Mike Young, Proprietor
- What does a consultant actually do for their
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really helpful links,
check it out
Mike's 203k Blog
Join in the discussion. Have a question or comment about the 203k - express
this is a seminar we bring to you to bring your office up to date on the
203k & show you the possibilities.
Consultant ride along still not convinced - you may want to ride
along and see just what you are getting into
Contractors looking for more
work than they currently enjoy should really consider the
Full 203k and the
Streamlined "k" as it is likely the fastest way to get business
in your pipeline that you can imagine.
The Streamlined "k" pays
35-50% up front and if you know which
lenders pay the fastest it makes it a "no-brainer" as to who you want to do
business with when getting started.
We had one client wait 90 days for his first 50% to get
started on a job but some of our customers pays at close of escrow. Which
one do you want to do business?
We've found another lender who will pay out the first
two draws on every 203k prior to selling the loan off in the secondary
market. This way the control all aspects of the Streamlined "k" and insure
you get paid promptly. Sorry but they like the Streamlined "k" more.
You may find that you would like
to become a consultant
and that is a smart move as you can then charge a fee for putting the bid
Who is our Lender of the Month this Month? Feb
the Mike Young Team
USER'S MANUAL IS RIGHT BELOW
Take a look at the
See actual screen shots of our software
consulting is also
available for these programs
Young Team Platinum Member
What is it about our 203k system that
is so appealing to lenders?
is simple, we have the most completed set of forms software in the industry
and we train our people to provide you with a consistent package which will
go through your underwriting procedure quickly as they get a similar product
from each of our business partners and software users alike. Won't you join The
Mike Young Team?
Furthermore we actually create orders
and refer them to our lender clients on a regular basis as do all of our
Teammates. We are more than just 203k consultants, we are YOUR RENOVATION TEAM
If you have an appointment to travel with us... meet us at the
Park n Ride in Fairfield
If you are one of the many subscribers to Renovation Ready's services we are
your consulting component anywhere you may need us.
Software download is here....
can actually get business within a few weeks and lots of it by using the techniques
in this eBook.
Learn the secrets of getting more 203k
Most of it is paid
35-50% up front and the balance upon completion if you concentrate on the
Streamlined (k) and if you want larger projects you will work the
program (sorry no upfront money on this one)
The last builders group we talked to
was shocked to see just how much business was going on around them that they
didn't have a clue. Check with me, Your copy may be FREE. This is an eBook.
You must read while you have access to the internet in order to utilize all of
the links in this one.
I am having so much fun telling contractors about this
program. It is amazing to hear some of their stores of how slow they are
right now and they are amazed at how fast they can access this program.
We need more qualified contractors in the program. If you are
a contractor "anywhere in the USA" and need work we can show you how to
find the right people who can let you start bidding right now.
We actually need good reliable contractors and the problem
isn't getting the work, it is that the contractors we get need to be
honest and tell us when they are getting too much work and back off the
bidding process till they catch up. So many just don't want to turn any
It doesn't do anyone any good if you can't perform. Therefore
we ask that you take a break once you are booked out and let us know as
you get ready for more work. We will help you stay busy but we ask that
you cooperate with us in that regard and we'll keep the clients happier,
as a TEAM we are more powerful.
for our latest software for consultants & contractors
This version is loaded with new features, more forms, &
has our proprietary system for recapturing the Streamlined "k" business for
our 203k consultant clients and trainees.
Want the best of all worlds - get all of our marketing
strategies, training aids, and we'll help you market YOUR business in YOUR
town by being one of our business partners.
Remember that when you purchase our software you own the license and there
is no annual fee or charges per report. You can do as many reports as you
like with no additional fees paid to us.
There are lots of areas still open but we do restrict the
number of "remote offices" available in a marketing area. Be better than the rest
by joining the company that prides itself on "Providing more than our
Move your listings
Why not move your listings faster than your
competition. We have home buyers looking to purchase your fixers as well as
financing for investors. Our lenders can close in 30-45 days and some in
21-30 days for owner occupants.
That is the name of the game isn't it?
Actually it all comes down to KNOWING what
it will cost to make the repairs in THIS home. If you have a "fixer" you are
trying to sell and you have identified the cost to cure or make the
necessary repairs then you have a salable home again.
No one wants to step
into the unknown particularly a "first time home buyer" get your bank to cut
loose with a little money to have us do a "feasibility analysis" which will
identify the cost to make the repairs
1) to bring this home up to the
Property Standards and
2) a second feasibility analysis to bring
this this home to a "typical" upgraded condition.
By doing these two feasibility analysis I
can assure you that your "hard to sell" homes will be easier to sell, will
sell faster, and the buyers will have more information about YOUR listing
than any of the other asset managers properties and therefore Yours sell
I know most of you are selling 500-1,000
homes per year but as greedy as you can be, wouldn't you like to sell
another 250-500 on top of that? By the way, you would be doing your employer
a service by getting the "hard to sell" properties off their books faster as
well. Everyone wins !
Who can do a feasibility analysis? That is
easy, every FHA 203k consultant
can do them. They don't all want to do them but FHA says if you are a
consultant you MUST offer that service.
What does it cost for this service? I
can't speak for other consultants on this issue but we have a set fee of
$300 for the first unit on a project & $50 each for units 2-4. If you order both at the same time, a
bare bones feasibility for a "first time home buyer" who may be on a very
tight budget then that is all you need.
Then if you order the "fully
updated" feasibility at the same time we will do both of them for a flat
$500 for the two for a SFR plus $75 for units 2-4. YOU save your client $200.
Some of the agents who handle
lots of REOs for asset managers are finding that even if they pay the fee
they move many more houses and that is what they are supposed to do.
become a 203k Consultant - HUD
If you are wondering what you could
do to enhance your existing home inspection or contracting business or start one
from scratch, this may be just what the doctor ordered.
Home Inspectors, contractors, and
architects are already there. You already have the knowledge base in your
We fill in the gaps by offering you
203k consultant training. You may have the construction background to qualify
even if you don't have one of these credentials.
training package takes you to the next level. We have trained hundreds of
consultants nationally since 1995 and continue to do so today.
We not only teach you about the 203k
loan program but "how to" conduct the 203k consultation.
We show you how to make the bid
specifications so all the contractors who may bid on your project are bidding
apples to apples.
A poorly written specification
results in a lot of headaches during the process. While a well written
specification takes the drudgery out of it and makes it easy to provide the draw
We have completed thousands of
projects and our software for consultants is designed to keep you and your
lender out of trouble.
The contracts we provide are HUD
recommended and come as part of our 203k software or 203k consulting software,
whichever you may choose to call it.
We typically call it 203k software
as we have designed it to handle several other similar products as well. If you
are doing a
HomeStyle®Renovation loan by FannieMae you just click on a button and all the
forms will be populated with their name instead of 203k pertinent data.
Similarly Wells Fargo has their own
rehab program, just a click of a button and your forms are populated with their
In addition some of the lenders have forms unique to them which are added this same easy way...
just a click and you have it.
kicker - 15 CE Credit for our course with ASHI and CREIA
will love that you use our 203k software and have take our 203k training as our
software will provide the lender with 100% of everything they need to add to
their 203b paperwork to make it a 203k.
This includes a MMW (Maximum Mortgage
Worksheet). While the MMW is a form that the lender is required to fill out,
all they have to do it take your numbers and insert them on their form and it is
done for them.
If you have a lender who takes our "203k training" we will extend
your 203k consulting software to them as well and unlock it on your behalf so
they can take the file electronically and then they can adjust the numbers if
needed before they print the MMW for themselves.
We enjoy assisting you as you
take off on this 203k journey and are happy to take your emails and answer any
questions that we can to help make your business more profitable and enjoyable
You can always reach us at
That is correct... Your very own "in house" consultants so you
get to schedule them.
We can provide this
service anywhere in the country, wherever the need exists.
We train investors to create bid specs, and provide
them the owner/contractor contract that will keep them out of court...go to
our.203k training course above.
I've always looked at the 203k as a team
sport, even when I first got involved with it. When we put out our audio tapes
in 1998 we even discussed it.
You are only as good as your 'team' in any
case. If your consultant can't write a good report, the lender won't have much
to work with and on the other hand if the lender can't get the loan closed it
doesn't matter how good the 203k consultant writes the report. T
his is true of the rest of the team as well.
Your teams each should have a Lender that can close an FHA loan, even a 203b
Our trained 203k consultants will provide
100% of the 203k portion so the lenders can take our MMW and use it to help them
fill out their form... it is their responsibility but we try to make it easier
If we all do our part of the project and then
pass the baton to the next team member this frees us up to get the next project
Example: A 203k loan may begin anywhere by
any one of the team members. We quite often get calls from our websites or the
HUD website from a borrower... we immediately asses the situation and more than
likely we'll send them to a lender to get that process started.
They may already have a property, that is
okay, we still need to get that lender take on the borrower to be sure they are
credit worthy. Not wanting to waste time or the borrower's money we need to
verify they have the ability to get the 203k loan going.
If they don't have a property then we suggest
a realtor or agent to help them find one in a neighborhood of their choosing.
We may actually start consulting to determine
what type property they might want. There are several possibilities in this
Once they locate a property suitable for
their needs we set up a 203k consultation and inspect the property to create the
203k bid specifications.
Once those 203k specs are complete the
borrower should look them over to be sure everything looks like they want it.
Then they go to the lender.
The lender takes the 203k specs and provides
that information to the appraiser and the appraisal is completed with an 'after
improved' value. Once we reach this point the loan should close within a week or
Once the loan closes the borrower needs to
get that information to the contractor so they can get that project in their
This is an important step as this is the only
way the contractor has of learning the loan has closed.
They have up to 30 days to get their first
draw inspection but in most cases they will have someone start long before that.
In many cases they will start within a few days of your closing the loan.
Go to the "Procedure Link" at the left side
of this page near the top to see where to go from here or to place an order go
to www.my203kconsultant.com or
Mike Young, 203k Consultant
PMB 168, 5055 Business Center Drive, Ste
108. Fairfield, CA 94533
Cell phone 1.704.451.1599
Be part of our network of consultant partners, maybe we
should talk about it.
We look forward to helping you build your 203k business.
Know that this is much more than just 203k, you will be
trained in all renovation loan products that you can also consult on.
You will have access to our marketing materials and power
point presentations to increase your "Referral Partner" Base too.
We have referral partners that provide a considerable
amount of work for us in the FHA 203k loan program.
We'll show you a way to finance 80% of the pool
repairs or even add a swimming pool to a home that doesn't have one.
Can you move a home from another site using the FHA 203k loan?
I've always found it interesting to see a home going down the street on it's
way to another site, just waiting for someone to throw out some dish water out
the back door... lol , not really
In the case of moving a home from one site to another several things must be
present to qualify for a 203k
1) The house being move must be on it's original foundation. It can't have
been moved already to a storage sit while awaiting a lot to move it to.
2) HUD engineering must observe the home on the present site prior to the
move and at the new location once sit & bolted on the new foundation.
3) The mover's insurance must cover the home during the move.
Looking at the contract this mover has it suggests the borrower is responsible
for damages up to $2,500, I don't think this will fly with HUD but apparently
the borrower is willing to accept that responsibility. We'll see.
Once the home is bolted to the new foundation a draw payment can be
made that covers the moving expenses as well per the 203k loan program.
The one we are doing right now is being moved onto a site that has
a well and needs a septic system. In all cases the well and septic work must be
part of the first draw or you may find you are waiting until it is. This sounds
logical but years ago I was working on the first draw on a stick built home for
a lender client. The home had a new foundation, the sub floor was installed, the
well worked, and when I asked about the septic system was informed they hadn't
started that yet.
I reported to the bank and told them I instructed the borrower to
have the septic system ready for inspection at the next draw (not an FHA loan by
the way). He agreed. I went to the draw 2 inspection to find out that they
couldn't "perk" and a new "hillside" septic system is being installed at an
additional cost of $70,000. I was shocked that they didn't have to pass the
"perk test" prior to getting the building permits issued. Who would have
4) Permits is another issue, if you need permits on a job for the work that
you plan to do... get them early. It might even save you a fine. I once had a
fixer we had just foreclosed on. I had the property secured and hired a guy to
mow the lawn. He called me and told me the building inspection department was
pissed off at me and red tagged my building telling him he must STOP work and
get off the property.
I immediately went to the building inspection department and told
them of the incident. They looked it up and said "yes, here it is with a note
that you are hereby fined and must pay double permit fees".
I said okay how much do I owe you... they said it isn't that easy
we need to make an appointment to visit the property to see just how much work
has been done... I said bring it on.. so far we just mowed about half the front
lawn. Some of these inspection departments are just a little wacky.
The inspection cost me $25 and the inspector was the same one who
'red tagged' the property. When she made the inspection and found no work had
been done she was a little red faced. I asked her why she sent the lawn mower
guy away.. it isn't typically permitted. She got a little more red. Life is fun,
now available. Be the best you can be. We'll
show you how to provide the best possible service, help you with your Quality
Control program, getting you set up right in the beginning can make all the
difference in your success or failure with the FHA 203k.
Did you know the lender is REQUIRED to choose the
consultant yet we see borrower's changing that assigned consultant now and
again. We'll even show you what works and what works better with your marketing
Why spend a lot of money on things that we
already know "doesn't work" marketing the FHA 203k loan program is so simple
that most won't do it, thinking it is so easy it won't work... we prove it
works, every time, If you want more loans this simple and inexpensive technique
Call for an estimate tailored to
1.707.812.7668 ask for Mike
an excellent resource for
lenders & consultants
Borrowers can save up to $750
with info in this book
Why you should you use
a consultant on Streamlined "k"s ?
Simple answer is that
you don't always know when it is a Streamlined "k" or a Full. We had a
glazier buying a home... he felt that he could repair the broken windows so
they had the contractor bid on the roof, carpeting, & new kitchen leaving
off the broken windows. The appraiser called the broken windows tripping
this into a Full 203k requiring a consultant. Had they merely mentioned this
ahead of time this would have been a Streamlined "k".
Another one we just saw
appeared to have structural issues in and about the garage but turned out that we were removing the
garage which then removed the structural issue & left it a
Streamlined "k". Had they wanted to repair the
garage it was a Full 203k.
Having your consultant
do the inspection on the property can let you know sooner that is one or
the other, & in some cases save it as a Streamlined "k"
Need more work?
We have the work
You may want to become a
business partner in your area.
need YOU in every state
If activerain is your venue
please visit our Blog
What is a consultant?
I get approved
consultants that call interested in our Award Winning software... One that called
the other day thought our software provided way too much paperwork,
much more than they needed or wanted. YIKES! Are they really consulting?
consultants obviously do a lot more for our clients than our
competitors. We provide 100% of the paperwork that, when added to your 203b
paperwork, is ready to submit to underwriting. Since the MMW is required to
be filled out by the lender you merely take our numbers and input them on
your MMW. Lenders should insist that your consultant has had training from
us or gets their CE from us. Continuing Education is essential in any
Want to get your
loan to close faster? Of course you do. It is easy if you put together all
of your financial data and have it ready to hand to your lender upon
application. You can even get your 1003 application form filled out in
advance. Don't wait till the last minute, find a house, then start gathering
this info... it may take you a week to get it together. The loan application
period starts after you turn this info in to your lender.
Click here for an application kit
Fund my remodel
lots of video here
BBlog posts from
Mike's 203k Blog