All Forum Posts by: Jean Santiago

I see! So basically if the rehab budget is under 35K, then the 203k Loan would not need a HUD Consultant, which i can see from what you said, maybe a whole lot of less headache when it comes to paperwork.

All these information you just outlined are very helpful to know! At least now i know the options and the key points i really need to consider when it comes to using the 203K Loan. 

Thank you so much!!!

Wow!! Thank you so much for this very detailed response! Based on the episode i listened to on the podcast, the guy that did the 203K Loan really did outline the headaches and detailed guidelines that the 203K Loan has. He did mention that they are "203K Consultants" (they can be searched at the HUD Website), and for anyone looking into using a 203K Loan, to contact these 203K Consultants because they may actually have a list of contacts of Contractors, Realtors, etc. that have worked with 203k Loans before, which hopefully may help with the whole process of buying and rehabbing the property.

Well, this is a real eye opener and it's really good to know the extent of how rigorous the process is for 203k Loans. Like you mentioned, if the whole team is experienced in 203k Loans, then yes, going this route would absolutely be worth it, since the loan can lend up to 110% of the ARV.

But for me, since i am new in real estate and not have much experience at all, what other options do you think i have when it comes to buying a duplex and rehabbing it? One of the main reasons why the 203k Loan sounded appealing is because of the fact that it combines the purchase price and the rehab costs into the whole loan. For someone new like me who doesn't have a bigger pocket (yet), what are my options if i want to buy a duplex at a bargain price, then rehab it? Of course i have to come up with my 3.5% down payment, but where would i get the funds for the renovation costs? Are they other loans like the 203k Loans, but are much less rigorous in guidelines? 

Hello! Newbie here, but have been listening to a lot of podcasts on real estate and i came across an episode about using 203K Loan to buy a duplex, has anyone done this? 

If you have, what was your experience with it? I heard on the podcast that 203k loans have a lot of guidelines, and there's also specifically 203k consultants that can oversee the process. Has anyone used the 203k loan to buy a property? 

Any information would be highly appreciated!

Hello! Do you have this meet-up every month?