All Forum Posts by: Nerissa Minnick

Also I have helped a few buyers use this specific program in LA so if you want  more info send me a DM 

Makes sense you want to buy out of state if you live in LA, I live in LA and own rental properties out of state. Before investing out of state, I wish I had decided to buy here in LA with an incentive program. I would check out using a NACA loan to buy a multifamily 2-4 units you can live in in LA. the possibility for equity growth is amazing here, and you can only use that program if you currently own NO rental properties but you can buy as many rental properties as you want after you have that loan and live in the property. It is a no downpayment no PMI, and no payback or equity share program, with great interest rate buy-down options and the loan limits are very high because LA is a high-cost area. there are income restrictions. I think this program is an incredible way for new young investors who might make under the income limit, to house hack in high cost areas, which will appreciate well, and then afterward they can buy more rental property potentially in cash flow areas. I wish I had done this first. Niche thought but pertinante to your journey!

Someone else here said this, but I think the WHY of the credit report is important, I would look very closely at it.  I don't think credit scores are a perfect marker of a good tenant and the reason for lower scores makes a big difference.  that being said I wonder how she got that low. 

Can you speak with more references?  

Charge a much larger deposit and future rent?  ( not sure of legality in your state) 

Some people do go and check out tenants' previous homes and how they are taking care of them.... ( again not sure what is allowed with this) 

Basically, I would do some extra extra extra vetting and protect myself but I have seen 800 credit scores trash a place and or call the landlord to change a lightbulb they can reach soo........

I can take both of your hands, I only need one but happy to deal with selling the other one separately ( there are lots of people looking for just one) or however makes it easier for you!  PM me for contact info

Thank you!  Makes a lot of sense.

Hoping to get more opinions on Detroit for out-of-state investing. Long-term BRRR hold rentals, Can anyone can suggest neighborhoods to look into further?

Would love to join next time you meet up.  I am in central LA, used to work in environmental education and am a residential real estate agent, also working towards my first investment property.  Would love to hear how you got started funding wise.