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Listing all posts with label 203k consultant Fairfield. Show all posts.
  1. ... Am I missing something? When we get an order we typically see it that day or the next day in case you wondered. But most of the time, like 85% of the time that is too fast, they aren't ready yet. All I can say is "place the order, when you are ready and we'll be there that day or the next day". 

    I wonder what they thought I would say? No, I'm too busy to take on any new jobs this week. That has never been the situation. In the hayday it was not uncommon to do up too four per day, two in the morning and two in the afternoon. 

    Last Friday a lender called to tell me they had an order coming in and they hoped to get it back by Tuesday... I asked where is it located, and was told they would have the borrower call me. Saturday, came and went, then Sunday, but other lenders called and we scheduled those inspections. Still no word from the Friday lender. Monday morning I see an order come over. Had I known the city it was in, I could have based the rest of my schedule on that knowledge but now I wasn't scheduled in that area and was booked out till Thursday. Turns out the borrower couldn't meet me there till next Saturday. 

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug

  2. The FHA 203k is for properties that require some amount of repair. I say some amount as there is no minimum however many lenders have created their minimum. This loan has two facets. Once is for smaller quick fixes that take about 30 days + - to complete and require NO structural repairs. this is called the "Limited 203k" and used to be known as the "Streamlined k".
    Limited 203k: Typically includes repairing broken windows, replacing roofing materials, painting, replacing floor coverings, updated kitchens and bathrooms. NO structural work and repairs must be no more than $35,000 including costs and fees. That means if your lender requires a 10% contingency and $800 in fees you are actually looking about $32,000 as your construction maximum amount. Some lenders require a 20% so you are down to $28,200 for your actual construction limit.
    Standard 203k: This loan has a much higher construction limit. We just did one with a construction budge of $544,000 + 10% contingency. In never fails when I speak at a Real Estate Association when I ask if anyone has ever had a 203k fall apart due to the loan amount for the construction part being too small. I get a bunch of hands come up... then I ask, was the construction about $40,000, and most of them say yes, how did you know?
    This is when I drop the bomb... it wasn't that the FHA 203k program limits were too small but the lender you went to didn't offer the "Standard 203k" and wasn't a team player. They were more interested in keeping the loan in play for them to hell with the buyers desire to buy this particular property. So they told the borrower to find another property. Had any of these deals been with a knowledgable Realtor they could have received their commission sooner, sold that property and not had to go back to the drawing board and seek another property for their client. Who was served by a lender who told them the construction budget was too high... only that lender, not the Realtor, not the Buyer Clent. Are you setting yourself up for a law suit by not knowing what programs might be the best for your client? That is the question you should be asking yourself.
    What could have happened and should have happened if the Realtor had been up to date on this program would have been to find another lender Like Prospect Mortgage who does both type loans. Prospect Mortgage is a full service 203k provider and can do either type loan. They also provide the Fannie Mae version of this product.
    Typical improvements: Structural modifications for updating your home, opening up the walls to create great rooms, etc. Enlarging the kitchen, room additions, garage conversions, adding detached or attached garages, septic system replacement, drilling a new well for drinking water. All these items are possible with the FHA 203k program.
    Unusual uses for the FHA 203k: Fire torn areas like the fires we had in Lake County Fire and the Butte/Amador Fire, as well as the SoCal fire damaged areas. The victims need to know about how this program can help them faster than any other government program. It is actually a sister program to the 203k called the FHA 203h. It is like a 203k on steroids. If you know anyone that was affected by one of these or any other national disaster we can easily get you back on track to getting your home rebuilt. Call is at 707.812.7668 if we can assist you or someone you may know.

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug


  3. Can I build a detached garage with the 203k program?

    Yes, and No
    Yes, you can if there is no other garage on the site. If you do have a garage on site, then the new garage may be considered a luxury item and thus not be allowed.
    If you have a home that just needs a garage to be complete, build one with the FHA 203k, no problem. If you have a two car garage and want to build a new detached garage too, No Can Do. You can build a detached garage if you want to providing there is no living area over or attached to that garage structure.  If there is to bre an in-law unit above the garage or in any way attached to that garage, the new garage must share a wall with the existing structure. In 1994 we were taught that we could attached with breezeway but that is no longer the case. The guideline is being interpreted and misinterpreted to meet the current regime. Why do I say misinterpreted? Simply because they still think "only 5 draw inspections can be financed into the loan" which other lenders interpret means no more than five draws are allowed. 
    That part of the guideline actually states "On a project of $10,000 no more than five draws are allowed". They all quote the last half of that sentence but clearly by any rational person's interpretation on a project of $250,000 in construction maybe there could be a few more.

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug

  4. Contractors typically are used to getting 10% down at the signing of their contract, and another 30% when materials are landed at the sight. That hasn't been the case with a Standard 203k where they must work soley on their own credit and cash to get started then get "reimbursed" for each phase to get their money back.
    The "Limited 203k" loans, per the guiedline always provided 50% of the project cost for materials  up front to the contractor unless you were dealing with a lender like Wells Fargo that only allowed 35% or Prospect Mortgage at 40%. Most other lenders still provide the full 50% per the guideline. Years ago I would see B of A, close the loan and in many cases it took them up to six weeks to provide the "50% up front money". These "limited 203k" project were quite often only going to take 30 days to six weeks to complete. They finally got with the program (years ago) and started providing the money from escrow at closing.

    The new rule as it is proposed for

    Standard 203(k) transactions, Mortgagees may disburse the following at closing:

    • permit fees (the permit must be obtained before work commences [to be reimbursed at closing]);
    • prepaid architectural or engineering fees;
    • prepaid Consultant fees; [reimbursed to the borrower] [This can be added to your escrow instructions to be used as part of their down payment or closing costs too]
    • materials costs for items, prepaid by the Borrower in cash or by the contractor, where a contract is established with the supplier and an order is placed with the manufacturer for delivery at a later date; and
    • up to 50 percent of materials costs for items, not yet paid for by the borrower or contractor, where a contract is established with the supplier and an order is placed with the manufacturer for delivery at a later date
    • For any Disbursements paid to the contractor, the Mortgagee must hold back 10 percent of the draw request in the Contingency Reserve.
    This is actually a big thing. This will allow us to get reimbursed for materials... materials at 50% of their cost at the close of escrow. By paying that directly to the supplier with proper 1099 form and invoice copy for materials they can get the money at close of escrow. This should speed things up considerably for getting the big ticket items deposits paid for up front at the closing. 
    While the permits and some of the other fees has been the case for yers the 50% of some of the materials costs paid at close is going to help allow more contractors the flexibility to do more 203k projects. Technically this goes into effect Sept 14th, 2015 but many lenders are going with it right now.

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug


  5. Can you repair a foundation with the FHA 203k program?

    Yes, of course. this home had a basement but no perimeter foundation



    The photo to the left is day one, our initial inspection. The home has no perimeter foundation but it does have a small basement. Note the front
    entry door right in the middle of the front of
    the home yet no walk from the street to the
    front porch. Everyone enters this home by going up the driveway and entering from the rear.

    The photo to the right is after the weigth was taken off the home to allow the foundation to be installed.





    This is the home after it was set back
    down on it's new foundation. The front
    entry door is no longer in the front
    the front porch has been removed and
    the handrail has been extended to close
    that opening. The new ownder created 
    this to match the existing handrail.




    The rear of the home as it was at the time of my inspection.



    The scene to the right shows the rear of the home with the little bump out that had a low ceiling now removed and a new rear covered porch installed all the way across the rear of the home and you can see the new foundation.

    Notice you can see under the home in the left photo.


    The result after the rear porch was complete and handrail installed. The home now has
    some character and is likely worth a whole lot more than the original home.

    Some of our clients just seem to have a knack for creating value with their improvements. In this case they did a wonderful job of restoring an old home and updating it. They took out some walls at the interior and reconfigured the home to make it so much more functional than the old farm house had been.

    Oh, you want to see what some of the interior looks like? Okay, here are a few interior scenes.
     












                                   
  6. What does a typical 203k project look like? Here are a few that we saw in the past year... 

     San Jose. Needed a new roof, heating system was well beyond it's useful life. Vegitation growing all over the home... clinging vines, dated kitchen and bathrooms. Seller ignored repairs for years thus a lower than typical sales price would be in order.

    Duplex northease of Davis. Lack of typical maintenace over a long period of time caused damage to wood members that might have been avoided with normal owner preventive mainteance. Seller should eat the loss here as this never should have gotten this bad.

    Typical 203k project 3SFR in Vallejo. This cute home just need some updating and weatherization.

    Typical 203k project 4SFR in SF had an illegal lower level unit. Someone convered the basement to a second living area but forgot to obtain permits and then failed to use common construction methods. Seller should carry the brunt of the cost in a lower sales price. 

    Pretty much anything is a typical FHA 203k renovation potenial property. If you are trying to sell a home with a bad roof or a marginal roof and it leaks just after the home is sold, you will likely get sued... not if you had suggested a 203k to replace that faulty roof as it would be a warrantee item. 

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality203k software for consultants to speed up the underwriting process..

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug


  7. New SFH Guidelines Overview for 203k consultants

    Overview Conference Call for Mortgagees and FHA-Approved 203(k) Consultants
    FHA will host the following conference call briefing session that will provide an overview of the published versions of
    Origination through Endorsement’s 203(k) program and 203(k) Consultant sections:
    · Date: April 9, 2015
    · Time: 2:00 PM - 3:00 PM (Eastern)
    · Title: SF Handbook 203(k) Product and Consultant Requirements

    This may be a very interesting conference call. If you need th phone number and access code please contact us or HUD

    ** This turned out to be a very "non productive" call. They have made significant changes that throw more on the shoulders of the consultant and taken it away from the lender... then didn't address the consultant fees which haven't been revisited in twenty years. Inflation alone typically doubles the cost of things each ten years... example: $100 fee would become $200 in ten years under normal inflation and then $400 in the next ten years after that. Therefore our fees should be $400 by natural inflationary demands. Most of us are at $250-300 which seems fair to all and has been working well. Any type of control of our fees would be considered "price fixing" and is already against the law of the land. We may have to start a class action suit to get everyone to wake up that the guideline is just that "a guideline" and not an absolute. 
    Mike Young, 203k Team Leader    Mike ready for your 203k order
    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.
    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.
    Got a 203k project giving you "fits" contact us at www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  8. For Standard 203(k) transactions, Mortgagees may disburse the following at closing:

    • permit fees (the permit must be obtained before work commences);
    • prepaid architectural or engineering fees;
    • prepaid Consultant fees; [reimbursed to the borrower]
    • materials costs for items, prepaid by the Borrower in cash or by the contractor, where a contract is established with the supplier and an order is placed with the manufacturer for delivery at a later date; and
    • up to 50 percent of materials costs for items, not yet paid for by the borrower or contractor, where a contract is established with the supplier and an order is placed with the manufacturer for delivery at a later date
    • For any Disbursements paid to the contractor, the Mortgagee must hold back 10 percent of the draw request in the Contingency Reserve.
    This is actually a pretty big thing. This will allow us to get reimbursed for materials... materials at 50% of their cost at the close of escrow. By paying that directly to the supplier with proper 1099 form and invoice copy for materials they can get the money at close of escrow. This should speed things up considerably for getting the big ticket items deposits paid for up front at the closing.
    Mike Young, 203k Team Leader    Mike ready for your 203k order
    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.
    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.
    Got a 203k project giving you "fits" contact us at www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  9. It may sound like a good idea. I get my hearing aids next week, then maybe but for now... please use our order form. The GFE is also on page 2 of the order form.

    What happens if I'm sitting at my desk? It is great but the names I had thrown at me today were so difficult to understand for a partially deaf man. I felt like a fool having to repeat what I thought I heard several times. 

    So I think I finally have it... did I have to pull myself away from the project I'm working on and become a receptionist. Sure enough. You might say "don't answer the phone then." Right, you know what happens to a home inspector when they call and you don't answer that phone. They call someone else. It is always best to place the order in writing, we have a handy order blank and it makes it so much easier and I don't have to listen to the form and say "what?" too many times. 

    I am also an inspector and see homes 3-4 days per week. The other day I was in the basement when they called an order in. Fun to say the least. It keeps my life interesting. I think I'll try to turn on the microphone on my phone and see if it will transcribe the information. what an idea. Go ahead and call those orders in. LOL
  10. Can you add my contractor to your list?


    Sure we can. In fact this week we added another four or five.. All of them went something like this - 

    I get a call and they ask to be on our list, I tell them to send me an email with all of their contact information and they all must hear something I didn't say as they ALL sent 

    Name

    Company name

    Phone number, and of course I do have their email address.

    Possibly a web address, I guess that is so I can look it up more easily. 

    And that is all. Yep, that is what they think all of their contact information consists of. Yet when I input it into a report the lender expects a "license number", full address, not a PO Box, email address, name, company name, etc. 

    I must be saying it incorrectly as they all did it. What is so hard about 

    Name

    Company name,

    Full physical address

    PO Box if you have one

    Phone number

    License number

    I hope they know  that we need this so we can mail checks, visit their site to see they are really there, email paperwork to them, call them if needed. Did I say all them have been in business from ten to twenty years and still can't get it right?

    If you want your contractor on any list, make as easy as possible by providing all of the necessary information at one time on one piece of paper. One of them sent a second email and failed to reply to that one so I had the first bit of info, I had to find that other email to get him into the system. Ya gotta love 'em.

  11. 203K Training Center Offer an Overview of How 203k Consultants Complete a Feasibility Analysis Process


    Throughout a 203k project, stakeholders must complete the required documentation to ensure that the project is completed according to the industry regulations. During the 203k consultation process, 203k consultants will complete a feasibility analysis, which will determine the scope of the repairs required on the property. This complex process serves a unique purpose for both homebuyers and sellers. The team at 203k Training Center provides a comprehensive overview of the analysis process.

    Feasibility Analysis Provides Buyers a Foundation for their Decision

    Buyers will need to know, before the repairs take place, whether the value of the repairs will help them to receive a return for their investment. Properties must meet the minimum living standards set by the HUD. This often requires properties to go through significant levels of repair and means buyers must closely review the required repairs and the price of the property to ensure value is achieved. Buyers can also use the feasibility analysis as a means for seeking out specialist contractors. Many 203k consultants also work with buyers as they pick out contractors for the work, this is because the 203k project experts have experience in this process and can help to mitigate problems with poor workmanship and rising costs as the project moves forward.

    Analysis Could Help Streamline Negotiations

    With complete clarity of the levels of repair required within a 203k project, home sellers might be more willing to negotiate a deal with the buyer, thereby minimizing delays in the transaction. The feasibility analysis will highlight the costs required and will compel the seller to consider whether they are willing to pay for the repairs or hand the property over to a buyer to complete the property upgrades.

    Sellers can Achieve True Value Through their Feasibility Analysis

    A 203k feasibility analysis report will help sellers discover the true value of their property. With the information on the repair work required at their disposal, they can then present buyers with the facts on the property and determine whether they themselves wish to pay for the repairs. If the repairs are completed through the seller, they will then have leverage when selling the property in future.

    Realtors can Promote Properties More Effectively with Tangible Data

    The facts concerning the property within the feasibility analysis will also be of great benefit to the realtor. Giving the full amount of information to buyers at the beginning of the purchase process will help to improve communications between the buyer and the seller, thereby making the realtor’s job far easier and ensuring a more efficient working process.

    It’s important to work with trusted and qualified 203k consultants for a comprehensive feasibility analysis. To learn more on the process and its benefits, visit http://www.203ksoftware.com/. Qualified experts are standing-by to respond to questions.
    Mike Young, 203k Team Leader    Mike ready for your 203k order
    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  12. If you have all the work you need already then maybe you don’t need to know about the FHA 203k loan program but there are allot of you out there that have been buying my eBook “Contractors and the 203k” indicating that many of you are becoming aware of this program. Why is that? Simply put “more business” than you can handle.

    When I take on a new contractor into our “203k Team” we ask one thing of them “Stop us before you get too much work from this program”. The last thing any of us want is for you to get a bad reputation for not being able to get these projects to completion in a timely manner and we have had some that don’t know when enough is enough until we start getting bad service. So… please just pull back a little when the time comes and then open the spigot again when it appears you are about 3-4 weeks from needing more work.

    There are two types of FHA 203k loans. I will describe the differences below and YOU need to know them and choose the right one for your circumstances:

    1) Full or Original 203k (started in 1961)

    This program uses a 203k Consultant to create a bid specification. That specification is sent to you, the contractor for your bid. It is typically a blind bid situation. In some cases the contractor has already put in a bid for the work they think will be required but in many cases they aren’t aware of the HUD Guidelines so they may miss a few things but overall this seems to cut down on the time it takes to close the loan so it isn’t all bad. If the borrower has several clients come out and bid the project prior to seeing us to create the “scope of work” it can be a mess. As much as the client tries to have them bid the same project if you don’t write it down each contractor will have their impression of what they thought you said and each bid will be slightly different and the client will not have a clear bid that they can use.

    I prefer to be the first one on the job to create the specification of repairs. I also will bid the job (never will do the work, just bid it) so the client has an expectation and we all know this project is still viable.

    There is no “up front money” for this program. The contractor must be well healed and have credit or money or both to get the project started. Since each draw must be no more than 30 days from the prior one the contractor should have enough money to carry his/her business, materials and labor for that period of time plus whatever they need to run the rest of their business. This program allows for interim draws and you can get partial payments for anything that is partially complete but only for completed work. Some lenders will follow the guideline and let you get money for cabinets and finished flooring up having it delivered and stored on site. Some lenders will advance 50% of the window and cabinet materials money only when they are custom sizes and the check may be made out directly to the cabinet maker or window manufacturer.

    This has been and can be a difficult situation for a small contractor or a contractor growing too fast. They need, heck, we all need “cash flow” which is the life blood of every business.

    2) Streamlined “k” (started in 2005)

    This program was intended to make the program easier to use for the majority of the lighter renovation projects. The significant thing with this one is that it cannot have any “structural” component. It is intended for smaller projects and though the maximum construction costs are limited to $35,000 per the Guideline in reality it is only $30,000-34,200. If you come up with Streamlined “k” loans where the work is $35,000 and your lender only does the Streamlined “k” you will be disappointed most of the time. The $35,000 must include the costs and fees associated with it. The $30,000 figure is due to the requirement of many lenders to maintain a 10% contingency reserved which takes a $30,000 right to $33,000 immediately.

    The big thing here is that there is “up front” money for the contractor of 35-50% of the construction cost. The project must be completed in no more than 60 days, and there is only one final draw at the completion. No other interim draws. 

    Mike Young, 203k Team Leader    Mike ready for your 203k order
    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  13. See you February 16th, in Sacramento, CA at 4-Points Sheraton near the airport off of I-5, 6:15 pm - 8:30 pm... You will learn "203k Secrets" and how you can use the 203k in your business. Our host will be Daniel Posehn of the Wells Fargo Renovation Team We look forward to seeing you there (if you have a ticket). If not then please go online and get a FREE ticket while they last. 

    See you February 23rd, in Concord, CA at Denny's Diner on Willow Pass Road at Diamond Avenue, 6:15 pm - 8:30 pm... You will learn "203k Secrets" and how you can use the 203k in your business. We look forward to seeing you there (if you have a ticket). If not then please go online and get a FREE ticket while they last.  Our host will be none other than Tim Floyd of Wells Fargo Home Mortgage

    FSBO sellers please bring your properties, we will couple you with a buyer and agent provided you will agree to pay the agent for  selling your home. 

    Learn how to get more than the appraised value for your sale or on the other side of the coin, how to bid higher than the other guy for a home and get the financing to warrant the higher price.

    What to look for in a property so you aren't going for the same thing that everyone else is. Find you diamonds as they lay among the weeds that everyone else is trampling. 

    Investors with properties to sell fixed up or needing work makes no difference we have the buyers.

    Buyers, if you are tired of bidding on homes only to be out bid time and time again, we'll show you some homes that you won't have an issue like that and if you want to bid higher than anyone else we'll show you how to get the home you want.

    Mike Young, 203k Team Leader    Mike ready for your 203k order
    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
    t_logo-a.png Facebook You Tube 203konline.com MY 203k Team bug

  14. Your 203k Consultant can make or break you. Typically you want someone who has done a few. They shouldn't be experimenting on you. Now that I've said that you don't always get what you want. If it isn't available or you have a new consultant who has just contacted you that "enthusiasm" can be worth a lot. If your new consultant has done their homework and taken the time to get some training you may be just fine.

    We have had people call from areas where there were no consultants on the HUD list but the need was there. They had a contractor in some cases or a home inspector in others that knew how to make the inspection, we took those qualified people land were able to train them in how to conduct the consultation and write the finished report in such a way that they appeared like seasoned pros with their first consultation. We are in the process of doing that again right now in a remote area of Northern CA. If you are a lender and have been copying the required HUD forms from the 203k handbook, filling them out by hand, and turning them in with your underwriting submission, you are wasting your time. Our trained consultants do all that for you. 

    Mike Young, 203k Team Leader    Mike ready for your 203k order
    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state. To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k project giving you "fits" contact us at www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process.
    Skype name: the203kconsultant
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  15. FHA loan limits have been increased dramatically and that includes the 203k. Some real estate professionals are missing the boat with mixed use buildings, warehouses in residential neighborhoods, and larger income units from 5-8 units... all of these are 203k potential. 

    Warehouse - turn it into "Live/Work" units up to 4. Yes the owner must live in one unit but many people would live in a "Live/Work" unit know lots of other people who might like that too and become tenants. The additional rental units add income to the borrower's other income. If they can qualifiy for a SFR then they will likely qualify for this.Used to be a brick wharehouse in Oakland CA

    Mixed Use - ignore the commercial and work with up to 4 residential units in the building. If you could steal a 3 story building with multiple units... make them flats with commercial on the bottom floor only... 

    Start looking through your MLS files for larger type buildings that might fit these scenarios. We are here to assist you wherever you are. There is a "little known" feature of this product that allows "non-residential land use to residential use" if the zoning will allow it.

    Mike Young, 203k Team Leader    Mike ready for your 203k order

    We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

    To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

    Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process...

    Skype name: the203kconsultant

    following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug


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