The horrors of 203k loans!

[Charise Walker]

I'm a first time home buyer and decided to go FHA 203k.

The first mistake was buying a property that required a complete gut. I was sold on the fact that I had a ”good team” from my real estate agent and I would have the support I needed from my agent. Needless to say, once the loan closed I was on my own.

The second mistake was using a 203k Consultant that my contractor referred. I later found out my contractor was inexperienced and bided too low for the work that needed to be done. The work he did do he cut so many corners that I have to go over his work to get it done right. The consultant is supposed to let me know if the job is done correctly so I can payout. Unfortunately, he didn't do his job so I'm upside down in the project.

I fired them both and hired a new consultant that the bank recommended. I haven't secured a new contractor yet but I am doing my homework to make sure the next contractor one has the experience and can get the job done. 

This has been a huge learning experience! I will take all I’ve learned and will continue to learn and apply it to my next income property! 

Wish me luck!