General Contractor Estimate for 203K Loans

[Ashleigh Evans]

Hi BP!

Currently in the middle of closing on my first  triplex in the New Haven area. Bought using a 203K loan. Soliciting any and all advice before signing the GC estimate. Any tricks or tips on decreasing the estimate? Any recommendations on alternative places to buy materials - vanities, toilets, paint, etc? What do you wish you knew before your first 203K? 

Thanks!

[Steve Hall]

• Get at least 3 bids.
• Don't give the GC any money up front.
• Oversee the project personally.
• Don't pay in full until the job is done and the waiver is signed.

[Mike Perkins]

Is your loan a "full" or a "streamlined" 203k?

If it's a full 203k, your consultant will be verifying if the bids are reasonable and adequate to complete the project.