Rants And Gems 41: What you NEED to know about NACA

[Music] all right so welcome back to another episodes of rants and gyms my name is matt garland and mls number eight seven zero zero but better known as mg the mortgage guy aka international mg and my name is kiana watson license number three one seven five seven six broker extraordinaire international hashtag with or without all of that hashtag hashtag bernie sage yo you're a nut i swear consistent consistently all right so we got a dope episode today all right we're going to talk a lot of y'all's always in the comments in the in the dms talking about naka naka nakanaka so we're going to give y'all a naca episode today we got two parts to this episode first part we're going to talk from a buyer's perspective someone who um house hacked with naca and has a nice portfolio and then the second part of this episode is we're going to talk from the real estate broker perspective and how to get your office accepted nationwide using a naka program so first things first is my guy andre aka renaissance125 on instagram this is my guy he represents the shot shout out to chicago in the building i love chicago chicago's a whole vibe hey it's just too damn cold yeah it is cold it's freezing right now it's the windy city it is for a damn reason it is windy out there but shout out to my guy dre introduce yourself to the people bro like you said andre haynes uh from chicago the south side the id wales projects um i've managed to attain over one and a half million dollars through the naca program uh by house hacking and uh dividing and conquering and that's why i'm here to talk about y'all today nice nice nice there we go so so real quick this is live so i'm going to say this on camera dre when it's red right there that's the camera when it's right on there that's your camera okay all right so that's live for the audience let me tell the people something y'all really want to take notes on this program because naca is the best program in the world for no money down and the lowest interest rate on buying a property so if you don't know what naca is that is what naca is it's going to give you the ability to purchase a home with no money out of pocket and a very low interest rate take notes and be prepared because this is the knack of man right here absolutely so let's start off with the first questions right when did you fall in love with real estate after my first neck of the deal talk about i i read about you know the power of real estate and you know everything you know i read richard that poor dad all of that stuff got my mind right but like when i actually like had the experience and i felt like the the freedom that i had i bought that first floor unit and i could just like walk into my job and like look at my bosses like who the hell y'all talking to like you know like that's when i knew like yeah you know what i mean yeah that's when i fell in love real estate because i knew it was like this was the the key to my freedom like this was like my out right here so what made you choose naca over all the other programs that's out there in the world today some excellent advice from a mentor of mine i reached out to her after saving probably like 10 12 grand and i had been working at a dead-end job probably for a long time like just way longer than i wanted to but i did good at the job and i was saving up my money you know what i mean i just got to a point where i was just tired of being broke you know what i mean and um i just started really saving my money educating myself reading books money mastered the game all of that kind of stuff and um like i said i saved a nice amount of bread so i reached out to a big sister a mentor of mine um i'm like yo i'm ready to buy a house and she was like man that's cool but you should consider getting you a multi-unit especially in your situation you know what i mean like you know how you like to live you know what i mean you're a young flash you do you know what i mean like you know what i'm saying like just like kick it and like just live a certain type of lifestyle and that'll be the best thing for you because what it doesn't do is lock you into having to pay an expense for the rest of your life but what it does is it gives you cash flow for the rest of your life and it also allows you to live for free so that way the money that you're working for whatever money that you are generating you get to keep it you know what i mean and build business with it go buy more real estate whatever it is that you want to do and that made all the sense in the world to me because it was just confirmation for when i had just read and rich dad poor dad and she was like look i'm gonna get you to play it's this program called naca no money down lowest interest rate in the world uh they pay for your attorney they pay for your uh agent cautious all of these different things i'm like out of here i'm like you lying so she like no i'm not um so i went to the program uh did everything that i needed to do as far as you know the registration process they got like this long gas intro meeting where you got to sit for like three or four hours just like to get the full play and understand like everything that's going on and i did everything that i needed to do and um from there i was like you know what i'm gonna do it and um i signed up they gave me my first meeting with my mortgage counselor and um that was probably like the the turning point for me because i had a really really cool mortgage counselor and it was all based on like sneakers he saw i came in first of all shout out to those kicks you know i'm gonna sneak ahead troy would appreciate those two cars cause jordan fours i think i like those sneakers yeah so yeah okay so for the people that are listening they're all black and they has like little jordans on it or something no it's like these little hands so the artist that jordan did a collaboration with his name is brian dolan he called he's from new york he's a street artist and i collect a lot of his art personally around my house too we'll get into that because i do peer space and um he did a collaboration with jordan i bought these shoes probably like three four years ago for like 200 bucks right now they probably work like 2200 that's the first time they ever talked about watch it watch yourself on the way out yeah but that but that me walking into the office i had on like a fresh pair of mics and he was like man i was trying to get those for my son i couldn't get him how you get them and you know we just started having a conversation and we vibed and um i was telling him what my goals were and he was like man i like you you know i mean i like what you're trying to do so i'm gonna give you the play look there's two dude don't use this program to get no one unit no two unit no three on it he's like go out there for you you're like the more units yeah if you get you a two unit you know what i mean it'll kind of like help you pay your more it'll help you with the mortgage payment you get you a three unit that's cool somebody move out you still gonna end up probably having to pay a little bit but if you get that four if somebody move out you still got two people you know i mean paying your mortgage down if you got two people moving out you still got somebody helping you to pay your mortgage down and it's rare that you're gonna have that many people moving out at the same time facts you know what i'm saying so he was like the more units you get that's the more cash flow that you're gonna have and that's the more freedom that you're gonna have and from there i just took his advice and um started doing everything that i needed to do to qualify for the program so when i first went through i wasn't quite ready i had um a card no he's like how much is a payment on your car note to just get it paid off from like three grand he was like dude you got that in your account go pay that off right now he's like pay it off in full bring the paperwork back and don't got a report he was like just bring the document that says that you paid it and we'll get that to the underwriter and they'll prove that as a paid off you know i mean debt um and uh maybe like some sprint phone bills a little stuff like that you know at the time like i was like really just trying to figure my life out and get everything like you know me in order and he was just like teaching me a lot of little stuff about just like credit and stuff like that like i said he was the coolest mortgage counselor you'll ever find and i did everything that he said to do and after a while i got my approval letter and i went out and started searching and um i got me a four unit property man a brick four unit in a very nice neighborhood you don't have to buy in a poor neighborhood you don't have to buy in a slum neighborhood it's like i've taken advantage of this program like i said when i say to the max to the max i got me a brick 4 unit in a really nice chicago chicago suburb amenities buses train lines um walmart shopping churches like expressway everything is 15 minutes from downtown 10 minutes from downtown chicago um how much you paid for the property 360 000. how long ago was this this was in 2015. 2015. so about seven years ago yeah yeah okay and right now the property probably worth like 510 on top of me paying it down so i probably got about 200 210 grand equity in it over that amount of time um but i bought the property it was fully occupied and it had one unit available which is like the perfect situation because i needed to move in a unit the unit that was available it was renovated ready to go and um i took advantage of the program by taking advantage of all of the benefits the the interest rate buy down um the the whole four unit thing the um i got uh sellers concessions at the time when you were able to get sellers concessions um and i used those sellers concessions to buy my interest rate down to two and a half percent uh which saved me a ton on the mortgage two and a half percent seven years ago was unheard of yeah yeah that's ridiculous yeah yeah that's why i never refinanced oh there's no reason hey you got something oh i'm like there's no reason to refine it so now that you got the property so you moved in what are you cash flowing every um monthly on this property so on this property uh initially the rents were low um and over seven years at this point i'm cash flowing probably um seventeen eighteen hundred dollars easy that's that's that's what a unit taking so seventeen hundred after all expenses are paid so you're living for free absolutely how much money let me rewind how much money when you close did you come out of pocket with nothing nothing i kept all of my money and i even walked away from the closing table with a five thousand dollar check so they give you money so you walk away with 5k in your pocket you made 200k equity so far in seven years and you're making 1700 net on a monthly basis and when i and when i first when i closed on the property the first day i closed at the end of the month so everybody paid their rent on time so i walked into three checks on top of the five grand on top of the money that i had saved up that's a big challenge big listen yeah big gym didn't i tell y'all to take notes that's a good thing about naca and we always hear about the naca program and at least that you listened to your counselor and you followed all the steps so could you tell people what were some of the biggest hurdles that you faced going through the naca program because so many people quit the same thing that they face um the rough communication um the the the lack of just like you know interest you know what i mean sometimes it seems like but i also had like people in the office like i just had like people who were drawn to me and i just built really good relationships in the office and the lady at the front desk she used to see me come in frustrated all the time and she's like come here baby let me talk to you she was like that's what you said she said listen this is what you got to do she said you have to stay on these people ass if you want to get your deal done you got to come to this office you got to knock on doors knock off the desk like whatever you need to do to let these people know you serious sometimes you got to do that because they're not going to take you serious otherwise and she was like another thing make sure all of your documents are always up to date so if you get paid every two weeks send them that document every time a bank statement come out don't fall behind on your documentation because a lot of times like you'll go in for your meeting and be like i sent you that already like you didn't send an up-to-date document like you didn't get paid full time since the last time i saw you and we just don't have this stuff so a lot of people get frustrated with the documentation and um just the communication but for me it just made all the sense in the world like i get all of this for nothing and all i got to deal with is a little bit just a little bit of you know what i'm saying just like push like push back like i'm cool with that because i knew the situation that i was gonna be in most people when they're buying their first property you know what i mean like they could barely buy furniture you know what i'm saying they're sleeping on the mattress on the floor sometimes like until they're able to feel it like man i was able to go put tvs on the wall i went about a jag like boy like i too i went crazy like like because i couldn't because i couldn't you know do a process you can't spend no money you can't do nothing so for me to walk away with all that bread and the freedom on top of me still working i'm like i'm gonna go get a jag i put money in the stock market like i just started going crazy because i had the information it's just like all right now i got the money now i know what to do with it and that could set me up to be able to like do everything that i'm doing now since that first deal i didn't obtain another property that's worth a million dollars i didn't build the brand a clothing brand i didn't i become an author i travel i do public speaking um just podcasts constantly like just and naca set me up to do all of that and i haven't worked in six years like yeah i was able to step away from my job and just like really like start living on my own terms thanks to neck damn that's powerful that's powerful so now i can help you buy your freedom man i ain't even have to buy they gave it to me you see like i ain't spending no money they gave it to me right here you just all you had to do was follow the instructions how long did it take you to go through from the beginning to the end of your process so my first nacca meeting like when i went to that four-hour meeting it was probably in like um october and i closed in may yeah but i also have some things that i need to do on my end as far as like you know finances paperwork all that stuff that i need to get in order too so a lot of times when people hear this program they just hear this like too good to be true programming they go running towards like oh man my credit could be me like no your credit can't be messed up and all that like you it's the same process that you go through with any other home buying program as far as paperwork and everything else they're just more so concerned about your debt to income ratio than your credit score you know what i mean but you can't have any negatives or none of that type of stuff on your credit you know what i mean it's still the same thing but it's just like they're not as uh strict as far as like their credit and stuff like that their credit rules and stuff like that so you have this for family you have your freedom are you um having long-term tenants or are you doing it in these little hacks where you're doing like airbnb so pair space things of that nature so i have started doing um peer space and airbnb because i mean this is what happened so after i got the first property i used to take my ex-girlfriend with me at the time um with me to all of my meetings and stuff like that and again i had a cool mortgage counselor he's like listen that's the play yeah bring her back after you get your deal and y'all get another one divide and conquer yeah he was like bring her back and y'all get another one so we did that three years later and with this one i know the program you know what i mean i know chicago i know all the rules you can get up to a four unit that's worth up to 900 000 you know all these different things that the average person don't know and with me knowing how they qualify you based on the rents that the property is already generating i'm like i can go big at this point like as long as the rents can cover whatever the mortgage is or at least like a big bulk of that and i can cover whatever my payment gonna be like i can start looking on the north side so i'm looking like in chicago lincoln park bucktown west town ukrainian village these are all like the million dollar properties you know what i mean so we took her up north and um we got a property a four unit that's really two properties and one it's a three unit building on the front of the lot and i y'all call them adus out here yeah we call them coach houses in chicago so it's a coach house but this ain't no regular coach house okay it's big big rooftop see the city skyline um floating stairs crawford ceilings the dude who developed it he was like he's a developer and he owned it and he lived in it right so um we went over there talking to him or whatever and um he wanted to do a deal with us because everybody else who was coming through they were like lowballing him because he was a older puerto rican guy he ain't like i said he ain't look like no rich guy now you know what i mean but he was developing he knew his area because he grew up in an area it was a gentrifying neighborhood called humble park and now like i say they building like i said million dollar properties over there and um he's like man i'm just glad a young brown couple came in so i'm willing to give y'all whatever y'all need he gave us 40 grand we had to come up with four with 70 000 but it wasn't to for a down payment it was about an interest rate down on this one we got the interest rate down to 0.8 what [Applause] [Laughter] 2019 okay so in 2019 wow that is an amazing that's an amazing interest rate you guys okay 0.8 and um and the rents in the area i'm talking like you getting 1600 for a one bedroom do you mind telling us what that building is cash flowing right now listen right now it ain't cash flow or nothing and i and i try to keep it real because i just got hit with like a 33 000 employment issue so that took all the cash flow away but it's all good though because i it comes with the territory you know what i mean and um luckily and like thank god like just we were in position to hide the bread you know what i'm saying like and to be able to take care of it like i ain't stressed about it i ain't messed up about it of course it you know left one of them little feelings in my stomach like damn thirty thousand dollars like yeah that's another property essentially that i can go get um but i did what i had to do because my garden unit kept flooding you know what i mean so we had to get that taken care of but um outside of that that property was cash flowing probably man at least easy two grand with us living in the big giant house like and with that i do pure space and i do airbnb for my other joint too so peer space has been busting off the chain for the house when i say off the chain every young rap artist in chicago want to come to my house and sit on my stairs and rap about selling drugs and shooting [Laughter] but let's try to keep pg-13 i'm sorry y'all but it's the truth and it's cool because what it does man it allows me to interact with these young dudes who were like me at one point and i get to get in the game because they'd be like you own this like yeah that's me bro and they're like you look like us you talk like you dress like us you won't hear smoking weed like us like yeah and it's all me like you can do the same thing they like how yeah you know what i'm saying that's and that gives me like a a bridge and a connection to a younger group of individuals who may not even have access to somebody to share this information with them and i feel like god put that just that you know i mean that peer space and just that in my life for me to be able to interact with these young men because that's all that come to my spot that's an amazing story and we always say that it's incredible like we i read this meme a while ago it was like as uh especially as black people most of the time we're taught to look like dress like talk like certain people but when you go to different like in other cultures it's like they look like talk like dress like themselves because they were taught to be owners but we were a lot of time raised to be employees and to be workers so we think professionalism has to look a certain way we think that ownership has to look a certain way and we have to shift our mindset from that because this one right here he gonna dress like walt like talk like what he wants but they're gonna pay him to take pictures in his property right so when you own you can own yourself and the crazy thing is like even even saying that the with the first property um i had all older tenants man they were like they were looking at me like he buying the property and like i would go over that dress like this you know collecting the rent tracks like doing my walk through like when i'm doing the inspection for the property they like y'all lying he how old are you 22 like no i'm not that young but i'm i'm out here and i'm handling my business so have some respect for me and i'm gonna have some respect for y'all we're not gonna do relax disrespecting we're not gonna you know what i'm saying treat me like i'm no young gang banger none of that because i'm actually really smart and i'm intellectual and we're not just we just gonna have respect for each other i'm gonna take care of your property and you're gonna take care of me when it's time to pay like and we've established a level of respect man and i've never had a bad tenant in seven years not one time everybody pay their rent on time so i want to talk about this 33 000 bill yeah right because oftentimes everybody wants to buy a house and have no money and i'm big on don't be house virgin cash poor yeah i spend that to the top of my lungs even if you're doing a program like naca you should still have some money because anything can happen when you own real estate what the hell cost 33 thousand dollars so to get like like i'm confused plumbing so tell us so with plumbing you know plumbing is inside the walls and under the ground and the only way you can get to it if you digging stuff up and tearing up the concrete and all that and they don't do that with their hands they got to get big machines excavators and all that and they don't pay for that that come out of your pocket so that you're paying just to get to the pipe yeah a lot of money you know what i'm saying when they get in their machines and then once they get to the pipe i i have so much more respect for just plumbers in general man they down there working in poop water boy like they like it's real poop floating in the water like listen so so i have a i have a series on youtube called the landlord life and i document all of this i got three seasons where i started like at the beginning of the pandemic i'm like you know what i'm gonna show people what being a landlord is really like all of this glitz and glam on the internet that ain't it y'all captain like because i deal with issues every day i'm fixing toilets unclogging uh sinks like you know what i mean and a lot of the stuff i had to learn to do on my own and some stuff i can't do on my own and i pay for it but like these guys man they dig in up the ground 10 feet down to the ground they got to get to the pipe they got to cut the pipe you just i mean like and then like in order for them not to mess up the apartment they had to dig from the outside to the inside so i had to dig a tunnel like it's a lot and like in and when i'm looking at i'm like okay at first i was upset and i was frustrated like i see why this costs 33 000 because it's a lot of work and i i wouldn't know what to do the first thing to do like and not not only that but that was 16 000 and the other 17 000 came from i had to put a flood prevention system in after i got the pipes to keep the unit from ever flooding again because i'm in a flood zone so essentially i had to put an entire brand new sewer system right in front of my house you know they have sewer systems for the street in the city but i had to build one for my apartment building so that the garden unit couldn't flood in chicago we got basement unit apartments and um if you're close to the lake when it rained a lot the city gonna shut the lines down so they you know i mean systems and stuff don't flood in the tents you know i mean the residents gonna have to take some of that and if you don't got a fluid prevention system you just gotta eat that if you got a basement wow yeah yeah and i wanted you to break that down because again you can't be house rich in cash pool yeah if you was house rich and no cash you couldn't be cooked and that can cause more issues so it would have caused it would have caused one loss of a tenant because that apartment is generating you know fifteen hundred dollars a month in addition to that it would have caused mold you know i'm saying constantly water coming in the apartment um in addition to that it would cause damage to the baseboards to cabinets just like you know all those different things so it would have really really ran up if i didn't get it fixed on top of me having to fix the apartment i would have still had to do the plumbing job if i didn't get it done so like it would have probably ran up to 50 60 grand if i hadn't done it when i did it at the time and the crazy thing is i had i tried to patch it up for a year and a half i was you know listen i was trying to put band-aids on that thing like constantly you know what i mean but it just didn't work out for me and um i just had to eat it but at the end of the day what i know and i understand real estate when you do a job like that something like that it adds value to your property plumbing electricity roof work stuff like that it adds value and i added something that my property didn't have which is a flood control system so that adds crazy value in a city like chicago so real quick before we wrap up this segment i want you to give three quick tips to self-manage your property for the new naca home buyers buying the multifamily man first and foremost separate your money from your business money like that's the first thing um because the money not yours um you're gonna make your money for real for real after probably the first like five years because that the first few years you know you're gonna be fixing up little stuff like and and doing stuff that because typically when you're buying one of these properties you're not buying the best property on the market again this is a rental property you know what i mean so your first five years you're gonna be fixing up little stuff and doing stuff like that but you need to save your bread because issues are gonna come you're gonna have roof issues you're gonna have plumbing issues like these houses are like cars they're gonna break down you know what i mean so you gotta be prepared for those um second uh yeah just just be respectful to the people that are living in your property you know what i mean if you want them to respect you you gotta have respect for them as well when they call you about issues it's not their fault a lot of times you're probably just doing what properties do you know what i mean it's breaking down and and lastly um the third thing would be man about right you know what i'm saying like by right and in the property a lot of times will manage itself because the numbers and everything don't fall the way that they're supposed to fall and it'll make it easy for you to save your money you don't mean put money to the side take care of your expenses live life how you want to live your life and um yeah those are the three main things man i like that yeah man lots of gems give it up to our brother andre look we're gonna come back part two of this episode super dynamic like kiana said earlier get your notepads out because a lot more information is coming i know we need to wrap up but he didn't give his rent and he didn't give his genitals one thing about andre this is my people every time you come in atlanta he just has such good energy i just love his spirit so you got to give us a rant about your industry which you already do for real on instagram and on his youtube channel and a gym about just being in your industry um a rant would be man like stop letting the internet like trick you and fool you um focus on doing one thing at a time i know it look cool everybody out here doing crypto you got people doing stock options you got people doing real estate you got people with the trucking business all that's cool and you can do all of that but focus on one thing at a time because what the internet will have you out here it will have you on spread so thin you're trying to do so many different things and you got you got five thousand dollars you know what you said like like you can't you can't do you can't go buy a house start a trucking business and the clothing line with diabetes like it just ain't gonna work out that way you know what i'm saying you're gonna have a thousand over here two over here two over here and then when something come up like you stuck like you know what i'm saying so man like focus on one thing at a time you know what i mean for me the first thing for me was the real estate that established my foundation it gave me the freedom it gave me the the ability to save my money to now i can go and reinvest in other things um and and a gym would be man just man stay down until you come up like don't don't don't quit so fast don't be so and i learned that from dealing with naca like everything's not gonna always go your way don't be so entitled people don't owe you nothing out here people don't owe you nothing focus on doing what you're supposed to do and god will put everything in your life at the right time and in the right place i promise you that [Applause] look big gems tell them how to find you jake um i'm at renaissance 125 across all social media platforms um instagram twitter youtube my website www.therenaissancy.com i just put out a book called renaissance's five-step guide on getting your together um if you're interested i got a few copies uh in my book bag you can grab that and also my youtube channel i got a lot of dope stuff like i say my series the landlord life um and just just i'm just working man i'm not working i got merch you know click the link in my bio so yeah man i could have got a hat today i really wanted i got you next time i come here man i promise you say less so look after this commercial break we're going to bring on the naca queen hustle my girl nadero so stay tuned hey you guys we are coming to you live from london and we were wondering why why aren't they a part of our community look if you're not part of the ransom gyms gym dropping community you're doing yourself a tremendous disservice we got live events behind the scenes live q and a's with our guests you need to be a part of the community you got to be a part of this community so you can ask questions to all of our guests so you can interact with us vibe with us get exclusive behind the scenes footage i mean we're going to have everything you need in our community so y'all stop asking questions on instagram and join our community so you can get the real answers exactly so link is in the bio join the ransom gym certified gym dropper community today get behind the scenes action live q and a's free access to all of our live pop-ups and the ransom gems live experience talk so don't wait don't hesitate link in the bio join today see you soon jim droppers peace all right man we are back from commercial break and let me tell you y'all should be in these live experiences man because we have a whole blast yo if i look like i'm crying and tearing because we just been laughing [Laughter] but let's get back to the show so part two we had to bring in my girl ladera we actually went to junior high school together what me and her go back like a hairline like a headline right and um so yeah we're gonna bring on my girl nadera the queen how are you nadero i'm good you got those you caught the people with you today huh i bought the people i'm good how are you queens get the who are you introduce yourself for the people my name is nadira taylor i'm the principal broker of diamond mom real estate aka the knocker queen we have offices here in new york georgia and we're coming to california and jersey and my goal is soldier queens get the money all day and my goal is to help people purchase homes through affordability programs love it love it love it so first question is when did you fall in love with real estate i fell in love with real estate years ago as a necessity my story teenage mother my first job 2000 and it was for a major real estate firm and i've held titles in corporation as executive property manager director of compliance so my love for real estate goes way back and i learned a game from the inside out and i figured as i'm learning the game i could just stop because once you get that loophole i'm like hey i don't have to be a sales agent i can become a broker because i'm managing properties and all that money adds up i found the loophole became a broker and here i am today love it love it love it i love the fact that you you said that you're a teenage mom right teenage mom and it didn't stop you you just got hungry and you just kept on going so salute to you for that one i love that so let's talk naka all right all right you are the queen first of all how many of these naka deals have you closed in your career honestly we started six years ago i would say about 300 all majority here in new york majority in new york we we're actually on our first naca deal in georgia but all in new york wow so it can happen it could definitely happen and you purchased your first home with naka yes i did 11 years ago see how much you pay for the house shoe 11 years ago yeah 265 how much is worth today 8.25 queens get the money yes i love it i love it hold on you had a question my bad i'm getting hyped right now i see how you get hyped take the mic the wrong punch i know that you are like you you've so close so many loans and there's so many realtors and brokers and real estate professionals they just really want to understand how they can better represent their clients so you know just talking from experience can you give them a few simple steps about how they can better assist their clients through the neca program i'll be honest with you i think that you have to go through the naka program in some form or fashion for you to even understand so when people complain about the naka program is hard i quit the knocker program twice you know and because that's how hard it was and i felt like they were asking for a lot of information and you know we know how it is with not-for-profits you get what i'm saying and we're like you just went too much just give me the money and like a lot of people though i thought that naca was a um a magic program and me myself personally i wasn't ready and as i'm helping more people now i see where my mistake was so it's easier for me to help people get um accepted because one i understand that pain when they're going through the process two i understand what it is when they feel that because they went through this rigorous program that they feel they deserve this million dollar house however your assets and the amount that you were approved for and whatever information you provided while you went through the program doesn't afford you that million dollar house that they want so i understand the ins and outs to explain to them like okay fine you know you did this however looking at the market and looking at what you are approved for this is what you can afford so i think that the agents who are most successful are the ones that actually went through the program [Music] but what if they came like what if you can't like you know you got to keep in mind and i know how naca works it's such a it is a rigorous um process and it takes a lot of you just motivating your clients just to continue on with the process that's before you even get to the home shopping part which is a whole nother b of buying property so when you're like okay what could what can agents tell their clients to get prepared for the naca program one you have to have funds so i think that when everyone say that there's no money down that's absolutely true naca pays your closing course noca pays your attorney fees and also your appraisal fees however we're living in a world now where you need to have some type of money so even if you're following us on instagram you see people holding a check they received the refund back however you needed to give them something you get what i'm saying so a lot of people come into this program without any savings now you need to have the money you'll get it back but you need to be able to tell the owner i have something to show you that i have skin in the game and i think that's where a lot of agents who haven't gone through the program where they get confused because they just had no money down so yes like anyone else they want to help this person you know get this home right but you need to have some type of skin in the game and as an agent once you understand that then i think that you will be a lot more successful but you have to have money number one have some money what about number two what's something else they can tell their clients to prepare for number two they can tell their clients like the brother said earlier is you need to be okay with your mlo your mortgage loan officer so even if you have an agent that does not understand naca we all know even if it's not naca you know as an agent you need to be okay with the loan officer you need to be able to pick up the phone and either make a phone call or if it's a program where you aren't able to speak with the loan officer directly you need to be able to tell your client what they should ask and it's just certain fundamentals when it comes to real estate that you can do to tell your client like hey listen okay well when are you getting your commitment ask them this when i is your commitment condition free well what are your conditions because even though i don't understand the program i know real estate right so let me know what your conditions are so i can help you with that on this end we got two all right so what's the third thing you would tell an agent to to do to help their clients attach themselves to either a brokerage or another agent who understands naca so if you continue to run into a brick wall then there must be something that's missing whether it's in your town or it's in your state so if you're doing naca let's say in new york you become the diamond mine but if not if you're doing naca somewhere else i'm not the only one that does not go who in that state is familiar with naca maybe i should join their brokerage firm or maybe i should attach myself to this person so that this way i can learn it great information great [Applause] got a information so um [Applause] as a buyer let's talk to the person who's never heard of naca before right let's break down the qualification like what's the minimum credit score you know what what's the because i know it's a savings pattern let's let's break down like the the abc's of naca of how to get approved for knack and loan and 2022 okay so to be approved through naca in 2022 like i said you already need to have money however naca goes according there's two things that they don't play with one of those are your rent pattern you must pay your rent on time so if you were on time with your rent all year and it's time for you to go to your qualification in march and you miss january guess what your years just started again in february wow they that's one thing that they don't play with they also don't play with savings you need to have some type of savings so in new york what's ideal for a single family is twenty six hundred a month but if your rent is only fifteen hundred then that means that you are now saving eleven hundred dollars a month you cannot stop or skip a savings once you establish whatever your savings pattern is whether it's fifty dollars or a thousand you need to do that until the closing table so with the rent let's just say i live with mom and dad i live at home i live in the basement because this is new york right most people can't afford to go get a 26 3 000 apartment they're living at home right so are you do they have to pay mom and dad right they don't live at home and not pay any rent and still get approved well you don't necessarily have to pay your mom and dad so if you were lucky enough to have one of those mom and dads that don't charge you because you know how it was growing up you're going to pay exactly so if you were lucky enough then you need to now that is now your savings so again even though you live with mom and dad rent free you don't want them to know how much money you make you're still saving that twenty six hundred dollars a month so that this way you can show it to naca however instead of a year they want eight months eight months eight months now as far as the savings pattern like you said so if you want to get a mortgage that's gonna say cost you four thousand dollars a month you have to show that you are saving 4 000 a month correct every single month for at least 12 months correct it's either rent plus savings that equals 4 000 or just savings okay now what if you don't have that then you will not be approved for four thousand dollars a month and then this is where diamond my real estate start coaching you and say you know what okay i understand you like that house with those taxes but you're more in this area over here we're gonna we're gonna find some nice ones over here don't worry about it that's the next house go for that one yeah because you ain't saving enough yeah we're a little bit over here so but the key i think you said is don't break the savings pattern though because sometimes people go through these programs and then they say oh i got pre-approved then they go find find a house it may take them three four months but in that three-four month time after they got approved they stopped saving right and i've seen that happen as well so we've helped people with they were approved three four months ago they didn't upload anything they didn't do anything they didn't bought a car they did anything everything that they were told not to do they did it and and when we put them in contract i've seen the bank the bank walk away it's like okay well you no longer qualify for this amount that we gave you um so you gave us three so all right before i go on what's the minimum credit score 620 620 what if i got a 6 15. then you're waiting a little while okay we'll work with you to boost that up a little bit i was about to say some i love her conflict resolution we're just going to wait a little while you're just going to have now when we heard from dre earlier he purchased multi-families with naca now the loan limits i've been having haven't changed no right so naca so explain like the the the loan limits for naca so naca is still using 2019 conforming loan limits wow so in new york for a single family home they're 726. however in georgia because georgia isn't considered high course yet they have 484 i know now it's a shame for two family here they're at 9 30 for three family one point one two four i know i do this all day for four family we're at 1.397 that doesn't get you much in new york it doesn't but that's why you need to have an agent that's not just seasoned and naca but you also need to have like a real estate agent so when you get people that say you know what i can't get your house because i don't know naca often times it's also because they don't know real estate [Applause] they don't know real estate keep going queen i like this spice so there's jordan you see but um it's like you need to you need to understand real estate there are houses for under 726 and everyone knows that okay so in suffolk county you could get a house that's 450 000 but in nassau county that same house might be the 726. so you need to be able to know your areas and no matter which state you're at how are we getting our loans our offers accepted with a knack alone because these agents don't want to hand no knocker they don't even want to have fha so you know we're looking at one right now too oh i am not here it is difficult to compete because you guys have different contingencies that are not required with other loan programs including naca in the state of georgia you got to have a 10 day minimum yes due diligence period in our state we are a our state protects the buyer so what that does is it says hey buyer you can terminate for any reason if you woke up and say oh i didn't like the way my hair laid today i want to terminate this contract give my money back you can get your money back and that is crazy to say georgia you can't do that let's say you're competing against multiple offers you need 10 days to see if you want to change your mind and this person only said only one day well the 10 day person is going to lose so i want to know how you're getting around it because we do have we're in the middle of a housing crisis especially an affordable housing crisis and it's a shortage so i would love for not just agents but other people to know what can they do to win deals because you guys deserve to use these programs the market is just the market is that's something it's done we need three tips give us three tips to get out right so i'm gonna i'm gonna give it three quick tips because i can't give all my secrets remember i have 17 agents you paid pay a split [Applause] here's one important one right so i already said you need to have money in order for you to do naca right i'm like a real new yorker talking in my hands give it to me give it give please give me something so if you have 50 60 000 right and your house is 500 000 that you're trying to purchase 50 000 of it is 10 percent so you are no longer putting down three and a half percent now you're putting down 10 percent you won't get that money back anyway let it ride put everything on it max out you got 100 000 this looks better than the person even with fha that's not doing naca with the bank that's preferred from the listing agent you know 10 percent down 15 down looks so much better than three and a half percent down and that's what a lot of people are missing like they have the money they're going to get it back knox is 100 financing one last thing that i can will say is that naca doesn't always have to be 100 financing we're listening put the three and a half percent on the principal if you got it yeah you got it there you go and that's it that's all i got because i have agents that first of all she has agents that pay her a fee and a split for the information but this was some valuable information if you were agent i hope you took notes and you paid attention because at least these two tips will help you better represent your clients and get your offers accepted in this very competitive market but you also are looking out for the best interest of your clients by allowing them to use a program because that interest rate is unbeatable it is unbeatable the interest rate is double so what's what's the interest rate for naca right now as of right now see now there's two hold on disclaimer yes disclaimer this is for today today on today only today is what day is this weekend right what's the day somebody tell me today what's today today is march 5th people when we filming this you might see this in april 5th all right so you check with your loan officer for those rates of that day but as of today as of today as of today is three percent of four percent and the reason why this rate of three percent or four percent or four explain this to us okay so now with naca you you're either a non-priority member or you are a priority member what's the difference so we're going to use new york numbers and of course so use georgia numbers so the track median income percentage for new york is 85 000. for georgia is 82 000. so if you make 85 000 or 82 000 or less you are considered to be a non-priority member that's even if it's a dollar under you are a priority member starting off at the lower interest rate however if you make a dollar more you are now starting off at the higher interest rate however if you're purchasing in an area that is considered to be low to moderate income you are now a a priority member it doesn't matter if you make 300 thousand or four hundred thousand if you're purchasing somewhere that's considered to be you know low cost then you are now considered to be a priority member you start off with the lower interest rate okay y'all understood that yeah okay okay so you start off at that three percent mm-hmm then you can buy it down then you could buy your interest rate then what can you buy down to right now today as of march 5th as of march 5th you got to say that because people are nuts they're like i heard you and ran to james you said the rate was this and it may come out and it may be two percent higher so you gotta like you know let the people know so if you are a non-priority member you can only buy down five points which is only five points only five points but that's still a lot that's a lot of damn points which is 1.25 that you can buy now it comes off if you are a priority member you can buy seven points which what is that 1.75 damn so you can still and you can get a sales concession to pay that right so they only cap what you bring to the table they don't cap what the seller brings to you so if the seller gives you more money you can buy down even more so even if you're capped at the five or the seven points and a seller decides to give you more money take the money rock out all right so as a buyer i'm working with diamond mine realty and one of your 17 wonderful agents yes right how do we go through this process without being stressed the out because knock-up is the gift and the curse let's just keep it up let's just keep it real that's the fact well we'll keep the gift of the curse we'll keep it real but what we'll do at diamond mine real estate is that we'll coach you through the whole program so we have two types of buyers we have the ones that we register you get one-on-one zooms with us that means that we're coaching you from start to finish and we have a high successful rate where if you start with us then you automatically it's like because we gave you all the tips of the trade you're automatically qualified on your first visit with your mlo now if you already have a naca id i do monthly zooms and at that time people come in they ask all their questions and i help them get qualified at that point but we're getting commitments for naca in less than 21 21 days we're closing in 30. so you can close the knock along the third day that sounds like cap but it sounds like it sounds like no she's connected what she's got you know she's well connected i know what the comments are gonna say well it took me eight years to close on naca right but you are the queen yes so your buyers are closing in 30 days our buyers are closing in 30 days we're to the point now where the sellers need more time because a lot of people accept programs because they feel that they have more time to do whatever it is that they want to do and we're like well when we close and when we close and when we're close we're some people i love it i love it i love it all right um we'll be on time we got it okay okay we gotta go so we gotta go we're gonna end this you gotta give us one more because you gave a lot of gems oh yeah so we need another rant okay another another gym for our audience and we don't need the gyms you give your 17 agents that pay you a split [Laughter] um the only rant that i would have is one you just have to do your you have to do your due diligence you have to keep up with your paperwork and this is just to the buyers from a real estate perspective we have a lot of naca buyers i don't understand why listing agents feel that we have to come to the open houses in order to get an accepted offer that's that's my rent in real estate if you're there anyway why you just can't show the house like here's our business card we're going to make sure that you close jesus the bottom line is that we're going to help you sell this house so that's that's my brand in real estate i hope somebody can can answer that and listen we had a whole thing about that in georgia we had to make sure that it's also on the listing agreement with the listing agent and also the seller because what seller is going to agree to an agent saying i'm listing your house and when i host the open house to sell your house if five people so happen to come without an agent the agent that got them ready to buy the house we're not gonna pay them because they didn't have an agent actually escort them what kind of greedy selfish messy stuff is that we don't like that that's not how you're supposed to sell a house because in that case when you flip your hat you're representing the seller's best interest and you should want to get that house sold by any means necessary whether the agent came or not you was there giving out cookies and brochures anyway toward the house and then call their agent and that's how we all win and we forget that as agents one thing about buying and i've you know i've sold quite a few houses um one thing about real estate is this you may work with the client once maybe twice but and if i was in this market i could see myself doing deals with her consistently you need to have those good relationships in the industry so you can win offers win deals and keep those relationships going they're great agreed great all right what's your job she gave the gym that was the round no the gym was the right the paperwork oh yeah thank you we're good rants and gems and all this okay i like it i like it all right so y'all learned something all right cool [Applause] tell the people how to find you and one of your 17 asians you can find us on instagram and facebook diamondmine r-e-d-i-a-m-o-n-d-m-i-n-e-r-e and we're also on youtube giving two minute videos to help you along the whole process and that's that diamond mom real estate and on diamond my re all the agents are listed i always always showcase the agents i love it i love it i love it give it up for the deal with it [Applause] yo you should be here all right audience you should be at the live experience my name is matt garland mmls number five eight seven zero zero better known as international mg and my name is kiana watson license number three one seven five seven six broker extraordinaire international baby and thank you guys for tuning in to another episode of the rants and gems show peace [Applause]

Channel: Earn Your Leisure

Views: 102,961

Keywords: earn your leisure, business, finance, naca, naca loans, naca loans 2022, naca loan requirements, what you need to know about naca, naca eligibility, naca requirements 2022, real estate, real estate loans, naca loan reviews, naca loan program, naca loan pros and cons, naca 2022, naca program, all about naca, naca eligible homes, naca income requirements, naca income, naca loan vs fha, naca loan multifamily, mgthemortgage guy, mg the mortgage guy naca, jeb smith

Id: bgTgQGFFd6A

Length: 53min 50sec (3230 seconds)

Published: Wed Mar 30 2022