Navigating my first 203K loan

[Marcus Holloway]

Just came to terms with the seller on my first duplex. (yay) The plan is to house hack and eventually BRRR. Since I'm an owner occupant, I qualify for FHA 203K financing.

I've estimated the repairs to be under 30K so I shouldn't require an FHA consultant, but I'm guessing I need to choose a GC that has worked with 203K processes before. Everyone's telling me the 203K process is a long and aggravating.

Should I get a GC with 203K experience so he/she can bid on everything at once or should I hunt 203K contractors individually for each job? Will FHA even give me the option to choose?

[Theo Hicks]

@Marcus Holloway I interviewed a Boston investor on the Best Real Estate Investing Advice Ever show last week who had an interest strategy for building his team. Rather than working with separate sources, he would make sure everyone who worked in his business were connected.

For example, once he found a lender, he asked them for a broker. Then, he asked the broker for an GC referral. Then, he asked the GC for an architect referral. And so on. That way, everyone on his team was holding someone else accountable since it was their referral. Just something to consider as you are starting your business.