Newbie Investor from the Bronx, NY

10 Replies

Hi everyone,

I am a newbie investor working on educating myself so I can get started. I'm considering starting with a house hack in Miami, FL since I've been working remote due to Covid. Interested in learning and networking. Anyone have experience/thoughts on the FHA 203K loan? I've been learning about this recently.

Thank you! Looking forward to chatting with many of you! 




@Alexandria Nicole Salgado

Congrats on getting started with RE Investing and your interest in house hacking.

The FHA 203k provides amazing benefits when used properly and with the right people helping you.

REALTOR - should not be afraid of the 203k, needs to know how to make the seller be comfortable with accepting an offer using a 203k loan, and needs to know the HUD verbiage to included in your purchase contract.

LENDER - need 1 with verifiable 203k experience. HUD.gov has 2 databases where you can find the lenders with the most 203k experience. Lender also selects the 203k Consultant

203K CONSULTANT - selected by your lender; inspects property for FHA violations and prepares a report with a rehab cost estimate based on the inspection and what you want done in addition to the FHA minimums.

CONTRACTOR - needs either have been properly educated on the 203k or have verifiable experience with the 203k; needs to know the different versions of the 203k, the paperwork, guidelines, timelines, processes, and nuances with the 203k. Strongly consider using one with the designation as a Certified 203k Contractor.

You’re only as strong as your weakest link ... select your partners wisely.

You can certainly close 203k’s in <60 days with the right team assembled.

@Paul Welden  Great information Paul!

@Alexandria Nicole Salgado How exciting for you! I'm hacking in Miami right now. I'm newer to Miami, newer to investing, and in the process of activating my RE license. I've remodeled four homes, and would enjoy being involved in your process, if you're interested. It would be a learning experience for me, and a second opinion and assistance for you. I should have MLS access this week. Message me if you want to chat about it, otherwise, all the best!

Originally posted by @Alexandria Nicole Salgado :

Hi everyone,

I am a newbie investor working on educating myself so I can get started. I'm considering starting with a house hack in Miami, FL since I've been working remote due to Covid. Interested in learning and networking. Anyone have experience/thoughts on the FHA 203K loan? I've been learning about this recently.

Thank you! Looking forward to chatting with many of you! 




Alexandria, awesome that you joined!

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