All Forum Posts by: Reco T Bumpers

Does anyone know of any grants or forgivable loans for first-time homebuyers that can be paired with the NACA program? I am looking in the Greater Houston and DFW area. I have an income of roughly $95K. Has anyone successfully paired/stacked first-time homebuyer incentives from multiple programs?

For those who don't know, NACA is a non-profit that offers first-time homebuyers the chance to purchase with no down payment, no closing costs, and no PMI. They use Bank of America as their lender.

I have been going through this program since April. My next meeting in November should be the last before I'm officially ready to make the leap. I've been anxiously keeping an eye on several new construction duplexes hoping one will be available when the time comes.

Does anyone know of any grants or forgivable loans for first-time homebuyers that can be paired with the NACA program? I am looking in the Greater Houston and DFW area. I have an income of roughly $95K. Has anyone successfully paired/stacked first-time homebuyer incentives from multiple programs?

For those who don't know, NACA is a non-profit that offers first-time homebuyers the chance to purchase with no down payment, no closing costs, and no PMI. They use Bank of America as their lender.

I have been going through this program since April.  My next meeting in November should be the last before I'm officially ready to make the leap.  I've been anxiously keeping an eye on several new construction duplexes hoping one will be available when the time comes.

@Eric Morel my girlfriend feels the same way about Texas prices.  She is still searching for an alternative market too.  She's been looking at Georgia, Tennessee, and Kentucky.  I grew up in Alabama, so I have interest there.  I'm from south Alabama, but north Alabama is doing well from what I hear (Huntsville, Birmingham, Tuscaloosa).

@Eric Morel I definitely want it to be in a good area because I will be away from home for weeks and months at a time.  I do plan to househack, but cash flow isn't the biggest priority right now since I'll benefit from it being a primary residence as well.  I'll be happy with having less of the mortgage payment coming out of pocket if I can get the right area for appreciation.  Good luck on your search.  Let me know if you find a good agent or any other "rock star" team members.  I'll do the same for you.  Thank you.

@Kevin Romines Thank you for responding and for the valuable information. I just started working with a highly rated credit repair company last month in hopes of getting my score up before making a purchase in the next few months. I do not have VA eligibility. FHA and USDA seem to be my best options. I see that you are a licensed lender in Texas. I would love to discuss my options with you further.

I am a truck driver, and I team drive with my girlfriend.  We are both interested in real estate, and both looking to purchase our first investment properties in the first half of this year.  I have been intrigued by the idea of new construction.  I am hoping that this would cut down on repairs and be easier to manage while I'm on the road (I intend to use a property manager).  We both live on the truck and rarely take time off, so I am also hoping the first property could serve as both an investment and a primary residence.  I live in Houston, TX and she lives in Dallas, TX. We would love any recommendations on good property managers in both markets.

We are both interested in multi-family, but I have also been looking at Lennar Next-Gen homes with the hope of converting the "next-gen" suite into a short term rental.  Has anyone here tried this strategy?  If so, with what results? 

We are currently W-2 but are planning to get our own truck after buying the first two properties.  I am concerned that the transition from W-2 to 1099 will make it harder for us to grow our portfolios.  Does anyone have any suggestions for this as well?  Barring a major setback buying our own truck should equate to an immediate increase in income.  It will also mean that we went 1099 in the same industry where we already had 3+ years of W-2 experience.  I have heard that sometimes it helps with lenders that you already have experience in the industry.

Spending weeks and months at a time on a constantly moving truck takes its toll physically and mentally.  We both want to regain some of our time freedom and feel more in control of our lives.  We understand that one property doesn't create financial freedom, but we are committed to growing our portfolio and want to make sure we get off to a strong start.  We welcome any suggestions on how to build a team of "rock stars" from long distance.  I know from reading David Greene's book on long distance real estate investing that finding the right agent can be a great start.  Any recommendations on rock star agents in the Houston and Dallas area would also be greatly appreciated. 

Additional info: Her credit scores are high 600's. My lowest score is 583 and the other two are low to mid 600's. We will both have over $25K each before making our purchases, but hope that first time homebuyer programs will eliminate our need for a down payment and reduce or eliminate closing costs. We have been looking primarily at FHA and USDA, but I keep hearing David say there are 5% down conventional loans out there as well.

Thank you.

@Cody L. @Daniel J Dominguez

I will take your advice and get my license.  Thank you both for responding.

I live in Houston, TX and have recently started driving for Uber and Lyft full-time after spending a year as a truck driver.  I have been amazed at the properties and neighborhoods I've seen that I may have never known were there otherwise.  My previous plan was to purchase my first property by the end of this year, preferably a multi-family that I would house hack, and work to scale up from there.  However, within the last few weeks I was introduced to the concept of rental arbitrage through platforms like AirBnb, and I'm wondering if that would be a better place to start.  Either way, they both require money to get started, of which I have none.

I listen to a lot of podcasts in my available time, and will continue to listen and read, but I also want to take action.  I would like some advice on what people think would be a good way for me to get started and build some capital and firsthand knowledge.  I am considering getting my real estate license, becoming a notary and doing loan signings, and wholesaling.  No matter which avenue I pursue I would like to have a mentor.  Hopefully the fact that I'm driving all over the city to various neighborhoods and the flexibility of the schedule would be of some value to my mentor so I'm not taking from them without adding value.

I'm not looking for overnight success or to get rich quick, but I am looking to move in a positive direction.  Are any of the above ways better than the other to get started?  Should I pursue all three simultaneously?  Is there another option you would suggest besides what I've listed?

Thanks in advance.

 I don't have any purchased properties yet, but from what I heard on the podcast the notary is required to show the buyer where to sign on all loan documents.  When it's done for loan documents the notary is referred to as a signing agent.  They are paid anywhere from $75-$200 each time, depending on if they used a service (such as Snapdocs) or went directly to an agent or title company for the assignment.

I've been driving trucks OTR for a few months now, and I spend my drive time listening to BiggerPockets podcasts.  The more I listen and learn, the more I feel like I'm missing out on great opportunities to be at home networking and learning more.  The problem is income.  I started from $0, and though I still only have a few thousand dollars to my name now I have a goal of saving and making my first purchase by the end of next year.  Driving a truck can provide a decent income, but I have to be away from home to make it.  

BiggerPockets Money podcast episode 74 with Mark Wills got me excited to think I can make a similar income at home if I become a signing agent.  Does anyone have any experience in this field that would be willing to share how successful they've been.  I live in Houston, so I would think there are a lot of opportunities in such a big and thriving city.  I'm thinking about being a signing agent part-time on the days I'm home to see if it's worth going to it full-time, but would still like to hear from anyone with firsthand knowledge.

Thanks in advance.