203k Contractor Recommendations in Philadelphia

9 Replies | Philadelphia, Pennsylvania

Hi Everyone,  First time poster here so I appreciate any responses!!!

I'm under contract on a mixed use property zoned CMX3 in the Spruce Hill area of West Philadelphia. I'm purchasing the property using an FHA 203k loan. I already have an FHA consultant but am looking for a well-respected contractor with 203k experience.

The property has a restaurant on the first floor, one bedroom on the second and two bedroom on the third.  The third floor is in need of a gut remodel.  I'm going to try to keep as much of the current lay out as possible, but may have to move a few walls.  I'm leaving the bathroom and kitchen in their current configuration.  I'm also considering adding a fiberglass roof deck if it fits in the budget.  The other two floors are currently rented and up to code.  Projected start date is mid to late June.

I'd really appreciate any help/guidance the community can provide.

Thanks!

Originally posted by @Chris Miller :

Hi Everyone,  First time poster here so I appreciate any responses!!!

I'm under contract on a mixed use property zoned CMX3 in the Spruce Hill area of West Philadelphia. I'm purchasing the property using an FHA 203k loan. I already have an FHA consultant but am looking for a well-respected contractor with 203k experience.

The property has a restaurant on the first floor, one bedroom on the second and two bedroom on the third.  The third floor is in need of a gut remodel.  I'm going to try to keep as much of the current lay out as possible, but may have to move a few walls.  I'm leaving the bathroom and kitchen in their current configuration.  I'm also considering adding a fiberglass roof deck if it fits in the budget.  The other two floors are currently rented and up to code.  Projected start date is mid to late June.

I'd really appreciate any help/guidance the community can provide.

Thanks!

 All the best.  What area did you purchase in?

Best of Luck! Are you using fha funds for renovating the commercial space? I was considering a mixed use property in philly for fha 203k, and was told by both the fha consultant and lender that the commercial space could not be renovated with this product. However, the commercial space could be renovated as a new residential space. I can share contact info for a few contractors I spoke with about doing fha 203k, but I can’t recommend anyone firsthand that I’ve worked with. Message me if you’d like a few names. And, would this be a primary residence for you? Fairly certain fha 203k has owner occupied requirement. 

Originally posted by @Jon Graboyes :

Best of Luck! Are you using fha funds for renovating the commercial space? I was considering a mixed use property in philly for fha 203k, and was told by both the fha consultant and lender that the commercial space could not be renovated with this product. However, the commercial space could be renovated as a new residential space. I can share contact info for a few contractors I spoke with about doing fha 203k, but I can’t recommend anyone firsthand that I’ve worked with. Message me if you’d like a few names. And, would this be a primary residence for you? Fairly certain fha 203k has owner occupied requirement. 

Thanks! So this is for my primary residence. I'll be living in the third floor unit for at least a year. If you can find a property that will cash flow after all your taxes, maintenance, PMI and principal/interest, I'd say go for it. This property should cash flow after I move out and in the meantime I'll own a nice asset that'll hopefully appreciate. Also on the commercial space, I'm not sure if you can renovate it with an FHA because that didn't apply to this property. For mixed use 51% of the building has to be residential to qualify for an FHA. I have a great mortgage broker that'll work with you if you need a name.

Originally posted by @Calvin Lipscomb :
Originally posted by @Chris Miller:

Hi Everyone,  First time poster here so I appreciate any responses!!!

I'm under contract on a mixed use property zoned CMX3 in the Spruce Hill area of West Philadelphia. I'm purchasing the property using an FHA 203k loan. I already have an FHA consultant but am looking for a well-respected contractor with 203k experience.

The property has a restaurant on the first floor, one bedroom on the second and two bedroom on the third.  The third floor is in need of a gut remodel.  I'm going to try to keep as much of the current lay out as possible, but may have to move a few walls.  I'm leaving the bathroom and kitchen in their current configuration.  I'm also considering adding a fiberglass roof deck if it fits in the budget.  The other two floors are currently rented and up to code.  Projected start date is mid to late June.

I'd really appreciate any help/guidance the community can provide.

Thanks!

 All the best.  What area did you purchase in?

 Thanks man, and Spruce Hill.  It borders University City in West Philly between 40th and 46th.

@Chris Miller Hi Chris, did this end up working out for you? I am considering a similar situation. Who did you use as your mortgage broker. Did you end up finding a decent contractor? And with the third floor needing so much work, was it able to fit into a streamlined product or did you have to go full? Sorry I don't have anyone I can recommend to you myself.

@Jon Graboyes hey how are you. I've come across this post in my search of finding ANOTHER contractor because the company who I thought was competent enough, just quite wasn't. So if we can discuss some things over, or any contacts you can refer would be greatly appreciated.

Originally posted by @David Smith Jr :

@Jon Graboyes hey how are you. I've come across this post in my search of finding ANOTHER contractor because the company who I thought was competent enough, just quite wasn't. So if we can discuss some things over, or any contacts you can refer would be greatly appreciated. 


http://203kcontractors.com/