203k consultant: Realtors - Would you like to sell every house you show? - 04/09/18 10:19 AM
Realtors - Would you like to sell every house you show?
Why not, if you learn how to use the FHA 203k the way it should be used by Realtors you should be able to improve your % of conversions dramatically.
Currently you might take a client out to see a few homes... have them make a list of the items they liked and what they didn't like about each one... or only one. 
That list of things they don't like becomes the basis of your 203k loan or HomeStyle® Renovation Mortgage. This is your "Scope of work" all those items that is holding them … (0 comments)

203k consultant: Who orders the draw request for an FHA 203k project? - 07/12/17 02:15 PM
Who orders the draw request for an FHA 203k project?
Who's draw request, a request for money, is it? It is the contractor's draw request. The contractor would typically know more than anyone when they are in need of some cash flow to keep the project going strong.
So, I get a call from the contractor, "When can you be out for a draw inspection?" he says. I can be there in twenty minutes was my reply. NO, that is too soon. How about this coming Friday. I agreed and copied the borrower's. It is always nice when we are all there together. This … (0 comments)

203k consultant: You got me... - 12/31/16 09:52 AM
Received a message on my phone about a 203k loan draw inspection needed on Christmas Day in Modesto... no address, no name, just "this is the contractor on the job in Modesto, need an inspection at 3 pm today, I know it is Christmas Day but I really need the cash flow."
I was mystified and was laughing while thinking what a dufus the contractor must be to request it that way. I'm in Charlotte NC he is in Modesto CA...
About an hour later my son-in-law shares that he placed that order for the draw inspection. HA HA. 
I have another client last … (3 comments)

203k consultant: Sometimes the borrower can be his own worst enemy - 10/19/16 01:35 AM
Sometimes the borrower can be his own worst enemy
That is right. I have a project going on right now. The borrower continued to get in the way, remove drywall on his own that wasn't in the scope of work. Remove the kitchen cabinets that wasn't in the scope. Both of these things became issues when the inspector came by and wasn't pleased. In fact it uncovered some sub standard framing in this old house that caused the inspector to want all of the drywall removed. 
If you want this kind of stuff completed, include it in your scope, yes, it will make the … (0 comments)

203k consultant: How long should it take to close a renovation loan? - 10/02/16 05:08 AM
How long should it take to close a renovation loan?
That is a great question. I guess it depends on who you talk to. There are allot of lenders out there that profess to do 203k loans and they likely can... BUT that doesn't mean they can close them fast does it? Nope, you all have been caught up in this at one time or another if you  let the client run the show. I recommend that you do your homework and find out who can actually close these loans on a consistent basis. 
I know some who can close in 21-30 days on … (4 comments)

203k consultant: 203k Loans & HomeStyle® Renovation Mortgage Loans - 06/28/16 02:05 AM
203k Loans & HomeStyle® Renovation Mortgage Loans
What is the difference to they layman?
About 20 out of 100 RE agents and brokers actually know about the FHA 203k loan and what they actually know you could fill a thimble in most cases. There are a handful that actually take advantage of the program and NO ONE takes advantage of the entire program capabilities. 
 
Example: No one is taking advantage of mixed use buildings for their clients who want to purchase that commercial property with only 3.5% down payment. 
This property sat vacant for the longest time. Now it seems to be occupied but they … (0 comments)

203k consultant: Living on a Taxiway - 04/24/16 02:50 AM
Living on a taxiway isn't for everyone but when you have the chance to buy the only home in a community that backs to a taxiway that doesn't have a hanger yet... yep, my client picked it up.
Personally I don't think I would like to listen to planes landing and taking off or even running down the taxiway. 
This client loved it however, and it wasn't too bad. During our inspection we only heard two planes, actually it was likely the same one, taking off and a little while later landing. You should have seen the excitement in his face when it … (0 comments)

203k consultant: I thought I had seen it all... 203k loan - 03/04/16 01:57 AM
I thought I had seen it all... 203k loan
I can't believe what I was hearing the other night. The client called me at 8:30 pm. I don't take calls that late. I emailed her back and asked what her call was about... she emailed back and said she would talk to me the next morning. 
She called before I got out of bed and before 8 am... apparently it must be very important. I answered the call. LMAO. She wanted to complain about the contractor which some do. But this complaint was unique. She complained that the contractor was working too fast, … (0 comments)

203k consultant: The consultant doesn't do a home inspection - 02/21/16 11:25 AM
Right from the "new" guideline
The Mortgagee (lender)  must obtain a written agreement between the Consultant and the Borrower that fully explains the services to be performed and the fees to be charged for each service. The written agreement must disclose to the Borrower that any  inspection performed by the Consultant is not a “Home Inspection,” as detailed in the disclosure form HUD-92564-CN, For Your Protection Get a Home Inspection.
Wow, that is amazing. HUD requires we are licensed as home inspectors and then states what we do isn't a home inspection. In fact every time we conduct an inspection and don't disclose this is NOT a home inspection … (3 comments)

203k consultant: I have a vacant lot, can I move a home to this new site with the 203k? - 01/02/16 10:36 AM
I have a vacant lot, can I move a home to this new site with the 203k?
I've always found it interesting to see a home going down the street on it's way to another site, just waiting for someone to throw some dish water out the back door... lol , not really
In the case of moving a home from one site to another several things must be present to qualify for a 203k loan.
1) The house being move must be on it's original foundation. It can't have been moved already to a storage site while awaiting a lot to move it to.
2) … (0 comments)

203k consultant: 203k Consultant Seattle WA - 01/02/16 04:30 AM
203k Consultant Seattle WA
When do you need a 203k consultant? Every time you have a 203k loan.  Why would you want a consultant on a Limited 203k? They represent 98% of the problem 203ks, would be a good indication that something isn't working without a consultant. 
What does a 203k consultant do? They meet with the client at the site and provide a property inspection that meets the minimum guidelines. You may want a full or standard home inspection but that is your choice not your obligation. The consultant will then work with the client to create a scope of work that gets … (0 comments)

203k consultant: What does your schedule look like? - 12/21/15 12:04 PM
When I was in the sheet metal manufacturing business my clients would place an order for whatever they needed and we would deliver it. I never had one of them call me to ask "what does your schedule look like?"
I have yet to call the grocer to see if they have groceries before I go shopping. Maybe I'm missing something. I'll call Baskin Robbins and see if they have my flavor before I go have some ice cream. 
How about if I call my Realtor and say something like "I'm thinking about buying a house, what does your schedule look like?", then keep asking … (3 comments)

203k consultant: Teacher next door program - 12/16/15 09:17 AM
Teacher next door, officer next door, etc. If you have a teacher or law enforcement officer, fire fighters, EMT officers looking for a property you may want to start here HUD FORECLOSED HOMES FOR SALE to see if something is for sale. 
1) These teachers and officers next door bid on the home just like anyone else. make your off, make a full price off + $1 or $2.
2) Once the offer is accepted HUD reduces the price by 50% for your teacher or officers.
3) They must plan on living there about 3 years to get the full benefit. If they sell prior … (4 comments)

203k consultant: Miami FHA 203k consultant - 12/13/15 10:49 AM
Miami FHA 203k consultant on the move.
Jimmy Fitzgerald is the son of Tommy Fitzgerald in Ocala and is off and running with his 203k business. Jimmy has been a contractor for a number of years and as you know that makes the best consultants as they are already well equipped to complete competent bids. 
It is important for a 203k consultant to be able to look at a contractor bid and see that it is a fair bid and not overinflated. When business gets good the prices can go way out of kilter as you know. Part of the consultant's job is … (1 comments)

203k consultant: What does your schedule look like? - 12/08/15 12:04 PM
What does your schedule look like?
I know you are busy, what does your schedule look like? When can we get you out to do a 203k consultation? You wouldn't believe how many times per day I here other people tell me how busy I am. 
Today, this morning, I get this call and I told them, I can be out there this afternoon, tomorrow morning or any other day this week. I put them on the schedule for tomorrow morning, here it is 8:10 PM and I'm ready to call it a day. No order yet, but you can bet they will … (0 comments)

203k consultant: 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)

203k consultant: My clients need a garage but I found the perfect home without one? - 11/27/15 01:25 AM
Can I build a garage with the 203k program?Maybe - Yes, you can if there is no other garage on the site. If you do have a garage on site, then the new garage may be considered a luxury item and thus not be allowed. 
If you have a home that just needs a garage to be complete, build one with the FHA 203k, no problem.
If you have a two car garage and want to build a new detached garage too, No Can Do.
You can build a detached garage if you want to providing there is no other garage and there is … (3 comments)

203k consultant: Middletown CA fire - 10/18/15 02:54 AM
I had the opportunity to do a job in Kelseyville and on the way back came through Middletown. Lots of activity as the clean up crews are going through the debris and removing the trees that were deemed too far gone to save.
What I did notice that was a good thing is that there are lots of foundations that appear to still be in tact. That is very good as we can use these existing foundations that haven't been damaged by the fire to rebuild the homes under the FNMA or FHA renovation products.
We offer a FREE evaluation of your foundation … (3 comments)

203k consultant: Valley Fire Victims Lake, Napa and Sonoma Counties - 09/24/15 01:10 PM
What a tragic event that you are having to endure. We are so very sorry for your losses. You have to take action however and we are trying to get the word out.  Don't let anyone remove your foundation. 
When Katrina hit years ago, we volunteered to get down there and see what we could do to help, HUD told us no, we have it under control. Then FEMA moved those temporary trailer housing into the area, many people relocated, wow, we'll we are sad to report the government didn't do much to rebuild, in fact, very little if anything. The homes … (3 comments)

203k consultant: We now have three more offices opened on the east coast - 09/22/15 09:49 AM
We are now open for business on the ground in Naples Florida, Cherry Hill New Jersey, and our 3rd office is opened in Philadelphia.  Joe Perretta has opened and manages these three locations. His principal location is Naples Florida for 203k consulting. 
Naples Florida main office
Joe has been consulting since 1996 and for those lenders who need a good 203k appraiser in Naples FL he can do those too. As a consultant for the FHA 203k and Homestyle Renovation Mortgage he is uniquely equipped to appraise them for you. We don't care what part of the transaction we get we are just happy to be … (3 comments)

 
Mike Young, FHA 203k Consultant 916-758-1809 (203kOnLine.com, covering the USA) Rainmaker large

Mike Young

FHA 203k Consultant 916-758-1809

Las Vegas, NV

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203kOnLine.com, covering the USA

Address: Wherever you need us to be, Fairfield, CA office, Fairfield, CA, 94534

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