Contractors with 203k experience

[Bryan Huntington]

I have a duplex under contract that needs rehab. Looking to do this under a 203k loan. There is a lot of red tape involved. With that being said I’m looking for A licensed GC with experience in doing rehabs under a 203k loan in Salt Lake City Utah. Does anyone in salt lake have any good recommendations? (They must be a licensed GC to meet the loan requirements). Thanks.

[Chris Mason]

Originally posted by @Bryan Huntington:

I have a duplex under contract that needs rehab. Looking to do this under a 203k loan. There is a lot of red tape involved. With that being said I’m looking for A licensed GC with experience in doing rehabs under a 203k loan in Salt Lake City Utah. Does anyone in salt lake have any good recommendations? (They must be a licensed GC to meet the loan requirements). Thanks.

 Hi Bryan,

Typically what I will do is ask my HUD Consultant for a referral (lender picks the HUD consultant, borrower has the right to pick the GC). They know all the local & good 203k-friendly contractors, they know who is good at what and thus will be a good fit for the job, AND (this is important) will have a good idea of who is not at/near capacity. GCs are super busy here in the Bay Area, so that last bit might not be as vital in your area. A GC recommended by a HUD consultant will be familiar with all the red tape you are concerned about - this might be your first 203k rodeo, but it will not be this GC's first.

One critical concern with 203k is the budget. The standard dynamic where the GC gives you some lowball bid, that goes up 40% as the job goes forward, is NOT a good fit for 203k. You need an accurate bid up-front, not a pie-in-the-sky bid with whimsical assumptions that's going to blow up on you half way through!