All Forum Posts by: Leonard Burks

@Diana Muresan thanks you for the reply. In my search of lenders, I've found that most are reluctant to taking on the 203k loan. Most have noted that they only take it on if the situation is idea for them. Would it be better suited for me to have a few properties in mind, with what actually needs to Reno'd, bids from a contractor, and approval from the seller that they are fine with a delayed closing date? Would presenting this type of information to a lender on the front end entice them to take on the 203k?

@Gabriel Dandrea I too plan on using the 203k loan to purchase a property. Right now I am currently searching for lenders that have experience working with this type of loan. My first lender had never done this type of loan and was recommending for me to go the conventional route. Please keep me updated with your process

@John Mainwaring in doing my research about the loan, I've found that many people have said it's a grueling process. Which is something I'm not reluctant to. Did your lender provide you with a list of approved 203k contractors? or did you have to search them on your own? Did the Homestyle product allow for you to replace appliances and things such as HVAC unit? What did you decided to do with the property once completed?

@Bob Okenwa Thanks for sharing your knowledge. Since then, I've notified the lender that I would pursue other lenders that have a history of working with a 203k. I'm starting to realize to just trust my initial instinct. 

Hello BP community. This is my first post on BP which means I am newbie to the community. I've actually been a member for about two months now. First off, let me just say that you all are true inspirations and I would like to thank all that have contributed to making this such a resourceful commodity for my wife and I to pull from! You all rock!

Here's my dilemma: We have been considering purchasing a multifamily duplex using a 203k fha loan. Our initial thought was to purchase the property with a low downpayment, rehab the property and bring up the value of the property (for future investment strategies), live in one side and rent out the other side( House hack). I've pitched the idea to our realtor and he's on board with the strategy, but has never worked with a client that plans on using the 203k. I don't have a big issue with that. what concerns me the most is when we pitched the idea of how we wanted to fund the property using 203k to the lender, he was not on board with the option (in-house lender to realtor company). Primarily because he does not have any experience with this type of loan. We both are aware that this can be a daunting process with the amount of paper work and procedures that come into play when using this type of loan. He then suggested that we go the conventional route to purchase the property, then take out a person loan to fund the renovations. I personally don't want to take out two loans for one property, would rather have one loan that can address both needs. Sorry for the long narrative, I guess my question is, should I consider going the conventional route and taking out a personal loan to cover renovation cost? or search for a different lender that has experience with this type of loan, who understands the procedures behind the 203k?

Would also like to know if anyone has used this type of loan to fund properties? What was the process like? Did your lender have experience in dealing with this type of loan? Open to all advise that can aid in my decision making!

Hello BP community. This is my first post on BP and I am newbie to the community. I've actually been a member for about two months now. First off, let me just say that you all are true inspirations and I would like to thank all that have contributed to making this such a resourceful commodity for my wife and I to pull from! You all rock!

Here's my dilemma though: We have been considering purchasing a multifamily duplex using a 203k fha loan. Our initial thought was to purchase the property with a low downpayment, rehab the property and bring up the value of the property (for future investment strategies), live in one side and rent out the other side( House hack). I've pitched the idea to our realtor and he's on board with the strategy, but has never worked with a client that plans on using the 203k. I don't have a big issue with that. what concerns me the most is when we pitched the idea of how we wanted to fund the property using 203k to the lender, he was not on board with the option (in-house lender to realtor company). Primarily because he does not have any experience with this type of loan. We both are aware that this can be a daunting process with the amount of paper work and procedures that come into play when using this type of loan. He then suggested that we go the conventional route to purchase the property, then take out a person loan to fund the renovations. I personally don't want to take out two loans for one property, would rather have one loan that can address both needs. Sorry for the long narrative, I guess my question is, should I consider going the conventional route and taking out a personal loan to cover renovation cost? or search for a different lender that has experience with this type of loan, who understands the procedures behind the 203k? 

Would also like to know if anyone has used this type of loan to fund properties? What was the process like? Did your lender have experience in deal with this type of loan? Open to all advise that can aid in my decision making!