I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.
You have done great for yourself. I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
Credits to ROCHELLE DUNGCA-SCHREIBER, she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.....
Yes, they want us to get 3 more jobs on top of the 3 we have. Where do our children get time with their parents? It's working exactly the way it was all designed too.
@@laughalotitsgoodforyourbod7627 right, im from the era when a programs meant help for the people less fortunate, now its just cutthroat island, these are not programs but scamgrams.
NACA wasn’t taking into account investing money during my experience. They wanted to see cash in the bank as opposed to money (expenses in their eyes) going into my brokerage account. I felt like having cash sit in my bank account through the entire NACA process was hurting me long term. This reduced my affordability calculation.
Are they satisfied with seeing you have a hefty emergency fund, so now you use your excess money towards investments instead of savings? Today is my first day looking into NACA.
NACA has always lag on their loan amount. I remember when the loan amount was based on your city approval cap regardless of your income. Also, when the interest rates were low the timeframe of the program was still taken so long to be pre-approved. They have since change the timeline to at least 3 months which is good. Idk but I heard you can't refinance with them if interest rates drop. It's still a good program but shop around to what best fits your need
@@Auteyanna7 Hey,i received my funding through Alibaba. They're great for various types of loans and even credit cards. If you want, i can refer you to the loan agent i worked with. Goodluck on your financial journey! 🌟💸
@@bingoplayer well if you have the ability to save a large downpayment (%20) then you can avoid PMI, lower your interest rate, and look more favorable to lenders as they consider you less likely to default
@@ahopkins1978 so naca would be BETTER.. because there is no downpayment no closing no pmi lowest interest rate...how could saving 80k for a 400k house be better?? Average people cant do that! Easiest most of the time is generally better..
I feel that we are not being realistic today rent in a shitty apartment in DMV is $1200 & up (1 bedroom no utilities included. Then you have bills . Car, insurance, gas , groceries etc. Making 50k minus taxes how the hell can you save ???????? It's not us the plz it's also the system
I think location is part of that equation. They live in New York. I live in the Midwest and people can get a house making less than $70,000. But I don't live in a place people are running to to live in either. So you have to take the nuggets you learn and adjust it to your situation because everything is not across the board.
This was my immediate thought like wheett $70k not enough. But I agree with the person above me it depends on their location they should have specified that.
I have a friend who purchased her home through NACA but it didn’t work out for me. I was in the program about a year n 1/2 n had a counselor who kept giving me the run around. It’s a good program you don’t have time constraints to get moved.
No she was saying it’s not enough for the market in New York. Which my best friend bought a house in upstate New York for like 210k and it was a beautiful 3bed/2bath house too. Sooo idk what she’s talking about.
@@ariannafox8707 No one wants to live upstate in comparison to NYC. You won't find a home for $210k in the city because its in higher demand and driving up the price into the millions
Yea, upstate and New York city are 2 completely different places when it comes to stuff like this. That 210 probably would have got them a extremely small one bedroom
@@tyler5814People are more interested in buying homes more towards the upstate area 40 to hour away from the city. Not in the damn city where everything is still in poor conditions. The Westchester, Orange County, and Rockland County are great areas not to far out.
It’s discouraging, but nothing is impossible. I work for transit and I was told about this program by multiple people. I’m ready for the long road ahead
My husband and I tried this 3 years ago but the process was horrible. They lost our paperwork plus I found out I couldn’t purchase in the areas I wanted to.
Yeah that's the problem, the staff is bad in some areas. I will say they finally have upgraded their systems to more modern technology that can avoid anything being lost
We had a similar experience as the counselor, no matter how many times I told them that I was self-employed, calculated everything as if we got paychecks. And then she cancelled a meeting with us, and we had a ‘new’ counselor who broke us bad news. And she still would not admit that she made a big, big mistake.
😮😮😮😮 I'm sure and hoping NACA is fighting to gain new partnerships. They were partnering with Chase and BOA when I first learned about NACA at one point
@@MyDee7what if I don’t pay rent and live with someone for free? I live with my grandmother and she doesn’t charge me rent so I can save. I have only about 30k but feel discouraged especially since I don’t make a lot of money 😭. Fml
You can but not while in the mortgage. The biggest requirement is you have LIVE in the property that the loan is covering so if you sell your first home, you can go thru NACA a second time. But only if that first home is sold
NACA is a great program for those that are patient and want to purchase a home. However, the CEO micro manages, refuses to pay staff fairly and does not give them pay increases. I use to work for NACA and still speak to some previous co-workers. Those co-workers have shared they have still not received an increase to their salary which is well below the national average for the position. The underwriting department, (titled Mortgage Specialist) have not had a pay increase in over 6 years not even a cost-of-living adjustment. There is not a bonus program either like there is for the counselors. The staff is over worked and more than under appreciated.
"NACA requires that you live in your home for as long as you have your NACA Mortgage" language from the workbook i got when attending the workshop in January. I have not seen any updated video that talks about this change and if that still makes it worth going through the program.... or any work arounds
great video but a little dis hearting when you're a single mom trying to make ends meet while being present in your kids lives. Kind of leaves you having to work 24/7 to provide a home while expecting your kids to magically raise themselves with the values needed to be productive citizens.
If the interest rates drop from 7% to 2%, am I allowed to refinance? Why do I have to pay the 25k lien to refinance? I thought this was meant to help people
Yes, you can refinance. The 25k is if you want to refinance immediately. 20k after a year, 15k after 2, 10k after 3, 5k after 4, then no fee after 5years of living in the home as a primary resident. This is to ensure you stay and build relationships with the community you’re in. The lien states this and you can’t rent the whole house out. You have to be there.
@@naya4607 Hey,i received my funding through LendingTree. They're great for various types of loans and even credit cards. If you want, i can refer you to the loan agent i worked with. Goodluck on your financial journey! 🌟💸
I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.
You have done great for yourself. I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
Credits to ROCHELLE DUNGCA-SCHREIBER, she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.....
Heard many good recommendations about Rochelle Dungca-Schreiber by some YT channels, Seminars and other platforms.
Did you do this with NACA?
This was a good video. Straight and to the point. Making $70k use to be considered a good salary, but not with these housing prices.
right, im from the era when a programs meant help for the people less fortunate, now its just cutthroat island, these are not programs but scamgrams.
word, you gotta work AND sell dope
@@larry-lh6soon god 😂
@@larry-lh6so LOL No selling of dope or booty LOL
@@joyjoy1236 You are so right!! Look a year later and I think things are worse!!
Inflation is high
My apartment home is 1660
How can you save....
Don't forget the other bills.
And the state is not going up on minimum wage
Exactly!!!!!
Exactly that’s what I was trying to explain to the NACA counselor
Well I pray my lil house off grid in the woods will be easier to get 🙏🏾 I’m trying to be out the way, not follow the crowd
Same here I hate the city I don't understand why people flock to be right up under each other!!!!
A lot of people making 70k ... um, no. The average median income is 43k ... this is crazy
Yes, they want us to get 3 more jobs on top of the 3 we have. Where do our children get time with their parents? It's working exactly the way it was all designed too.
@@laughalotitsgoodforyourbod7627 right, im from the era when a programs meant help for the people less fortunate, now its just cutthroat island, these are not programs but scamgrams.
I just hit 64k as a teacher. In Texas. That’s from the 45 I made in Florida.
Damn…still gotta find a way to make more.
Get married at this point
These are crazy qualifications when they market themselves as a secondary loan option. Good video.
NACA wasn’t taking into account investing money during my experience. They wanted to see cash in the bank as opposed to money (expenses in their eyes) going into my brokerage account. I felt like having cash sit in my bank account through the entire NACA process was hurting me long term. This reduced my affordability calculation.
Are they satisfied with seeing you have a hefty emergency fund, so now you use your excess money towards investments instead of savings? Today is my first day looking into NACA.
It’s definitely not realistic being a single mother, saving 10,000 a month and still having money to pay all the bills and take care of the kids.
They wanted you to save 10k a month ?!
That’s what they require???
Have you considered velocity banking?
Might as well just get section 8 if that’s ya situation
But why would you want a mortgage payment of more than $10k per month?
NACA has always lag on their loan amount. I remember when the loan amount was based on your city approval cap regardless of your income. Also, when the interest rates were low the timeframe of the program was still taken so long to be pre-approved. They have since change the timeline to at least 3 months which is good. Idk but I heard you can't refinance with them if interest rates drop. It's still a good program but shop around to what best fits your need
some of these are hard to get, i could refer a program i got easily.
@@NicholeNarkwhat program is that?
@@Auteyanna7 Hey,i received my funding through Alibaba. They're great for various types of loans and even credit cards. If you want, i can refer you to the loan agent i worked with. Goodluck on your financial journey! 🌟💸
And this is why I went the traditional route. Saved my own DOWNPAYMENT and closing closing cost.
Enjoy your pmi! Lol
Best way to do it.
@@ahopkins1978 why is it best?
@@bingoplayer well if you have the ability to save a large downpayment (%20) then you can avoid PMI, lower your interest rate, and look more favorable to lenders as they consider you less likely to default
@@ahopkins1978 so naca would be BETTER.. because there is no downpayment no closing no pmi lowest interest rate...how could saving 80k for a 400k house be better?? Average people cant do that! Easiest most of the time is generally better..
I feel that we are not being realistic today rent in a shitty apartment in DMV is $1200 & up (1 bedroom no utilities included. Then you have bills . Car, insurance, gas , groceries etc. Making 50k minus taxes how the hell can you save ???????? It's not us the plz it's also the system
Crazy that 70k a year can’t get you a house…
Facts
I think location is part of that equation. They live in New York. I live in the Midwest and people can get a house making less than $70,000. But I don't live in a place people are running to to live in either. So you have to take the nuggets you learn and adjust it to your situation because everything is not across the board.
This was my immediate thought like wheett $70k not enough. But I agree with the person above me it depends on their location they should have specified that.
I make more than double that, still can't buy......
Depends on your debt
Thank you for the advice we are going to work on our savings.
What if an emergency comes up and you decide to move out of your NACA purchased home. What are the penalties?
I have a friend who purchased her home through NACA but it didn’t work out for me. I was in the program about a year n 1/2 n had a counselor who kept giving me the run around. It’s a good program you don’t have time constraints to get moved.
That’s a good point. People who are willing to work and wait should probably try it, but if you want to buy on your terms, NACA is not for you.
What was her name so, I won't use her.
70k and hard to get a house ? Who’s the NACA program for ? High middle class ?
No she was saying it’s not enough for the market in New York. Which my best friend bought a house in upstate New York for like 210k and it was a beautiful 3bed/2bath house too. Sooo idk what she’s talking about.
@@ariannafox8707 No one wants to live upstate in comparison to NYC. You won't find a home for $210k in the city because its in higher demand and driving up the price into the millions
Yea, upstate and New York city are 2 completely different places when it comes to stuff like this. That 210 probably would have got them a extremely small one bedroom
@@tyler5814People are more interested in buying homes more towards the upstate area 40 to hour away from the city. Not in the damn city where everything is still in poor conditions. The Westchester, Orange County, and Rockland County are great areas not to far out.
@@ariannafox8707New York city. Some ppl just refer to the city as just New York
It’s discouraging, but nothing is impossible. I work for transit and I was told about this program by multiple people. I’m ready for the long road ahead
My husband and I tried this 3 years ago but the process was horrible. They lost our paperwork plus I found out I couldn’t purchase in the areas I wanted to.
Yeah that's the problem, the staff is bad in some areas. I will say they finally have upgraded their systems to more modern technology that can avoid anything being lost
We had a similar experience as the counselor, no matter how many times I told them that I was self-employed, calculated everything as if we got paychecks. And then she cancelled a meeting with us, and we had a ‘new’ counselor who broke us bad news. And she still would not admit that she made a big, big mistake.
Do sellers avoid buyers using NACA? That’s my big concern, especially in an area with a very competitive market.
NACA only allows you to move into NACA approves housing. Urban or Rural = projects and country.
Good question
Hey 👋, her information isn’t in the description box.
BOA post on it's page their partnership with NACA ends in 5 years.
😮😮😮😮 I'm sure and hoping NACA is fighting to gain new partnerships. They were partnering with Chase and BOA when I first learned about NACA at one point
But keep in mind that BOA is beginning to copy their model so they definitely believe in it but they're cutting out the middle man
@@Fortheloveofsholaso boa is offering homes for 0 down like naca?
something like that. I saw an advertisement for it. @@prettykitty5416
@@Fortheloveofsholaboa?.. middle man?
How much is considered a good amount of savings?
Your rent amount saved for 6 months
@@MyDee7what if I don’t pay rent and live with someone for free? I live with my grandmother and she doesn’t charge me rent so I can save. I have only about 30k but feel discouraged especially since I don’t make a lot of money 😭. Fml
NACA is a great!!! At times, it can be frustrating!! There are pros and cons to everything, but the end result with NACA is home ownership!!
Really? Did this program work for you?
Does anyone know if it’s possible to buy a second property after getting your first with NACA before the 5 years are up?
You can but not while in the mortgage. The biggest requirement is you have LIVE in the property that the loan is covering so if you sell your first home, you can go thru NACA a second time. But only if that first home is sold
I mean... If everything is high but salaries are same..... Theeennnnn it's hard to save
Hi. How do they determine how much you qualify for if you're a Small business owner ?? As in calculations?
NACA is a great program for those that are patient and want to purchase a home. However, the CEO micro manages, refuses to pay staff fairly and does not give them pay increases. I use to work for NACA and still speak to some previous co-workers. Those co-workers have shared they have still not received an increase to their salary which is well below the national average for the position. The underwriting department, (titled Mortgage Specialist) have not had a pay increase in over 6 years not even a cost-of-living adjustment. There is not a bonus program either like there is for the counselors. The staff is over worked and more than under appreciated.
Her info is not in the description
Did you guys here about the one with hud / section 8
Me and my wife have hud what about it????
we got in 6.5 years ago %0.375. ill never sell. paid 161k for this house and the value just keeps going up. property taxes running up SMH.
How long do you have to live in a naca mortgaged property
5 years
"NACA requires that you live in your home for as long as you have your NACA Mortgage" language from the workbook i got when attending the workshop in January. I have not seen any updated video that talks about this change and if that still makes it worth going through the program.... or any work arounds
@@charlottepickett6876 where you you get 5 years from? I keep seeing you must live there for the life of the mortgage
They said it during the Homebuyers session, but the written information says 3-years. So I'm going to guess it's 3-5 years
Its that possible to buy foreclosure through NACA ptogram ?
How do you get a hold of the host!
I'm trying to get started, me and my wife.... I need help though 😫
I'm sick of renting....
Really good video thank you
How long before can you refinance?
50K A YEAR CANT GET shit in GA SAVANNAH area
Bettmann/Bettmann
Getty Images
great video but a little dis hearting when you're a single mom trying to make ends meet while being present in your kids lives. Kind of leaves you having to work 24/7 to provide a home while expecting your kids to magically raise themselves with the values needed to be productive citizens.
It’s enough in my area
You didn’t bring up credit score
what if your rent is $4000 with no savings?
Then maybe you should get a cheaper apartment cus 4K seems like a luxury condo.
Wow great... 👌
If the interest rates drop from 7% to 2%, am I allowed to refinance? Why do I have to pay the 25k lien to refinance? I thought this was meant to help people
some of these are hard to get, i could refer a program i got easily.
@@NicholeNarkwhat program?
Yes, you can refinance. The 25k is if you want to refinance immediately. 20k after a year, 15k after 2, 10k after 3, 5k after 4, then no fee after 5years of living in the home as a primary resident. This is to ensure you stay and build relationships with the community you’re in.
The lien states this and you can’t rent the whole house out. You have to be there.
@@naya4607 Hey,i received my funding through LendingTree. They're great for various types of loans and even credit cards. If you want, i can refer you to the loan agent i worked with. Goodluck on your financial journey! 🌟💸
I wish they knew how unrealistic this is
They do.
$225K home and was paying $1250/month just went up to $1400/month and home is worth close to 300K 3 years later. Am I able to get a HELOC?
I thought mortgage didn’t go up and always stayed the same?
Naca is a great program and their startup price is low.
💎💎💎
Can poor white folk use this
Anyone can use it 😊
Yes lmaoo 🤣
Another con
You can only buy 1 home with them.
That’s what most people want a home to live in… greedy 🙄
Wow 70k is not enough 🥲