Man it's great to have someone who is organized and articulate in explaining and giving a good over view of how 203k works and what's involved before, during and after finding the home. Thanks for being so thorough.
Thanks for the compliment! I have another video coming soon expanding on how to use the loan to launch your investing career. If you're not a subscriber, subscribe and stay tuned. Let me know if you need me to elaborate on anything as well.
@@drewangel786 For those who want to learn and appreciate free info, aren't going to criticize 20 little min. An hr wouldn't have bothered me- time mgn.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
I was just about to go to sleep at 2am and found this video..and stayed up.. it was hands down the most detailed description of the process for free and without video editing to cut things short. Thank You for deciding to help others. Question: 1) Did your contractor pull the needed permits or did you need to? 2) Did you need to seek out subs for other tasks.. or were all of the resources needed all provided by your main contractor? 3) Do you use special software to help keep your self organized in such a project with timelines and budgets?
Thanks for the kind words in fact I'm about to do it all over again and document the whole thing. Answer 1 - I did not need permits in my town because it was a full remodel none of the items being done needed permits. Check with your building Dept to describe your scope of work and they will let you know what's needed. But I would put permits on the people you hire but be willing to help out. 2) all provided by contractor he found subs for roof, siding. 3) I don't but there's project managementsoftware out there. I just use a spreadsheet and calendar.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Wow, my husband and I are looking to buy a home. I’ve found a fixer upper in a decent neighborhood with a huge lot which is in heard of in the city. My husband definitely wants a turn key home and I don’t blame him, esp after watching this video. But the idea of making the home our own and being involved in the full transformation is enticing. We’ll see how things go. Thanks SO much for the detailed video. It really opened my eyes on what to expect.
Thanks for reaching out. Yeah it can be daunting if you're not a tradesman or DIY type. The real benefits here are potential for equity from day one rather than paying market, customizing it to your tastes, and ensuring you fix all major systems as they all go bad a some point....better in 15 years than say 3 months after buying. What city are you in and is the lot cleared for sub division? Would love to see the listing and even do a live analysis if interested.
ENTP LIFE I’m in St. Louis Missouri. It’s a lot right next to the property. In the listing it says that it could be used to build an additional property. It’s huge. A live analysis sounds awesome.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Awesome video filled with gems! I am a fhb and want to start the process and I'm heavily thinking of doing the FHA 203K loan. Foreclosure prices here in CT are somewhat reasonable right now, and some don't look like they will require that much work. Thanks for the information!
Best of luck! Keep me posted with how it goes. Keep in mind many foreclosures in the Northeast are not properly winterized even though labeled as such. So budget for a full plumbing refit between 10k-15 in the area. If all is good you're lucky assume the worst hope for the best.
@@christinearoundtheworld I'm in the process of doing it all over again in Fort Lauderdale and documenting that process. If you ever want to meet up or need help let me know.
Glad it was helpful! Keep me posted on your progress. Also I have a course that is only $97/month that maybe useful to you while you're going through this process. www.entplife.com/killing-the-american-dream
@@Karl__Pierre Got approved for a small amount. $125k. Cant really get much with tht in my market unless im tryina live in the hood. I was advised to pay some of my debt down. Which I'm currently doing.
I’m 26 myself and am I planning on going with a 203k loan for my first buy to jump start my investing career. Great video!!! If I send you a direct message any chance you would reply if I have any questions on the process?
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
ENTP LIFE I’m in Miami, just sold my apartment I bought in 2014, made 50k out of it and I’m in the market now looking for a house that needs rehab and could utilize an FHA 203k
@@fernan2489 looking to stay in Miami open to FT Lauderdale? What are your parameters would love to know more and see if there's potential to collaborate.
I’m trying to stay down south close to work, Fort Lauderdale is a bit of drive, specially with traffic. I would love to discuss how a colab could benefit us both. My email is fernan2489@hotmail.com
Thank you so much for this video. I've already watched 11 hours worth of REI videos, and this is the closest, by far that actually gives a detailed view of the process. So many videos go through very generic details and I pretty much had no idea what to expect between the purchase and sell... like, sure, if you're doing some rehab there's going to be a contractor working but what's your part in it?? Now I have a better idea! I currently don't have any money in savings that can be used as float so I guess I'll have to make sure I can find a contractor that can work with that. Might be more pricey but probably better to work with someone who really knows their stuff on your first deal. Not sure if you'll answer a comment on a video as old as this one but I have a question: is it really a terrible choice for a newbie to work on a house that needs a LOT of rehab? A lot of videos I've seen suggest a simple "cosmetic flip" for your first deal. Obviously those are way more difficult to find though haha... Maybe I'm too ambitious.
I answer all comments lol. Especially thoughtful ones like this. If I were just getting started I would start with a 3-4 unit that only needed updating. Kitchens, baths, paint, floors. Main reason is because as a newbie you don't know how much things costs, what is market rate what isn't. I wouldn't advise anyone start with a gut reno. If you can find an outdated but good home 3-4 units start with that. Where are you based? I also offer consultation calls which I think you might need if you're interested in going down this path.
@@Karl__Pierre That's awesome! Definitely not something you usually see from content creators. That makes sense. I'm currently based on the outskirts of Cincinnati, OH. On the outer edge of Hamilton County basically. A consulting call would be great though I really don't have a lot of money to spend right now, unfortunately! My current plan is to find a fixer-upper (hopefully just an outdated home as you mentioned) and move in there using a 203k,
I am wondering if you still live in this home? If not did you keep this property to rent it out fully? You mentioned in the video you rented the upstairs rooms in the house (to "house hack") and I am curious if after a certain amount of time you have the ability to move out of the property and, on to another home fix-up and start this process over again? Any comments or feedback would be greatly appreciated. Thank you for a awesome video!
Good luck on your journey. I also just launched a course at www.entplife.com/killing-the-american-dream that teaches you how to do everything not only to buy your home but how to find deals and manage your renovations. Check it out.
I have watched ten 203k loan videos explaining the process but no one ever mentioned who their lender is. I have been calling banks & talking to real estate agents for the past two years haven't found a lender. Please tell who was your lender this is the single most valuable information you can give. Thank you.
I believe my lender was Bank of America. I did my loan in 2009. Contact bank of america and see if they still offer it. Alot of brokers don't like the loans because theirs more paperwork so they will try to steer you elsewhere so best try the retail banks and see. That is how I approached it first it was Wells Fargo and they were super annoying so I switched to bank of America.
@@derrickhead474 tell them specifically that you want 203k and is that offered speak with mortgage specialist and keep pushing it some of them really don't know or never did the program themselves
Love the content brother , currently live in a HCOL area (Long Island ) would you recommend going with this loan in area that is traditionally more expensive. Thanks 🙏🏽
Thx great video. Who helped you do the interior design and remodeling. Did you choose everything or did you have architect help you. Or interior designer. Plz explain
I did. But if you wanted to get best value hire an interior designer or decorator they will be cheaper than an architect. Architect only required with major modifications effecting square footage or structure.
Great information. Just starting my first one and am super excited about it. My question is, what is my part in this? It sounds like HUD counsellors do all the work including the SOW, renovation budget , inspections release of escrow funds and everything else. Are we then responsible for managing the schedules to make sure everything is on track?
You're responsible for finding contractor, having scope of work completed, managing construction. The consultant reviews the scope of work and inspects to release draws.
Great video! Very informative. Thank you. I would like to know who you used as your contractor. I have a 203k loan and I am looking to purchase in Patchogue. I want to do a streamline 203k. Which seems a little easier than the standard.
I have my own company with 4 crews at the moment. If you want we can GC your project. Email me in the about me section so I can connect you with our Project Manager and see how we could help you.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Good content but I'd never pay a contractor out of pocket on a 203K. The lender won't reimburse you if the work you prepaid for is not approved. Understand that your gambling. Find a contractor that can work with being paid after the work is done or don't hire them.
That's definitely a good way to go about it. I personally found many contractors at the time i used the program weren't able to float the project and assume the risk of bank not paying. Thanks for contributing Marcus.
@@Gunngirl there's always a way. Some contractors familiar with the program will be fine. The 203k consultants work with enough clients they could even refer a contractor. Always look for a way in not the way out.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Thank you for sharing this information with us. I just found out about this type of loan and decided to watch some videos to gain someones formal experience with using the loan. I have a question, Can you convert a garage into income property with this type of loan?
No the first two deals were group investments in a time where getting mortgages was super easy. Wholesaling wasn't even a term in 2006 that term didn't show up until 2012 for me while attending real-estate meet ups.
How do I find an expirenced 203 K lender in the Los Angeles area? The FHA website hasn’t been much help, because you need to already know the lenders name.
Hi Gregory, sorry for the late response I usually get alerts on comments but this one somehow slipped past me. My first thing I would do if I was looking for an FHA lender in LA would find an independent mortgage bank and ask them if they do alot of 203ks. I personally don't know of any lenders in LA but believe me a google search and or attending a real estate meetup or even an open house would all be good ideas. Also look for foreclosure listings, call the listing agent and ask " do you know a good fha lender that I can get prequalified with I want to make an offer on this house" they will have names for you in a heartbeat. Give it a shot and let me know how it works out for you.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Thank you for the advice, presented in such a clear, calm, organized way. I subbed your channel because of this video. I have a question: are you being approved for a loan to borrow the full future value of the home with an FHA 203k? So, if the house is selling for $250K but comps value for $400K, is your FHA 203k loan for $400K?
@@Karl__Pierre I've decided to try and get a Home Equity Live Of Credit instead of a FHA 203k. I want to borrow as much as possible to buy another property free and clear. Do you have any suggestion? I see most places want to only borrow you 80%
@@tchakeemn not sure what the question is but I will try to answer it but here's what i am assuming. 1-you already own a home that has equity. If yes how much equity? What is the current market value and current mortgage balance. 2 - you want to own a property free and clear. I'm not sure how that will occur if you used a heloc to purchase the next property as that heloc is more or less acting as a mortgage for the newly acquired property. Of course you can use a heloc to puchase and rehab an additional property but theoretically it's not free an clear as you have just increased debt on your primary residence. The 203k loan program is designed for first time homebuyers to purchase and improve a property. Many new investors use this program to get their first multi family home live in one unit and rent the others. The program gives you experience needed to continue to the next fix and flip transaction that investors will be doing utilizing hard money. Give me more details on what it is you are trying to do so I can give the best advice for your particular scenario.
This was very thorough! However, I still have questions. 😁 If I am renovating a home using a 203k loan and the renovation takes 5 months, does that 5 months count toward the 1 year primary home minimum even though I’m not staying there technically due to the renovations? Also, does the 1 year primary home minimum mean you can’t just refinance it to a conventional loan if you choose before the 1 year is complete? Thanks!
That answer I don't know. What is fixation on the 1 year rule? Is it interest rate or desire to relocate. If interest rate the cost of refinance may not make sense. If to relocate I would imagine the 1 year starts from the official transfer date independent of the renovations date. All in all I think you're thinking about this correctly and encourage you to move forward. Just confirm those details with an expert. You can try contacting HUD and seeing if they can provide clarity.
ENTP LIFE Thanks for the reply. I found out it is 1 year from the closing date so if renovations are 5 months, I would only spend 7 months living at the property. The reason I am fixed on the 1 year is because I’d rather stay home than at the rental property.. just a preference. 😊
@@Karl__Pierre i’m 18 I have $25,000 saved up. Would you recommend that I get an FH a loan and put 3% down on a duplex that’s worth $300,000 in a great area that way when I rent it out at around 1200, The duplex itself is paying the mortgage and making profit while doing so
@@Karl__Pierre yes I’m looking to do it soon but idk if it’s smart at my age. I was going to do it with an fha loan or maybe if I find a property that needs some work I can do it with an FHA 203K loan
Thank you so much for this video! I am considering using the 203K to purchase a multi-family home. Are you able to share any information on how to find potential properties that are FHA approved or could potentially become FHA approved?
It's not about being fha approved. You as the borrower is fha approved. You then shop for a property. Once you like it you make an offer. Get accepted offer then do your inspections, get contractor bid for your repairs, then appraisal.
Okay, so once I am FHA approved I then shop for a property that will accept FHA funding? I have watched several videos that refer people to HUDHomeStore.com, is that the most effective way to find properties that will accept this funding? I have visited the site and there aren’t many listings and mainly single family homes.
@@juanroberts9668 You can search there but also non hud properties. Get pre-approved and get back to me. If you spend all your time seeking advice you are losing time on making a deal happen. Your very next step is get your pre-approval
When do you know if you actually need the HUD consultant? And is that something the buyer has to scout out? I learned that there are a lot of people that didn’t need a one using a FHA-203k. Thoughts?
Hey JR all depends on the liquidity of the contractor you choose. Let's say in the first draw it's 30k labor and materials over 4 weeks, then draw inspection then payment. That might take 5-6 weeks in total for the contractor to get paid. Those who can float it will usually be more expensive by about 30%. Ideally for you want the project to fit the budget and be covered by the contractor that is competent in the program. I did this in 2009 so much different time. If you need any assistance you can book a call with me or check out my program on how to flip 1-4 Family real estate.
Thanks for the great videos, I have a question that you or someone here can hopefully help me with. My grandfather has a property paid off in Miami, he wants to go back home and wants to take over the property. It needs a lot of work, pretty much would have to demo and rebuild, so the 203K loan would be perfect for this. If I aquire the property via a quitclaim deed, can I then get a 203k loan to do the repairs or does my grandfather need to sell it to me? My loan officer is not sure, so hopefully someone can help me out here. Thanks in advanced for your time and help. JP
He needs to sell you the house....but there are other options that can be exercised in this scenario. Book a call with me and I can design the right plan for you once I know the situation. To book a call go to my website www.entplife.com
For fha ready contractors, that maybe tough. Here's what I recommend. Contact a few mortgage lenders who do fha 203k in your area as well as fha hud consultants who administrate the loan. Both should be able to make referrals for contractors they have worked with. The struggle is they are required to do a detailed bid, receive no deposits, and be paid after work is completed so either you or them need to be able to float expenses until each draw.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Doesn't the lender pay directly to the contractor? Why should I be buying materials from home depot using my home depot card if the lender is not going to hand me the repair expenses money? I am confused!!!
All a matter of choice. When I did this project with my contractor in NY it was our first time working together and first time doing 203k program. So to split the risk I paid for the materials up front he the labor and we got reimbursed when paid. The check came in both of our names. We cashed it and settled out the reimbursement. That's how we did it. Currently I have a construction company and if doing a 203k I would cover it all and be reimbursed. This was in 2009.
Good question. You can do it either way they have an option called an interest reserve where payments start after construction. Or you can pay as you go interest reserve increases loan amount but I'm my opinion best option your cash with you rather than paying for a property you're not living in or renting...just my opinion.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Man been searching the whole of TH-cam to find out if you can delay the start of mortgage payments. Thank you! I’m in Ft Lauderdale too and doing a 203k soon. How’s your project coming?
Closing occurs the day you take possession just like any other purchase. What happens is the purchase about gets paid to the seller and then your rehab amount is sent to your escrow account and released in draws/milestones as the work is completed. Get it?
@@calston09 no one closing. What happens is this. Lets say you bought a house for 200 thousand but it needed 100k in work. At closing your morthage will be 300k 200k to the seller and 100k to the escrow account in one single closing. You then start the work. You and your contractor agree to make 3 payments for renovations at certain milestones. When it's time for a payment the 203k consultant approves the work and authorization of a draw down from the escrow account.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Hello, thank you for all the great information. I would like to know if you have any info on a 203k streamline loan. This is the one were you only can use upto 35,000. Thank you again for your time in advance.
Hi 👋🏼👋🏼👋🏼 thank you for such an informative video. I have one question about the process. Wont the home be gone to a cash only investor by the time I find a hud consultant, find a contractor, get bids, work with the loan officer, etc? I’m sorry, I’m just unsure of the timeline. Is the home put on some type of hold while you’re processing the 203k loan since I know it takes about 5-6 months to get the loan approved? Thank you again!!!! 🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
Yes if priced that well. But in reality as an owner occupied property you're going to be coming in higher than an investor. I just turned down a deal that would have 50k spread that would be perfect for owner occupancy. Why, because after all fees that 50k would be like 18k profit. However an owner would be happy with 50k equity from the start since there aren't looking to flip. Moral of this story is buy the house you wa nt, customize it, and when it's all said and done make sure it's below the market value and it will be a win.
@@Karl__Pierre awwww, thank you soooo much for replying 🤗😊🤗 sigh, I live in California, a hyper competitive real estate market, where an overpriced home is sold within days 😖😖😖 Do you think the safest bet to ensure that I have a good chance would be to buy cash, rehab, and refinance as quickly as possible? I just foresee wasting a lot of time and money on a hud consultant over and over again and not getting the property because the 203k loan takes so long to process 😖😖😖
This was so informative! I live in long island and i am planning on using a 203k mortgage for my first home. Can you share which mortgage company you recommend for the 203k? I understand that not all banks offer this type of mortgage.
wow I thought I replied to this, so sorry. I don't have a bank I can recommend but what I think you should do is contact a local mortgage brokerage and let them know you are interested specifically in this product. When I did the program I had to call around to a few major retail banks, most didn't know they could offer the loan. Nowadays I feel that it shouldn't be so difficult.
ENTP LIFE thank you so much for your reply! What contractor did you use? I was able to do what you said and found a bank now the contractor hunt starts lol
Hello, quick question if own the home out right but need to be Rehab what are the best options for me to take for Rehab loan....FYI having credit issues
Thanks for reaching out. It all depends on your situation, please answer the following questions so I can give you the best possible answer. Do you live in the home? Current mortgage balance if any? Market value of the property renovated? If looking to setup as a rental potential rental value of the property? City? What is your credit score?
@@collinstae8827 City the property is located in and potential rental income? Also how much are you looking to cash? Are you on the deed? Also thanks for the question this is exactly what I am looking for from the channel!
@@collinstae8827 ok you maybe able to work something out but it will be a bit tricky because the loan amount is fairly small. If you want we can jump on a web call to discuss the details live we can make a video out of it. But to give you the simple answer it is doable. Based on your stated value some hard money lenders will lend on this property but anywhere from 60 to 65% of the market value. So you're looking at a rehab loan amount of $56,500. With the low credit you may need a co borrower and someone with experience like a contractor or tradesmen if you don't have flipping experience. If you are looking to live in the house they will not lend. If you are looking to keep as a rental you definitely need a partner to refinance. This isn't a clean cut deal but as I said if you're interested in hopping on a live feed it would be nice to dissect this one in real time and hash out the best plan for it.
Yes that is correct. For a minimum of one year if you don't plan to live in the home I suggest going the hard money route for a fix and flip or fix and rent.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
How do you pay the contractor if he cant afford the intial costs materials and labor. Out of pocket? How would you get reimbursed since the money goes to the contractor?
The money is actually paid to both of you. That's how it was done with me. The way I worked it out was I charged all materials and everything I could on credit cards. And when the check came I reimbursed myself for materials and paid the contractor the labor portion. We agreed on handling it that way as it showed him I'm splitting the risk and am confident the bank will pay otherwise he may feel he's getting duped. Hope that answers your question
@@tbssblack5770 norther jersey yes on the contractor side. No on the consultant. Best bet is ask a mortgage lender that does alot of FHA and they will have a few contacts for you. I have my contractor company as well of you need a crew.
Rewatching this video again as I put a multi-unit under contract and creating the SOW now. My question is, should I also get a Professional home inspector for a general home inspection or does the FHA consultant cover that?
NICE!!!!! The consultant will do a preliminary inspection and note what must be addressed for FHA. They also do the appraisal and review. They maybe an inspector as well so ask the consultant if he does inspections or works with an inspector that he really likes. Proud of you. Keep me posted with the progress. Where is your deal?
@@Karl__Pierre Thanks for the quick response and definitely will! I've gotten a lot of great info from your channel and would love to stay connected. Its in Chicago - one of the close neighborhoods.
@@bilalhussain726 I'm extremely interested in investing in Chicago. I think I'm going to setup an operation there through my training course that way I can start doing deals there I just don't know anything about the areas.
@@Karl__Pierre The market is on fire right now, properties are going under contract within 24-48 hours off listing. Although Chicago is obviously one of the more expensive markets to invest but we wanted to stay close to home however, we'd eventually want to try our luck down south - maybe Texas. Let me know if I can be of any help if you decide to move forward with this venture.
If I remember correctly they give you the choice during the application to pay you the contractor or both. This is my memory from 11 years ago. However I'm doing this all over again this summer in Florida and will be covering in detail here on the channel so I will have updated information!
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Does the draw go to you the homeowner or does it go to the contractor? I know you mentioned that you get reimbursed but I always thought the draw had to go to the contractor. If you front the cost to contractor it def makes sense for you to get reimbursed but wanted to confirm.
@@onejhead if you're looking to.flip I recommend hard money instead. It will be a larger cash requirement but designed for that. With FHA the expectation is you occupy that home for atleast one year.
ENTP LIFE How do I get over my fear of being in debt? I want to take the risk but I’m absolutely scared to jump in flipping because I’d be playing with money I don’t have.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
Great video. Very straight forward. I do have a question tho. if I get approved for a fha 203k loan or streamline, can I purchase a home from a Auction, such as Auction.com or tax delinquent auction? If not where can I find a home where this time of loan works best. Thanks
It's going to be very difficult to close in the 30 day time frame. Check hud homes and homepath. Homepath actually has a first look period designated for first time buyers using these loans so investors like me have to wait until the first look period expires to have a chance at it. Sort of levels the field.
ENTP LIFE ok ok. Thank you. Also, have you ever experienced a situation where you bought a home from an auction and the home is occupied? How would you deal with such situation?
@@jasonwilliams521 I've never but best method is meet with tenants and work out a deal. I know they say not to but only option you have. If not you have to evict ...depending on your state that's 30 days to 1 year. So it's better to approach them offer them enough to relocate. Rent, a moving crew for a day, and security deposit. So about 5k should do it.
Yep! I don’t know that I am willing to dive into a something that needs major renovations on my first one but who knows 🤷♀️ I’m interested in doing my own work actually but I don’t have any experience but I’m comfortable with all sorts of tools and DIY type stuff is definitely within my strengths! I think I will get something I can do smaller projects on like upgrading tile, painting cabinets, and maybe taking down a wall or two for my first house then see how comfortable that feels.
@@naomelescroart7390 cool what market? I recommend that's where you start... with something slightly dated and things you can address like paint and a kitchen remodel. Theres also an fha streamline k that's less complicated when it comes to the renovations and that's for renovations under 35k. Would you do a 2 family or more because thats an even better starting point in my opinion
ENTP LIFE Indianapolis! Id love a duplex w 3 bedrooms on each side but I want to stay under 100k so I think I’ll be starting out with 2/1 on each side. I’m not sure if I’m going to air bnb the extra room in my unit or get a roommate. We’ll see. 😊 the cash flow is appealing but I really am more interested in fixing. I’m definitely more interested in multi-families. Anything bigger than a duplex seems so intimidating so I don’t see it ever being in my future but who knows what the future holds, but I think duplex empire is most realistic 🤣😅
@@naomelescroart7390 dont put that limit. Start with the duplex empire and it will become as routine as walking and chewing gum. And then you can decide if you want to complicate your life further for the challenge haha. I've heard good things about indie have to come back out there to see first hand.
Hi! What are your thoughts on the sales price + renovations costs being 19k higher than the appraised value after repairs and the bank still approves? If still able to live for free still a good deal?
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
@@ibiro868 well glad to know that the video has reach and is actually helpful for people on that journey to owing a home! If you have any questions feel free to reach out!
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
This sometimes can be the case. However get pre-qualified for a loan amount so you're able to make offers. Get all your resources organized contractor, consultant, pre-qualification letter, so once you have an accepted offer it's quicker to get them in to give estimates on repairs and you know if you should or shouldn't sign and go further. As a owner occupant you often benefit from the first look period which is 30 days in most cases....so you're not competing with investors at that time so in those scenarios you have the advantage.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
What’s up man I had a question. I got an estimate for a property to buy with a 203k loan and he quoted me 80k but once i told him I’d be using a 203k loan he said it would be close to 120k because he would have to pay taxes to his sub contractors run it through his books etc that would make his fees as a GC more so he would have to charge me more. Does that sound accurate?
Hi are you looking for licensed or unlicensed? Email me info@entplife.com and send over some details of the project and what you're looking for in your contractor I have a few suggestions depending on needs
@@trey-tjackson8106 not really they should have credit accounts with Lowes and HD and other suppliers as long as they know they will be paid it's not an issue. If they don't have the capacity it could be a red flag as well to their professionalism
@@Karl__Pierre well we both know a lot of contractors aren't gonna want to do no money up front for labor ket alone pay for materials on their own too or atleast up here where im at
Go with a 203k contractor. They should be fully aware that they will have to use their own funds to get the project started. You shouldn't have to come out of pocket at all. If they are asking you for money, then they are not a 203k contractor.
Hi there! My son will be 25 this year, he’s currently renting an apt in Dallas with a roommate and the lease is up in June. I really want to help him do something like this to start to build his own wealth. He currently makes 55k a year, excellent credit and low DTI ratio. How much house should he purchase? Want to keep mortgage payments low. I would prefer a streamline K since it’s his first time. But if a 203k is best I don’t want to reject that idea. Should we look for foreclosures? Homes that maybe only need kitchen bathroom Renovations? 3 bedroom 2 baths? I’m sorry for so many questions. He will live there until all renovations are completed then possibly sell. Hopefully making a good profit. So new to this. It’s scary but that won’t stop us. He needs to find something by July. Thanks for any advice.
Since July is the target he should start looking now. I think he should target a liveable but out dated 2-3 family and use the streamline K to do some updates to kitchen and baths. The great thing about using fha is that they still allow the tenant to use future rental income to qualify and more than half of the payment will be paid by someone else. He may even be able to create a scenario where he lives rent free and now has the house completely paid by others while he saves for property 2. I advise to accumulate properties over finding flips. As a first project target outdated but liveable homes. Unless he has alot of experience with construction a major rehab for a first home isnt the best. So keeping it to bathrooms and kitchens and some paint goes a long way. Start looking for multifamily in Dallas and let me know if you see anything you like. Compare mortgage payments to average rents in the area using zillow and mortgage calculator. Also get preapproved and start making offers now - march.
ENTP LIFE Thank you for your response! We will definitely follow your advice. I’ve been hearing finding a lender that’s knowledgeable in 203k is very important. Do you know of a good lender we could use? Next would be to get a 203k consultant correct? So they can assess any properties to see if they have a good ARV? What would be my next steps?
@@roynareginacurry3168 alot of lenders today offer the program. If you wanted to work with a retail bank like wells Fargo I beleive they offer as well. If they are doing volume in the target area they can also point you in the right direction. But I would say step 1get your son preapproved for a multifamily because his limits will be higher and you will need that preapproval while making offers. As hes researching properties he can also look into the consultant. I recommend watching my video on how to analyze a deal because it covers how to get approximate arv and ensure you are getting a good deal. Once preapproved you will be making offers and narrowing down your criteria. How involved is your son in the process? If you want to setup a call we can.
ENTP LIFE My son is excited about this opportunity. He’s been watching your videos as well. He’s never bought a house before so his parents ( me and his dad) will be assisting with his down payment of 3.5%. I know there are specific things that need to happen in order so that the process is smooth. Now, when you say a multi-family home, tentans should already be living there? Or does that matter? Can we do renovations with the tenants still occupying? And yes, I would love it if we could do a conference call. I am so happy there are people like you that he can look up to that look like him. We’re trying to set him up for success! He works as a Corporate recruiter during the day and doesn’t get home until 7pm CT
Either the contractor or the homeowner. Alot of contractors cannot float the project costs which take them out of the equation. My contractor when I did the program couldn't so I used my credit cards to pay for materials and he held off 3-4 weeks at a time to get his labor payments
Sorry for the late reply, when you say, held off 3-4 weeks.. not sure what that means? I apologize for not understanding. And thank you for answering/replying to my previous comment.
@@woodforever1 meaning he waited for the labor payments. So when doing a 203k standard there are draws per phase of construction so we structured the draws for every 3 weeks of work. So I paid for materials on my credit card, then had a draw, when the money was released I reimbursed myself and paid the labor.
@@woodforever1 I don't think you can streamline over 30k. I think the streamline caps at 30k. So of you're doing a bigger project you need credit worthy contractors. When you're ready to move forward on that property my company should be able to help. Just let me know when.
The 203k Construction Consultant is a hybrid between a Home Inspector and a Cost Estimator. Their responsibility is to inspect the building and identify any code violations or any health and safety issues. Once that completed, the consultant will take into consideration the borrowers desired items. When the scope of work is agreed on, the consultant will provide an unbiased cost estimate reflecting what they believe the average contractor would change to complete that degree of work. Once the paperwork is completed, it goes to the lender to make sure the borrower can qualify for than amount and they will send it to the Appraiser. The Appraiser will tell us what the after improved value will be after the repairs are completed. The lender will then set up a closing. After closing, the consultant will inspect the property and approve the draw amounts for the contractor. The same process goes for draw 2,3, and so on until the project is completed.
Hey Garrett, thanks for adding. The consultant I used was a husband and wife team so the wife did the appraisal while he did all the rest, in my sitution it was paired. As stated the flow was very much the same. Are you a 203k consultant if yes would you like to be featured on the channel in a live segement?
@@Karl__Pierre I actually helped FHA re-write the 203k program back in 1992 and 93 and I'm proud to say that there are things in the current FHA regulations that I actually wrote. So, today I'm the guy that teaches this to the lenders and realtors. I got approved to do Work Write Up's 30 years ago and have participated in several thousand over the years. There is nobody that knows this program like I do.
Of course best way how. You could house hack or even get maximum cashflow in that scenario. I'm looking for a quad right now and doing this program all over again.
@@dlozado167 don't mean to discourage you but you maybe extending yourself rebuild your credit, hold on to the lump sum of money and when your credit score and savings grow so that you have 6 months of mortgage payments after your purchasing fees you are ready. The banks most likely will have the same opinion
Email me at info@entplife.com with your real estate investment queries!
Man it's great to have someone who is organized and articulate in explaining and giving a good over view of how 203k works and what's involved before, during and after finding the home. Thanks for being so thorough.
Thanks for the compliment! I have another video coming soon expanding on how to use the loan to launch your investing career. If you're not a subscriber, subscribe and stay tuned. Let me know if you need me to elaborate on anything as well.
@@drewangel786 For those who want to learn and appreciate free info, aren't going to criticize 20 little min. An hr wouldn't have bothered me- time mgn.
This may be the most valuable real estate video I have ever watched.
Thank you for the kind words and do me three favors...like, subscribe, and share hahahaha
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
ENTP thank you also, you are helping others and at no cost, good things will come to you in this life
Jesse Arthur n
Jesse Arthur knuckle
Finding a contractor who can do the proper bid and who can afford to be paid after the work is done. Love your perspective on this.
Thanks!
I was just about to go to sleep at 2am and found this video..and stayed up.. it was hands down the most detailed description of the process for free and without video editing to cut things short. Thank You for deciding to help others. Question: 1) Did your contractor pull the needed permits or did you need to? 2) Did you need to seek out subs for other tasks.. or were all of the resources needed all provided by your main contractor? 3) Do you use special software to help keep your self organized in such a project with timelines and budgets?
Thanks for the kind words in fact I'm about to do it all over again and document the whole thing.
Answer 1 - I did not need permits in my town because it was a full remodel none of the items being done needed permits. Check with your building Dept to describe your scope of work and they will let you know what's needed. But I would put permits on the people you hire but be willing to help out. 2) all provided by contractor he found subs for roof, siding. 3) I don't but there's project managementsoftware out there. I just use a spreadsheet and calendar.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Man really appreciate your diligence and resourcefulness
Thanks for the kind words
Wow, my husband and I are looking to buy a home. I’ve found a fixer upper in a decent neighborhood with a huge lot which is in heard of in the city.
My husband definitely wants a turn key home and I don’t blame him, esp after watching this video.
But the idea of making the home our own and being involved in the full transformation is enticing.
We’ll see how things go.
Thanks SO much for the detailed video. It really opened my eyes on what to expect.
Thanks for reaching out. Yeah it can be daunting if you're not a tradesman or DIY type. The real benefits here are potential for equity from day one rather than paying market, customizing it to your tastes, and ensuring you fix all major systems as they all go bad a some point....better in 15 years than say 3 months after buying. What city are you in and is the lot cleared for sub division? Would love to see the listing and even do a live analysis if interested.
ENTP LIFE I’m in St. Louis Missouri. It’s a lot right next to the property. In the listing it says that it could be used to build an additional property. It’s huge. A live analysis sounds awesome.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
ENFJ here 👋🏾 Thanks for you video! We’re in the process of getting approved now
Where are you buying?
Thanks for the video! Can you share your walkthrough with the contractor and HUD consultant in detail?
I'll try because that was ten years ago not sure where the paperwork is but I can try to find something online and explain it.
ENTP LIFE thanks!
love the leaf blower in the background. Great info!
Real life lol
Awesome video filled with gems! I am a fhb and want to start the process and I'm heavily thinking of doing the FHA 203K loan. Foreclosure prices here in CT are somewhat reasonable right now, and some don't look like they will require that much work. Thanks for the information!
Best of luck! Keep me posted with how it goes. Keep in mind many foreclosures in the Northeast are not properly winterized even though labeled as such. So budget for a full plumbing refit between 10k-15 in the area. If all is good you're lucky assume the worst hope for the best.
also from CT and thinking the same.
I'm just about to do an FHA203k loan in another state. Thanks for imparting the details. I'm excited but nervous.
Are you going to be living there?
Yes flying in 2 weeks
@@christinearoundtheworld where to?
Central Florida
@@christinearoundtheworld I'm in the process of doing it all over again in Fort Lauderdale and documenting that process. If you ever want to meet up or need help let me know.
Great info! This is the way my family is about to go. Thanks for this video.
Glad it was helpful! Keep me posted on your progress. Also I have a course that is only $97/month that maybe useful to you while you're going through this process. www.entplife.com/killing-the-american-dream
Thank you for taking the time to do this. Very well put together and simple to follow.
Glad it was helpful! Are you in the process of buying?
Great advice. I am about to go through the process
Nice! If you have any questions along the way let me know. What city are you in?
Thank you, love all that explanation, it is scary, but when you know, you know, thank you. God bless you for sharing your knowledge.
Thanks keep me posted with your progress
Great video!!! Thanks for the information. Looking forward to additional videos.
Thanks for the feedback! Is there a topic you'd like me to cover or a question that you have?
Great tips, you definitely telling us what to plan for.
Always my intention. Fill in the details every one else seems to leave out.
This is great info! So much of loan mechanics and timing are not discussed in RE talk!
I am glad you found it helpful. Are you currently looking to invest or buy your first home?
Have you started your documentary on your new investment property? Great video! Very informative!
Which one? I'm always adding properties I just try to mix up the property types and locations to keep it interesting.
You are the man. So much important and digestible information. Thank you! About to go to your channel, fingers crossed that you make more content!
Video comes out weekly next video is tomorrow live to discuss my purchased in Italy. Thanks for the feedback and make sure your subscribe!
When I heard “stony brook” … my eye brows went up and I immediately thought “student housing”. That house will ALWAYS be occupied.
This was good explaination! Thank you , totally get a better picture of process!
You're welcome. Where are you located?
I just submitted my paperwork for approval... Hopefully by Monday we'll know what my buying power is 🙏🏾
Status check? How'd it go?
@@Karl__Pierre Got approved for a small amount. $125k. Cant really get much with tht in my market unless im tryina live in the hood. I was advised to pay some of my debt down. Which I'm currently doing.
AMAZINGLY INFORMATIVE
I am trying my best
I’m 26 myself and am I planning on going with a 203k loan for my first buy to jump start my investing career. Great video!!! If I send you a direct message any chance you would reply if I have any questions on the process?
Feel free to but I always recommend to ask the questions here because others may have the same question and it helps the viewers as well.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Great explanation, I felt I needed to express how much your video cleared things for me
Awesome glad it was helpful. Where are you looking to buy?
ENTP LIFE I’m in Miami, just sold my apartment I bought in 2014, made 50k out of it and I’m in the market now looking for a house that needs rehab and could utilize an FHA 203k
@@fernan2489 looking to stay in Miami open to FT Lauderdale? What are your parameters would love to know more and see if there's potential to collaborate.
I’m trying to stay down south close to work, Fort Lauderdale is a bit of drive, specially with traffic. I would love to discuss how a colab could benefit us both. My email is fernan2489@hotmail.com
Love MG--He's the best!!!
Yeah he's really trying to help people get into the ownership column and that's the first step in building your wealth.
Thank you for sharing your experiences with us!
My pleasure! Where are you looking to buy Michael
Thank you so much for this video. I've already watched 11 hours worth of REI videos, and this is the closest, by far that actually gives a detailed view of the process. So many videos go through very generic details and I pretty much had no idea what to expect between the purchase and sell... like, sure, if you're doing some rehab there's going to be a contractor working but what's your part in it?? Now I have a better idea!
I currently don't have any money in savings that can be used as float so I guess I'll have to make sure I can find a contractor that can work with that. Might be more pricey but probably better to work with someone who really knows their stuff on your first deal.
Not sure if you'll answer a comment on a video as old as this one but I have a question: is it really a terrible choice for a newbie to work on a house that needs a LOT of rehab? A lot of videos I've seen suggest a simple "cosmetic flip" for your first deal. Obviously those are way more difficult to find though haha... Maybe I'm too ambitious.
I answer all comments lol. Especially thoughtful ones like this.
If I were just getting started I would start with a 3-4 unit that only needed updating. Kitchens, baths, paint, floors. Main reason is because as a newbie you don't know how much things costs, what is market rate what isn't. I wouldn't advise anyone start with a gut reno. If you can find an outdated but good home 3-4 units start with that. Where are you based? I also offer consultation calls which I think you might need if you're interested in going down this path.
@@Karl__Pierre That's awesome! Definitely not something you usually see from content creators.
That makes sense. I'm currently based on the outskirts of Cincinnati, OH. On the outer edge of Hamilton County basically. A consulting call would be great though I really don't have a lot of money to spend right now, unfortunately!
My current plan is to find a fixer-upper (hopefully just an outdated home as you mentioned) and move in there using a 203k,
I am wondering if you still live in this home? If not did you keep this property to rent it out fully? You mentioned in the video you rented the upstairs rooms in the house (to "house hack") and I am curious if after a certain amount of time you have the ability to move out of the property and, on to another home fix-up and start this process over again? Any comments or feedback would be greatly appreciated. Thank you for a awesome video!
I later moved. I no longer live in the house but still own it and is my legal primary residence
Thank you for this! Learned a lot
@@TheGOFamily you're welcomed if you have any questions let me know.
Great video man thanks for this
Good luck on your journey. I also just launched a course at www.entplife.com/killing-the-american-dream that teaches you how to do everything not only to buy your home but how to find deals and manage your renovations. Check it out.
I have watched ten 203k loan videos explaining the process but no one ever mentioned who their lender is. I have been calling banks & talking to real estate agents for the past two years haven't found a lender. Please tell who was your lender this is the single most valuable information you can give. Thank you.
I believe my lender was Bank of America. I did my loan in 2009. Contact bank of america and see if they still offer it. Alot of brokers don't like the loans because theirs more paperwork so they will try to steer you elsewhere so best try the retail banks and see. That is how I approached it first it was Wells Fargo and they were super annoying so I switched to bank of America.
@@Karl__Pierre Thank you I have accts at both banks they initially told me no fixer uppers when I got approved 2 years ago but I will check again.
@@derrickhead474 tell them specifically that you want 203k and is that offered speak with mortgage specialist and keep pushing it some of them really don't know or never did the program themselves
Your info and tips are gold. God bless!
Glad it was helpful!
Love the content brother , currently live in a HCOL area (Long Island ) would you recommend going with this loan in area that is traditionally more expensive. Thanks 🙏🏽
I'm not familiar with that loan. What are the terms?
@@Karl__Pierre sorry hcol means high cost of living , do u recommend going with an fha in that case ? Thanks again
Thx great video. Who helped you do the interior design and remodeling. Did you choose everything or did you have architect help you. Or interior designer. Plz explain
I did. But if you wanted to get best value hire an interior designer or decorator they will be cheaper than an architect. Architect only required with major modifications effecting square footage or structure.
THANK YOU SIR !!!!! Wealth of knowledge
Thanks for the kind words. If ever there's a question or topic you think needs coverage let me know always looking for concepts for future videos.
Great video. Very helpful
Glad it was helpful!
Great information. Just starting my first one and am super excited about it. My question is, what is my part in this? It sounds like HUD counsellors do all the work including the SOW, renovation budget , inspections release of escrow funds and everything else. Are we then responsible for managing the schedules to make sure everything is on track?
You're responsible for finding contractor, having scope of work completed, managing construction. The consultant reviews the scope of work and inspects to release draws.
@@Karl__Pierre Thanks!
Great info, thanks for posting this video!
You're welcomed. You're currently thinking if buying.
This was amazing!
Thanks for watching!
Great video! Very informative. Thank you. I would like to know who you used as your contractor. I have a 203k loan and I am looking to purchase in Patchogue. I want to do a streamline 203k. Which seems a little easier than the standard.
I have my own company with 4 crews at the moment. If you want we can GC your project. Email me in the about me section so I can connect you with our Project Manager and see how we could help you.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Thank you for the video, it was very informative. I was wondering how long did the whole process from star (applying for loan) to finish (moving in)
About 5-6 months. I started making offers in January, closed in March 2009 was done in June.
Good content but I'd never pay a contractor out of pocket on a 203K. The lender won't reimburse you if the work you prepaid for is not approved. Understand that your gambling. Find a contractor that can work with being paid after the work is done or don't hire them.
That's definitely a good way to go about it. I personally found many contractors at the time i used the program weren't able to float the project and assume the risk of bank not paying. Thanks for contributing Marcus.
If I have to pay a contractor out of pocket I couldnt do this. I don’t have an extra $20,000 for that. So depressing.
@@Gunngirl there's always a way. Some contractors familiar with the program will be fine. The 203k consultants work with enough clients they could even refer a contractor. Always look for a way in not the way out.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Agree 100% with you!!! Tks
Thank you for sharing this information with us. I just found out about this type of loan and decided to watch some videos to gain someones formal experience with using the loan.
I have a question, Can you convert a garage into income property with this type of loan?
Yes. As long as you do it legally it will not be a problem. Check with the building department and see what they allow.
This is my first video I’ve seen of yours. Awesome! What types of deals did you do before this. Wholesaling real estate?
No the first two deals were group investments in a time where getting mortgages was super easy. Wholesaling wasn't even a term in 2006 that term didn't show up until 2012 for me while attending real-estate meet ups.
@@Karl__Pierre oh nice. I have one other questions. Do you have any INTP friends in healthcare?
@@GrowMoneyWithAI not that I know of
How do I find an expirenced 203 K lender in the Los Angeles area? The FHA website hasn’t been much help, because you need to already know the lenders name.
Hi Gregory, sorry for the late response I usually get alerts on comments but this one somehow slipped past me. My first thing I would do if I was looking for an FHA lender in LA would find an independent mortgage bank and ask them if they do alot of 203ks. I personally don't know of any lenders in LA but believe me a google search and or attending a real estate meetup or even an open house would all be good ideas. Also look for foreclosure listings, call the listing agent and ask " do you know a good fha lender that I can get prequalified with I want to make an offer on this house" they will have names for you in a heartbeat. Give it a shot and let me know how it works out for you.
I do them.
@@romie7054 thanks for sharing. Post your information for viewers to potentially contact you.
Of course! Rome@mtdiablolending.com
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
This information was very useful
I'm glad it was helpful
Thank you for the advice, presented in such a clear, calm, organized way. I subbed your channel because of this video. I have a question: are you being approved for a loan to borrow the full future value of the home with an FHA 203k? So, if the house is selling for $250K but comps value for $400K, is your FHA 203k loan for $400K?
Thanks for the feedback. Yes the loan amount will be based on the comps as you described.
Thanks I really needed this
Awesome I'm glad I was able to help
Very informative.. thanks
Thanks for watching. If theres anything you want me to touch on in a future video please let me know!
@@Karl__Pierre I've decided to try and get a Home Equity Live Of Credit instead of a FHA 203k. I want to borrow as much as possible to buy another property free and clear. Do you have any suggestion? I see most places want to only borrow you 80%
@@tchakeemn not sure what the question is but I will try to answer it but here's what i am assuming. 1-you already own a home that has equity. If yes how much equity? What is the current market value and current mortgage balance. 2 - you want to own a property free and clear. I'm not sure how that will occur if you used a heloc to purchase the next property as that heloc is more or less acting as a mortgage for the newly acquired property. Of course you can use a heloc to puchase and rehab an additional property but theoretically it's not free an clear as you have just increased debt on your primary residence. The 203k loan program is designed for first time homebuyers to purchase and improve a property. Many new investors use this program to get their first multi family home live in one unit and rent the others. The program gives you experience needed to continue to the next fix and flip transaction that investors will be doing utilizing hard money. Give me more details on what it is you are trying to do so I can give the best advice for your particular scenario.
What were the guidelines on selling your home afterwards? I want to buy, rehab, live in it maybe 2 years come up than sell.
I think one year
This was very thorough! However, I still have questions. 😁
If I am renovating a home using a 203k loan and the renovation takes 5 months, does that 5 months count toward the 1 year primary home minimum even though I’m not staying there technically due to the renovations? Also, does the 1 year primary home minimum mean you can’t just refinance it to a conventional loan if you choose before the 1 year is complete? Thanks!
That answer I don't know. What is fixation on the 1 year rule? Is it interest rate or desire to relocate. If interest rate the cost of refinance may not make sense. If to relocate I would imagine the 1 year starts from the official transfer date independent of the renovations date. All in all I think you're thinking about this correctly and encourage you to move forward. Just confirm those details with an expert. You can try contacting HUD and seeing if they can provide clarity.
ENTP LIFE Thanks for the reply. I found out it is 1 year from the closing date so if renovations are 5 months, I would only spend 7 months living at the property. The reason I am fixed on the 1 year is because I’d rather stay home than at the rental property.. just a preference. 😊
@@accrualworld318 haha I see.
Amazing video bruh 🙏🏾👏🏾💪🏾
Thanks for the feedback you gotta check out my others this was an early days video. Where are you looking to buy.
@@Karl__Pierre parma Ohio
@@Karl__Pierre i’m 18 I have $25,000 saved up. Would you recommend that I get an FH a loan and put 3% down on a duplex that’s worth $300,000 in a great area that way when I rent it out at around 1200, The duplex itself is paying the mortgage and making profit while doing so
@@abreacts7563 looking to do this?
@@Karl__Pierre yes I’m looking to do it soon but idk if it’s smart at my age. I was going to do it with an fha loan or maybe if I find a property that needs some work I can do it with an FHA 203K loan
Thank you so much for this video! I am considering using the 203K to purchase a multi-family home. Are you able to share any information on how to find potential properties that are FHA approved or could potentially become FHA approved?
It's not about being fha approved. You as the borrower is fha approved. You then shop for a property. Once you like it you make an offer. Get accepted offer then do your inspections, get contractor bid for your repairs, then appraisal.
Okay, so once I am FHA approved I then shop for a property that will accept FHA funding? I have watched several videos that refer people to HUDHomeStore.com, is that the most effective way to find properties that will accept this funding? I have visited the site and there aren’t many listings and mainly single family homes.
@@juanroberts9668 You can search there but also non hud properties. Get pre-approved and get back to me. If you spend all your time seeking advice you are losing time on making a deal happen. Your very next step is get your pre-approval
Thank you for your help! This gives me a better idea of what to shop for and what might be available within my price range once I am pre-approved.
Great info, thank you!
Anytime!
Where are you looking to buy?
New Jersey
@@klg2knwmeklg2knwme78 where about I just sold a property in Newark and finished a 2 family in Paterson.
Quick question where did you get the fha 203k loan in Fort Lauderdale? Which lender and license contractor did you use?
Never got it in FL the FHA I did was in NY
When do you know if you actually need the HUD consultant? And is that something the buyer has to scout out? I learned that there are a lot of people that didn’t need a one using a FHA-203k. Thoughts?
I think once you get over 35k - they did the streamline K
Why do you need to pay the contractor? I thought bank supposed to do that. And this program protects buyer from contractor. Thanks
Hey JR all depends on the liquidity of the contractor you choose. Let's say in the first draw it's 30k labor and materials over 4 weeks, then draw inspection then payment. That might take 5-6 weeks in total for the contractor to get paid. Those who can float it will usually be more expensive by about 30%. Ideally for you want the project to fit the budget and be covered by the contractor that is competent in the program. I did this in 2009 so much different time. If you need any assistance you can book a call with me or check out my program on how to flip 1-4 Family real estate.
Thank you for the info....
You're very welcomed. You currently house hunting?
My bank is not allowing me to float the money. How did you get around this? did you have it in a LLC?
No I just floated the money and when the checks came for the work the contractor reimbursed me for what I floated.
Thanks for the great videos, I have a question that you or someone here can hopefully help me with. My grandfather has a property paid off in Miami, he wants to go back home and wants to take over the property. It needs a lot of work, pretty much would have to demo and rebuild, so the 203K loan would be perfect for this. If I aquire the property via a quitclaim deed, can I then get a 203k loan to do the repairs or does my grandfather need to sell it to me? My loan officer is not sure, so hopefully someone can help me out here. Thanks in advanced for your time and help. JP
He needs to sell you the house....but there are other options that can be exercised in this scenario. Book a call with me and I can design the right plan for you once I know the situation. To book a call go to my website www.entplife.com
I am getting ready to start my first 203k in Delaware. I don't trust contractors. I wish I knew 3 in Delaware. Where should I look
For fha ready contractors, that maybe tough. Here's what I recommend. Contact a few mortgage lenders who do fha 203k in your area as well as fha hud consultants who administrate the loan. Both should be able to make referrals for contractors they have worked with. The struggle is they are required to do a detailed bid, receive no deposits, and be paid after work is completed so either you or them need to be able to float expenses until each draw.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Doesn't the lender pay directly to the contractor? Why should I be buying materials from home depot using my home depot card if the lender is not going to hand me the repair expenses money? I am confused!!!
All a matter of choice. When I did this project with my contractor in NY it was our first time working together and first time doing 203k program. So to split the risk I paid for the materials up front he the labor and we got reimbursed when paid. The check came in both of our names. We cashed it and settled out the reimbursement. That's how we did it. Currently I have a construction company and if doing a 203k I would cover it all and be reimbursed. This was in 2009.
Awesome information, how do I apply for this loan?
contact a mortgage lender and tell them you are interesting in the fha203k loan. Or you can simply google fha 203k lenders
Thank you brother
No problem, thanks for watching and commenting. Are you currently shopping for a house? Let me know if you need any advice.
Thank you! Intj
You're very welcomed. Are you looking to buy a home? Where abouts?
do you start paying mortgages after closing/during construction or you start once the property is habitable?
Good question. You can do it either way they have an option called an interest reserve where payments start after construction. Or you can pay as you go interest reserve increases loan amount but I'm my opinion best option your cash with you rather than paying for a property you're not living in or renting...just my opinion.
ENTP LIFE
Thanks. True. That sounds logical
@@oladimejiolayinka8934 anytime
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Man been searching the whole of TH-cam to find out if you can delay the start of mortgage payments. Thank you! I’m in Ft Lauderdale too and doing a 203k soon. How’s your project coming?
So I work from home how can I get this done out of state? I went to do this with a 4 plex. Are there income requirements, too little too high?
you will need verifiable income. Best thing to do is reach out to a mortgage lender and seek a preapproval from there you will know where you stand.
When would you officially close on the loan? After the renovations?
Closing occurs the day you take possession just like any other purchase. What happens is the purchase about gets paid to the seller and then your rehab amount is sent to your escrow account and released in draws/milestones as the work is completed. Get it?
ENTP LIFE thank you for the quick response. Okay, would it be technically two closing?
@@calston09 no one closing. What happens is this. Lets say you bought a house for 200 thousand but it needed 100k in work. At closing your morthage will be 300k 200k to the seller and 100k to the escrow account in one single closing. You then start the work. You and your contractor agree to make 3 payments for renovations at certain milestones. When it's time for a payment the 203k consultant approves the work and authorization of a draw down from the escrow account.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
You had to find your own
Hud consultants i thought the mortgage or bank give you that ?
No. Google HUD consultant there is a list. The HUD consultant is your choice and there to assist you.
Are you still in NY? Would like to possibly talk more about this over coffee.
Hey Patrick, Yes I am still in New York and open to a chat. Shoot me an email at karl(at)solislapierre.com
@@Karl__Pierre Done
Is there a minimum for rehab? Meaning could i find a property that is in good shape and the work is just cosmetic?
Under 35k is streamline k, an easier process, over 35k slightly more paperwork
Hello, thank you for all the great information. I would like to know if you have any info on a 203k streamline loan. This is the one were you only can use upto 35,000. Thank you again for your time in advance.
Same. Except less paperwork.
@@Karl__Pierre wanted to know if I can just get a bid from a contractor but not us him and do the work myself.
Hi 👋🏼👋🏼👋🏼 thank you for such an informative video. I have one question about the process. Wont the home be gone to a cash only investor by the time I find a hud consultant, find a contractor, get bids, work with the loan officer, etc? I’m sorry, I’m just unsure of the timeline. Is the home put on some type of hold while you’re processing the 203k loan since I know it takes about 5-6 months to get the loan approved? Thank you again!!!! 🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
Yes if priced that well. But in reality as an owner occupied property you're going to be coming in higher than an investor. I just turned down a deal that would have 50k spread that would be perfect for owner occupancy. Why, because after all fees that 50k would be like 18k profit. However an owner would be happy with 50k equity from the start since there aren't looking to flip. Moral of this story is buy the house you wa nt, customize it, and when it's all said and done make sure it's below the market value and it will be a win.
@@Karl__Pierre awwww, thank you soooo much for replying 🤗😊🤗 sigh, I live in California, a hyper competitive real estate market, where an overpriced home is sold within days 😖😖😖 Do you think the safest bet to ensure that I have a good chance would be to buy cash, rehab, and refinance as quickly as possible? I just foresee wasting a lot of time and money on a hud consultant over and over again and not getting the property because the 203k loan takes so long to process 😖😖😖
Hii can i use this as a Rehab loan? If i buy a fixer upper?
That is the purpose of this particular loan. It is a renovations loan. 3.5% down and your entire renovations budget wrapped into the mortgage.
Great video
Thanks are you setting up to buy?
@@Karl__Pierre yes.. this a great understanding of the process that I needed. I'm at the pre approval process
This was so informative! I live in long island and i am planning on using a 203k mortgage for my first home. Can you share which mortgage company you recommend for the 203k? I understand that not all banks offer this type of mortgage.
wow I thought I replied to this, so sorry. I don't have a bank I can recommend but what I think you should do is contact a local mortgage brokerage and let them know you are interested specifically in this product. When I did the program I had to call around to a few major retail banks, most didn't know they could offer the loan. Nowadays I feel that it shouldn't be so difficult.
ENTP LIFE thank you so much for your reply! What contractor did you use? I was able to do what you said and found a bank now the contractor hunt starts lol
@@greenekturbo actually one that i use til today. I have him on my team permenantly. If you're doing something in ny i could help.
ENTP LIFE yes i am in long island! Whats the best way to reach you?
@@greenekturbo karl@solislapierre.com
Hello, quick question if own the home out right but need to be Rehab what are the best options for me to take for Rehab loan....FYI having credit issues
Thanks for reaching out. It all depends on your situation, please answer the following questions so I can give you the best possible answer. Do you live in the home? Current mortgage balance if any? Market value of the property renovated? If looking to setup as a rental potential rental value of the property? City? What is your credit score?
@@Karl__Pierre no I don't live in the home, credit is 527, the house is valued at 87,000 this not a mortgage on the home
@@collinstae8827 City the property is located in and potential rental income? Also how much are you looking to cash? Are you on the deed? Also thanks for the question this is exactly what I am looking for from the channel!
@@Karl__Pierre Atlanta, 70,000 yes am on the deed
@@collinstae8827 ok you maybe able to work something out but it will be a bit tricky because the loan amount is fairly small. If you want we can jump on a web call to discuss the details live we can make a video out of it. But to give you the simple answer it is doable. Based on your stated value some hard money lenders will lend on this property but anywhere from 60 to 65% of the market value. So you're looking at a rehab loan amount of $56,500. With the low credit you may need a co borrower and someone with experience like a contractor or tradesmen if you don't have flipping experience. If you are looking to live in the house they will not lend. If you are looking to keep as a rental you definitely need a partner to refinance. This isn't a clean cut deal but as I said if you're interested in hopping on a live feed it would be nice to dissect this one in real time and hash out the best plan for it.
Wouldn’t I have to live in the home to be eligible for the 203K loan?
Yes that is correct. For a minimum of one year if you don't plan to live in the home I suggest going the hard money route for a fix and flip or fix and rent.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
How do you pay the contractor if he cant afford the intial costs materials and labor. Out of pocket? How would you get reimbursed since the money goes to the contractor?
The money is actually paid to both of you. That's how it was done with me. The way I worked it out was I charged all materials and everything I could on credit cards. And when the check came I reimbursed myself for materials and paid the contractor the labor portion. We agreed on handling it that way as it showed him I'm splitting the risk and am confident the bank will pay otherwise he may feel he's getting duped. Hope that answers your question
Hey do you know any general contractors and or consultants in nj ?
@@tbssblack5770 norther jersey yes on the contractor side. No on the consultant. Best bet is ask a mortgage lender that does alot of FHA and they will have a few contacts for you. I have my contractor company as well of you need a crew.
@@Karl__Pierre yes i do need contractor bid asap how can i contact you directly or your staff?
@@tbssblack5770 contact david@solislapierre.com he is our project manager and handles the bidding process.
so get the contractor and the HUD inspector scheduled at the same time?
Yes
That would be best to reduce back and forth communication
Rewatching this video again as I put a multi-unit under contract and creating the SOW now. My question is, should I also get a Professional home inspector for a general home inspection or does the FHA consultant cover that?
NICE!!!!! The consultant will do a preliminary inspection and note what must be addressed for FHA. They also do the appraisal and review. They maybe an inspector as well so ask the consultant if he does inspections or works with an inspector that he really likes. Proud of you. Keep me posted with the progress. Where is your deal?
@@Karl__Pierre Thanks for the quick response and definitely will! I've gotten a lot of great info from your channel and would love to stay connected. Its in Chicago - one of the close neighborhoods.
@@bilalhussain726 I'm extremely interested in investing in Chicago. I think I'm going to setup an operation there through my training course that way I can start doing deals there I just don't know anything about the areas.
@@Karl__Pierre The market is on fire right now, properties are going under contract within 24-48 hours off listing. Although Chicago is obviously one of the more expensive markets to invest but we wanted to stay close to home however, we'd eventually want to try our luck down south - maybe Texas. Let me know if I can be of any help if you decide to move forward with this venture.
@@bilalhussain726 from my assessment Chicago is still undervalued for a major US city
I thought the bank pays the contractor directly? Didn't know they send you the money?
If I remember correctly they give you the choice during the application to pay you the contractor or both. This is my memory from 11 years ago. However I'm doing this all over again this summer in Florida and will be covering in detail here on the channel so I will have updated information!
@@Karl__Pierre Ok thanks for the prompt reply.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Does the draw go to you the homeowner or does it go to the contractor? I know you mentioned that you get reimbursed but I always thought the draw had to go to the contractor. If you front the cost to contractor it def makes sense for you to get reimbursed but wanted to confirm.
Back when I did it the draw was issued in both of our names and required endorsement by both parties. Not so sure how it's handled today
What are my options for paying off the 203 K loan?
Refinance and or cash. If you want to pay off early or get a different loan you can. What are you looking to do?
ENTP LIFE I was looking to flip a blighted house in Atlanta. I’m very new to this process so any information would help.
@@onejhead if you're looking to.flip I recommend hard money instead. It will be a larger cash requirement but designed for that. With FHA the expectation is you occupy that home for atleast one year.
ENTP LIFE How do I get over my fear of being in debt? I want to take the risk but I’m absolutely scared to jump in flipping because I’d be playing with money I don’t have.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
Great video. Very straight forward. I do have a question tho. if I get approved for a fha 203k loan or streamline, can I purchase a home from a Auction, such as Auction.com or tax delinquent auction? If not where can I find a home where this time of loan works best. Thanks
It's going to be very difficult to close in the 30 day time frame. Check hud homes and homepath. Homepath actually has a first look period designated for first time buyers using these loans so investors like me have to wait until the first look period expires to have a chance at it. Sort of levels the field.
ENTP LIFE ok ok. Thank you. Also, have you ever experienced a situation where you bought a home from an auction and the home is occupied? How would you deal with such situation?
@@jasonwilliams521 I've never but best method is meet with tenants and work out a deal. I know they say not to but only option you have. If not you have to evict ...depending on your state that's 30 days to 1 year. So it's better to approach them offer them enough to relocate. Rent, a moving crew for a day, and security deposit. So about 5k should do it.
ENTP LIFE , you’re awesome. Thanks man. I’m looking forward to buying my first home. Hopefully with some equity in it.
@@jasonwilliams521 that is the way. What city?
So helpful! Thank you
You're welcome! You're currently looking to buy your first property?
Yep! I don’t know that I am willing to dive into a something that needs major renovations on my first one but who knows 🤷♀️ I’m interested in doing my own work actually but I don’t have any experience but I’m comfortable with all sorts of tools and DIY type stuff is definitely within my strengths! I think I will get something I can do smaller projects on like upgrading tile, painting cabinets, and maybe taking down a wall or two for my first house then see how comfortable that feels.
@@naomelescroart7390 cool what market? I recommend that's where you start... with something slightly dated and things you can address like paint and a kitchen remodel. Theres also an fha streamline k that's less complicated when it comes to the renovations and that's for renovations under 35k. Would you do a 2 family or more because thats an even better starting point in my opinion
ENTP LIFE Indianapolis! Id love a duplex w 3 bedrooms on each side but I want to stay under 100k so I think I’ll be starting out with 2/1 on each side. I’m not sure if I’m going to air bnb the extra room in my unit or get a roommate. We’ll see. 😊 the cash flow is appealing but I really am more interested in fixing. I’m definitely more interested in multi-families. Anything bigger than a duplex seems so intimidating so I don’t see it ever being in my future but who knows what the future holds, but I think duplex empire is most realistic 🤣😅
@@naomelescroart7390 dont put that limit. Start with the duplex empire and it will become as routine as walking and chewing gum. And then you can decide if you want to complicate your life further for the challenge haha. I've heard good things about indie have to come back out there to see first hand.
Hi! What are your thoughts on the sales price + renovations costs being 19k higher than the appraised value after repairs and the bank still approves? If still able to live for free still a good deal?
My thoughts don't matter. The bank will deny that. Use that to negotiate the purchase price downward.
I think you should be looking to purchase properties below market value because the market is about to pull back 15% or more due to this crisis.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
thats crazy.. i clicked on this and was like hey thts the guy frm mojogrip
Hahaha yes. Were you looking into mortgages or was this suggested?
@@Karl__Pierre looking to learn about 203k. just so happened to be one of the first vids
@@ibiro868 well glad to know that the video has reach and is actually helpful for people on that journey to owing a home! If you have any questions feel free to reach out!
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
In this current fast moving market, the 203K loan seems to slow to jump an a good deal. What yall think
This sometimes can be the case. However get pre-qualified for a loan amount so you're able to make offers. Get all your resources organized contractor, consultant, pre-qualification letter, so once you have an accepted offer it's quicker to get them in to give estimates on repairs and you know if you should or shouldn't sign and go further. As a owner occupant you often benefit from the first look period which is 30 days in most cases....so you're not competing with investors at that time so in those scenarios you have the advantage.
@@Karl__Pierre where's the best place to look, where they give the 30 day first look to owner occupants?
@@Gettheyay0 www.homepath.com. Under first look program.
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal,
To fix your credit card,
To fix your credit score,
Western Union hack,
To hack into your cheating husband phone,
Bank account,
PayPal,
Instagram verification,
facebook and many more.. His fast and reliable............
What’s up man I had a question. I got an estimate for a property to buy with a 203k loan and he quoted me 80k but once i told him I’d be using a 203k loan he said it would be close to 120k because he would have to pay taxes to his sub contractors run it through his books etc that would make his fees as a GC more so he would have to charge me more. Does that sound accurate?
yes because it will be documented and he will have to account for it all. Makes sense to me.
@@Karl__Pierre ok thanks.
Hi I am also based on Long Island NY. Would you mind sharing the name of your contractor? Thank you!!
Hi are you looking for licensed or unlicensed? Email me info@entplife.com and send over some details of the project and what you're looking for in your contractor I have a few suggestions depending on needs
Wait will the bank pay for materials up front then pay for contractor labor
No nothing gets paid up-front. You either need the credit or the contractor
@@Karl__Pierre oh wow I could see not paying them their labor up front but having them have to put up materials seems like a bit much 😩
@@trey-tjackson8106 not really they should have credit accounts with Lowes and HD and other suppliers as long as they know they will be paid it's not an issue. If they don't have the capacity it could be a red flag as well to their professionalism
So would I be able to take out a personal loan of say 20-30k for each draw then just pay that back with bank reimbursement?
@@Karl__Pierre well we both know a lot of contractors aren't gonna want to do no money up front for labor ket alone pay for materials on their own too or atleast up here where im at
Go with a 203k contractor. They should be fully aware that they will have to use their own funds to get the project started. You shouldn't have to come out of pocket at all. If they are asking you for money, then they are not a 203k contractor.
May prove difficult in some markets, but your recommendation is good.
Hi there! My son will be 25 this year, he’s currently renting an apt in Dallas with a roommate and the lease is up in June. I really want to help him do something like this to start to build his own wealth. He currently makes 55k a year, excellent credit and low DTI ratio.
How much house should he purchase? Want to keep mortgage payments low. I would prefer a streamline K since it’s his first time. But if a 203k is best I don’t want to reject that idea. Should we look for foreclosures? Homes that maybe only need kitchen bathroom Renovations? 3 bedroom 2 baths?
I’m sorry for so many questions. He will live there until all renovations are completed then possibly sell. Hopefully making a good profit.
So new to this. It’s scary but that won’t stop us. He needs to find something by July. Thanks for any advice.
Since July is the target he should start looking now. I think he should target a liveable but out dated 2-3 family and use the streamline K to do some updates to kitchen and baths. The great thing about using fha is that they still allow the tenant to use future rental income to qualify and more than half of the payment will be paid by someone else. He may even be able to create a scenario where he lives rent free and now has the house completely paid by others while he saves for property 2. I advise to accumulate properties over finding flips. As a first project target outdated but liveable homes. Unless he has alot of experience with construction a major rehab for a first home isnt the best. So keeping it to bathrooms and kitchens and some paint goes a long way. Start looking for multifamily in Dallas and let me know if you see anything you like. Compare mortgage payments to average rents in the area using zillow and mortgage calculator. Also get preapproved and start making offers now - march.
ENTP LIFE Thank you for your response! We will definitely follow your advice. I’ve been hearing finding a lender that’s knowledgeable in 203k is very important. Do you know of a good lender we could use? Next would be to get a 203k consultant correct? So they can assess any properties to see if they have a good ARV?
What would be my next steps?
@@roynareginacurry3168 alot of lenders today offer the program. If you wanted to work with a retail bank like wells Fargo I beleive they offer as well. If they are doing volume in the target area they can also point you in the right direction. But I would say step 1get your son preapproved for a multifamily because his limits will be higher and you will need that preapproval while making offers. As hes researching properties he can also look into the consultant. I recommend watching my video on how to analyze a deal because it covers how to get approximate arv and ensure you are getting a good deal. Once preapproved you will be making offers and narrowing down your criteria. How involved is your son in the process? If you want to setup a call we can.
ENTP LIFE My son is excited about this opportunity. He’s been watching your videos as well. He’s never bought a house before so his parents ( me and his dad) will be assisting with his down payment of 3.5%. I know there are specific things that need to happen in order so that the process is smooth.
Now, when you say a multi-family home, tentans should already be living there? Or does that matter? Can we do renovations with the tenants still occupying?
And yes, I would love it if we could do a conference call. I am so happy there are people like you that he can look up to that look like him. We’re trying to set him up for success! He works as a Corporate recruiter during the day and doesn’t get home until 7pm CT
ENTP LIFE I don’t see the video “How to Analyze a Deal”.
So, are you saying the contractor has to use his money first and then the bank reimburses the contractor for his work? Thnx
Either the contractor or the homeowner. Alot of contractors cannot float the project costs which take them out of the equation. My contractor when I did the program couldn't so I used my credit cards to pay for materials and he held off 3-4 weeks at a time to get his labor payments
Sorry for the late reply, when you say, held off 3-4 weeks.. not sure what that means? I apologize for not understanding. And thank you for answering/replying to my previous comment.
@@woodforever1 meaning he waited for the labor payments. So when doing a 203k standard there are draws per phase of construction so we structured the draws for every 3 weeks of work. So I paid for materials on my credit card, then had a draw, when the money was released I reimbursed myself and paid the labor.
Gotcha! What kind of sucks for me is that my rehab cost is over 80-100k. (Streamline over 30k) I can’t afford big front money.
@@woodforever1 I don't think you can streamline over 30k. I think the streamline caps at 30k. So of you're doing a bigger project you need credit worthy contractors. When you're ready to move forward on that property my company should be able to help. Just let me know when.
The 203k Construction Consultant is a hybrid between a Home Inspector and a Cost Estimator. Their responsibility is to inspect the building and identify any code violations or any health and safety issues. Once that completed, the consultant will take into consideration the borrowers desired items. When the scope of work is agreed on, the consultant will provide an unbiased cost estimate reflecting what they believe the average contractor would change to complete that degree of work. Once the paperwork is completed, it goes to the lender to make sure the borrower can qualify for than amount and they will send it to the Appraiser. The Appraiser will tell us what the after improved value will be after the repairs are completed. The lender will then set up a closing. After closing, the consultant will inspect the property and approve the draw amounts for the contractor. The same process goes for draw 2,3, and so on until the project is completed.
Hey Garrett, thanks for adding. The consultant I used was a husband and wife team so the wife did the appraisal while he did all the rest, in my sitution it was paired. As stated the flow was very much the same. Are you a 203k consultant if yes would you like to be featured on the channel in a live segement?
@@Karl__Pierre I actually helped FHA re-write the 203k program back in 1992 and 93 and I'm proud to say that there are things in the current FHA regulations that I actually wrote. So, today I'm the guy that teaches this to the lenders and realtors. I got approved to do Work Write Up's 30 years ago and have participated in several thousand over the years. There is nobody that knows this program like I do.
If you like, you can give me a call at 4014-925-7163 or at Garrett1461@outlook.com
@@garrettfeis4149 awesome would you like to join me on a live?
@@Karl__Pierre Sure. Anytime
Can I apply this to a quadplex?
Of course best way how. You could house hack or even get maximum cashflow in that scenario. I'm looking for a quad right now and doing this program all over again.
@@Karl__Pierre thanks
@@nicholaspeart7800 yw
Hi guys how great does credit have to be ?
620-650 do you need an Introduction to a lender?
@@Karl__Pierre I am at a 584 in the process of fixing credit and awaiting a lump sum of money.
@@dlozado167 don't mean to discourage you but you maybe extending yourself rebuild your credit, hold on to the lump sum of money and when your credit score and savings grow so that you have 6 months of mortgage payments after your purchasing fees you are ready. The banks most likely will have the same opinion
I’m at a 625 now......