This week we had the pleasure of hosting Tom Glenn a Cottonwood 203k consultant as he joined us on our 203k projects for the day on Wednesday. He was able to put his input in on two full 203k consultations and observe how we did a couple of draw inspections. Tom has been a contractor for years and it has such a good eye for what we do as 203k consultants. His insight is very handy with the problems that are typical in our field as he comes up with creative solutions to save money for the client and, at the same time, solve the issue so it doesn't come back to hanunt the borrower later on.
It is nice to see how the "other guys" do it as we are always looking for ways to improve our service to the community. Tom has been a great asset to our business in that area and up to Susanville and over to the cost in Eureka. Try to hold those jobs down a bit during the snow season please... LOL.
Remember that an FHA 203k is for fixers... 1-4 unit properties (after the construction) that require some amount of renovation. You may be taking a 6-plex and turning it into a 3-4 unit building, or a single family home and expanding it or just renovating it as it is. It is a great way to finance a purchase of a mixed use building as well. Ideal for the store owner to live near the place of business with a low interest loan that includes renovation money and no need to refinance out of it later... 30-year fixed rate.