“You Can’t Do Your Own Rehab Work”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

 

“You Can’t Do Your Own Rehab Work”

 

 

 

 

 

 

Hi Joe, So we put in our offer for the house we want and the bank will only accept a rehab loan, which is what you thought would be the case. So we were wondering if you can send us a new pre-qualification letter. The damage inside doesn’t look extensive, just needs new drywall on ceiling and wall. Jason can do the work himself. We just wanted to know what the next step is. Thank you Joe 😊

 

 

Unfortunately, 99% of the time you can’t do your own renovation work when we’re doing an FHA 203 K loan. Even though the renovation costs are rather minimal, the guidelines are the guidelines.

 

The nice part about this transaction is that these clients are getting a great buy on a home and will have some serious equity once the work is completed.

 

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

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Topic:
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Location:
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Groups:
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Rainer
514,331
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

That's what I teach my investor clients all the time.  Their time is more valuable in finding, funding, fixing and flipping houses.  Fixing means get it fixed by professionals that do it everyday

Jul 15, 2019 03:18 AM #1
Rainmaker
4,954,280
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Joe Petrowsky another good piece of information to remember.... thanks for sharing this example...

Jul 15, 2019 03:21 AM #2
Rainmaker
3,240,859
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. The rules are the rules to be followed by all. Enjoy your day 

Jul 15, 2019 05:06 AM #3
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Rainmaker
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Joe Petrowsky

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