Investor · San Diego, CA · Member since 2015 · 52 posts · 27 votes
Hey BP!
Does anyone have a referral/recommendation for a design-build contractor in San Diego who will work with FHA 203K requirements? I'm looking at the option of building a granny flat over a garage on an SFR. Thanks!
Investor · San Diego, CA · Member since 2014 · 101 posts · 23 votes
9y
@Michael Conway@Keeya WangJones send me a pm. I have a couple of good contractors that have dealt with 203k before. Also, may have a lead on something off-market in talmadge.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
9y
Hopefully you're working with a lender experienced in 203k's. If so, since it's the actual lender that approves your contractor, they should have some GC's they've approved in the past.
Investor · San Diego, CA · Member since 2015 · 52 posts · 27 votes
9y
Thanks @Wayne Brooks. I understand the list of approved contractors, just seeing if anyone in the community had directly worked with any of them in the San Diego market.
Same here! Would like a recommendation on a contractor to build a studio unit or install Studio Shed modular unit.
FHA 203k mortgage deal.
Any landscaper contractors too.
Just in case your interested Michael Conway, I'm looking into StudioShed.com to add another unit.
I'm wondering if getting a modular home increase the value of the home as if it was stick built home. If your interested in the info I'll let you know what I find out.
Yeah I was hoping for more options. Michael Conway I just having a hard time finding a good property and trying to decide if FHA is a good way to go. It is great for 3-4 units. I'm learning single family unit is no good for FHA in a nice neighborhood. $580k. $612k in Jan.
I want a 3 unit to 4 unit but so hard and frustrating to find in a decent neighborhood like El Cerritos, Del Cerro, College West, Mid-City. So I thought of single family and build units in the back. At least 1 for starters. FHA 203k covers only $35k max. I can't use 203k to build a unit.
Investor · San Diego, CA · Member since 2015 · 52 posts · 27 votes
9y
I'm looking into the same thing @Keeya WangJones. It's my understanding that the 203K streamline limits to 35K, however they will loan up to the loan limit for zoning of the property as long as the ARV pencils. Keep in mind that the loan limits change based on the numbers of units (1-4), up to 1.2M-ish for a 4 units, so building on multi-family lots is definitely possible if you can get it completed within 6 months.
Inventory is so low right now, tough to find anything on the MLS. My lendor is vary savvy with 203k, I can send you his information if you're interested. Good luck on your project!!
Yes send me his info ... that would be great! Ideally if I can add a unit and even convert a garage under a 203k that would open up my options and make it safer to own a couple of units. House hacking would become a reality. Savvy is good and what I need! Thank you Michael Conway
We are looking into Talmadge. We love the neighborhood. Reminds us of University Heights and sister to Kensington. We saw a place yesterday but it is under contract. So we are still looking for an opportunity in Talmadge. If you and your wife hear about or see anything please let me know. :)
Investor · San Diego, CA · Member since 2014 · 101 posts · 23 votes
9y
@Michael Conway@Keeya WangJones send me a pm. I have a couple of good contractors that have dealt with 203k before. Also, may have a lead on something off-market in talmadge.
Orlando, FL · Member since 2013 · 29 posts · 8 votes
9y
Hello everyone.
I will be closing within 30 days on a 2-on-1 property near SDSU with traditional FHA financing. I am going to refinance into a 203k loan to fully rehab both units.
@Michael Conway Will you send your lender's information to me?
@Matt C. Will you share your 203k contractors with me?
If you work with a lender skilled in renovation loans they will be able to assist you with getting a contractor approved for doing your 203K renovation. I recommend using a lender with their own in house approval and draw department as they have more control over the contractor approval and are much easier to work through the process of getting your contractor paid. Lenders that broker out their 203K's relinquish a lot of control and could potentially be unable to assist you if the project hits a snag.