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richmond: What does your client get for that “203k consultation fee?" - Hercules, CA - 02/19/12 08:12 AM
 How is a Home Inspection different from a “203k compliance inspection”?
A home inspection is a wonderful tool that every home buyer should use when purchasing a home. It puts the client at ease in many cases. Most people don’t buy a house every day and many only buy one their entire life. I had an Aunt and Uncle that got married on the ship one the way to America around the turn of the century, settled in Richmond CA and never moved from that spot. There is a lot to be said about that but that is another story.
 Let’s … (0 comments)

richmond: What is the biggest problem with a Streamlined 203k? - 11/18/11 06:22 PM
The biggest problem is getting a contractor out to bid the job in a timely manner. 
In 2005 the FHA came out with the Streamlined k loan program. Light work, but included roofing, updating of bathrooms and kitchen, flooring, paint, etc, just no structural issues. It took off like a lightning bolt. Now, six years later there is allot of talk about lowering the construction amount to $10,000 (nothing formal as yet). This is being considered as too many of the Streamlined k loans are going south.
It sounds easy, just get a couple contractor bids and close the loan... lol. … (2 comments)

richmond: Unique foundations from Marin, Berkeley, to Vallejo - 01/10/11 10:38 AM
 
1) We had an FHA 203k project at “Black Point” that was right on the water. The tide came up under the home each high tide and receded at low tide. There was a “grade beam” foundation that consisted of three grade beams that allowed the water to flow freely up under the homes and drain fully when it receded. This is typical of foundations in the area.  You must allow the water to remove itself rather than install a perimeter foundation that would hold water and create mosquito habitat as an example. Of course, you probably have already guessed it, … (0 comments)

richmond: Appraising an FHA 203k properties in Stockton or anywhere else for that matter - 11/27/10 01:43 PM
I appraised these 203k loan projects from 1992 - 2004 and since I was already a home inspector and a 203k consultant it was easy for me to understand the process. HUD actually called me one time to go to Alabama and provide instruction to the AI group there in Birmingham I think it was. There are a good many appraisers out there that certainly know what they are doing but I get asked to speak at AI groups now and then and it is amazing some of the questions we get from the floor that tells us there are quite … (0 comments)

richmond: Who knows about the 203k loan in Berkeley CA? - 10/14/10 12:14 PM
or anywhere else for that matter? More FHA 203k war stories lets start in Berkeley CA. A client purchased a five unit apartment and wanted to turn it into a four unit building. Sounded like a reasonable plan. The problem with the city of Berkeley is that you cannot remove a unit from the rent rolls without putting a replacement unit somewhere in the city limits. There are just too few rental properties in that city to go around so the city created this rule.
Now the five unit building had one of the units that was about 12 x 12' … (0 comments)

richmond: 203k Teamwork Hercules - 03/18/09 07:32 AM
now and then you hear about a 203k loan that went wrong. I'm not going to sugar coat anything here but most of those could have gone right had they been working with a "TEAM" of experts who know what they are doing. A team is like a well tuned engine.
You don't have to be an expert if you work with experts. If you haven't done a 203k before then look for a team that in place who has closed some. If you are a lender looking to do your first 203k call a consultant and use a team they … (0 comments)

 
Mike6 Rainmaker_large

Mike Young, 203k Consultant 707-812-7668

Roseville, CA

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203kOnLine.com

Address: We cover northern CA from our, Fairfield, CA office, Fairfield, CA, 94534

Office Phone: (707) 812-7668 x 203

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