Looking for GC with 203k experience in the Inland Empire

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Looking for GC with 203k experience in the Inland Empire

Andrew J Hart
Riverside, CA · Member since 2017 · 2 posts · 0 votes

I am looking for a GC with experience or knowledge doing rehabs using a 203k loan. The subject property is in Riverside Ca.

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Dave SpoonerPro Member
Rental Property Investor · Cincinnati, OH · Member since 2020 · 869 posts · 823 votes
5y

@Andrew J Hart I'd also suggest asking your 203k consultant for some recommendations. They will know just about everyone in the area. I would still recommend doing your due diligence and not simply taking their word for it, but it's a great place to start!

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  • Paul Welden
    Real Estate Agent · Tempe, AZ · Member since 2011 · 1k+ posts · 543 votes
    5y

    I have always had great success using Certified 203k Contractors at 203kContractors.com. 

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  • Andrew J Hart
    OP
    Riverside, CA · Member since 2017 · 2 posts · 0 votes
    5y

    Hey Paul, Thanks for the tip, I’ll check them out.

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  • Dave SpoonerPro Member
    Rental Property Investor · Cincinnati, OH · Member since 2020 · 869 posts · 823 votes
    5y

    @Andrew J Hart I'd also suggest asking your 203k consultant for some recommendations. They will know just about everyone in the area. I would still recommend doing your due diligence and not simply taking their word for it, but it's a great place to start!

    [email protected]
    1Reply
  • Paul Welden
    Real Estate Agent · Tempe, AZ · Member since 2011 · 1k+ posts · 543 votes
    5y

    @Dave Spooner According to the HUD/FHA 203k Consultant Identity of Interest Certification form, HUD does not want any potential conflict of interest between the consultant and anyone else involved in the transaction, including the contractor.

    A referral of a contractor by the 203k Consultant on the same project is a conflict of interest. 

    Example: The 203k Consultant determines scope of work and pricing on a project. The 203k Consultant prices the project really, really high and refers a contractor to the borrower. The contractor sees the high price and submits a proposal with same high price. Then the contractor gives a kickback to the 203k consultant. 

    This is mortgage fraud and easily prevented by avoiding any conflict of interest and not allowing or accepting any contractor referrals from the 203k Consultant on the project. 

    Refer to the HUD SFH 4000.1.

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  • Matthew PorcaroBusiness Member
    Lender · Long Island, NY · Member since 2016 · 456 posts · 336 votes
    5y

    @Andrew J Hart

    I’d ask your professional network for referrals. A consultant can give you a list but often will make you sign an affidavit stating that they didn’t steer you towards any specific contractor.

    Either way, you should always vet a pool of contractors, sprinkle in some referrals as well as cold leads from places like Angies list etc.

    At the end of the day you should look for the most highly regarded and reputable contractors in your market.

    The 203k Way
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  • Dave SpoonerPro Member
    Rental Property Investor · Cincinnati, OH · Member since 2020 · 869 posts · 823 votes
    5y

    @Paul Welden fair enough! I was not aware. Thanks for sharing.

    [email protected]
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