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Updated almost 10 years ago on . Most recent reply

Peter Tirado's profile image
Peter Tirado's profile image
Peter Tirado
  • from Bethlehem, Pennsylvania
  • Member since Aug 7, 2013

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Peter Tirado's profile image
Peter Tirado's profile image
Peter Tirado
  • from Bethlehem, Pennsylvania
  • Member since Aug 7, 2013
Peter Tirado
  • Bethlehem, PA
1
Votes |
5
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Rehabbing & House Flipping

Question re: 203K loans...

Peter Tirado
  • Bethlehem, PA
Posted

Hi All,

I'm in the process of looking into using a 203k loan to fund a flip.  Does my contractor have to be licensed/insured in order for me to get the loan?  The reason I ask is because I was planning on hiring my father-in-law since he has many years of experience flipping/remodeling homes but he's not licensed.

Any opinion/suggestion would be appreciated!

Thank you

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Nino Alfano's profile image
Nino Alfano's profile image
Nino Alfano
  • Contractor
  • from Lemont, Illinois
  • Member since Apr 26, 2015

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Nino Alfano's profile image
Nino Alfano's profile image
Nino Alfano
  • Contractor
  • from Lemont, Illinois
  • Member since Apr 26, 2015
Nino Alfano
  • Contractor
  • Lemont, IL
75
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Nino Alfano
  • Contractor
  • Lemont, IL
Replied

Yes they need to be licensed, bonded and insured.

In some states you can not hire direct family members even if they are licensed, bonded and insured

  • Nino Alfano
    • 1 Vote
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