Hello, I am looking to purchase a cash-flowing 4-unit quadplex that needs some renovation that will be owner-occupied using an FHA 203k loan. Are there any agents, contractors, or experts that have done this in Alpharetta, Georgia, or have experience?
I know a lot about the FHA 203k but I'm not licensed in your area.
One thing is for certain is that you need a lender with verifiable experience with the 203k and a contractor who knows/understands the 203k and has the financial capabilities to afford the start up costs and ongoing expenses associated with the 203k, such as a Certified 203k Contractor.
Real Estate Agent · NH & MA · Member since 2021 · 457 posts · 291 votes
4y
Hey @Alecia Randolph I would just use the agent finder tool and get connected with investor friendly agents in the area. They should have the contacts and market knowledge you need to be successful in this endeavor!
Attorney · Durham, NH · Member since 2019 · 292 posts · 126 votes
4y
If you decide not to buy it, or go under contract and want to sell, or otherwise in the future wish to sell it, you're welcome to connect and keep me in mind.
Lender · Alpharetta, GA · Member since 2021 · 34 posts · 36 votes
4y
Hi Alecia, the FHA 203(k) mortgage may be a good option, but be sure to weigh the pros and cons against your unique financial needs. 203k standard maximum cost I will be the Lesser of purchase price plus rehab costs, or 110% of the after-repair home value. You will need to find a licensed contractor, and he will need to write an estimate of work needed and materials required which will be submitted to your appraiser and lender. So before you look for a contractor or agent, I suggest you to crunch the numbers with your lender first. Once you have all your numbers in hand, it will be easier to do the rest. I also live in Alpharetta, and I can say that you are very luck to find any multifamily available here. I've been lookin myself and had no luck at all. Best of Luck :)
I know a lot about the FHA 203k but I'm not licensed in your area.
One thing is for certain is that you need a lender with verifiable experience with the 203k and a contractor who knows/understands the 203k and has the financial capabilities to afford the start up costs and ongoing expenses associated with the 203k, such as a Certified 203k Contractor.