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Updated over 5 years ago,

User Stats

67
Posts
48
Votes
Marcus Holloway
  • Rental Property Investor
  • Indianapolis, IN
48
Votes |
67
Posts

Navigating my first 203K loan

Marcus Holloway
  • Rental Property Investor
  • Indianapolis, IN
Posted

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?

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