All Forum Posts by: Carley M.

@Dave Ramirez It’s all done. November will be 2 years of ownership. I’m still working with NACA to use the money in my rehab contingency fund to replace my porch and then all the money will be used. I borrowed 110% of the appraised value. Using 75% of the potential rental income from other units in the building (not rooms, apartments) is standard. I strongly recommend only buying a place you can afford even without tenants.

@Sakina Rosendary here is the full link. Those tinyurl links expire. https://docs.google.com/document/d/1yIOrjgwYbdk0JggU1exoPW0qt416n60_ioSmLA5wxKE

@Erica Viverette - the not owning other property Is ONLY when you are entering the program. Once you have a house through them, you can own more property. I’m saving for my second place now.

@Michaela Manco - I used NACA to buy a 4 unit. You can search my posts. Here is a link to an FAQ I created about my experience with the process. https://docs.google.com/document/d/1yIOrjgwYbdk0JggU1exoPW0qt416n60_ioSmLA5wxKE

@Jennifer Ouch how did you do??

Raylan Willis but we aren’t connected on here. Look for Buffalo City Meetup in the discussion threads.

Jay Ganz Do you know who all leads the group?

There’s already a group that meets monthly, but please keep me posted.

Welcome!

I created a NACA Experience handout (things I wish I knew before I started NACA) for a testimonial I gave. The short link to that is https://tinyurl.com/ybq4beto 
I also created a purchase affordability calculator so you can find out if the house you’re interested in is affordable based on NACA monthly payment amounts. They don’t tell you that you can afford a house up to $100,000. They tell you that you can afford $600 a month for mortgage, taxes and insurance. This spreadsheet translates that to housing price. The link for that spreadsheet is https://tinyurl.com/y984lsa7 
 I closed on a 4-Unit with NACA (with 30k in repairs processed through HAND) in November 2016. I helped my best friend go through the process and he closed in November 2017 on a double. I have other friends going through the program now too. It’s worth the headache. If you have repairs to make, plan on 90 days to close (based on a a standard 30-day close expectation) because of additions time to get bids, etc. Making your seller aware will help manage their expectations. Good luck!