All Forum Posts by: Carley M.

@Chene Phillips all I have to do is refinance it. I’m never selling. Its generating enough cash flow that I now have other investment properties.

@Michael Billingslea NACA gave us a list and the local housing resource office held classes.

@Voncella McIntosh I will try to explain the calculation as best i know it. Your approved monthly payment amount is approximately 30% of your combined income (your income and 75% of your estimated rental income). So if you make $5000 a month from your job and your total rental income on the 3 other units is $3000, your combined income would be $5000 + $2250 ($3k x 0.75) = $7250 so your approved payment would be $2175. But how do you know what the potential rent will be? You can either use the current rents (which the bank will do) or you can look at rental comps for that area. When you have the appraisal done, they will estimate the rental income value and you can fight it with comps if you feel it’s too low.

So now your monthly payment budget is $2175. This means your mortgage payment, interest, insurance, and taxes have to be $2175 or less to be approved. My spreadsheet does the calculation so you can easily see what the numbers are on specific properties and if the total fits the budget.

Let me know if you have any further questions.

@Michael Billingslea it took a couple hours and was easy.

@Matt Aaron here’s the link to the google document.

https://docs.google.com/document/d/1yIOrjgwYbdk0JggU1exoPW0qt416n60_ioSmLA5wxKE/edit

@Myiosha Morris NACA does everything over the phone and online for those areas where there isn't a local branch office. Check out this tip sheet I made. Hope it help your process be smooth. https://docs.google.com/document/d/1yIOrjgwYbdk0JggU1exoPW0qt416n60_ioSmLA5wxKE

@Aaron L. Nope. Everyone goes through the same hoops. 6 weeks tops to process.

@Chene Phillips there is no exit plan. This property is building wealth for me and my family and will provide income for my kids long after I'm gone. I've already used the income stream to purchase a second property and #3 is lined up and just waiting until the money comes together. There's no problem refinancing or selling. This is a conventional mortgage that NACA gives you. Hope that helps! Message me if you need more info!

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@Dave Ramirez you’re allowed to borrow up to 110% of the appraised value to do repairs. Rehab always takes longer than expected. The delay wasn’t related to NACA. The purchase price is what you agree to pay. The appraised value is what a professional appraiser says the fair market value of the house is.