looking to purchase my first multi family property in the near future in Jersey City or Union City, NJ. I am planning on purchasing a somewhat distressed property with an FHA 203K loan, which rolls renovation costs into the loan. I need to have a licensed contractor that has worked with 203K loans before in my area. Anyone have any awesome recommendations?
I know of a couple contractors that have completed 203k projects. Where in Jersey City are you looking?
Thanks so much for the response Mark. Pretty much anywhere except Greenville. Journal Square, Bergen or even Downtown would be great options.
Hoping to network and get a team together now so I could just dive right in as soon as I'm ready.
Try looking up Joseph and Sons Construction out of Rockaway. The owner has told me he enjoys 203k loans because he is good at working with the banks. I don’t think he typically goes to the Jersey City area but he does travel for larger projects.
He has done work for me in the past and it came out great.
Thanks so much, I'll definitely look into them and see if they're willing to travel further. Much appreciated
Definitely recommend using a contractor with the designation as a Certified 203k Contractor - 203kContractors.com
Any contractor can say they do 203k's or like 203k's but maybe best to use one that has been educated on the 203k and had their 203k experience verified.
That website is extremely helpful, exactly what I needed. I'm a see if I meet with an HUD consultant and then refer to the website to find a licensed 203k GC.
truly grateful for all you guys advice.