Anyone got a NACA Lon before?

Question

Jonathan Taylor · Answer

@Rashad Ellis it has been awhile since I first posted this thread so here’s been my experience thus far:

I closed on a four plex in NELA a year ago and am just finishing the Renovations. NACA has been nothing but difficult every step of the way. Most of the folks I’ve dealt with are under trained, under paid and over whelmed. They do not respond help or aid in any of my questions. I had to literally do office sit ins to get answers and move my file along. I was very stubborn but in this sense it helped me.

This program is not for the faint of heart as it is a full time job for years. I was fortunate to get a property that cash flows. I’m in a 30yr fixed at 3.375 with $4-600 cash flow each month.

Marie S. · Answer

At some point last year (obviously I wasn't told until someone just assumed I'd know), they started doing 'priority' and 'non priority' members. I guess since I make so little for my area I'm priority, so I no longer have to abide by the 'in this area you can't pay more than that much' rule, which made it literally impossible to find anything. Even without that rule the market has gone up so much I still can't, but PERHAPS someday it may be at least possible now.. that's my only update. They still don't respond, I still upload my docs.. BUT my realtor after now having worked with NACA for 3 years HAS sold houses with them, and is a way better realtor than when we started, so that plus the no more area maxes, there's a small light in the distance.. I'll continue to keep you all updated =D

Rashad Ellis · Answer

@Jonathan Taylor

Watch "Rants & Gems Live EP 3| NACA Program | Opportunity Zone Area Spotlight" on YouTube

https://youtu.be/lph5b7l_9tc

Fast forward to 40:00 for good info on NACA.

I started a few years ago but I couldn't go through at the time. I do believe in NACA though. I think if you can get through the pain, it's well worth it.

Marie S. · Answer

I think you only own it after the PMI 2nd loan falls off? Something odd like that, since you don't pay PMI they sort of own it too until you re-fi, or request that be taken off, like PMI.I just had ANOTHER counseling session with them this morning. I've been in the program for 2 years, and all the rumors are true. It's like buying a house from the DMV. If the DMV were paid worse, had 10 times the caseload and didn't quit every few months and make you start from scratch. It's a NIGHTMARE. All you have to do they say is send in your docs every month! NOPE! You have to harass them into taking your docs out of their inbox and entering them into your 'file' which you can only do while they are on the phone with you which they only allow every 6-12 weeks and then cancel when you finally get an appointment. Still reading?Even once you qualify they'll assign you a 'realtor' who will get a crap flat fee no matter how much you buy for, so no quality realtor will do it. So you work with what they give you, which in my experience seems to be a sweet sweet person who doesn't know a single thing about real estate. Once you find a property that fits their guidelines, they'll tell you oops, we forgot this secret guideline. Oops, here's another one and so on. So you find ALL the invisible guidelines and FINALLY FIND A HOUSE THAT FITS!Well if your realtor messages you back, they'll find an excuse not to put in your offer. Which doesn't matter, because even when they DO, your counselor doesn't have the time of day to write your PSL, an in LA, the property is already under contract with another buyer. Even if I DID get in an offer and it was accepted, I have every confidence my broker won't hit their marks in a timely manor and I will fall out of escrow.

WHY AM I STILL DOING THIS!!Well, because I don't have enough cash/income for PITI in LA and PMI, so they're my only hope. Hit me up if you want help/advice. AS if I'm able to help, 2 years and still in the 'searching for home' category.

Laura DAmico · Answer

Thank you guys so much for posting about Naca I have an appt set up this friday to see if I qualify. How much reserves did you guys have for a 4plex? I have 15k but I don't  think that's nearly enough ?  Any advice is welcome !

Laura DAmico · Answer

Thank you guys so much for posting about Naca I have an appt set up this friday to see if I qualify. How much reserves did you guys have for a 4plex? I have 15k but I don't  think that's nearly enough ?  Any advice is welcome !

Tamisha Merrick · Answer

Jonathan,

this process sounds daunting. I plan on going to my first naca informational workshop at the end of this month. Me and my husband are looking to buy a home before summer but this process sounds long and drawn out. Plus I don't like the idea that you aren't "owning" your property. Do you have 2 loans which covered the closing and the down too?

Jonathan Taylor · Answer

@Kimberly S. How has your process been? Sounds like you’re about halfway through.

Rashad Ellis · Answer

@Jonathan Taylor

Remember though, they are not catering to investors.  You cant own, or have interest in any property if you're going to use their program.

Anyone got a NACA Lon before?

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