Picture a spring day in Las Vegas, the kind where the sun's warm embrace promises perfect weather for lounging by the pool—and perhaps house hunting? Trish Williams and Tiana Carroll join us to navigate the steady pulse of our local real estate market, revealing how homes are moving under the Vegas sun, even against a backdrop of a cool spring in sales. We also bring the city's pulse to life with chatter on airport expansions, the fast-approaching Formula 1 race, and the spectacle of the Tropicana's final bow. Plus, we'll sprinkle in some existential musings—consider this your invitation to tweak the monotony of daily routines and seize the zest of varied experiences.
Then, we're rolling out the welcome mat for all you first-time homebuyers and aspiring property moguls with a hearty dose of financing savvy. Dive into the world of multifamily homes, learn how to transform rental income into an asset for loan qualification, and unearth the hidden gems among loan programs that allow for those crucial home upgrades. We're translating the complex language of leveraging home equity into strategies for your next investment property. Whether it's through HELOC or cash-out equity loans, we're here to ensure you play your cards right, so your rental can cover your roll of the dice. Join us for an episode where Las Vegas glitz meets practical finance, ensuring you walk away with the jackpot of knowledge.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
If you LOVE our content , Please subscribe to our show here
Linktree https://linktr.ee/vegasrealtycheck?utm_source=linktree_profile_share<sid=665d8181-2204-45fb-b56f-e8ed3efbfd18 Send Listener Questions to : VegasRealtyCheck@gmail.com Access All Episodes at RealtyCheck.Vegas Watch Live on Facebook Thursdays @9:30am PST https://www.facebook.com/VegasRealtyCheck Linktree https://linktr.ee/vegasrealtycheck?utm_sourc...
Picture a spring day in Las Vegas, the kind where the sun's warm embrace promises perfect weather for lounging by the pool—and perhaps house hunting? Trish Williams and Tiana Carroll join us to navigate the steady pulse of our local real estate market, revealing how homes are moving under the Vegas sun, even against a backdrop of a cool spring in sales. We also bring the city's pulse to life with chatter on airport expansions, the fast-approaching Formula 1 race, and the spectacle of the Tropicana's final bow. Plus, we'll sprinkle in some existential musings—consider this your invitation to tweak the monotony of daily routines and seize the zest of varied experiences.
Then, we're rolling out the welcome mat for all you first-time homebuyers and aspiring property moguls with a hearty dose of financing savvy. Dive into the world of multifamily homes, learn how to transform rental income into an asset for loan qualification, and unearth the hidden gems among loan programs that allow for those crucial home upgrades. We're translating the complex language of leveraging home equity into strategies for your next investment property. Whether it's through HELOC or cash-out equity loans, we're here to ensure you play your cards right, so your rental can cover your roll of the dice. Join us for an episode where Las Vegas glitz meets practical finance, ensuring you walk away with the jackpot of knowledge.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
If you LOVE our content , Please subscribe to our show here
Linktree https://linktr.ee/vegasrealtycheck?utm_source=linktree_profile_share<sid=665d8181-2204-45fb-b56f-e8ed3efbfd18 Send Listener Questions to : VegasRealtyCheck@gmail.com Access All Episodes at RealtyCheck.Vegas Watch Live on Facebook Thursdays @9:30am PST https://www.facebook.com/VegasRealtyCheck Linktree https://linktr.ee/vegasrealtycheck?utm_sourc...
Speaker 1:
Good morning Las Vegas. Thanks for joining us back here at Vegas Realty. Check local Las Vegas real estate news. I'm Trish Williams.
Speaker 2:
And I'm Tiana Carroll. Welcome back this Thursday morning Vegas, this beautiful spring, thursday morning, beautiful spring, the weather is so good. The weather is so good, it is so beautiful out just all week. I'm loving it.
Speaker 1:
Can it stay like this forever? This is my favorite weather.
Speaker 2:
Yeah, it's sort of my favorite target too. I love it between like 72 and 90 degrees, like the hottest 90. And that's what it's getting in the afternoon. But it is beautiful outside today.
Speaker 1:
It is beautiful Welcome to Las Vegas newcomers. Yeah, you want to come visit now.
Speaker 2:
Yeah, yeah, we got. We got pool weather going on right now.
Speaker 1:
Pool weather has started.
Speaker 2:
Yeah, which is good, because you love the pool, absolutely, absolutely so.
Speaker 1:
And also when we're showing homes, when it gets hot like once, we like get more into the next month or so, yeah, once we're over 105, forget it.
Speaker 2:
Yeah.
Speaker 1:
When we're showing homes and there's a pool on the property, it's like instant. I want this now.
Speaker 2:
Yeah, this sale, I'll take this one, this one. It's so hot. I never want to be in this heat without a pool. Yeah, yeah, and it has been nice getting into the pool, yeah.
Speaker 1:
Very nice. So this week, what do we got for inventory? And we didn't, really not nothing major going on in the news Airport, the airport's underway. The airport, the new one yeah, new airport is underway. Some other like random little stories, yeah, like.
Speaker 2:
F1 tickets are for sale. And they decided to implode the Tropicana. And you know, same old same old. Same old news. Nothing big happened this week in real estate news.
Speaker 1:
Not much. We had a little bit of a spike in rates. We did. The Fed said that they're not going to be doing any reductions in rates anytime soon, but they haven't announced raising the Fed rate, so that's good, yeah, even though we did see a little bit of spike this last week. Inflation has to be under control for them to do any adjustments, and it's not. This is the world we live in right now, people.
Speaker 2:
Sorry. I had a phone call yesterday and I was like cracking up because they're telling me all of the oh, the interest rates are high and the inventory is low and all of this stuff. And I'm just listening, I'm like, yeah, you don't have to tell me the world's on fire, I'm right here, I'm in the middle of it.
Speaker 1:
We are here, we are seeing it and it is having an effect right now on activity, because our spring activity, in my opinion, is very soft.
Speaker 2:
It is very soft, except for when we actually get through these numbers. The under contract was kind of impressive.
Speaker 1:
Under contract was good and our inventory still dropping a bit. Yeah, let's do those numbers so everybody knows what we're talking about. Absolutely so active homes on the market right now in single family residence 3,340.
Speaker 2:
It is just hovering right there at 3,300.
Speaker 1:
Yep and again. We say it over and over again that is what's holding your values, people.
Speaker 2:
Yeah, that's what's holding your value and the market, because if we ended up any lower, it's going to be like it was. Was it? Last spring? We had 2,200 homes on the market.
Speaker 1:
I think that was 22.
Speaker 2:
Dang Did I lose a year already Lost a year.
Speaker 1:
Yeah, okay, so on a side note.
Speaker 2:
I know I'm interrupting numbers for this, but on a side note, I heard this interesting TED talk the other day talking about you know how I always say time is just going so fast, Time is just going so fast. Each year is going faster and faster. They were talking about the study that it was all about neuro plasticity and stuff and they were talking about how, if your days are mundane and you're doing the same thing over and over again, it's like your brain's just deleting that day, Like okay that was boring.
Speaker 2:
That was boring and that's why time feels like it's going faster. So it takes forever when you're a kid, because everything's new and exciting and the days last longer, and the months and years. And then, as you get older, it goes in fast forward because of, basically, like, the monotony of life. Yeah, it becomes Groundhog Day every day. Yeah, so I'll be taking on all sorts of new activities in my life because I do not want to be in fast forward, right?
Speaker 1:
That's a great idea. I feel like we always have new things in real estate.
Speaker 2:
So just well, I mean I guess it does have to do with real estate. There are new things. I mean I guess it does have to do with real estate. There are new things. I mean we're going to go through a big shift come July on how we do things Not me, because everything that everybody's saying they're going to do now, I'm like wait, isn't that the way we always did it? Yeah, but maybe there'll be some changes.
Speaker 1:
Yeah, so that whatever settlement got initially the initial signatures on it. They're saying it's going to be implemented towards the end of the year, but we're going to start seeing the changes starting in July.
Speaker 2:
Oh well, I think we're already starting to see changes. Just the conversations that I'm having with agents they are changing themselves from their old mindset to the new mindset that this has to be done. Everybody was freaking out in the beginning like oh no we have to do this now.
Speaker 1:
Yeah, well, it's a train Get on board or get off. You know so it is Exactly. You have no say so in it really at this point. But the changes that are going to be like physical that we're going to see is the MLS is going to change come July. It's going to remove those co-ops completely from being able to be seen at all.
Speaker 2:
Yeah, there'll be no co-op box. Yeah, so yeah.
Speaker 1:
I mean, really, that's all that's going to happen. You know, things are going to be put into practice. I've seen a lot of headlines about oh, to see one house now you have to sign a buyer's brokerage agreement. And yes, you do.
Speaker 2:
Yeah, you should have been doing that in the past. Right, we wish that everybody was doing that in the past or at least a duties owed, establish some sort of agency Well that and there should be a buyer's brokerage agreement.
Speaker 1:
I mean, of course, you can always cancel the agreement. Agreements can have different terms if you choose that that agent isn't the one that you want to work with. But there's some agreement for that house that they showed you and there should have been, because I know that there's been times in the past where buyers I don't know their agent was maybe busy or something so they called any agent that would come open the door for them and then that agent came and opened the door and then they called the agent that they liked and they were like hey, I want to make an offer on this house.
Speaker 2:
I just saw it with another agent. Will you write the offer?
Speaker 1:
Right, um, that was not fair, um, that was unethical and it happened a lot, um. So that's gone away because that agreement is going to protect that agent that showed them that house for that, um, for that purpose. So there's good things coming out of this.
Speaker 2:
Yeah, but that was the way it was before, like that was taught to me in school.
Speaker 1:
It should have been taught to all of us.
Speaker 2:
You don't want your client walking into an open house meeting another agent showing a house down the block that's also vacant and boom, they're in contract and you, you know, didn't have a duties owed or a buyer brokerage, so you weren't part of the procuring cause. And no money for you.
Speaker 1:
Yeah, so, um, so it's good. I think it will just help us all out. So back to numbers. How many did we sell last week?
Speaker 2:
All right, we sold 430. Okay, so that was a good week, considering that the stock really didn't change. So anything that's coming on the market is just balancing off what's being sold right now. Except the undercontracts make me nervous. They keep ticking up.
Speaker 1:
Yeah, yeah, and price reductions are at 387.
Speaker 2:
Indeed, indeed, those seem to be ticking down a little this week. Yeah, and the undercontract, as you mentioned 722. Good job, vegas, yeah, so business is definitely happening here. Yeah, and it does feel like a slower spring than what we've had in recent years, because 2021-22 springs were all nuts. Apparently, I forgot 23. I just deleted that whole year.
Speaker 1:
We all. We didn't need that one.
Speaker 2:
Nothing great happened there well, the, I have to say, the first half of 23 I think in my mind is still part of 22, because I actually had a great year in 23. You know we had those rates change or whatever at the end, so it made it slow, but it gave me some much needed time off. So whoop, whoop.
Speaker 1:
Yeah, yeah, yeah, 23 was um. I mean overall, looking back, I think it was a good year. Um last quarter was tough.
Speaker 2:
Yeah, the last quarter of 23 was.
Speaker 1:
Yeah, very tough market. Uh, everybody's businesses were down substantially. Um, mine was down a bit, but not quite at the same volume that other people's were down. Yours was up from what it was traditionally. So I mean, really, I guess it's how you navigate I was talking to somebody else about this the other day. It's how you navigate through the issues, because there's so many times when people in general not just real estate agents, but just people when they run across obstacles and issues, they just, you know, bury their head in the sand and say wake me up when it's all over.
Speaker 1:
Right, I don't know if that actually works, that's probably a terrible plan, it's a terrible strategy, but people do that. That's like the default for so many people is to just you know, when they see like challenges and things come across, they just say no, no, no, I just you know, tell me about it. When you know like, wake me up when it's over. And I feel like the agents that actually just said, okay, we have challenges and now we're going to have to work harder or work different or work, however, to get through these and didn't really have that fear about navigating through it, did kept their heads above water in this whole you know environment that we've been in.
Speaker 2:
Yeah Well, I think being pretty fearless in everything is a benefit. I think that if you're hiding in fear or not recognizing it, like when an obstacle presents itself, I just want to face it head on and get through it.
Speaker 1:
Yeah, that's it. That's usually like my thing. I'm like, okay, there's a challenge, now I got to figure out how to overcome it instead of like backing away. But we seen that in in backend COVID, you know which gosh. That was almost five years ago now, but it feels like it was just like yesterday. But I guess it was four years technically, but I'm going to say almost five because we're past the four-year mark.
Speaker 2:
But that, wow, but not until June. That's halfway in the year yeah.
Speaker 1:
But when everything shut down, I remember when, you know, in COVID, when everything shut down and people were just panicking, and I remember agents, some like really good agents that I knew, that were like I just can't do any business, All my buyers lost their jobs, Everybody got laid off.
Speaker 2:
I can't do anything and like you know, whatever like they just like gave up. Yeah Well, I remember. I remember, um, when it first shut down, uh, I was going working in the green Valley or work going to the green Valley office and nobody was coming into. We were essential workers, so you could come to the office or you could stay home, but there were so many people and some really high producers that were just acting like the world was over.
Speaker 1:
And then all of a sudden Close shop.
Speaker 2:
Yeah, yeah.
Speaker 1:
Yeah, yeah, I know my assistant at the time was a super introvert. You remember? Yeah, I remember. Remember Shelby. Shout out Shelby. She loved that time because she was like the only one in the office she's like this is exactly how I want my life. No one's bothering me. This is wonderful, so yeah.
Speaker 2:
Yeah, no, there was literally four or five people in the office on any given day, and three of them were on my team. Yeah, yeah it was just like, okay, nobody was coming to the office. Everybody thought the world was ending. But real estate went bananas. It took off. There was sales after I mean 2020, 2021, that was a roller coaster of fun and during that time I remember capitalizing on like more business.
Speaker 1:
that was like not in most of my businesses sphere of influence, referrals past clients and people that are somewhere in my world or referred from people in my world, like everybody out there listening to us, now you're in our world.
Speaker 1:
Yeah, and that's just traditionally the majority of the business that I do. During that year. I did so many, I guess, unmet business because people were calling me At that time. Zillow had an option you could add on your profile that said, are you still showing homes? Because so many people weren't. Oh, I didn't even know that. Oh, yeah. So I updated my Zillow profile I was like, yeah, I'm still selling homes and I got so many just calls like we want to look at homes and no one's showing them, can you help us? And I was like, wow, I'll take this business.
Speaker 2:
So yeah, yeah, yeah.
Speaker 1:
Yeah, so made a lot of good new connections and added more people to that past client sphere of influence. You know all of that business, so that was great.
Speaker 2:
Yeah, no, that is awesome. Yeah, so, um, we got sidetracked with the awful fast forward of life and pandemic, but we're going to reel it in and be back on track to our listener. Questions that have been sent in to us. We have three awesome questions today from Betty, jonathan and Leon.
Speaker 1:
All right, let's start with Betty, and I feel like we talked about this last week.
Speaker 2:
I feel they were similar close, but let's just go.
Speaker 1:
But, Betty, hey, if you did not tune in last week, we are addressing your question right now. So someone told Betty that multifamily homes can be bought with a first-time homebuyer program and she wants to know is that still available and how does it work?
Speaker 2:
Yes, yes and yes, yes, yes and yes, yes. And how it works is you can go and get your loan and they take about 75% of the fourplex that you're buying. You have to be a owner occupied in one unit, so you can't just buy it and not live there. You have to be occupied in one unit and then they take the other units and they have to make up 75% of what the mortgage will be once they're rented out.
Speaker 1:
Yes, absolutely. So that can be purchased. And when we talk multifamily, so the multifamilies that can be purchased are less than six units. So it could be a duplex, it could be a triplex, it could be a fourplex. The additional rent income can be used towards your debt to income ratio to help you qualify for the overall payment. Numbers do have to pan out, yep, and you do. They have to have positive cash flow, positive cash flow. You do have to occupy one of the units, but it will still be an FHA loan and if you buy it as an owner occupant and use that service, so that is a huge benefit and I think one of the things that people aren't aware of that is possible. There are some down payment assistance programs that you can use with these multifamily unit purchases.
Speaker 2:
Yeah, I have a client. He's such a cool kid, he's young, young family. Now he's got two little baby girls and back in the beginning of the pandemic in I think it was like maybe April, may of 2020, he bought a triplex and he lived in one unit and, as the tenants finished their lease, he'd remodel those units and he'd switch units and he got them all done. He was there for his two years, which was the owner-occupant contingency for the plan that he used, because he used a down payment assistance plan on that and then he was able to use the equity from that house and purchase a single family house when his second daughter was born. And that's all in a matter of four years. And he is a young man, 25 years old, and he's doing amazing.
Speaker 1:
Yeah, it is a great first time purchase, but one of the things that I think that I wonder about, which, I guess, confuses me in Vegas why are they not building more of them? Because the multifamily units that we see here Okay, so this is a rabbit hole that I don't want to get into now.
Speaker 2:
But you can send an email to VegasRealtyCheck Vegas. Vegas, that's where you send your questions and if you want to hear about this thing, then send in some information and I'll go. But there are certain laws and stuff preventing townhomes and things it's are certain laws and stuff preventing townhomes and things it's multifamily not townhomes. Well, yeah, multifamily units when you own the entire building, right when you own the building.
Speaker 2:
Okay, I didn't know there was laws regarding that, well on what they can build, so they're not just erecting them in the way that they can just erect like an apartment or whatever. It's a different zoning and then I don't know if it's a capita. I have notes on it and I was just shocked when I first took the course on how it didn't make sense, especially in an economy like this where we need things like condos, townhomes, multifamily units to help people get into their first time home buy get into their first time home buy, yeah, yeah, and it seems like most of the ones that are in the Valley were built before 1980.
Speaker 2:
Right, yeah, so they tend to be older and there's places around the country that have a plethora of that type of property. We're just not that community. I get people, especially from California, who and you, you'll see all the YouTube ads like buy a fourplex, live in one unit, rent free and then have the building pay for itself, and that's great. And if you're in a place that you can do it or you're willing to take one of the 1980 and older homes here or multi-unit homes here, then that's a great option for you. But people calling from other places, like from the South and from California, they're like I want to buy four fourplexes.
Speaker 1:
I'm like good luck finding four, yeah, and a lot of the things that we have here that are zoned multifamily, like condos, townhouses, you can only buy single unit. I mean, you could actually you could buy four units if you want, but that's four purchases.
Speaker 2:
Yeah, four separate purchases, not taking a block of them. So, if you're interested in all the details on that that's not this question Let us know and we'll get to that and get you all the information you need for that. And they do happen in the Valley and, like I've said, I've had clients successfully do it and it works out. Now, most of the time when I sell multi-units like that, they're usually investors.
Speaker 1:
Yeah, so the four plexus.
Speaker 2:
Yeah.
Speaker 1:
Yeah, I think the few times I've done them has all been owner occupant not investors.
Speaker 2:
Yeah, oh, so I'm the opposite. I have all investors, except for twice. One time was a nightmare, but the other one with the young kid, he was great.
Speaker 1:
Yeah, yeah, yeah, might've been owner occupants that have purchased those, but yeah, so the next question is Jonathan. All right, what Jonathan Speaking of?
Speaker 2:
investors. Yeah, he says I wanted to pull equity out of my house and buy an investment property. Is that allowed Absolutely? Equity out of my house and buy an investment property Is that allowed Absolutely? Yeah, yeah, there's different ways of doing it.
Speaker 1:
Yeah, if you have equity in your house, there's a certain percentage that you have to have to do that refi to pull it out, and I believe it's as long as you have more than 25% equity, you can do that Cash out refi, cash out refi and there's a questionnaire that they'll have you fill out that asks what you're using the money for. But it doesn't matter, right?
Speaker 2:
It could be college fund, vacation home, boat, jet ski remodel, like whatever.
Speaker 1:
Yeah, I've never seen a situation where they said no, because you can't use it for that reason, so I wonder why they even asked. But maybe it just has to be documented.
Speaker 2:
Yeah, I think it's just information, yeah, information, yeah. So, yeah, definitely getting either a HELOC or a cash out equity can be helpful for you to get an investment property. Now, the only thing I did want to tell whose question was that that's John, jonathan, okay. So the only thing I wanted to let Jonathan know he said cash out equity to buy an investment property. So if you're going to buy that investment property, then you can do that. But what about keeping the house that you're already in as the investment and then using that as the rental and then moving on to another house, because then you could just do a 5% down and get a conventional loan.
Speaker 1:
Yeah, and do it get another mortgage that way, right on the new property? Yeah, but the money that you pull out from the home will raise the mortgage payment. It will.
Speaker 2:
Of course.
Speaker 1:
So you just have to make sure that the rental income can cover the new payment, and there's a formula and plans and we can look at, you know, give an analysis of what that would look like too, and the lender's going to verify that through rent rolls and they do rental comps and situations like that to make sure that it would all make sense.
Speaker 2:
Right, so if that's something that you're interested in, there's a couple of ways to skin a cat, depending upon which property you want to occupy.
Speaker 1:
Yeah, and if you're pulling the money out to use it as a cash purchase on the next home, that's great. It depends on the amount of equity you have. If you're pulling the money out to use as a down payment on the next home, that's great as well. But also the lender will need to review to make sure debt to income ratio and all that stuff pans out with the new money, the new payment, the new everything.
Speaker 2:
Yeah, lenders, I don't know what it is. They just love to know that you can make the payments. They're like we're going to get paid back right.
Speaker 1:
Well, when you borrow money, you should be paying it back. Yes, you should.
Speaker 2:
Speaking of which, I got some people in the past who still owe me money. You know who you are.
Speaker 1:
Yeah, get me my money, get it, get it All right. So next question is Leon.
Speaker 2:
Leon, can I use extra money on my mortgage loan to pay remodeling of the house I'm buying? So this one. I just giggled right, because my only question is what's extra money? Can I get extra?
Speaker 1:
money. Where's my extra money? I didn't know they gave extra money.
Speaker 2:
This is news to me, Leon. What's the extra money?
Speaker 1:
So I know right. So I'm assuming and I've heard the same question multiple times if this is the question Leon's asking, which was a little vague the way he asked it, right?
Speaker 2:
Well, I just don't think that he just used the right terminology. I think what he well, go ahead and say what you're saying. I'll say what I think he was asking.
Speaker 1:
What I've had a lot of buyers ask which I think is what Leon's getting at is like say, they were approved at $500,000. Right, okay. And they found a home that is $475,000. Yeah. And they say, can I still get my loan for $500,000 and use that extra $25,000 to remodel or to do things?
Speaker 2:
Right.
Speaker 1:
And this is very common, especially in first-time homebuyer mindsets, right, right. So I think that's what Leon's asking. I think that's what he's asking too. If that is what he's asking, the answer is no, but Big hard.
Speaker 1:
No, yeah, big hard, no, but there is a program out there. There's a couple little programs out there that are not well known, on renovation loans. They're called and I can't even think of the name of them now because they're so rare, but they're available. Well, I know renovation loans. No, it's not 401k, it's called a retirement, it's something with a number.
Speaker 2:
Okay, well, keep describing it, because I don't know what the number you're talking about is.
Speaker 1:
So it's a renovation loan. So first first time homebuyers can qualify for this Um, you can get it on a conventional product as well. I every every loan program, um FHA, va and V and conventional, have this program Right. Um, and I was about to say 501 C three, and that's not it either.
Speaker 2:
Just quit giving it names, some numbers. Let's just call it a product the program, the renovation program, the product that the mortgage are selling.
Speaker 1:
I will find out the number for it. I know it. I just can't think of it right now. But this program is out there and you can if you qualify for it. You have to work with the lender to make sure that you qualify because it's a different pre-approval than your traditional pre-approval. You have to get pre-approved for this program, right? And if you do buy it, so they would say in the same 500,000 scenario, they would say yes, you're qualified up to 500,000. If you find a home that's 475 and you're going to want to do renovations and fixing up to it, then we will give you the loan at $500,000. But we need a list and some estimates from the contractor. This is all done during the process of the financing. They want to see contractor estimates and a list of repairs that are going to be done and then at the time that the appraiser goes in, the appraiser has to go in and verify that those upgrades are going to make that value at the purchase price, right.
Speaker 2:
Because lenders don't lend more money than what a home is worth, right.
Speaker 1:
So it is an option. It's out there and that can even be a secondary option, for sometimes we see homes that are not FHA eligible and things like that, because there are certain repairs that are necessary that won't make it pass for an FHA approval. These renovation loans can make you eligible to purchase those properties if all of the numbers pan out. So it is a secondary option that there is. It's a little more challenging, it's a longer. I would never recommend to try to do a 30-day close on those type of loans.
Speaker 2:
Yeah no, you got to give time. Yeah, you want to go Because there's so many more moving parts when you're bringing in the appraiser and contractors and stuff.
Speaker 1:
Yeah, you want to do it like a minimum 45 day start to close and you want to make sure your appraisal contingency is a little bit longer. I would recommend a longer due diligence so you can get estimates Like there's. There's definitely some moving parts you have to keep into consideration, but it is a renovation loan and there are products available for that.
Speaker 2:
Yeah, and I do like that. The renovation loan is available in the different products, so if it's an FHA or conventional VA.
Speaker 1:
Yeah, they're just I don't know. They're just not marketed much.
Speaker 2:
But they're not marketed much. There is going to be one, I think it's next month. There's going to be a lender in town who is going to be talking about these construction loans because they are getting a lot of cash out refi right now, which that's the market that we're in. People just want their place that they're living to be the nicest because nobody's really putting it on the market. So anyway, that was a conversation I had with the lender that they said they were going to be doing an entire course on that part of the new products available. So I'm excited about that.
Speaker 1:
The new products available. So I'm excited about that. Years ago we had Woffed come in. We had the branch manager Woffed come in here and they do which we got to get them back again. I'll reach out, but they do a product which they still have. And Woffed just came out with a new down payment assistance program too, which is good. It's kind of a better option from home as possible. But Wofford has a product that they can take the equity from your primary residence and you can take that equity and use it towards a construction loan. It's kind of used as a refi, but it's a temporary refi to help you with the purchase and get everything started. But there's a timeframe oni to help you, like with the, you know, with the purchase and get everything started. But there's like a a timeframe on it. So you have this much time to get started. It rolls over into a construction loan and then you can still sell that house.
Speaker 1:
So that you were in yeah, the primary that you were in, um, you know, once your construction gets to a certain stage, so it's like this, like kind of hybrid thing.
Speaker 2:
Oh, yes, yeah, yeah, I was talking to somebody about that, because they were looking at land and they wanted to build and they were sort of in that weird space, like I want to build, but I don't want to leave my house or sell it until I'm here. How are we going to do that?
Speaker 1:
Yeah, so they can use it. They put a timeframe on it. They can use the equity to help you start the build and get started on that, and that's a really good option. And they also have another option that you can use the equity from your current home to help with the purchase, down payment and qualification on the next home before you sell it. And again there's time frame. So they have a lot of like outside of the box hybrid models.
Speaker 2:
Yeah, and that's the thing with any kind of financing and buying or anything. I said it twice. If I say it again this episode and I hate the expression, but there's more than one way to skin a cat. So if remodeling building from new, anything that you're thinking of doing in any kind of real estate, realm, definitely reach out and give us a call and we can sort of navigate you to the right sort of lending product that might be able to help you and to a lender that would be versed in this specific category and they tell you, hey, this would be the best product for you, this would be this and we can help you. How do they get a hold of you? They need to talk to you.
Speaker 1:
My cell phone number is best way to reach me 702-308-2878. And, Tiana, how do people reach you?
Speaker 2:
Yeah, if you want to give me a call, we can talk about some options for you. I'm at 702-379-9948.
Speaker 1:
Call or text me yes, and please send more listener questions. We are running low on them. I think we have like maybe 20 left.
Speaker 2:
Hey, we don't want 20. So Vegas real or realty check dot Vegas. I don't know why I put the Vegas realty check, just because it's the name. Show Realty check dot Vegas is where you send those listener questions to yes, and we'd love to hear from you.
Speaker 1:
Yes, and you can like. Share, subscribe, tell your friends about our show. We love the followers, love the interactions.
Speaker 2:
So reach out to us at any time.
Speaker 1:
You can even reach out to us individually. If you want to text us your listener questions, call us, tell us about it and we will answer them live here on the show.
Speaker 2:
We absolutely will. We appreciate you so much. Thanks for being part of the tribe and we'll be back next Thursday. See you guys, have a good week. Bye.