All Forum Posts by: Jackson Smith

I also just finished my Introduction Seminar and they did mention the $25,000 lien they put on the property. So yeah, after 5 years of it reducing $5000/year, you can sell/refinance and not lose any money. But I also saw that NACA will work with you if you get a job in another city or state and they will release that lien for certain situations. It's basically to prevent fix and flippers from taking advantage of it.

And they did confirm that you can purchase other property as long as you continue to live in the property that has the NACA Mortgage. Ill get moving more on the process and give any updates that I think y'all would like to know. Thanks for all the knowledge and advice!

@Nicholas Jackson that info is gold! Thanks man! I did also learn today that you can own as much property in an LLC as you want and then go and house hack with NACA, because they only run your name and not your LLC for other owned properties. So thats a way around it if you own all your properties in an LLC and wanted to take advantage of NACA.

Yeah I did see that you can use it a second time after 3 years if you no longer held the NACA loan in the first property. I was just mainly concerned about growing a portfolio of conventionally financed properties while I house hack in my first NACA financed property.

Im also curious about the refinancing out of NACA. @Jonathan Taylor you said that you cannot have any ownership stake in any Real estate to close a NACA loan, but is it allowed to purchase a 2nd property after you buy your 1st with NACA?? 

Thanks in advance!!! 

Hey @Victoria Coleman! How did this pan out for you? Im also interested in using NACA to get my first property and will be getting a multi-family home and house hacking. The website said that "No member of the household can have an ownership interest in any other property". So Im curious how that works with growing past my first property. I think we can just refinance out of a NACA loan, so maybe thatd be the only option.

Thanks! 

Wow! All you guys are amazing and came with awesome advice! Thanks so much to all of you. Since a recent BPP episode with Andre Haynes, I'm gonna check out the NACA program and see if I might be able to snag my first property with 0% down with that. Hopefully the rise in interest rates will begin to lower competition a little bit in Salt Lake, cuz it's been ridiculous the last 2 years. I've been eyeing some single family homes with basement apts and other multi families around the valley, so after our lease ends in June, we'll hit the ground running.

Hey all! 

I'm looking to acquire my very first investment property where I live in Salt Lake City and I'm looking to find a property with a separate apartment of some sort or a duplex. I'd love some advice from anyone that started real estate investing with house hacking and how they moved on to other their 2nd, 3rd, and 4th+ properties. How did you finance those deals after you put money into your first property? Did you house hack BRRRR? Or did house hacking allow you to save enough to pay for the next deal quickly? I'm planning on doing a low down/FHA for this first property, and Ive heard David talk about getting a new house hack every year. I'd just love some advice on more details of that strategy. Thanks a bunch!