G
Guest
·If I could contribute one thing I know would help others in this forum it would be this:
203k repair work pays good, go get it
What is a 203k loan? Remember the good ole days when you could get a home equity loan and spend the money however you pleased? A 203k loan is the same thing except the bank actively monitors how it's spent. They actually have to inspect the property before, after and approve the bids from the contractor. The home owner has to sign off on it but the bank pays the contractor directly. I'm fuzzy on how to qualify for a 203k loan but I'm thinking the house must qualify first, such as it's hard to sell. Finally, the loan doesnt affect the loan to appraised value ratio. So if you buy a 100k house, get a loan for 80k maxing out your loan:value ratio, you still can get another 30k in 203k money.
We completed our 4th 203k loan repair, and made about 35% profit on it. Each job was 10k to 30k. We got 30% upfront, I didnt ask for a 2nd draw, and got paid within 30 days for the final 70%. The subs carried the cost so I essentially was only a deal maker.
If I'm the last person to know how awesome this is, sorry, I'm in the P&P business, not rocket science.
We got the work from Wells Fargo. It was a bitch getting on board and took about 3 months of pressure/work but finally got it. We spent about 5k on a box of fliers to give out, got our webpage looking better and I've been giving a single bid per day.
We are trying with other banks but it's frustrating trying to get anywhere. We know of 3 bankers in our entire city that actively push this loan and many loan officers at their same banks dont even know what a 203k loan is. The loan officers I've worked with think they have hit the gold mine, and are back to the glory days again.
I wear company logo shirt and visor, dress nice, use my laser range finder which they think is just freaking crazy sophisticated. "Honey, lets go with Foothills, he must be smart..."
My success rate is hard to determine so far because some could still work out but I'm guessing I'm around 30%. Either they don't do the loan at all or they are going with one of two competing contractors.
203k repair work pays good, go get it
What is a 203k loan? Remember the good ole days when you could get a home equity loan and spend the money however you pleased? A 203k loan is the same thing except the bank actively monitors how it's spent. They actually have to inspect the property before, after and approve the bids from the contractor. The home owner has to sign off on it but the bank pays the contractor directly. I'm fuzzy on how to qualify for a 203k loan but I'm thinking the house must qualify first, such as it's hard to sell. Finally, the loan doesnt affect the loan to appraised value ratio. So if you buy a 100k house, get a loan for 80k maxing out your loan:value ratio, you still can get another 30k in 203k money.
We completed our 4th 203k loan repair, and made about 35% profit on it. Each job was 10k to 30k. We got 30% upfront, I didnt ask for a 2nd draw, and got paid within 30 days for the final 70%. The subs carried the cost so I essentially was only a deal maker.
If I'm the last person to know how awesome this is, sorry, I'm in the P&P business, not rocket science.
We got the work from Wells Fargo. It was a bitch getting on board and took about 3 months of pressure/work but finally got it. We spent about 5k on a box of fliers to give out, got our webpage looking better and I've been giving a single bid per day.
We are trying with other banks but it's frustrating trying to get anywhere. We know of 3 bankers in our entire city that actively push this loan and many loan officers at their same banks dont even know what a 203k loan is. The loan officers I've worked with think they have hit the gold mine, and are back to the glory days again.
I wear company logo shirt and visor, dress nice, use my laser range finder which they think is just freaking crazy sophisticated. "Honey, lets go with Foothills, he must be smart..."
My success rate is hard to determine so far because some could still work out but I'm guessing I'm around 30%. Either they don't do the loan at all or they are going with one of two competing contractors.