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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

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Comments

Comments

  1. Mike Young on March 15, 2009 at 6:02 PM said:
    Example: We had a client who found a warehouse in a residential/mixed use neighborhood with two roll up doors and built right up to the sidewalk. The client opted to turn it into two Live/Work units. Quite an interesting project but it turned out very nice. They decided to keep the roll up doors for security and just inside those doors they installed another 'front door entry' and with the doors up it appeared much more residential while when away it appeared like a warehouse. Large open work area with high ceilings, kitchens, bathrooms, and bedrooms were added in the mix. Oakland CA where live/work is a big deal. Live/work is ideal for artists or sculpture, anyone who has a need for an open space to perform their work.
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