E25 | I got a 203k loan to buy this property | getting a 203k loan experience

I got a 203k loan to buy this property | getting a 203k loan experience
- convincing seller to choose you as a buyer even though long escrow process
- needing licensed contractor at the time of escrow prior to second appraisal
- need clear details of renovation scope for second appraisal
Comment below your thoughts or questions

[@Lvlolv]

Great tips 🤝

[@renaeblunt7647]

Thank you for helping the future 203k loan groupies, lol. Hoping to start in the new year 🎉

[@Trice_Marie84]

Thanks for sharing your journey

[@ThePillaLam]

Thank you for hanging with me this long!

[@Trice_Marie84]

@@ThePillaLam of course. Can’t wait to see the finished product and then how you decorate

[@julierocky9993]

Any recommendations on how to find a HUD consultant, lender and contractor in my area? Are appliances and quartz countertops factored into the Reno cost or do you pay out of pocket?

[@ThePillaLam]

Hey Julie , honestly, I can’t remember how exactly the HUD inspector got picked or assigned. What I do know is I didn’t get a hud inspector until I was in escrow for the 203k loan. I wanna say the loan people bring them in. But to be honest that’s what I remember, is once I got into the escrow my team put into place those pieces.
My appliances I chose not to have apart of my 203k loan renovation amount. So on my loan, it reads appliances owner to purchase.
The countertops are apart of the bid. But my kitchen portion of the loan didn’t have enough money to do the counter tops as back splash, so I paid for the back splash counter top pieces out of pocket.
The kitchen is one of the many areas I wish I would of comb through more thoroughly of the renovation vision matching my renovation budget.

[@isaiahhoover3996]

I just got approved for a 203 k loan

[@ThePillaLam]

Congrats!!!! How has it been going with the loan?