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22 April 2021 | 23 replies
HI Bradford,Most lenders can do the 203k FHA streamline or full K / standard program or the home style conventional loan program.The problem is most have not done a rehab loan program or have construction experience or the process on the lending paperwork side.There is quite a bit of paper work such as:- scope of work + revised scope of work or adjustments- consultant review depending on the depth of your construction project and work being done- resume for contractor- certain lenders have requirements for contractor experience such as you cant GC (general contractor) your own project and such- reserves or margin of error in the project such as the 35k streamline 203k loan which only leaves about 28-30k of actual construction cost with the remaining 5-7k for reserves and contingency- only 203k standard FHA can finance your carrying costs (so you dont have to make a mortgage payment during your 6 months of construction)- Home style conventional rehab loan cannot have a project that is more than 50% of the after improved value (meaning your rehab cannot be 250k on a 450k valued project after you finish) youd have to lower your rehab to 225k or less in this example) This is not limited on 203k products- much moreAfter the construction details and process theres the typical financing aspects which include regular FHA or conventional qualification guidelines.The rule of thumb though is to qualify for way more than you need or to do a max purchasing power assessment to see how much borrowing power we have to ensure we have enough room to budget for the 1) purchase, 2) rehab / construction budget, 3) reserves and contingency budget to fit in loan approval criteria.Let me know if you have any questions on what to look out for.
12 April 2018 | 7 replies
I’ve been studying Real Estate Investing for 7 months now & I am determined to make this my path to financial freedom.
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11 January 2022 | 39 replies
@Angela Yan Yes to both of your questions = ) We plan to use it as an investment until our cash flow is sufficient to reach financial freedom, which should be in the next 2 years barring any global real estate meltdown.
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14 May 2018 | 8 replies
Are there any downsides to showing the seller that I have this amount of money sitting in a bank account, when it comes to my negotiating power?....
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27 May 2018 | 3 replies
*Anne Arundel County Executive Order 26 establishes the County Human Relations Commission, which has no statutory enforcement power but whose objective is to receive and refer complaints.
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12 December 2017 | 31 replies
Those persons often lack common sense and thrive on their own self worth and power.
7 August 2019 | 5 replies
However - you don't need to mess with setting up the connection and it is completely movable to other sites.Was super easy to set up and does stuff like calls or texts us when power goes out, it senses water or temperatures go above or below our thresholds.
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7 January 2018 | 2 replies
Whether it is by giving practical knowledge in real estate and business, providing an opportunity for someone or simply helping someone believe in themselves and knowing they have the power to control their destiny (from personally having it "figured out" to being greatly lost and then again having laser focus) , the world will be changed by Andre Kratt being here."
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31 August 2018 | 21 replies
. $7,000,-Phase 2: Roofing/Exterior Windows and doors. [5 days] Close up external side door between living room and kitchen, patch siding, patch wallReplace windows, replace front entry door, power wash house/deckRestoration of vinyl siding which includes power washing and replace any missing pieces of siding.
3 September 2018 | 34 replies
@Hashim JakvaniMany people advocate maximize borrowing power use leverage here.