Teacher Next Door Program Experiences?

[Kyle Marek]

Does anyone have experiences with the Teacher Next Door or Good Neighbor Next Door Programs? I'm a 25 year old teacher in the Bay Area. New, but very committed to investing in rental properties to supplement my normal income. 

I've researched the programs a bit on Reddit and Google, but haven't found a ton of user experiences. From what I've read the houses available are scarce and many need work put into them. I do like the thought of the 50% phantom loan, but not the idea of the 3 year occupancy requirement.

Anyone with experience or knowledge that can shed some light? Thanks!

[Stephanie Medellin]

@Kyle Marek I have worked with the Good Neighbor Next Door program before - it's a HUD program so it's definitely legitimate, and you can get an amazing deal on a home. However, because the inventory for this program comes from foreclosed FHA homes, and there are fewer foreclosures nowadays, options are limited. I believe they also have to be in revitalization areas to fall under this program. There is no getting around the 3 year occupancy requirement, but having 50% equity or more (assuming prices don't decline) after 3 years is pretty good.