203k allows you to be creative

By
Home Inspector with 203kOnLine.com, covering the USA S0289

203k allows you to be creative

Here are a few of our projects to show you some creative ideas 

Mike Young Team Boulder Creek 1

 

 

I just love watching as these "sometimes forgotten" homes fulfill someone else's dreams,.

 

 

 

 

 

 

 

 

 

Here is another one that the listing just sits there. diamond in the rough - 203k potentialThere 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

 

 

 

 


second story was added with 203k - Mike Young Team

 

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.

 

 

 

 

perfect for a 203k renovation - Mike Young Team

 

 

 

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.

 

 

 

 

 

Can you believe this on a brand new house

 

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.

 

Can you believe this was a 203k? Mike Young Team

 

 

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 a deck or rebuild a home - Mike Young Team

 

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.

 

 

 

 

fire gutted homes vs 203k - Mike Young Team

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.

 

fireplace failure - removed with 203k - Mike Young Team

 

 

 

 

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

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

Skype name: the203kconsultant

following Mike Young on Twitter Facebook You Tube 203konline.com MY 203k Team bug

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Improvement
Location:
California Sacramento County Bouldin Island
Groups:
Realtors®
Century 21 Network
Realtors Needing the services of the Lending Powers
RE/MAX Active Rain Bloggers
Coldwell Banker Group

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
612,414

Mike Young

FHA 203k Consultant 916-758-1809
Want to close your 203k loans faster?
*
*
*
*
Spam prevention

Additional Information