203k allows you to be creative
Here are a few of our projects to show you some creative ideas
I just love watching as these "sometimes forgotten" homes fulfill someone else's dreams,.
Here is another one that the listing just sits there. There seems to be no marketing taking place on this home whatsoever, it is a perfect 203k project and no one sees it's potential.
Any Realtor that takes this listing and doesn't take advantage of the 203k program with 3.5% down and include the money for repairs.
The sad thing is that these type properties are all over the country and they just sit and deteriorate more
This was a single story home and the second story was added with the FHA 203k program.
The borrowers refinanced this home and go the additional money for the addition at the same time in one low-interest loan.
This has been sitting in this condition for about five years that I know of... it is another diamond in the rough for someone with some imagination.
This is the main front window and the contractor told the borrower that they could hang their family photos on this post and see family each time they looked out the front window... then we came in with the 203k and fixed the problem properly. This was a 600+ SF home originally and about half of it was kept while the final result was a 4,200 home with about $2,000,000 in equity and a loan under a million with the 203k in a high cost area.
This home was a 203k that sold for $800,000, the buyer could have paid all in cash, but chose to keep some of his money in the bank and finance the $150,000 with the maximum loan amount in his county and kept about $400,000 in his bank to run his businesses with.
Pretty smart way to use the program actually and not tie up all of his money.
You can repair only what is needed to bring the home up to minimum property standards or rebuild from the foundation up, remodel a kitchen or bath, or both. Be creative.
This is what we saw at the time of the 1st draw inspection when the contractor/ owner said the roof had been replaced.
When I arrived at the home after telling him "if it isn't finished, you won't receive a draw payment" and he insisted it was finished one day after closing escrow... he then explained "you seemed like such a nice guy, I thought I could get you to provide some of the materials money so I could go purchase the materials." That isn't going to happen, ever.
Notice that the fireplace failed and was sooting up the siding... the previous owner caulked or grouted the opening where the fireplace was pulling away from the house... Holy Cow.
Downtown - 8-18-2018