
00:22:08,834 --> 00:22:11,962
end? So they just basically file the

363
00:22:11,986 --> 00:22:15,130
bankruptcy and sometimes they will list the

364
00:22:15,170 --> 00:22:18,922
accounts individually on the credit report included in

365
00:22:18,946 --> 00:22:22,772
the bankruptcy. Well, that's not how it's supposed to appear on the

366
00:22:22,796 --> 00:22:26,068
credit. It's supposed to be attached to the public records,

367
00:22:26,244 --> 00:22:30,036
which would be bankruptcy. And then the account

368
00:22:30,108 --> 00:22:33,844
should be completely attached. So each, each account that was filed

369
00:22:33,892 --> 00:22:37,716
in the bankruptcy is a good, probably about 10 to 20 points

370
00:22:37,788 --> 00:22:41,124
depending on the year. But if they're, if they're

371
00:22:41,172 --> 00:22:44,404
individually on the credit report as included in the

372
00:22:44,412 --> 00:22:48,232
bankruptcy, it can hurt their credit score. So I can go in and

373
00:22:48,256 --> 00:22:52,040
remove that stuff. And a lot of attorneys file the bankruptcy and they're like,

374
00:22:52,160 --> 00:22:55,976
here you go, Angie, fix this. Because that's

375
00:22:56,008 --> 00:22:59,672
not, that's not a part of what they do. They don't work on the credit

376
00:22:59,816 --> 00:23:03,368
side. So that's, that's why I work with a lot of local attorneys here in,

377
00:23:03,424 --> 00:23:06,952
in town. So you remove different accounts from

378
00:23:06,976 --> 00:23:10,296
the, from the bankruptcy? Is that what you said? And then. Yeah,

379
00:23:10,328 --> 00:23:13,512
so it's listed on the credit report as included in the

380
00:23:13,536 --> 00:23:17,094
bankruptcy. Um, legally they should all be attached to the

381
00:23:17,102 --> 00:23:20,886
bankruptcy, which is a public record. And that's a good about 30

382
00:23:20,958 --> 00:23:24,598
points on their credit score. Wow. Okay. And a lot of times

383
00:23:24,654 --> 00:23:28,310
my bankruptcy attorneys will refer me clients because

384
00:23:28,350 --> 00:23:31,622
they don't have enough debt to file

385
00:23:31,686 --> 00:23:35,302
bankruptcy. So it's usually about,

386
00:23:35,486 --> 00:23:38,490
I would say, 10 to $20,000 in debt.

387
00:23:38,990 --> 00:23:42,646
But some people will go in and say, oh my gosh, I'm so overwhelmed. There's

388
00:23:42,678 --> 00:23:46,192
so much stuff reporting on the credit that I don't know what to do.

389
00:23:46,296 --> 00:23:50,032
And you know, it'll be a couple accounts and I'm like, I

390
00:23:50,056 --> 00:23:53,872
can help with that. I can help settling on those debts to where

391
00:23:53,896 --> 00:23:57,312
it's off of your credit report and you're not having that

392
00:23:57,496 --> 00:24:00,580
7 to 10 year bankruptcy on your, on your credit.

393
00:24:01,080 --> 00:24:04,480
Yeah, that's great to know. So if you're overwhelmed, you can call you to help

394
00:24:04,520 --> 00:24:08,080
with credit cards. Yeah, I would love to take a look

395
00:24:08,120 --> 00:24:11,360
at anybody's credit. I mean, anybody can use

396
00:24:11,400 --> 00:24:15,232
help. Yeah. Yeah, for sure. All right,

397
00:24:15,256 --> 00:24:18,512
let's circle back to Angela and kind of, we'll just kind of shift a little

398
00:24:18,536 --> 00:24:21,984
bit. So you have someone that comes to you and they're

399
00:24:22,032 --> 00:24:25,136
like, we think we can

400
00:24:25,288 --> 00:24:28,060
afford 500,000

401
00:24:28,840 --> 00:24:32,672
house. Can you show us some houses? So you

402
00:24:32,696 --> 00:24:35,472
might. At that point, you kind of did answer. Like you would go and you

403
00:24:35,496 --> 00:24:38,980
would, you would show them a few houses and then you would look at numbers.

404
00:24:39,860 --> 00:24:42,252
So then they come back, okay, I'm going to give you a scenario. So they

405
00:24:42,276 --> 00:24:45,756
come back. They've been looking online at houses that are 500,000,

406
00:24:45,908 --> 00:24:49,420
which is a reasonable amount. It seems like nowadays that used to be so much,

407
00:24:49,460 --> 00:24:53,084
but not anymore. And then it comes back that they can do,

408
00:24:53,172 --> 00:24:55,720
oh, close, but only 425.

409
00:24:56,500 --> 00:24:59,980
So they had their heart set on an

410
00:25:00,020 --> 00:25:03,692
area and there's nothing in that area that's at 425. So

411
00:25:03,716 --> 00:25:07,270
like, what do you say to them? What do you do? Yeah, I had a

412
00:25:07,310 --> 00:25:11,030
shopper like that a couple years ago, a young couple. They

413
00:25:11,070 --> 00:25:14,694
were techies and they worked from home and they love the

414
00:25:14,702 --> 00:25:18,406
whole idea of a big acre lot that their dogs could roam on.

415
00:25:18,478 --> 00:25:22,326
And we were looking in, looked at a house and in the 500

416
00:25:22,398 --> 00:25:26,214
range. And then we talked to their lender

417
00:25:26,342 --> 00:25:28,934
and their lender said, well, this is what you qualify for,

418
00:25:29,022 --> 00:25:32,480
425. And that was their max. And they said,

419
00:25:32,600 --> 00:25:36,064
no, we really want our payment to be X. So that even

420
00:25:36,152 --> 00:25:39,824
shrunk it down a little bit more. And so there were some properties

421
00:25:39,872 --> 00:25:43,632
that we looked at, but it happened to be a time when we were

422
00:25:43,656 --> 00:25:47,312
seeing multiple offers and just kept getting bid out

423
00:25:47,416 --> 00:25:50,720
and they decided that was too overwhelming for them

424
00:25:50,760 --> 00:25:54,464
and they took a backseat and waited

425
00:25:54,512 --> 00:25:58,220
a little bit. But that's what happens too.

426
00:25:59,080 --> 00:26:02,800
Well, let's say in a scenario though, they do want to move forward. I mean

427
00:26:02,840 --> 00:26:06,482
like, what kind of other things might you look at? Like, I

428
00:26:06,506 --> 00:26:10,274
mean, do you try to talk them into something that they can fix, like

429
00:26:10,282 --> 00:26:14,110
a fixer upper or a different part of the city or

430
00:26:15,050 --> 00:26:18,882
the idea of this is just your first home, it doesn't have to be your

431
00:26:18,906 --> 00:26:22,562
life. What kind of conversations might they, what kind of things might they

432
00:26:22,586 --> 00:26:25,950
consider if they can't get into the house they actually really want to get into?

433
00:26:27,370 --> 00:26:31,106
So there's a couple things that we can look at. I am great at

434
00:26:31,178 --> 00:26:34,930
looking at. I have the ability to say, they say they want a four

435
00:26:34,970 --> 00:26:38,702
bedroom. Okay, well how about if we see this

436
00:26:38,806 --> 00:26:42,238
three bedroom plus a den, maybe that works for their

437
00:26:42,294 --> 00:26:46,094
scenario. So I'm good at thinking outside the box and finding

438
00:26:46,142 --> 00:26:48,930
something that they didn't think would fit

439
00:26:50,070 --> 00:26:53,390
and then they end up loving it. So we can do things like

440
00:26:53,430 --> 00:26:56,570
that. And

441
00:26:57,190 --> 00:27:01,010
right now what we're seeing in our market is maybe

442
00:27:01,690 --> 00:27:05,426
a buyer says, I only want to go up to 400, but I always

443
00:27:05,498 --> 00:27:09,314
look just a little bit over 410 because maybe

444
00:27:09,362 --> 00:27:13,202
that's getting a good deal. If it's been sitting on the

445
00:27:13,226 --> 00:27:16,946
market for a little bit, maybe it's getting some credit

446
00:27:16,978 --> 00:27:20,802
back from the seller so that we can pay for some

447
00:27:20,826 --> 00:27:24,322
closing costs or pay down the interest

448
00:27:24,426 --> 00:27:28,162
rate, which Jill can speak on too. But those are little things

449
00:27:28,346 --> 00:27:31,790
that we see and that I'm helping with buyers right now.

450
00:27:32,110 --> 00:27:35,446
Yeah, thank you for that. And if any, I know you guys have all bought

451
00:27:35,478 --> 00:27:39,158
and sold homes. So like, you know, and you know, kind of. I

452
00:27:39,214 --> 00:27:41,650
know for me, like one things that I like to do

453
00:27:42,830 --> 00:27:46,214
when I, when I've either helped people buy a home and it's the tough. And

454
00:27:46,222 --> 00:27:49,542
it was the tougher market where there wasn't a lot on the market. One thing

455
00:27:49,566 --> 00:27:52,550
I did for a client once is there was a property they liked that was

456
00:27:52,590 --> 00:27:56,422
not on the market. It was just. But it was, had

457
00:27:56,446 --> 00:27:59,270
been listed and it's kind of like off market. For a little bit. So I

458
00:27:59,310 --> 00:28:02,700
called them and they were just trying to make some repairs to make it

459
00:28:02,740 --> 00:28:06,492
prettier. And so my. You know, and you can. And then

460
00:28:06,516 --> 00:28:10,172
I. I've done the same thing with myself for like the thing. The property's been

461
00:28:10,196 --> 00:28:13,356
on the market for a really long time. I get excited about that. For me,

462
00:28:13,428 --> 00:28:16,360
I get excited if it's been on the market for a long time because

463
00:28:18,020 --> 00:28:21,228
maybe that maybe they're hard to work with, but maybe also they're ready to lower

464
00:28:21,244 --> 00:28:24,412
the price and you can get in there and if it's off the market, but

465
00:28:24,436 --> 00:28:27,228
they're just making some repairs, maybe you can get the deal when no one else

466
00:28:27,244 --> 00:28:30,950
is there, or maybe just horrendously painted,

467
00:28:31,610 --> 00:28:35,282
you know, or has some just topical things. If people can

468
00:28:35,306 --> 00:28:38,550
look past that. I do feel like that's something that. Where they can maybe

469
00:28:39,290 --> 00:28:42,978
get the deal. But Angela, what do you think on that or anybody

470
00:28:42,994 --> 00:28:46,710
else? Absolutely. Absolutely. I've sold.

471
00:28:47,130 --> 00:28:50,850
I've helped buyers look for homes that weren't on the market, like

472
00:28:50,890 --> 00:28:54,674
for sale by owners. That's a great little niche that

473
00:28:54,842 --> 00:28:58,598
people don't think about. And as long as the

474
00:28:58,654 --> 00:29:02,422
for sale by owner is willing to work with the realtor on the

475
00:29:02,446 --> 00:29:05,942
buy end, they don't want to be represented. But I can represent the

476
00:29:05,966 --> 00:29:09,570
buyer and still make things work. So things like that.

477
00:29:10,110 --> 00:29:13,250
I'm always. If I see a house that

478
00:29:14,350 --> 00:29:18,102
is in contract, but maybe they're still allowing

479
00:29:18,166 --> 00:29:21,510
showings, I'm calling them up and I'm asking, how's that

480
00:29:21,550 --> 00:29:25,332
escrow looking? Is there a chance for us to be, you know, put

481
00:29:25,356 --> 00:29:28,900
in a backup offer? All those little things can

482
00:29:28,940 --> 00:29:32,420
help a buyer get in where they normally, you know,

483
00:29:32,460 --> 00:29:36,276
wouldn't? Yeah. Do you. Have you noticed. Are there.

484
00:29:36,348 --> 00:29:39,940
Do you have people who are like, show me

485
00:29:39,980 --> 00:29:43,172
the one that's a little more run down so I can get a deal so

486
00:29:43,196 --> 00:29:46,212
I can fix it. Does anyone come to you saying that or is that. From

487
00:29:46,236 --> 00:29:49,844
what I hear, everyone wants to kind of turnkey, but is there for anyone

488
00:29:49,892 --> 00:29:53,554
who is like, I'll take the deal. There's

489
00:29:53,602 --> 00:29:57,026
always investors out there looking. They reach out

490
00:29:57,098 --> 00:30:00,530
constantly. All day. I get text messages from

491
00:30:00,570 --> 00:30:03,938
investors that want that. You know, they're looking for that off

492
00:30:03,994 --> 00:30:07,602
market or something coming up soon, property

493
00:30:07,666 --> 00:30:11,250
that they can, you know, get a good deal on, fix it up

494
00:30:11,290 --> 00:30:15,106
and then put it back on the market. You know, I feel like it's

495
00:30:15,138 --> 00:30:18,418
like it's almost a thing of the past, but I just feel like that's something

496
00:30:18,474 --> 00:30:22,202
that I wish first time home Buyers would think about, especially if

497
00:30:22,226 --> 00:30:25,946
they know anyone who's handy or can find someone. Because it's

498
00:30:25,978 --> 00:30:29,562
like you can get into a home that needs some work done on it and

499
00:30:29,586 --> 00:30:33,402
then do the work. Yes. And I just feel, is

500
00:30:33,426 --> 00:30:35,658
that, does that feel like to you guys like a thing in the past too?

501
00:30:35,714 --> 00:30:39,386
Like. Yeah, I don't

502
00:30:39,418 --> 00:30:43,226
really hear that very often. But I do want to mention there are rehab

503
00:30:43,258 --> 00:30:46,896
loans that people can do if they do want to buy a fixer upper.

504
00:30:47,058 --> 00:30:50,452
Okay, tell us about that. They're a first time home buyer. I mean,

505
00:30:50,476 --> 00:30:54,180
FHA has them. Conventional loans have them where they could put.

506
00:30:54,220 --> 00:30:57,520
With FHA, they can put as little as 3.5% down.

507
00:30:58,700 --> 00:31:02,532
They can get the, they can get the cost for the repairs

508
00:31:02,596 --> 00:31:06,308
financed into the loan. Okay. They would

509
00:31:06,364 --> 00:31:09,780
have to have a good, you know, a good cost breakdown. Know what they want

510
00:31:09,820 --> 00:31:12,964
to do, know what kind of materials. Like let's say they want to redo the

511
00:31:12,972 --> 00:31:16,794
kitchen. You know, they'd have to know like what kind of countertops, what kind

512
00:31:16,802 --> 00:31:20,202
of appliances, stuff like that. Have to have a breakdown, have to have a

513
00:31:20,226 --> 00:31:23,962
contractor because the appraiser will go and give it a

514
00:31:23,986 --> 00:31:27,830
future value with all those repairs or improvements being done.

515
00:31:28,290 --> 00:31:32,058
So the appraiser needs to know, you know, what kind of quality materials

516
00:31:32,154 --> 00:31:35,754
are being used. But that's a great program.

517
00:31:35,842 --> 00:31:39,594
And back in like, you know, 2008, when there was a lot of

518
00:31:39,602 --> 00:31:42,998
foreclosures and things like that, those loans were actually

519
00:31:43,054 --> 00:31:46,646
a lot more prevalent, you know, because a lot of people were

520
00:31:46,718 --> 00:31:50,502
taking the cabinets with them when the home, their home got foreclosed

521
00:31:50,526 --> 00:31:51,862
or taking out the plumbing.

522
00:31:53,390 --> 00:31:57,126
2008, the crash, kind of when that was going on. Isn't

523
00:31:57,158 --> 00:32:00,502
that. Oh man, it's been a ride

524
00:32:00,646 --> 00:32:04,454
these many years, right?

525
00:32:04,622 --> 00:32:08,294
Yep, yep. But those ones were more prevalent back then

526
00:32:08,382 --> 00:32:12,054
and we do offer them now. And it's a

527
00:32:12,062 --> 00:32:15,750
great program. I honestly don't know why more people don't.

528
00:32:16,170 --> 00:32:19,538
Don't take advantage of it. Maybe they don't know about it. So

529
00:32:19,594 --> 00:32:23,350
FHA Federal Housing Authority, is that right? Yeah.

530
00:32:25,050 --> 00:32:28,690
Administration. Okay. And then I think there's. You have

531
00:32:28,730 --> 00:32:32,002
mortgage. They have explained that to

532
00:32:32,026 --> 00:32:35,762
them. The FHA versus Conventional. Let's do

533
00:32:35,786 --> 00:32:39,554
that. FHA is basically the government's backing the loan.

534
00:32:39,602 --> 00:32:43,182
They're insuring the loan for the lender. Okay. Same with like va, that would be

535
00:32:43,206 --> 00:32:46,490
veterans. Veteran VA has a rehab loan as well.

536
00:32:47,350 --> 00:32:51,198
So basically the government agency is ensuring the loan for the lender that if

537
00:32:51,254 --> 00:32:54,974
the borrower doesn't make the payments and the lender has to foreclose.

538
00:32:55,102 --> 00:32:58,942
FHA would come in, pay off the lender, they

539
00:32:58,966 --> 00:33:02,558
would foreclose on the house and sell the house. So it really

540
00:33:02,614 --> 00:33:06,462
helps alleviate the lender's risk for the

541
00:33:06,486 --> 00:33:10,262
loan. FHA is a more lenient when

542
00:33:10,286 --> 00:33:13,782
it comes to credit scores, debt to income ratios, things like

543
00:33:13,806 --> 00:33:17,382
that. They do require

544
00:33:17,446 --> 00:33:21,286
mortgage insurance, which again is an insurance for the lender, but the cost

545
00:33:21,358 --> 00:33:24,650
goes to the borrower. That's included in their monthly payment.

546
00:33:25,150 --> 00:33:28,646
But it's a way to help people get into homes that maybe don't have that

547
00:33:28,718 --> 00:33:32,486
A plus credit, you know, or maybe they're

548
00:33:32,518 --> 00:33:35,410
pushing their debt to income ratios a little bit higher.

549
00:33:35,920 --> 00:33:39,112
FHA will allow for those types of

550
00:33:39,136 --> 00:33:42,648
situations. Yeah, that's good to know.

551
00:33:42,784 --> 00:33:46,232
And lots of different situations. So like, honestly, like when I

552
00:33:46,256 --> 00:33:49,752
divorced and my credit was great, but like the,

553
00:33:49,856 --> 00:33:52,712
all the stuff it had, it had to be an FHA loan, which made me

554
00:33:52,736 --> 00:33:56,408
crazy or I had to wait and it was just, it's

555
00:33:56,424 --> 00:33:59,816
just like. So life change can cause those issues

556
00:33:59,888 --> 00:34:03,512
too. So. Okay, so people need to know you're going to pay whatever the,

557
00:34:03,616 --> 00:34:07,400
whatever the mortgage is, and then you're going

558
00:34:07,440 --> 00:34:11,224
to pay an HOA fee monthly and then you're going to

559
00:34:11,232 --> 00:34:14,712
pay property tax insurance monthly,

560
00:34:14,856 --> 00:34:18,424
which usually the mortgage lender or the company, not the lender

561
00:34:18,472 --> 00:34:22,152
yourself, but the company will collect that and then for

562
00:34:22,176 --> 00:34:25,940
you when it's time, and then you will have also.

563
00:34:27,120 --> 00:34:30,424
Is it called PMI Mortgage Insurance?

564
00:34:30,472 --> 00:34:33,540
Yep, yep. What does that stand for?

565
00:34:33,880 --> 00:34:37,712
Well, PMI would be private mortgage insurance, and that would be

566
00:34:37,736 --> 00:34:41,488
with a conventional loan. Okay. Fha, it's just

567
00:34:41,624 --> 00:34:45,392
mortgage insurance. Okay. And so then they'd have a fee for that.

568
00:34:45,416 --> 00:34:48,736
And what is that? Maybe $200 a month?

569
00:34:48,808 --> 00:34:52,624
150. It's based on the loan amount, it's based on the loan amount, how

570
00:34:52,632 --> 00:34:55,904
much they're borrowing. And it's a

571
00:34:55,912 --> 00:34:59,584
little, little complicated in that there is an upfront mortgage

572
00:34:59,632 --> 00:35:03,472
insurance fee that they pay, which usually gets financed into the loan and

573
00:35:03,496 --> 00:35:07,166
then they pay it monthly. So it's just a percentage of the loan

574
00:35:07,198 --> 00:35:10,862
amount? Basically, yeah. So there's all these things we don't. I mean, you know,

575
00:35:10,886 --> 00:35:14,558
there's. And then there's electric bills and, and the repairs are on you.

576
00:35:14,614 --> 00:35:17,246
Like if you've been running for a while and now you own. Now if there's

577
00:35:17,278 --> 00:35:20,990
a roof repair, you get to do it. Right. Some have

578
00:35:21,030 --> 00:35:24,766
inch. Property insurance too. Those things sometimes

579
00:35:24,798 --> 00:35:28,478
that's. Is that usually required too? Is property insurance? Yeah.

580
00:35:28,574 --> 00:35:32,318
So the HOA dues, like if you're buying a condo or a

581
00:35:32,374 --> 00:35:35,944
planned unit development, and you've got HOA dues. Those are paid

582
00:35:35,992 --> 00:35:39,560
separately. Your homeowner's insurance would

583
00:35:39,600 --> 00:35:41,900
be included in the mortgage

584
00:35:43,360 --> 00:35:47,032
for fire or for flood. I feel

585
00:35:47,056 --> 00:35:50,344
like in this. In Georgia, they were. Because I had an hoa, I felt like

586
00:35:50,352 --> 00:35:53,848
it was rolled in. I think it was. But that's

587
00:35:53,944 --> 00:35:57,300
interesting. Maybe different states do it different ways, but.

588
00:35:58,160 --> 00:36:01,980
All right, everyone jump in on this question because they're all

589
00:36:02,020 --> 00:36:03,200
women with opinions.

590
00:36:06,260 --> 00:36:10,040
Do you buy in an HOA community or not? What do you think?

591
00:36:11,140 --> 00:36:12,840
Angela, we'll start with you.

592
00:36:15,380 --> 00:36:18,860
Yes. Sometimes those are

593
00:36:18,980 --> 00:36:22,540
starter homes. They're more affordable, even though they have those

594
00:36:22,580 --> 00:36:25,740
HOAs. And you have to really look at those

595
00:36:25,780 --> 00:36:28,770
amounts so they don't throw off a buyer's

596
00:36:29,110 --> 00:36:32,570
budget. But those are great places to start.

597
00:36:32,870 --> 00:36:36,654
My daughter, she's 33. That's where we started her. She got into

598
00:36:36,742 --> 00:36:40,542
a townhouse. She was there a few years, and

599
00:36:40,566 --> 00:36:43,806
then we traded her up into a single family

600
00:36:43,878 --> 00:36:47,374
home. And now she's a homeowner and she's

601
00:36:47,422 --> 00:36:50,810
33, and she's doing it all on her own.

602
00:36:51,350 --> 00:36:54,610
Yeah. Anyone else have an opinion on it?

603
00:36:56,270 --> 00:36:59,770
I live in a property that has HOA dues.

604
00:37:00,670 --> 00:37:04,454
Ours is really more of, like, a landscape maintenance, so they take care of

605
00:37:04,462 --> 00:37:07,974
the common areas, you know, that kind of stuff. They're not

606
00:37:08,142 --> 00:37:11,910
real strict. They don't enforce, like, parking, you know,

607
00:37:11,950 --> 00:37:15,382
and things like that. But I think I

608
00:37:15,406 --> 00:37:19,068
don't. I like them personally. Yeah. Angie,

609
00:37:19,084 --> 00:37:22,924
any opinion from you? Yeah. So my first house was

610
00:37:23,012 --> 00:37:26,332
In Sparks, no HOA. So I think the

611
00:37:26,356 --> 00:37:29,916
HOAs really protect your property. Like, the value,

612
00:37:29,988 --> 00:37:33,340
it increases the value because I went

613
00:37:33,380 --> 00:37:36,780
from, you know, not having an HOA

614
00:37:36,940 --> 00:37:40,764
to where people around me would not take care of their yards and stuff.

615
00:37:40,892 --> 00:37:44,416
So that kind of, like, decreases the value. And then, I mean,

616
00:37:44,488 --> 00:37:48,208
people don't want to live in a bad area. So when I bought my second

617
00:37:48,264 --> 00:37:52,048
house, I have an hoa, and they really maintain all of,

618
00:37:52,104 --> 00:37:55,632
like, you know, the yard work, all that stuff, and it looks so

619
00:37:55,656 --> 00:37:59,504
clean and pretty. So I really think it

620
00:37:59,672 --> 00:38:03,440
increases the value because, like, when. When people are

621
00:38:03,480 --> 00:38:07,312
looking in the surrounding area, they want to see that it's clean and neat and

622
00:38:07,416 --> 00:38:10,996
their property value is going to go up. So I really. I really like

623
00:38:11,068 --> 00:38:14,820
being in hoa and it's. And it's a set

624
00:38:14,860 --> 00:38:18,388
amount, so. But that's what I like

625
00:38:18,444 --> 00:38:22,260
versus not having an hoa, because my rental was

626
00:38:22,300 --> 00:38:25,988
not hoa and that my neighbor didn't keep

627
00:38:26,044 --> 00:38:29,764
up their yard. And, you know, some neighbors did and some Neighbors didn't.

628
00:38:29,812 --> 00:38:33,636
But in an hoa, you have to keep up, like the weeds and stuff

629
00:38:33,668 --> 00:38:37,124
like that. We are notorious for having weeds in Nevada.

630
00:38:37,172 --> 00:38:40,996
So even though it's a dry state, but when it gets

631
00:38:41,028 --> 00:38:43,920
sunny, all those lovely weeds come out

632
00:38:44,620 --> 00:38:48,036
for sure. Well, yeah, so I've had, I've had different

633
00:38:48,108 --> 00:38:51,956
opinions on this too, because, well, and I've owned places

634
00:38:51,988 --> 00:38:54,772
in different states, but when I bought in Georgia, that was the first time I

635
00:38:54,796 --> 00:38:58,372
had bought into a townhouse community. So I feel like everyone, like if you're, if

636
00:38:58,396 --> 00:39:02,036
you're brand new at buying, the thing to know is like, you have to

637
00:39:02,108 --> 00:39:05,540
really actually ask for the hoa, all the covenant and

638
00:39:05,580 --> 00:39:09,012
restrictions. So that's what you ask for, the covenant restrictions, and your realtor will know

639
00:39:09,036 --> 00:39:12,598
this stuff. But you, you look at it and see

640
00:39:12,654 --> 00:39:16,422
what's being paid for and what isn't. So you might have

641
00:39:16,446 --> 00:39:20,010
a pool, you might have a gate.

642
00:39:20,430 --> 00:39:23,462
It might, they might do the landscaping, they might not do the

643
00:39:23,486 --> 00:39:27,286
landscaping. So then you, you kind of, you roll it in. So for the townhouse

644
00:39:27,318 --> 00:39:30,646
community, it was the most expensive. I think I'd lived in one that was only

645
00:39:30,718 --> 00:39:34,502
like in Wisconsin, maybe $25 a month. And they

646
00:39:34,526 --> 00:39:38,288
didn't really do anything except for maybe send

647
00:39:38,384 --> 00:39:42,064
out notices if someone had too many weeds, right? If

648
00:39:42,072 --> 00:39:45,872
their lawn was too long, their grass was too long, then they got

649
00:39:45,896 --> 00:39:49,312
a notice. But then the one in Atlanta, which was an

650
00:39:49,336 --> 00:39:53,104
ho, which is a townhouse community, that covered

651
00:39:53,232 --> 00:39:56,900
exterior paint gutters, roof

652
00:39:57,720 --> 00:40:01,152
the streets because they, you know, the street repair. So if they had to make

653
00:40:01,176 --> 00:40:04,862
repairs in the streets, it covered the lights, cover the, the gate,

654
00:40:04,926 --> 00:40:08,222
it covered the pool, the tennis courts and the

655
00:40:08,246 --> 00:40:12,062
playground, right? So that was 400amonth. And so I

656
00:40:12,086 --> 00:40:15,374
think people look at that. And then of course, in Atlanta, too, there's a lot

657
00:40:15,382 --> 00:40:19,070
of high rises where people buying condos, and those can be up to

658
00:40:19,110 --> 00:40:22,862
800amonth. But single family homes, it depends on. If there's not a

659
00:40:22,886 --> 00:40:26,606
pool, then it might just be 25amonth, you know,

660
00:40:26,758 --> 00:40:29,454
so it's. I think that that's good to know too. Is there a lot of

661
00:40:29,462 --> 00:40:33,000
different levels and, and what that entails the most is going to be

662
00:40:33,300 --> 00:40:36,844
a condo. And these aren't really, I don't think, a thing in Reno, but they

663
00:40:36,852 --> 00:40:40,140
were definitely a thing in Atlanta. So. And those can be tricky

664
00:40:40,220 --> 00:40:43,932
because they, you know, you're. It

665
00:40:43,956 --> 00:40:47,484
can go up exponentially if not enough people have bought. So those can be a

666
00:40:47,492 --> 00:40:50,700
little bit scary too. But when with the

667
00:40:50,740 --> 00:40:54,492
townhouse one, people were saying that's way too much for

668
00:40:54,516 --> 00:40:58,332
a townhouse. I'm like, but I paid that on a single property when,

669
00:40:58,356 --> 00:41:02,088
if I had it repair my own roof now and

670
00:41:02,144 --> 00:41:05,832
do my own painting, you know, and that kind of thing. So,

671
00:41:05,856 --> 00:41:09,400
Angela? Yeah, I just wanted to touch on something that

672
00:41:09,440 --> 00:41:13,160
you just brought up is the covenant and restrictions, the

673
00:41:13,200 --> 00:41:16,616
CCNRs, the way that a

674
00:41:16,688 --> 00:41:19,020
plan, development or HOA

675
00:41:20,160 --> 00:41:23,460
maintains or the health of their.

676
00:41:24,000 --> 00:41:27,704
How they maintain the funds is very important. And they have to do reports

677
00:41:27,792 --> 00:41:31,594
on that every couple of years. And so

678
00:41:31,602 --> 00:41:35,450
when you get a copy of those, it's hundreds of pages and

679
00:41:35,490 --> 00:41:38,538
most people don't read it. But you should look at the

680
00:41:38,594 --> 00:41:41,830
financials in there that say

681
00:41:42,210 --> 00:41:45,802
how much reserves that community has, because that's very

682
00:41:45,826 --> 00:41:49,114
important. If they don't have the reserves to

683
00:41:49,202 --> 00:41:52,826
maintain the outside of the structures, it's a condo

684
00:41:52,858 --> 00:41:56,070
unit or the roofs, then

685
00:41:56,610 --> 00:42:00,330
you could be looking at an HOA hike, which we've just

686
00:42:00,370 --> 00:42:03,818
seen in the last couple years. HOA's for

687
00:42:03,954 --> 00:42:07,658
condo and townhouses nationally, but also here

688
00:42:07,714 --> 00:42:11,098
locally, they went up double, if not triple in some

689
00:42:11,154 --> 00:42:14,458
places. And so they just had to keep that

690
00:42:14,514 --> 00:42:18,266
reserve so that they could do those. Those

691
00:42:18,338 --> 00:42:22,106
items that the HOA takes care of. So most people don't

692
00:42:22,138 --> 00:42:25,242
look at that. They don't know to look at it, but that's very important is

693
00:42:25,266 --> 00:42:28,982
the health of hoa. So do they do. Because I do.

694
00:42:29,006 --> 00:42:32,694
They do special assessments for that kind of stuff in, in Nevada, because I

695
00:42:32,702 --> 00:42:36,290
know it's called like they gotta do this one big project

696
00:42:36,990 --> 00:42:40,710
and re. Re dig the gutters or something. I don't know. And so

697
00:42:40,750 --> 00:42:44,070
there's a special assessment. Is there something like that in Reno too, or no. Or

698
00:42:44,110 --> 00:42:47,782
Nevada? Oh, yeah. Sometimes there's special assessments that

699
00:42:47,806 --> 00:42:51,462
they'll do that they'll add on. A lot of times

700
00:42:51,566 --> 00:42:54,984
they'll say, you know,

701
00:42:55,142 --> 00:42:58,532
we're going to increase the HOA by X amount to cover this.

702
00:42:58,636 --> 00:43:02,292
Or it's just going to be for five years. That X

703
00:43:02,316 --> 00:43:06,160
amount is going to go up just for five years to cover this project.

704
00:43:06,700 --> 00:43:10,308
So different things like that. And you can. They

705
00:43:10,364 --> 00:43:14,040
can. If they're, if they're going to sell within that time frame,

706
00:43:14,860 --> 00:43:18,532
they can choose to pay that assessment off at a

707
00:43:18,556 --> 00:43:22,144
closing or pass that on to the next

708
00:43:22,252 --> 00:43:26,040
buyer. Yeah. So a lot of stuff to

709
00:43:26,080 --> 00:43:28,260
consider for sure in all of this.

710
00:43:29,840 --> 00:43:33,060
Angie, let's go back to you. So

711
00:43:34,080 --> 00:43:37,912
what would you. You have a son who's, you know, how is he?

712
00:43:37,936 --> 00:43:41,380
16? He's gonna be 18 this month.

713
00:43:43,120 --> 00:43:45,540
He's turning 18 on the 21st.

714
00:43:47,280 --> 00:43:50,680
So I kind of. And you guys all have kids, so like for your

715
00:43:50,720 --> 00:43:53,340
kids, you're like, why,

716
00:43:54,360 --> 00:43:58,080
when should they buy? Like, is it a, when is a good time to

717
00:43:58,120 --> 00:44:01,824
consider purchasing? Like do the, do the mom angle

718
00:44:01,872 --> 00:44:05,552
for me. Well, I mean I look

719
00:44:05,576 --> 00:44:08,960
at, well, Jill's perspective

720
00:44:09,120 --> 00:44:12,880
would be, you know, try to get them prepared as soon as

721
00:44:12,920 --> 00:44:16,320
possible because you know, once they get into the market, they're

722
00:44:16,400 --> 00:44:18,900
constantly building equity for themselves.

723
00:44:20,220 --> 00:44:24,004
But they do have to have like, you know, some time, time frame

724
00:44:24,052 --> 00:44:27,348
on the job, you know, make sure they have at least two years

725
00:44:27,404 --> 00:44:31,204
history and got some stuff saved up, a bank account,

726
00:44:31,292 --> 00:44:34,372
all that stuff. I just went through all this with my son, got him set

727
00:44:34,396 --> 00:44:37,748
up with a bank account, made sure he's getting direct

728
00:44:37,804 --> 00:44:41,300
deposit just so that it's just so much smoother for

729
00:44:41,340 --> 00:44:45,076
Jill to do her job, track

730
00:44:45,148 --> 00:44:48,722
everything thing and, and make sure that they, you

731
00:44:48,746 --> 00:44:52,402
know, are having all their income go into their account

732
00:44:52,506 --> 00:44:55,830
and stuff like that. And they can do student, student accounts

733
00:44:56,570 --> 00:45:00,322
which, you know, their, their parents can co sign for, which I did

734
00:45:00,346 --> 00:45:03,938
for my son. And then just made sure he had

735
00:45:03,994 --> 00:45:07,442
Social Security, his, you know, just preparing him for

736
00:45:07,466 --> 00:45:10,750
life. And you just,

737
00:45:11,780 --> 00:45:15,516
just got a car. Yeah, yeah. So you just put the word

738
00:45:15,548 --> 00:45:19,372
equity. So equity is something that is. Explain,

739
00:45:19,516 --> 00:45:23,052
explain. Angie, I'll let you do. Since you're doing this. What is

740
00:45:23,076 --> 00:45:26,348
equity and why does it, why does it matter? Why do we buy

741
00:45:26,404 --> 00:45:30,028
versus rent? Like why, why would you. So,

742
00:45:30,164 --> 00:45:33,900
so if we're renting, everybody's renting. And where

743
00:45:33,940 --> 00:45:37,662
is that money going? Not to

744
00:45:37,686 --> 00:45:41,294
you, not going to you. It's either paying,

745
00:45:41,422 --> 00:45:45,022
you know, the rental companies, you know, if

746
00:45:45,046 --> 00:45:48,526
you're, you're paying for an apartment, but if you are

747
00:45:48,598 --> 00:45:52,398
just basically paying somebody, it's

748
00:45:52,414 --> 00:45:56,030
not, you're not building equity in anything. You're just basically

749
00:45:56,110 --> 00:45:59,582
throwing your money away. I know everybody's got to start somewhere,

750
00:45:59,646 --> 00:46:03,326
but if you were able to build equity in a house

751
00:46:03,398 --> 00:46:07,008
and you're making those mortgage payments on time each year,

752
00:46:07,064 --> 00:46:10,780
that property value is going to go up and Angela will attest to this.

753
00:46:11,400 --> 00:46:14,672
Reno's growing. A lot of

754
00:46:14,696 --> 00:46:18,112
people, a lot of my clients should have got into the market a long time

755
00:46:18,136 --> 00:46:21,840
ago, but they didn't. And now they're seeing the rise.

756
00:46:21,920 --> 00:46:24,763
You know, I bought my first house at 2,

757
00:46:24,984 --> 00:46:28,608
260,000 and then I bought my, my second house at

758
00:46:28,664 --> 00:46:31,972
619,000. So there's the difference.

759
00:46:32,096 --> 00:46:35,852
2016 to 2022, look how

760
00:46:35,876 --> 00:46:39,692
much equity was gained in, in the first property and, and

761
00:46:39,716 --> 00:46:43,532
now the second property and, and we're just, I mean, I went

762
00:46:43,556 --> 00:46:46,972
to EDAWN and they said that they're. We're gonna just grow. We're like the

763
00:46:46,996 --> 00:46:50,364
fastest growing city, 80 percentile

764
00:46:50,492 --> 00:46:53,720
in all of the United States. So,

765
00:46:54,100 --> 00:46:57,516
yeah, it's huge. It's huge. We're becoming a major

766
00:46:57,588 --> 00:47:01,294
tech company and we have no state taxes.

767
00:47:01,422 --> 00:47:05,214
So I moved here from San Diego and I gave myself a raise when I

768
00:47:05,222 --> 00:47:08,494
moved here. So no state, California

769
00:47:08,542 --> 00:47:12,318
taxes. But yeah, I mean, that's. You're building

770
00:47:12,454 --> 00:47:16,222
constant equity. Even if it's a condo, a townhouse,

771
00:47:16,286 --> 00:47:19,742
you know, you're not paying essentially somebody else's mortgage.

772
00:47:19,806 --> 00:47:23,422
You're. You're actually putting value into

773
00:47:23,526 --> 00:47:27,092
something that you are paying for. Yeah. And

774
00:47:27,116 --> 00:47:30,564
EDAWN is the economic development of Western Nevada, I've heard.

775
00:47:30,612 --> 00:47:34,132
So we do get a lot of people coming from

776
00:47:34,156 --> 00:47:37,492
California because of the tax rates. And of

777
00:47:37,516 --> 00:47:41,076
course, everyone's just trying to save, you know, to live.

778
00:47:41,148 --> 00:47:44,948
But. So, Jill, could you talk a little bit?

779
00:47:45,004 --> 00:47:48,804
So also. So start with saying as a mom, what you would recommend

780
00:47:48,852 --> 00:47:52,580
for your child and when to do it. And then also maybe say something

781
00:47:52,620 --> 00:47:56,356
about like how they would do it now because it's gone

782
00:47:56,388 --> 00:48:00,032
up so much since 2020. Well, I have

783
00:48:00,056 --> 00:48:03,872
two children and I would say, you know, when

784
00:48:03,896 --> 00:48:07,680
they were established with their job situation and their

785
00:48:07,720 --> 00:48:10,784
income and they could afford the monthly

786
00:48:10,832 --> 00:48:14,272
payment, I would encourage them to do it as soon as they

787
00:48:14,296 --> 00:48:18,032
could. If I was able to help

788
00:48:18,056 --> 00:48:21,712
them with the down payment, I would, because I think it's so

789
00:48:21,736 --> 00:48:25,424
important to what Angie

790
00:48:25,472 --> 00:48:29,040
said for them to start building equity. You know, equity

791
00:48:29,120 --> 00:48:32,752
is the value of the home minus what you owe on the

792
00:48:32,776 --> 00:48:36,560
mortgage. The difference is your equity. And once you get

793
00:48:36,600 --> 00:48:39,740
that first home under your belt, which I tell

794
00:48:40,520 --> 00:48:44,096
most of my first time homebuyers, the first home is going to be the hardest

795
00:48:44,128 --> 00:48:47,952
to get, you know, because you're usually scraping every penny for that

796
00:48:47,976 --> 00:48:51,274
down payment. You're scared about that mortgage

797
00:48:51,322 --> 00:48:55,034
payment, but once you get that first one under your belt,

798
00:48:55,082 --> 00:48:58,906
it's a stepping stone for the next house, you know, because you built

799
00:48:58,938 --> 00:49:02,426
that equity, you could sell that house and use that

800
00:49:02,498 --> 00:49:06,122
equity now for your down payment on the next house and so

801
00:49:06,146 --> 00:49:09,578
on. Or maybe you keep that first house as a

802
00:49:09,634 --> 00:49:13,354
rental property or something and you use your

803
00:49:13,362 --> 00:49:17,000
own savings for a down payment on the next house. But once you get that

804
00:49:17,040 --> 00:49:20,140
first house, it really opens up a lot of doors

805
00:49:20,560 --> 00:49:24,264
for the next one. I would encourage

806
00:49:24,392 --> 00:49:28,200
both of my children, when I felt like they were settled with good

807
00:49:28,240 --> 00:49:30,700
jobs and could make the payments,

808
00:49:31,840 --> 00:49:35,240
to do it as soon as. They could yeah, that's great.

809
00:49:35,360 --> 00:49:38,392
Angela, what do you have to say on that? You've been through it. You said

810
00:49:38,576 --> 00:49:41,580
yes? Yep. My. My oldest daughter.

811
00:49:42,860 --> 00:49:46,452
That's what we did. I planted that little seed and I said, you need to

812
00:49:46,476 --> 00:49:49,876
be a home buyer, a homeowner.

813
00:49:50,068 --> 00:49:53,652
And it took her a couple years, and then she finally said,

814
00:49:53,676 --> 00:49:57,332
okay, Mom, I think I'm ready. And we delved in. We got her that starter

815
00:49:57,396 --> 00:50:01,120
home. And I tell buyers this,

816
00:50:02,060 --> 00:50:05,812
buy what you can afford. If it's a smaller home,

817
00:50:05,916 --> 00:50:09,240
if it's a fixer upper, if it's a condo,

818
00:50:09,920 --> 00:50:13,720
get in, get your foot in, gain that equity, and then use

819
00:50:13,760 --> 00:50:16,700
that as a stepping stone. And we did that for my daughter

820
00:50:17,520 --> 00:50:20,728
and my other two kids. I'm just getting them

821
00:50:20,784 --> 00:50:24,500
ready, making sure. Getting their credit going

822
00:50:25,520 --> 00:50:29,064
and making sure they are able to be financially

823
00:50:29,112 --> 00:50:32,616
responsible before I put them in that situation. But

824
00:50:32,768 --> 00:50:34,620
again, I'm planting the seed.

825
00:50:36,410 --> 00:50:40,018
It's not, you know, it isn't the, you know, easiest thing when,

826
00:50:40,074 --> 00:50:43,730
when properties went up in value so fast. And it's also

827
00:50:43,770 --> 00:50:47,410
not easy for me, looking back at the price I sold it at

828
00:50:47,450 --> 00:50:51,070
versus the price they are today. There's, you know, there's that, too.

829
00:50:52,570 --> 00:50:55,394
I have that. But I have a son and his wife are trying to, you

830
00:50:55,402 --> 00:50:58,242
know, they're thinking about getting their first home, too. So it's like, I. I know

831
00:50:58,266 --> 00:51:02,002
the. The pain of that and how challenging that can be.

832
00:51:02,106 --> 00:51:05,380
So, okay, another mom question. And plus, all your experience.

833
00:51:05,760 --> 00:51:09,576
So they've been renting, but they don't have skill sets. They don't

834
00:51:09,608 --> 00:51:13,272
know how to fix a leaky faucet or a

835
00:51:13,296 --> 00:51:16,940
toilet. They have no idea what to do if a roof starts leaking.

836
00:51:17,600 --> 00:51:21,224
They've never put their hands in the dirt to. To do, I don't know,

837
00:51:21,312 --> 00:51:24,952
you know, any landscaping. I

838
00:51:24,976 --> 00:51:28,808
mean, you know, all that kind of stuff. So let's. Angela,

839
00:51:28,824 --> 00:51:32,080
I'm going to go back to you. So what would you tell

840
00:51:32,120 --> 00:51:35,392
them would be, first of

841
00:51:35,416 --> 00:51:38,688
all, how do they find. Okay, I'm asking you this. How do they find

842
00:51:38,744 --> 00:51:42,032
people? What do they do? Can they do some stuff on their own? What do

843
00:51:42,056 --> 00:51:45,520
they do? What do you think? They can definitely do some things on their

844
00:51:45,560 --> 00:51:49,232
own. I mean, YouTube is out there. You

845
00:51:49,256 --> 00:51:52,780
can find a million things on YouTube that help people

846
00:51:53,320 --> 00:51:56,060
fix up and do things. Now

847
00:52:05,220 --> 00:52:08,812
look for that home they, you know, we have. We're a resource for

848
00:52:08,836 --> 00:52:12,380
them. They can lean on us to say, hey, who do you know that does

849
00:52:12,420 --> 00:52:15,740
landscaping? Hey, who do you know that can help me fix my

850
00:52:15,780 --> 00:52:19,516
roof? And also when I'M helping a buyer.

851
00:52:19,932 --> 00:52:23,612
I suggest sometimes a home warranty and home warranty

852
00:52:23,676 --> 00:52:27,360
helps with some minor repairs for that

853
00:52:27,400 --> 00:52:31,120
first year. And I think it's totally worth it to get a home

854
00:52:31,160 --> 00:52:34,704
warranty for a first time buyer. And they're already,

855
00:52:34,872 --> 00:52:38,320
you know, scraping pennies to get in. That home

856
00:52:38,360 --> 00:52:42,208
warranty can be a lifesaver and help them get some repairs done.

857
00:52:42,344 --> 00:52:45,312
Yeah. Can you explain a little bit more like how much that would cost, how

858
00:52:45,336 --> 00:52:49,056
they find it, what it covers, that kind of thing? Yep. So their realtor

859
00:52:49,088 --> 00:52:52,462
is going to help them with different. They're. There's about a

860
00:52:52,486 --> 00:52:55,610
handful of home warranty companies out there.

861
00:52:56,150 --> 00:52:59,998
I like to use ones that have local reps in town.

862
00:53:00,054 --> 00:53:03,438
So if we have questions, we can go to them and ask

863
00:53:03,494 --> 00:53:07,310
them, hey, what does this cover? You know, can you help my

864
00:53:07,350 --> 00:53:11,118
clients with this? And so I like to use those kinds

865
00:53:11,134 --> 00:53:14,382
of home warranties, but basically they're a one year

866
00:53:14,486 --> 00:53:17,870
insurance that you can add into your loan

867
00:53:17,950 --> 00:53:21,570
fees and it covers, it can

868
00:53:21,610 --> 00:53:25,442
cover roofs, it can cover appliances, it can

869
00:53:25,466 --> 00:53:29,250
cover leaks, things like that. So your

870
00:53:29,290 --> 00:53:33,090
H vac system, a lot of them would have rekeys

871
00:53:33,170 --> 00:53:36,562
in there and they cost anywhere from 500

872
00:53:36,666 --> 00:53:40,098
to 700 depending on. There's different tiers

873
00:53:40,274 --> 00:53:43,310
of options that they, that they offer

874
00:53:44,020 --> 00:53:47,756
per year. Per year. It's for the first year

875
00:53:47,828 --> 00:53:51,452
most of the time. They'll allow you to renew it if you haven't had too

876
00:53:51,476 --> 00:53:54,780
many claims. I just want to make sure they knew it wasn't per

877
00:53:54,820 --> 00:53:58,108
month. No, no. Yeah, it's a one time

878
00:53:58,164 --> 00:54:01,516
fee. Yeah, the one time fee for sure. Okay,

879
00:54:01,548 --> 00:54:05,196
Jill, so your kid is in a house and they're

880
00:54:05,228 --> 00:54:08,620
like, ah, the rim is leaking.

881
00:54:08,780 --> 00:54:11,480
Mom, what do I do?

882
00:54:12,900 --> 00:54:14,160
Call a roofer.

883
00:54:17,140 --> 00:54:18,560
Get a bucket.

884
00:54:22,660 --> 00:54:26,320
Let me call Angela and find out who she recommends for a roofer.

885
00:54:29,620 --> 00:54:33,292
Oh, that's so true. That's so true. Like any. Do you, what did I mean,

886
00:54:33,316 --> 00:54:36,750
you have any advice for that? Kind of like the transition between

887
00:54:37,370 --> 00:54:41,106
you're renting and you just call the office versus you own.

888
00:54:41,178 --> 00:54:42,910
And now you, you call.

889
00:54:45,690 --> 00:54:48,830
My own self. When I, when I was,

890
00:54:50,090 --> 00:54:53,282
well, I was married before we bought a house. He was very handy. But then

891
00:54:53,306 --> 00:54:56,850
I got divorced and I had a house and I used my home warranty a

892
00:54:56,890 --> 00:55:00,642
lot. I had, I

893
00:55:00,666 --> 00:55:04,162
had a bathtub once that was leaking from the second story down into my

894
00:55:04,186 --> 00:55:07,198
kitchen. I had toilet

895
00:55:07,374 --> 00:55:10,250
problems, a dishwasher. I mean

896
00:55:10,950 --> 00:55:14,334
I've used my home warranty a gajillion times. So I

897
00:55:14,422 --> 00:55:17,982
personally recommend them because I feel like for Someone like me

898
00:55:18,006 --> 00:55:21,806
who's not handy. It's kind of like a savings account almost. It's

899
00:55:21,838 --> 00:55:25,470
like insurance that if something goes wrong, I can call

900
00:55:25,510 --> 00:55:29,250
them. So I highly recommend home warranty.

901
00:55:29,990 --> 00:55:33,788
Now, I don't know if a roof would be included in a home warranty.

902
00:55:33,974 --> 00:55:37,632
Angela might know better. Yeah, you

903
00:55:37,656 --> 00:55:40,020
can add that. Oh, okay.

904
00:55:41,160 --> 00:55:44,752
Yeah, add on. So I would probably

905
00:55:44,816 --> 00:55:48,640
recommend to my kid that they had one and keep it,

906
00:55:48,760 --> 00:55:52,592
you know, especially after the. Especially for the first year, until you get

907
00:55:52,616 --> 00:55:56,272
to know the house and make sure that it's, you know, running okay and

908
00:55:56,296 --> 00:55:59,748
everything's running okay. I have one currently on my current house as well,

909
00:55:59,864 --> 00:56:03,404
so. Yeah, that's great. Angie, back to you.

910
00:56:03,492 --> 00:56:06,652
So I'm going to ask a question like. Okay, so at least three of us

911
00:56:06,676 --> 00:56:09,532
here as single women have bought homes. And, Angela, I don't know if you've ever

912
00:56:09,556 --> 00:56:12,640
done that. Yes.

913
00:56:14,580 --> 00:56:17,880
Okay, single woman. What do you. And you're like,

914
00:56:18,260 --> 00:56:21,948
I'm gonna buy a house. I don't need no man.

915
00:56:22,004 --> 00:56:25,276
I'm just kidding. That's

916
00:56:25,308 --> 00:56:28,640
right. I'm a boss

917
00:56:30,010 --> 00:56:32,550
man can fix this and move the furniture.

918
00:56:34,330 --> 00:56:37,890
And then, you know, life is like. No, life is. Life is

919
00:56:37,930 --> 00:56:41,474
lifing. So go ahead and put a blanket underneath

920
00:56:41,602 --> 00:56:44,750
your furniture, and then just pull the blanket and then.

921
00:56:46,010 --> 00:56:49,698
And I don't know all the things we do with women,

922
00:56:49,754 --> 00:56:53,586
but, Angie. Okay, so when you're buying a house as a single

923
00:56:53,618 --> 00:56:57,360
woman, what were the most important things you looked at? Like, what was

924
00:56:57,400 --> 00:57:01,248
on the top of your list for what you needed? What I needed

925
00:57:01,344 --> 00:57:04,928
was low maintenance yard. I hate doing

926
00:57:04,984 --> 00:57:08,480
yard work, so I. I went with

927
00:57:08,520 --> 00:57:11,100
the already scaped yard. And

928
00:57:12,520 --> 00:57:16,192
I did get a home warranty, too, because I did not know how to

929
00:57:16,216 --> 00:57:19,020
fix anything. I did a lot of YouTube, so.

930
00:57:20,120 --> 00:57:23,760
And I. And I had handymen. Like, a lot of my.

931
00:57:23,880 --> 00:57:27,600
A lot of my clients are handymen. And so I just

932
00:57:27,640 --> 00:57:31,472
made sure I knew who I could use and trust because

933
00:57:31,496 --> 00:57:35,280
I was a single woman. So you don't really want, like,

934
00:57:35,320 --> 00:57:38,580
anybody in your house. But I did use my home warranty

935
00:57:39,080 --> 00:57:42,832
a lot, too. So, you know,

936
00:57:42,856 --> 00:57:46,460
I just. I just made sure that I had the resources to

937
00:57:46,760 --> 00:57:50,522
make sure I was able to repair things. Yeah. So

938
00:57:50,546 --> 00:57:53,562
I luckily have a lot of people in the industry. I know a plumber. I

939
00:57:53,586 --> 00:57:57,274
know electrician, so. And then, you

940
00:57:57,282 --> 00:58:00,790
know, I know a lot of realtors that are connectors, too, as well.

941
00:58:02,290 --> 00:58:05,070
A lot of. A lot of good people, too. Resources.

942
00:58:05,570 --> 00:58:09,290
Yeah. Which is another thing. Especially if you're moving to a new city, which

943
00:58:09,330 --> 00:58:13,050
I've done that so many times now too. So you do. This is another

944
00:58:13,090 --> 00:58:16,110
reason why you want a realtor. And they're, they should get paid

945
00:58:16,630 --> 00:58:19,170
probably three times as much as what they get paid

946
00:58:20,150 --> 00:58:23,966
sometimes. I don't know. You know, be nice

947
00:58:23,998 --> 00:58:27,278
to realtors. Okay. And, and lenders, like, they do not get

948
00:58:27,334 --> 00:58:31,102
paid until there's a sale. Like, you know, how many months and years they

949
00:58:31,126 --> 00:58:34,926
can work with you. And you're might not even be nice to them. And they're

950
00:58:34,958 --> 00:58:37,774
not, they're doing that for free until they get, you know, the sales done. And

951
00:58:37,782 --> 00:58:40,366
then they just have one chunk of money. And this is tough. These are tough

952
00:58:40,398 --> 00:58:44,142
businesses. Mortgage too. And then, you know, Angie over here running her own

953
00:58:44,166 --> 00:58:48,004
business. Listen, right? None of

954
00:58:48,012 --> 00:58:49,080
this is easy.

955
00:58:51,900 --> 00:58:54,960
I don't know. Okay, Angela, tell us, for the people

956
00:58:55,500 --> 00:58:59,204
that have not bought a home yet, what are the most pricey

957
00:58:59,252 --> 00:59:03,012
things? And so they're, they put an offer. First

958
00:59:03,036 --> 00:59:06,548
of all, can, let's just do all the terminology. So they're looking for a home

959
00:59:06,604 --> 00:59:10,372
and then they make an offer. So let's, we haven't talked about

960
00:59:10,396 --> 00:59:14,220
that. Go tell them what happens when you make an offer and what that means.

961
00:59:15,400 --> 00:59:19,216
So when you find a home, you locate it. You've got the lender,

962
00:59:19,328 --> 00:59:22,912
you got the pre approval letter from the lender, you're ready to rock and roll.

963
00:59:22,976 --> 00:59:26,512
We start shopping. You find a house that you like

964
00:59:26,696 --> 00:59:29,980
and your realtor is going to help you put an offer together.

965
00:59:30,760 --> 00:59:33,580
It's going to have a lot of different components in it,

966
00:59:34,120 --> 00:59:37,312
but that's where your realtor is kind of walking you through the

967
00:59:37,336 --> 00:59:40,618
steps and you put your offer in. If you're the only

968
00:59:40,674 --> 00:59:43,962
offer, you're just kind of negotiating

969
00:59:44,026 --> 00:59:47,610
terms with the seller and the other

970
00:59:47,650 --> 00:59:51,110
agent. And then hopefully you get into contract.

971
00:59:51,570 --> 00:59:55,226
That means the seller and the buyer have agreed on terms and

972
00:59:55,298 --> 00:59:58,954
you are in contract. The contract goes

973
00:59:59,002 --> 01:00:02,750
to the title company. The title company opens an escrow,

974
01:00:03,330 --> 01:00:07,060
and then the buyer says in the terms

975
01:00:07,100 --> 01:00:10,320
of the contract they put in how much they were going to

976
01:00:11,100 --> 01:00:14,228
put in their stake. That's their earnest money

977
01:00:14,284 --> 01:00:17,956
deposit. The earnest money deposit is part of your down payment.

978
01:00:18,068 --> 01:00:21,600
So your realtor helps you put all that into place.

979
01:00:22,060 --> 01:00:25,684
And within a couple days of the contract

980
01:00:25,772 --> 01:00:29,252
being accepted, that earnest money has to be deposited to keep the

981
01:00:29,276 --> 01:00:32,676
contract going. Then

982
01:00:32,828 --> 01:00:36,116
you're ordering inspections. The lender's doing their part

983
01:00:36,188 --> 01:00:39,998
in getting the appraisal going and making sure

984
01:00:40,054 --> 01:00:43,450
all the other documents for the loan are

985
01:00:45,270 --> 01:00:49,006
put together. And so a lot of working

986
01:00:49,078 --> 01:00:52,926
pieces that go in in the background that the Buyer doesn't

987
01:00:52,958 --> 01:00:56,782
always see, but the lender and the realtor are working hand

988
01:00:56,806 --> 01:01:00,558
in hand to get the ball rolling.

989
01:01:00,734 --> 01:01:04,542
So you order those inspections and you see what is the integrity of the

990
01:01:04,566 --> 01:01:07,976
house. Everything looks good. There might be some minor

991
01:01:08,008 --> 01:01:11,560
repairs. And then once those inspections are

992
01:01:11,600 --> 01:01:14,792
done, you're asking the

993
01:01:14,816 --> 01:01:18,408
seller for some repairs, for some

994
01:01:18,464 --> 01:01:22,200
credits for those repairs, or you say, hey, everything looks good.

995
01:01:22,240 --> 01:01:25,620
These are little things I can handle. And you move to the next step.

996
01:01:26,000 --> 01:01:29,736
Next step would be appraisal, making sure the appraisal

997
01:01:29,768 --> 01:01:33,090
comes back, the lenders ordering that and getting that ready for the

998
01:01:33,130 --> 01:01:36,482
buyer. And maybe there's some CC and

999
01:01:36,506 --> 01:01:40,226
rs, the seller's ordering the CCNR package

1000
01:01:40,338 --> 01:01:43,870
so that the buyer has enough days to

1001
01:01:44,250 --> 01:01:47,842
look at those documents and make sure they agree with all those covenant and

1002
01:01:47,866 --> 01:01:51,070
restrictions and what the HOA does.

1003
01:01:51,370 --> 01:01:54,590
So a lot going on. And that's just the staff.

1004
01:01:55,290 --> 01:01:57,842
So there's a lot I want to, I do want to break it down a

1005
01:01:57,866 --> 01:02:01,174
little bit farther. So, you know, the thing about, I think people do need to

1006
01:02:01,182 --> 01:02:04,902
know is this whole thing is a legal process. So when, when you say

1007
01:02:04,926 --> 01:02:08,294
you go through and you put in an offer, the offer is a legal

1008
01:02:08,342 --> 01:02:12,006
document. So if it's accepted, then you're

1009
01:02:12,038 --> 01:02:15,606
legally bound to the terms. And the earnest money

1010
01:02:15,678 --> 01:02:19,174
is, if you break those deals, you lose the money. So, and they're going to

1011
01:02:19,182 --> 01:02:22,790
require so much, they might, they might say, well, there's no way we're going to

1012
01:02:22,830 --> 01:02:26,390
take your, your offer and turn it into a contract

1013
01:02:26,930 --> 01:02:30,682
without us knowing. If you break it, you're not out something so

1014
01:02:30,706 --> 01:02:34,458
that you're not just putting in offers and contracts on four or five different

1015
01:02:34,514 --> 01:02:38,154
homes and just maybe you'll buy something. So this is all a

1016
01:02:38,162 --> 01:02:41,962
very legal process. So when you, when you put that offer in, if they

1017
01:02:41,986 --> 01:02:45,530
say yes now you're bound. And you said, we will give you $3,000

1018
01:02:45,610 --> 01:02:48,970
tomorrow to ensure it's usually right. That. Isn't that right around

1019
01:02:49,010 --> 01:02:52,842
there? We like to see about 1% of the purchase price is

1020
01:02:52,866 --> 01:02:56,592
what we tell buyers. Okay. Some more than usually nowadays.

1021
01:02:56,656 --> 01:03:00,416
Okay. So, you know, it might be, you know, but maybe

1022
01:03:00,448 --> 01:03:03,504
it could be less. It just depends on, you know, what. Whatever they do. So

1023
01:03:03,512 --> 01:03:07,120
you have to have that money available and ready the next day to, to put

1024
01:03:07,160 --> 01:03:10,464
in for a down payment or not a down payment, but the. Earnest

1025
01:03:10,512 --> 01:03:13,900
money, we call it your skin in the game.

1026
01:03:14,920 --> 01:03:18,672
Yeah, yeah. So it's just, And

1027
01:03:18,696 --> 01:03:22,094
I guess that is the money. You certainly do need that up front

1028
01:03:22,272 --> 01:03:25,202
in order to make sure that, you know, and maybe they don't. If they have

1029
01:03:25,226 --> 01:03:28,930
no money and it's a zero and there's a zero money down, do they

1030
01:03:28,970 --> 01:03:31,310
still question. Do they still need earnest money?

1031
01:03:32,810 --> 01:03:36,290
Yep. That's what I was saying before is they do have to have some money

1032
01:03:36,330 --> 01:03:40,114
up front for the earnest money and for the appraisal

1033
01:03:40,242 --> 01:03:44,066
sometimes too. Okay. So earnest money is the money that you

1034
01:03:44,138 --> 01:03:47,778
say, I am bound to this. If I change my mind, I lose this money.

1035
01:03:47,834 --> 01:03:51,236
So skin in the game, your earnest money. This is a contract. It's

1036
01:03:51,268 --> 01:03:55,012
legal. So I think I was asking that.

1037
01:03:55,036 --> 01:03:58,644
There's other. Let me go over the legal stuff then. So the appraisal isn't.

1038
01:03:58,692 --> 01:04:02,404
Isn't legal. The appraisal is information. Right. So you.

1039
01:04:02,492 --> 01:04:06,164
Information. And the lender can look at the appraisal too, right? The

1040
01:04:06,172 --> 01:04:09,972
lender gets the appraisal. Oh, yeah, yeah. We. We order the appraisal. We order it

1041
01:04:09,996 --> 01:04:13,412
from a. We have approved appraisers that we use that we will

1042
01:04:13,436 --> 01:04:16,890
accept appraisals from. We rotate who we order them

1043
01:04:16,930 --> 01:04:20,762
from. The buyer gets a copy because they paid for it, and

1044
01:04:20,786 --> 01:04:23,950
of course, we have a copy because it's. It's for the loan.

1045
01:04:24,530 --> 01:04:28,234
Yeah. So the appraisal. So the, The. The mortgage lender

1046
01:04:28,282 --> 01:04:31,946
is looking to see if there's something that would cause it to not

1047
01:04:32,098 --> 01:04:35,830
be worth what they think it's worth. And the. The

1048
01:04:36,530 --> 01:04:40,234
inspection and the appraisal both. Right. So the inspection

1049
01:04:40,282 --> 01:04:43,990
would be, oh, you have termites, and

1050
01:04:44,130 --> 01:04:46,810
the whole house is about to fall down, so.

1051
01:04:47,670 --> 01:04:50,930
Or there's a crack in the foundation. Or shoot.

1052
01:04:51,510 --> 01:04:55,246
Oh, that's one of you guys whose battery is low.

1053
01:04:55,398 --> 01:04:56,126
Who dares?

1054
01:05:01,590 --> 01:05:05,422
Okay. This is good, though. This is good stuff. So. So they might find

1055
01:05:05,446 --> 01:05:08,734
something that's expensive, you know, that they're. They're like, this has to get. And then

1056
01:05:08,742 --> 01:05:11,720
they might say, this has to get fixed before we close. Yes,

1057
01:05:12,540 --> 01:05:16,320
correct. And so all of those things, your.

1058
01:05:17,420 --> 01:05:20,436
The appraisal, the loan, your

1059
01:05:20,508 --> 01:05:23,892
inspections, those are all what we call contingencies in the

1060
01:05:23,916 --> 01:05:27,412
offer. And there's a lot of contingencies built into the

1061
01:05:27,436 --> 01:05:31,284
offer on top of those things. And it's to safeguard

1062
01:05:31,332 --> 01:05:35,092
the buyer and the seller, too, but mostly the buyer, so

1063
01:05:35,116 --> 01:05:38,852
that if something comes up, the loan doesn't come in the way

1064
01:05:38,876 --> 01:05:41,204
they want, or I'm sorry, the appraisal doesn't come in the way you want it

1065
01:05:41,212 --> 01:05:44,272
to. There's repairs. Something comes up with the

1066
01:05:44,296 --> 01:05:47,696
inspections, and both parties don't agree

1067
01:05:47,848 --> 01:05:51,264
on who's fixing it, how much, what the actual

1068
01:05:51,312 --> 01:05:54,992
damage is. Then that's where

1069
01:05:55,096 --> 01:05:58,768
buyer and seller can say, okay, we can't agree here.

1070
01:05:58,824 --> 01:06:02,544
Let's back out. And the buyer's able to walk away without losing

1071
01:06:02,592 --> 01:06:06,128
their deposit. Yeah, that's

1072
01:06:06,144 --> 01:06:09,744
great. We're slightly losing, Angela. So

1073
01:06:09,832 --> 01:06:12,300
listen, if anyone, if you guys have

1074
01:06:13,350 --> 01:06:17,150
questions and you're, you're wanting to buy something and you have

1075
01:06:17,190 --> 01:06:20,734
more questions, we want to give some information, call one of these ladies and they

1076
01:06:20,742 --> 01:06:24,014
could maybe refer you to someone in a different state if they can't help you

1077
01:06:24,182 --> 01:06:27,262
or just, you know, these are, this is good information. You need all of these

1078
01:06:27,286 --> 01:06:30,570
people to make it happen. So

1079
01:06:31,110 --> 01:06:34,510
I think to sum up, give everyone, give like one little piece of

1080
01:06:34,550 --> 01:06:37,450
advice for someone. Like, like

1081
01:06:37,910 --> 01:06:41,662
why, why do this? Why, why go buy a house? Is it

1082
01:06:41,686 --> 01:06:43,774
going to make you. I'm going to go back to the podcast name. Is it

1083
01:06:43,782 --> 01:06:46,830
going healthier, happier, wiser and wealthier?

1084
01:06:47,650 --> 01:06:51,290
Yes, yes, all the above. Well, why,

1085
01:06:51,410 --> 01:06:54,986
why though? Why does it make you all those things? Because you're building

1086
01:06:55,058 --> 01:06:57,910
equity and you're setting up for your future

1087
01:06:58,530 --> 01:07:02,090
and you're, you're not throwing your money away. You're actually building

1088
01:07:02,210 --> 01:07:05,962
equity in a home and, and able to upgrade

1089
01:07:06,026 --> 01:07:09,610
houses. You know, family, families grow and all that

1090
01:07:09,650 --> 01:07:13,478
stuff. So get out there and buy a house. Yeah.

1091
01:07:13,574 --> 01:07:16,570
If you can, we'll get you prepared.

1092
01:07:17,470 --> 01:07:21,158
All right, Jill, Angela, any, any thoughts on that? Last minute thoughts. I agree

1093
01:07:21,214 --> 01:07:24,838
with Angie. I think, you know, you're building your, you're building

1094
01:07:24,894 --> 01:07:28,742
wealth and whether or not you keep that house and use

1095
01:07:28,766 --> 01:07:32,230
it, you know, as a stepping stone for the next house or whatever, I mean,

1096
01:07:32,270 --> 01:07:35,970
real estate is an investment that is proven for years

1097
01:07:36,520 --> 01:07:39,680
that it continues to go up in value. It may not be a straight line

1098
01:07:39,720 --> 01:07:43,552
up sometimes. It may be, you know, more of a roller coaster

1099
01:07:43,616 --> 01:07:47,312
sometimes, but it consistently goes up. Yeah.

1100
01:07:47,376 --> 01:07:50,300
And then, yeah, you can get so much back when you sell it then.

1101
01:07:50,920 --> 01:07:54,720
Yeah. Angela, I say get your foot in the

1102
01:07:54,760 --> 01:07:58,592
door. Can you hear me? Yeah, I'm here. Get your

1103
01:07:58,616 --> 01:08:02,432
foot in the door. Pictures going in and

1104
01:08:02,456 --> 01:08:06,086
out. So we're going to enjoy that. You're

1105
01:08:06,118 --> 01:08:09,530
like, listen, I'm over this. There's sunshine and I'm basking

1106
01:08:12,270 --> 01:08:15,398
well. And I agree. And I think it can make you like, you know, healthy

1107
01:08:15,414 --> 01:08:19,238
and happy because you, you have control over, you know, filtering your water

1108
01:08:19,294 --> 01:08:22,966
and filtering your air and you know, what you use for,

1109
01:08:23,038 --> 01:08:26,886
you know, non toxic, you're not gonna. Get, you're not gonna get rental

1110
01:08:26,918 --> 01:08:30,662
increases too. That's, that's a big thing in Reno. A lot of

1111
01:08:30,686 --> 01:08:34,410
people get those rental increases as soon as their contract is

1112
01:08:34,450 --> 01:08:38,218
up. And you know, your mortgage is going to stay the same

1113
01:08:38,354 --> 01:08:42,202
payment as long as, like, the taxes are, are still the

1114
01:08:42,226 --> 01:08:46,010
same in this, in the area. Don't quote me on that. So. And

1115
01:08:46,050 --> 01:08:49,786
when it's your house, you can make your own. You know, you can paint

1116
01:08:49,818 --> 01:08:53,338
the walls lime green if you want to. Right. Right.

1117
01:08:53,474 --> 01:08:57,274
It's your space. It's your yard. It's yours to do what you want to

1118
01:08:57,282 --> 01:09:00,928
do. Yeah. Go be fancy with it. For sure. Well, you guys are all very

1119
01:09:00,984 --> 01:09:04,832
wise women. Thank you so much for being here tonight, and

1120
01:09:04,856 --> 01:09:08,480
I love you for having us. Yeah, you're welcome. And I will see you

1121
01:09:08,520 --> 01:09:11,664
guys all again very soon. So. All right. Love you.

1122
01:09:11,832 --> 01:09:12,580
Bye.