All Forum Posts by: Robert Fry

 Do they have a mortgage on it or own it free and clear?

@Robert Fry

The 203k is a great loan, as long as you can assemble an excellent "203k Team" which consists of an lender with verifiable 203k experience, Realtor who's not afraid of the 203k, and a contractor who knows and understand the nuances of the 203k, such as a Certified 203k Contractor. 

Allow for 45-60 days to close a 203k. Try to get 14-15 day inspection period to get the 203k Consultant inspection and WWU (work write-up report) and the Certified 203k Contractor estimate.

For your offer to the seller, use a cover sheet that explains the benefits the seller will receive by accepting your FHA 203k offer.

You're only as strong as your weakest link ... select your partners wisely. 

The 203k is a great way to get a good deal on a property and remodel it to make it "your home" 

Hope this helps!

Hey @Robert Fry I've been house hacking for a few years just north of Boston and it's been a game changer. 100% recommend it to all newbies. Here's just a few tips I have:

*Your first deal isn't going to be a homerun, just get on base. A few years ago people could house hack and actually profit each month, that's a lot more challenging to do in today market, but what if you could cut your rent in half? That's still a tremendous win

*Finding the right agent is going to be key in making this a smooth process. I recommend finding one who's done a house hack themselves.

*Tell everyone and anyone what your buy box is and what you're looking for. Clarity will not only help you but could very well be your in to an off-market deal 

Good luck!