Need a Team for a Renovation Loan in Maine!
Hi all, I am aggressively searching for a value-add house hack in Southern Maine, specifically within a 40 minute radius around Portland ( Biddeford, Brunswick, Gorham, Westbrook, etc.). I have determined a renovation loan to be a great option for me but I have now had two different potential opportunities fall through on these loans (FHA 203k or Homestyle) because I did not have my ducks in a row before trying to get the renovation loan in place, and I don't want it to happen again because the last thing I want to do is waste people's time and lose out on potential opportunities.
Specifically, I feel I really need to get a team together that has experience working with renovation loans. I'm already working with a great agent (@Harrison Smith) so I'm covered on that front, but I would be unbelievably grateful if anyone who has done one of these loans in Maine could point me toward a lender, a HUD consultant (203k), and most of all a contractor that is familiar with and comfortable with the funding schedule and quote structure these loans require.
Everyone I've talked to in the past initially says "Oh yeah, I can do renovation loans!" and then it turns out they have no experience with them and when it really comes down to it they get cold feet surrounding all the details and paperwork, so I'm really looking for people that have successfully completed these loans, all the way from the offer letter to successful renovation.
So if you know anyone that has experience with either the FHA 203k or Homestyle renovation loans, please let me know. Also, if you or someone you know has gone through this process as a buyer I would love to talk to you about your experiences as well.
Or, alternatively, if you have any other proven methods of purchasing properties that need just enough work the bank will not lend on them but not so much work that the price works for hard money, let a guy know, because that is the pickle I continue to find myself in.
Thanks in advance, see you all at the next meetup.