All Forum Posts by: Joseph Anderson

Yes you are correct, would need to be owner occupied for at least one year. Forgot to mention that. 

Anyone have experience with Cadence bank? More specifically they’re Affordable Home Loan Program?

They advertise:

A low down payment

Competitive, fixed rate - 3.875%

NO origination fee -- typically 1% of the loan amount

No mortgage insurance requirement

Up to 100% of loan-to-value

The catch is the home has to be in a low to moderate income area. However, in Houston there are plenty of options. Can be used on single family and duplex.

https://www.policymap.com/embedmap_dyn?lqid=59216

Looks to be a pretty good offering. Wanted to share and get peoples thoughts on it. Is anyone seeing similar offers from other banks?

https://cadencebank.com/personal/mortgages/afforda...

Anyone have experience with Cadence bank? More specifically they’re Affordable Home Loan Program?

They advertise:

• A low down payment

• Competitive, fixed rate - 3.875%

• NO origination fee -- typically 1% of the loan amount

• No mortgage insurance requirement

• Up to 100% of loan-to-value

The catch is the home has to be in a low to moderate income area. However, in Houston there are plenty of options. Can be used on single family and duplex.

https://www.policymap.com/embedmap_dyn?lqid=59216

Looks to be a pretty good offering. Wanted to share and get peoples thoughts on it. Anyone seeing similar offerings from other banks?

https://cadencebank.com/personal/mortgages/affordable-home-loan-program

@Daniel Okorie You should look into opportunity zones.

https://www.linkedin.com/pulse/real-estate-investors-finally-gain-clarity-funds-new-castelli-cpa

Found a small mobile home park in a small town outside of Houston and I’m looking to connect with anyone doing mobile home park investing in the Houston area. 

Interested! Sending you a message.

I’ve been listening to the podcasts and I’ve heard many people state they got started by house hacking a small multifamily, usually a duplex. In most scenarios the unit they rent out pays the mortgage or reduces their share of the mortgage payment substantially. The majority of the small multifamily properties I see are in the Third Ward area and are $300-350,000. At 5% down that’s a monthly payment around $2,500, and at 20% down still around $2,000. With rents in that area around $850-$1,250 a unit this would still leave you with a sizable payment on the unit your living in. Has anyone had success doing this in Houston, specifically the Third Ward area? Are there other areas you are successfully house hacking? Look forward to the responses!

Following! Interested as well. I see that the few multifamilies that do come on the market in Houston were built in the 1930s....

I have a drone if you’re still looking

Hi all, Any recommendations for real estate agents with short sale experience in the Houston area? Thanks, Joseph