203k: Building a business with renovation projects
- 03/23/18 09:52 AM
Building a business with renovation projects
I'll be speaking at Merritt College Wednesday, 11/28/2018 at 7 pm in case you want to join us for that talk... I don't think they will mind.
This is a primer with insight how to build a business using renovation loans to achieve what your competition doesn't.
1) Got low inventory - NOT, no you don't, merely take what you do have an add on to it to achieve your desired result.
2) Need a pool to make it exactly what you were looking for - just add one with the Fannie Mae renovation loan.
3) Marginal roof on the home … (0 comments)
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203k: Want to learn more about the 203k & renovation loans?
- 12/31/17 12:29 PM
Want to learn more about the 203k & renovation loans?Our new radio program starts next Sunday 7 January 2017 from 1-2 pm. Click on the link above to get more details and call in numbers, etc. Please join us if you can, call in or email us to get your specific questions answered on the air.
Some of the topics we will be discussing over the next few weeks include:
1) Renovation Basics - Click here to follow along
2) How to fire your contractor - Click here for more info
3) How to sell commercial properties with 3.5% down.
4) How to become a 203k Consultant - More … (4 comments)
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203k: Why use a consultant for a renovation loan?
- 12/03/15 11:17 PM
Why use a consultant for a renovation loan?
I can't tell you how many times I have heard about how the process is all but complete, we have been working on this loan for 3 months then they call a consultant and say something like "okay, we need the consultant's report - can you do it by tomorrow?"
There are many lenders who will coach you do to it this way making it seem like the consultant's job is necessary but trivial. Watch out for that kind of lender.
Remember my lender Donna, who wanted to be the best 203k lender in the business. … (3 comments)
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203k: Buy a SMALL home in Richmond CA and make a room addition
- 11/29/10 04:31 AM
... or anywhere else for that matter.
Small homes are coming back into Vogue but some are so small that you can't get a loan on them. I was listening to the commentator on the radio on the way into the office this am and they confirmed it.
What do you do when you can't get a loan on a home because it is too small?
Easy, it is a 203k or Home Style Renovation project. If you add on to a home it is a 203k. Therefore if you have a listing that is too small and can add on … (3 comments)
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203k: 203k draw inspections Charlotte and Columbia
- 11/10/10 04:43 AM
This weekend is a Charlotte weekend lots of draws today. I love these draw inspections. What is a draw inspection?
Once your 203k project gets underway and work begins it won't be very long before your contractor wants to be paid. They just need to put a call in to the consultant who will typically perform the draws on the project. That call will initiate a "draw request" (sample click here).Column 3 is all that your contractor will fill out, don't total it, just indicate the items and amounts you want to be paid for in the column and sign page … (2 comments)
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203k: Contractors and the 203k Stockton
- 11/09/10 02:14 AM
Realtors and agents NEED to get this as it is important for a successful 203k loan project. It is your client who will suffer. The Streamlined k doesn’t “REQUIRE” a consultant… that is a key word, you are fooling yourself if you don’t use a consultant on a 203k loan. A 203k consultant is your KEY to a successful project… we are the glue that can hold it together. On a streamlined k just have the consultant do the 203k inspection rather than a home inspection, or have your home inspector take a course on the 203k so they can … (6 comments)
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203k: Fixer in Spencer NC
- 11/07/10 04:21 AM
Listed on the MLS and price just reduced. Get this sold form me please. Bring all offers. I has been gutted and we have bids from several contractors that range from $60,000-65,000 so they all pretty much agree on the cost to have a 4-bedroom, 2.5 bathroom home fuly updated. We already fixed the roof and have this gutted and ready for your contractor or ours.
Need to locate a lender who knows how to finance these quickly just call Eric Strom at Prospect Mortgage in Charlotte
… (0 comments)
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203k: Off Frame Modular homes vs 203k - Stockton
- 11/06/10 12:18 PM
Off frame "modular homes" are a special breed and are treated just like "stick built" home when it comes to the FHA 203k loan program. We have done several of these and they are quite interesting.
1) How about a mobile home built after June 15th. 1976 on a permanent foundation and affixed to that foundation. The home and site must be under the same ownership and considered "real property". This was an older mobile home... yikes! but were able to use the existing foundation and install new modular home using that foundation and expanding it to fit the new larger home. The … (0 comments)
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203k: I’m buying a home with a pool that isn’t finished – 203k or not? Roseville CA
- 10/31/10 09:56 AM
Not in many cases as the 203k loan does not allow luxury items to be financed more than $1,500. Therefore if you have one as we do right now the borrower has to come up with $23,500 and add it to his down payment since the money to make the repairs, all of the money must be in the renovation account when the loan is funded to insure we have the money to fix that pool and make it safe.
What are your alternatives when the pool is a significant cost? The HomeStyle Renovation loan program is your solution. Why? Because … (0 comments)
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203k: I'm an inspector - why should I know & understand the 203k? Columbia
- 10/30/10 04:37 AM
I'm an inspector - why should I know & understand the 203k? Columbia SC?
There are several good answers to that. Every home inspector has been accused of “killing the deal” at one time or another and it just isn’t true. The home inspector is hired to discover whatever they can to “inform the borrower” so they go into the transaction with their eyes wide open. In any case they never kill a deal, the deal just becomes a 203k loan.
I did an inspection for a 203k loan refinance and room addition in which I discovered some foundation issues … (5 comments)
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203k: I’m a Realtor – Why should I promote the use of a 203k loan for my client?
- 10/28/10 02:13 AM
As a Realtor or Agent why should you push the 203k loan? Let’s start with the other agent, the one that tries to steer you away from the 203k. The only reason that happens is because they haven’t done their homework on the “k” products. That is correct. Why would I sell you something if I couldn’t answer those question you have about that item? I wouldn’t, in fact they are doing everything including lying about the program because they find it easier than taking a 1 hour program to learn it.
The program is simple, it is as … (0 comments)
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203k: 203k seminars Concord and Hilltop Richmond
- 10/27/10 10:59 AM
Last night in Concord, CA we had a small group but lots of questions, I think we opened some eyes to the 203k, one contractor rep came that turned out is representing a contractor that used to do quite a few 203k projects for us throughout the 1990's and that was fun. Ray Luna will be stopping by my office on his way back from Antioch this afternoon. Ray was a top notch contractor and does excellent work in the entire bay area and up to Sacramento. It is fun seeing people you knew years ago are still doing well in … (0 comments)
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203k: Part 4 - Why would a 203k be better than just paying cash and then getting a construction loan?
- 10/26/10 03:34 AM
This is a big one. If you are involved with the FHA 203k at any level we can generate our own business without allot of effort. Just consistency wins out every time. Be there when they need the information.
I can’t count how many times have I asked Realtor Associations how may people come into their offices just to find out after they have wasted about twenty minutes that they don’t have any down payment. Maybe they heard some TV or Radio show that says you can buy property with no money down. I ask them and you the next … (0 comments)
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203k: Part 3 - Why would a 203k be better than just paying cash and then getting a construction loan?
- 10/25/10 04:09 AM
Why would I use an FHA 203k loan over a construction loan? Easy it is less expensive and I get a permanent 30-year low interest fixed rate mortgage, one mortgage, no second at a higher rate. Which I see being advertised as before the crises set in. The banks are going back to their old ways of playing with the down payment; you don’t need to do that with a 203k loan or a Streamlined “k” loan. They have a low down payment already. If the buyer can’t come up with it then they may need to rent for a while … (3 comments)
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203k: Food and other fun things
- 10/24/10 09:27 AM
It is no secret that I enjoy Benihana's Restaurant particularly the number 1 branch in the USA located in Concord CA. I've been catching shrimp with chop sticks. I stopped in on my way back from Watsonville yesterday. Say my favorite waitress Kim and the guys. Didn't have time for dinner just had the chicken fried rice. Wow it was so good with ginger sauce on it.
I can remember taking my Aunt Wanda there when she would order Scallops. I never cared for them but one time I asked her for just one to taste. It wasn't so bad as … (0 comments)
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203k: Foundation Repairs Walnut Creek CA
- 10/19/10 05:44 AM
Foundations are always a problem in the expansive soils. Here are some examples that in most cases wouldn't have ever gone bad if we had merely kept the water away from the structure as it was originally graded.
1) I was doing an FHA 203k inspection with a contractor who was training to become a 203k consultant. He was a structural contractor, specializing in structural repairs on homes for over thirty years. I saw a teaching opportunity in the dining room area where we had settlement cracks that went from near the floor to the upper exterior corner of the front … (0 comments)
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203k: Renovation and energy efficient loans in Lafayette CA?
- 10/17/10 06:45 AM
Before we go to Lafayette, I have to tell you that I walked into a real estate office a few months ago and was talking to the "floor person" and when I asked if she had done any 203k loans she proceeded to tell me that it was an FHA loan and the home prices in her area were well above the loan limits for FHA buyers. She was under the impression that with median homes prices in the mid $200,000 range FHA doesn't go that high. This is important why? In Solano County where she was the loan limit is $557,500.. she … (0 comments)
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203k: Streamlined "k" aka Streamlined 203k Stockton CA
- 10/13/10 04:35 AM
In 2005 the Streamlined "k" came on board as a new renovation product that was intended to make the process easier to use. I've heard it referred to as a 203k - Light. Like it was on a diet or something but that is about what you have with this product. What made it appealing was the fact that you don't have to have a "203k Consultant" to create the work write up, instead you can get a contractor bid or actually up to five different sub contractor bids each for their own specialties of course. No contractor wants to be … (0 comments)
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203k: 203k loans in Rodeo CA
- 10/11/10 08:04 AM
It has been a little while since we did a 203k renovation loan in Rodeo but one was on Garretson Street and faced the old refinery. I thought at the time that what a terrible view this property had of a fence then a refinery... today that refinery is long gone and there is allot of newer homes built on that site.. who would have guessed. It did always bother me that the refineries were built on the water and took up all those amazing water views.
Our offices used to be in Rodeo at 25 Parker Avenue towards the water … (0 comments)
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203k: 203K Alive and well in Turlock CA
- 10/09/10 08:23 AM
My good friend Jim Browning has done quite a few 203k renovation loans in Turlock and the surrounding areas. JIm has been a 203k consultant since 1996 and gets rave reviews from his clients. We are so proud that he has joined The Mike Young Team again and look for great things as we move forward.
Jim and I are available to give talks to Realtor associations, builder and remodel contractor groups, and home inspection groups.
Builders and remodel associations or sub groups like NARI and similar organizations will find they have access to more jobs and in many cases become excellent referral agents for … (0 comments)
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Building a business with renovation projects
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