Having trouble financing your projects?

They are - "Perfect for a 203k"

Contractors & the 203k

 

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 you can imagine. The Streamlined "k" pays 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 another of our customers pays at close of escrow. Which one do you want to do business? I'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.

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 together.

 

Contact us:

877-207-6565 P

831-603-9482 F

A Mike Young Team Platinum Member

Contractor's Guide now available

Contractors 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 work. Most of it is paid 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 "Full 203k" 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 were totally unaware of. 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 can't believe some of the stories I hear from contractors all over the nation. Everyone is crying there is no work to be had and everything they do is so competitive they can't make a profit. That just isn't true. The 203k is the best kept secret in the country. The problem is the me and a hand full of people we know are and have been getting the word out since 1994. Yet, it is still a secret. "The cats out of the bag" * The 203k is your path to a prosperous year. If you are short of funds let lenders know you want to do their Streamlined "k" work. Why? Simply because you get half the money up front to buy materials and the other half upon completion of the project. The projects are smaller up to $35,000 in size but you get the other half typically in a week or two depending on the complexity of the job. There will never be structural issues on a Streamlined "k" .

I heard it called "203k Light" the other day and thought that was pretty cute but you aren't eating it yet it can help you put dinner on the table. Give it a try.

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The Full 203k is for those "well healed" contractors that can carry some of the nut prior to getting that first payday. The projects can range as high as $500,000 on some projects but the more typical is a room addition for about $150,000-200,000. They can go as small as a Streamlined "k" but  involve structural issues in the renovation. In any case YOU can get lots of work if you go for it.

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We need more diversity with our 203k contractors. I'd like to see more women and minorities in the program. I like to see localism by that I mean keep the work in the neighborhood where the project is if at all possible. I'd really like to see some Native American contractors getting involved with the 203k and the FHA 184 program.

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How to 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 arsenal. 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.

Our 203k training package takes you to the next level. While we are one of three 'for profit' companies that were listed on the HUD website for training consultants, we trained the other two. If you took a course from Ross Acheson and felt like you didn't quite get what you were looking for then you need our course. You will find that we take Ross' class and expand and define what you need to do, when and what you need to say to actually perform a "consultation" there are lots of 203k consultants out there that don't have a clue as to what a "203k consultation" is or what a final report should look like. Many lenders just have resigned themselves to filling in the blanks for themselves.

As a 203k consultant we show you how to make the bid specifications so all the contractors who may bid on your project are bidding apples to apples. If you are a contractor and want to work on the Streamlined 203k or the Streamlined "k" as it is called by those in the know you will need to know that your bid must be broken down into a more finite form. Instead of bidding for "all the drywall in the home to be replaced" you need to include the number of SF or Board Feet (BF) you are biding and how much it is per SF or BF. 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 inspections. We have completed thousands of projects and our software for consultants is designed to keep you (the consultant) and your lender out of trouble. If you, as a contractor, use our software and bid within the HUD guidelines you will find more lenders will recommend you for the work. 

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 "consulting software" as we have designed it to handle several other similar products as well. If you are doing a Home Style loan bids or HomePath Renovation loans by FannieMae you just click on a button and all the forms will be populated with their name instead of 203k. Similarly Wells Fargo has their own rehab program, just a click of a button and your forms are populated with their information. In addition Wells Fargo has a couple forms unique to them which are added this same easy way... just a click and you have it.

203k Lenders 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 is required for the lender 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 for you. You can always reach us at info@203kOnLine.com.

203k Consulting Software and Training Combo

...save money

TEAM PLAYERS?

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. This 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 quickly. 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 for them. 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 started. 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 realm. 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 so typically.

Once the loan closes the borrower needs to get that information to the contractor so they can get that project in their schedule. 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 start the project 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 Mike Young, 203k Consultant

Re-opened our CA offices in June 2011. We welcome our CA customers back and appreciate their support.

1500 Oliver Road, Suite K-228, Fairfield, CA 94533

1.707.812.7668

 

The 203k loan program can finance your next project. If you get a job where the client just bought the home & they need the money to do the construction there is no better product on the market to provide them a low interest permanent loan to get the work done. All of your money is sitting in an escrow account safe and set aside for YOUR work progress payments.

Another one we just saw appeared to have structural issues but turned out that we were removing the garage which then 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 is one or the other, & in some cases save it as a Streamlined "k"