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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.

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.

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

With offices coast to coast and HQ now at 1351 Oliver Road, Fairfield, CA 94534 - 704-451-1599

www.203kOnLine.com

www.my203kconsultant.com

 

Posted by Administrator on March 15, 2009 at 10:59 AM under
203k consultant Fairfield, 203k consultant Vallejo CA
• 1 comment
Comments

Comments

  1. Mike Young on March 15, 2009 at 5:02 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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