Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
get others to join
This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
Curious as to what others in your profession think about a certain product or tool?
AR's community takes the time to leave honest and transparent reviews of their experiences
so you can be a bit wiser about your purchase.
Broken down by categories and subcategories for easy finds
Get an unfiltered look at what real users are saying
Leave a review yourself for others to benefit from
Add new products as you use them and gain points for doing so
ActiveRain University (ARU) provides free on-line training. We coach, consult and support real estate professionals about real estate trends, technology and social media.
ARU Calendar provides class types and registration links
Watch short tutorials on updating your photo, inserting a hyperlink and much more
Sign up for the Daily Drop so you don't miss out on AR's daily happenings
Find answers to most FAQ's
Whatever it is you're into and wherever you are, AR surely has a group for you to join.
Brand, off the wall, specific subject matters…whatever it is you're looking for.
Each time you write a post you can syndicate your post to 5 groups.
And if by chance you don't find what you're looking for, start a new group today!
Get your content in front of more eyes
Search by location or type
Feel free to start your own group
Find some that are close to home and close to heart
Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
If you have an idea for a contest, just let us know
Stay motivated and on track with new contests popping up each month
Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
How will I get paid as a 203K Contractor? (Philadelphia)
As a 203K Consultant and Home Inspector in the Philadelphia area, I often get asked how the 203K contractor will get paid during the 203K process.
A 203k loan is an FHA Loan that allows you to purchase a home that needs $5,000 or more in renovations or updating. One of the many benefits of this program is that you get ONE LOAN that funds the purchase AND all rehab costs, inspections fees and even 6 month’s carrying costs. You can learn more by clicking The 203K program (Philadelphia).
So, you are a contractor that decided to participate in the 203K process and you wonder "How will I get paid?"
The 203K mortgage includes money set aside by the lender for the renovations in what is essentially a "Repair Escrow". As the work is completed, the 203k Inspector will be called to schedule a "draw inspection" of the rehab work completed. The 203k inspector will determine how much of the work is completed and only the line items that are completed will be paid (minus a 10% holdback).
For example, if the 203K contractor hung drywall but did not yet skim and sand the drywall, you can expect the 203k Consultant to approve 1/3 of the total line item for Drywall.
203k contractors need to be aware that they are not paid for materials upfront. There are certain special exceptions to this rule and is different with every bank. It is best to inquire with the bank's 203K department to get more information about any special exceptions.
All parties (borrower, contractor and inspector) must sign the Draw Inspection paperwork before the 203K inspector can submit the Draw request to the lender.
How Long Does it Take to Process a Draw?
The owner or contractor should give the 203k Inspector a few days notice to schedule the draw inspections. As the 203K inspector, I turn the paperwork around within 24 hours to the bank as long as I have signatures from the borrower and contractor right away. The Lender then processes the Draw in 3-7 business days. The Lender sends a 2-party check to the address of the property or the borrowers current mailing address (depending on what the borrower specified to the loan officer).
The 2-party check is usually sent by 2nd day air. This means that the total Draw processing time is usually 7-10 days. Remember that 10% of EACH DRAW will be held back until the job is completed and the Final Inspection is processed. That 10% goes into a ‘Hold Back’ account to make sure all work is completed and that no mechanic’s liens were filed. This is paid to the borrower after a title search is completed at the end of the job.
The 203K program can be a great opportunity for contractors as long as they understand the process upfront!
David Artigliere is owner of ARTI Home Inspections LLC and is a Home Inspector and 203K consultant in Philadelphia and surrounding areas.
He can be reached 7 days a week at (610) 220-1907.
David Artigliere, owner of ARTI Home Inspections LLC, is a home inspector in Pottstown, Reading, Norristown, Royersford and surrounding areas.
He is available 7 days a week and can be reached at 610-220-1907.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.