4 unit multifamily home in San Diego,CA

[Lionel Pwol]

Hi BP! I recently joined the BP community and I'm thoroughly impressed with the depth and breath of knowledge available in the forms. I'm in the market looking for a 4 unit multifamily home in San Diego,CA. I have excellent credit and I have a stable career as an engineer.  I'm currently looking to get preapproved for 203K loan. Questions: 1) Should I go with a big bank like Chase or a local lender for a 203K loan? 2) Can anyone refer a knowledgeable agent who is familiar with the San Diego area and has experience with 203K loans? 3) Can anyone refer a quality contractor in San Diego with experience dealing with the 203K process?  Any help would be much appreciated. Thanks! 

[Kevin Fox]

Hey @Lionel Pwol

Welcome to BP!

Using a 203k to acquire a 4-unit property in San Diego is an excellent strategy, so I commend you for choosing that path.

As for your questions:

1. I would strongly urge you to use a mortgage broker rather than attempting to go through your bank. The value of a GOOD loan broker really can't be overstated for just about any transaction, but they're even more crucial in scenarios like yours where the financing aspect is quite a bit more nuanced than your standard transaction. I have a GREAT lender that I can refer you to who works with the 203 k program quite a bit, so just let me know if you'd like me to connect you.

2. I would be more than happy to help walk you through the process. My team and I assist clients invest essentially all throughout the county, with multi-family properties accounting for the lions share of the buy and holds we target.

3. Although I do know of some, it is not necessarily as important that they have experience with the 203 k loan as it is that they have experience working on projects where they receive disbursements of funding based on the progression of the project. Your big focus should be on finding someone who knows how to do the work you need done and can do it for a competitive price.

Shoot me a PM whenever you have a moment and we can begin to discuss everything in a little bit greater detail.

Hope to hear from you!