All Forum Posts by: Nicholas Jackson

Quote from @Lanre Akande:

Hello, everyone! My name is Lanre and I am new to the BiggerPockets website. I will be moving to the St. Louis, MO region in the near future and am looking for investors with experience in house hacking or small multifamily rentals that I can learn from in the area. Thank you in advance and happy investing!

Hey Lanre feel free to reach out. I am a graduate student in STL and recently bought a house hack. Would love to give guidance and connect! 

Quote from @Eric V Laesch:

Quote from @Nicholas Jackson:

So I have just recently started my investment journey and I am in STL as well. I know its not for everyone and things can be difficult at the start but if its something you want to commit to then I truly believe now is the time ti buy in stl. There are alot of major developments and growth that is occurring and it will only increase the value of the city and the housing market. I cant say 5 years from now you will fund the same opportunities at the same prices. With the level if growth that I am seeing it will for sure become a pretty desirable place especially among younger adults and professionals within the next 5-10 years. I would highly encourage taking the leap and getting started now.

Renting the place out is just for the 5 years until I would move there to live. I'm not planning on buying another rental property once I  move to St Louis. 

If you aren't looking to rent fully and not looking ar it from a business perspective then its probably best to just wait 5 years when you move to buy your actual home. Would even say rent for a but to learn the areas some before buying a home

So I have just recently started my investment journey and I am in STL as well. I know its not for everyone and things can be difficult at the start but if its something you want to commit to then I truly believe now is the time ti buy in stl. There are alot of major developments and growth that is occurring and it will only increase the value of the city and the housing market. I cant say 5 years from now you will fund the same opportunities at the same prices. With the level if growth that I am seeing it will for sure become a pretty desirable place especially among younger adults and professionals within the next 5-10 years. I would highly encourage taking the leap and getting started now.

Quote from @Fedna Guillaume:

I’m really interested in starting my real estate journey through the Naca program and house hack. However I was told, with Naca, you have to live in the property as your primary residence for 5years, and they will put a 25k lien on your property that decreases every year by 5k.

Does anyone know of a way to bypass this? I would like to do the BRRR strategy with this property and I only intend on living there for 1year, 2 years max. And yes I am aware Naca is not really an investor friendly.

Any advice?

If you provide a viable reason they can remove the lien such as job change, move out of state, death in family etc.

Quote from @Dereck Olson:

Hi Nicholas,  

Just a thought from the possible tenant's perspective, but filling out a prequalification form and/or providing personal information before they have even seen a place and know if they will be interested in living in the property might be a bit too much to ask. 

It may be worth letting them know about the prequalification requirements (credit score over xxx, salary above xx,ooo/year, etc.) in advance to weed people out. Once they have seen the property and are interested, the prequalification and background checks will do the rest of the work in weeding out undesirable tenants for you. 

If you are having a lot of interest and you are trying to avoid multiple showings that take up too much of your time. You could also consider an open house showing. 2-3 hours on a weekend may allow a number of the people who have called and are interested in the property, to come in and all have a look as their time allows. This may also create some competition for the space and urgency to get the documents back to you. You can also better explain the application process to them in person during their visits. 

 Thank you for the input. It as definitely a way to limit showing and determine if people meet those minimum requirements prior to a show. Things I will consider, thank you!

So I have recently listed my rental unit on various sites. I have been using RentRedi as a way to do all the screening and applications. I have been getting a lot of interest and inquiries pretty quickly into my rental. I have been referring the people to the prequalification form that RentRedi uses prior to setting up a viewing. I have not gotten anyone to complete the prequalification form even with all the people that have asked about its availability. My question is, for those that are familiar with Rent Redi, are the instructions to confusing for most people to follow and fill out the prequalification form and I should simplify the process, or should I consider the instructions of the prequalification form a way to weed people out and if someone isn't willing to follow through with those steps I should consider that in the type of tenant they well be? Appreciate any insight!

Hi I would love to share my experience. I closed on a duplex with NACA and will be renting out one side. From what I understand after going through the process you can sell or refinance the home at any point, but there is a lien placed on the property of 25,000 dollars that is decreased by 5,000 each year you live in the property. This is designed to avoid having investors or flippers use their product. This lien can be removed in various circumstances such as if you have to relocate for job reasons or family reasons. In terms of buying investment properties. You can buy as many properties you want after you close the NACA loan as long as NACA remains your primary residence while you have their loan. Hope this helps and feel free to reach out with any questions!

Quote from @Wendy Thurst:

I have purchased and renovated a duplex and need to refinance. Any DSCR lender recommendations for St Louis? Thx!

 Check out Matt Dickens at Homestead Financial Mortgage, he should be able to help you.

Quote from @Allan George:

Quote from @Nicholas Jackson:

Quote from @Allan George:

@Quiana Berry

I was able to do exactly this ~3yrs into a NACA loan. When you're ready to refi, you'll simply need to request a lien release from NACA (basically your mortgage agent sending over a bit of info to NACA).
 

NACA had no problems with you asking for the lien release even though it was less than 3 years?

Just double checked the exact timing and it was closer to 3.5yrs of ownership but got no - I received no pushback from NACA.

Awesome thanks for that. Its possible I might refinance a little after a year of owning. The rate is pretty good though and I might have to move for work related reasons and if thats the case I’d love to keep the NACA loan at its rate without refinancing. Gonna see if this will work closer to that time but good to know I can refinance if need be as well. 

Quote from @Allan George:

@Quiana Berry

I was able to do exactly this ~3yrs into a NACA loan. When you're ready to refi, you'll simply need to request a lien release from NACA (basically your mortgage agent sending over a bit of info to NACA).
 

NACA had no problems with you asking for the lien release even though it was less than 3 years?