As you likely already know the FHA 203k is one of the renovaiton loan products that allows for money to purchase or renovate a 1-4 unit building and get that money to make those repairs all in one low interest loan.
Just spent last week in Los Angleles, Steven Laszlo, one of our teammates that covers the Los Angeles Bason or Greater Los Angeles Area. If you aren't aware of it in the "City of Los Angeles" not the county, there is an assistance program that could provide up to $30,000 for qualified home buyers. If you think you might be qualified get hold of Jeff Clark at Wells Fargo as he has a handle on this one.
There was so much interest in FHA 203k loans in Los Angeles that it seemed to me to be a wide open market. Yes, I'm aware there are a number of consultants working the area but none of them seem to be stretching themselves out. What I mean by that is they seem as if they merely wait till an opportunity finds them. That isn't the way we work at The Mike Young Team, not by a long shot. We are all about educating the masses so we can help more people get into home ownership.
Everyone knows that a neighborhood isn't viable or sustainable without a good percentage of homes being owner occupied. That careful balance of rentals vs owner occupied homes How do we get those neighborhoods back? Simply increase the number of homeowner occupied homes It is also very important with the construction that goes on in the neighborhood that we utilize local contractors that hire from that neighborhood whenever possible. For the most part these contractors will be the most competitive on your bid in any case.
Once in a great while you may find that bringing a contractor from the outside the neighborhood can save you a lot of money. These areas would be what I call high rent district's. That is Marin County as an example. The contractors there and found out they can charge more for their work and get away with it. Let's not all bad, and it's true that there overhead may be higher than overhead of a contractor coming from outside the area due to their cost of living. I am not saying they are gouging the client they just have a higher overhead costs that they must recover.
Let's get back to Los Angeles. We are looking for a few good agents, loan officers that understand and promote the FHA 203k loan program, appraisers who seek more information about how to appraise 203K in projects, General contractors who would like to see more business volume,and anyone else who might be interested in learning more about the FHA 203k and other renovation loan products.
We will be holding some training sessions over the next few months in the Los Angeles basin and I would like to get some interested potential buyers and using our team find a homes to qualify for the FHA 203K at the same time fulfill your dream. Anyone in the real estate industry in the Los Angeles basin who has a favorite home inspector or contractor please share these training sessions that are coming up and if we are told who sent them they will receive a free gift at the time of the session. Watch for our next training session coming in early May, dubbed the "203K boot camp", We guarantee you walk away with a new respect for the FHA 203K loan program as well as an indoctrination to conventional renovation programs that mimic the 203K yet has some nuances that may fit your buyer's needs better from time to time.
If you missed the boot camp, we are open to another one, let us know your interest and we'll get one set up in your area.
Downtown
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