All Forum Posts by: Arthur Banks

@Jeff Onofrio I agree with you wholeheartedly. Even though this was my first 203, I can see where the holes were in this process.  

Yep. The one I was "complaining" about taking forever to get to closing.

Originally posted by @Philip Williams:

@Arthur Banks Thanks I appreciate it and yeah I'm  pretty close. If you want to meet up grab lunch talk real estate anytime just let me know. 

Sounds good to me. Was thinking the same.  Shoot me your contact info via message. Mine should be below.

@Philip Williams Congrats!!! Truly inspiring.  I see you're not too far from me. 

What took so long? Where do I start? HUD, the contractor, the mortgage company, the realtor. I even made mistakes. Each of these pieces had a part in the delay. I'll share just a bit. Initially, HUD cancelled and relisted the property because I missed initialing one box on the offer. After my offer was accepted again, they wanted $1 over the original offer. The processor at the mortgage company was new to 203k so she made mistakes. The contractor took over a week to get references. I purchased for $75K. We're expecting $30K in repairs. (Can't have over $35K for streamline 203K). These are just a few things which I will detail soon. If I can suggest anything (because I don't know how soon I'd start and finish my blog), I'd say make sure your lender and contractor are familiar with the process. Make sure your contractor is willing to go back and forth with the lender.

@John Blackman Congrats! Very inspiring!

I plan to write a very detailed blog on my 1st experience using a 203k loan, but for now, I wanted to shout at the top of my lungs, that I FINALLY closed July 3, 2014 on my latest acquisition.  A 2 unit - each unit, 3BD, 1BA, 2 car garage (divided), full basement  with laundry for each.  Contract was accepted 3/11/2014, so it has been a very, very long process. Details to come!

Amazing. I hope to be like you when I grow up.

bump

Gained a wealth of information and I now understand why social media is a MUST! After listening and talking with the speaker I realized I can no longer afford to not be more active in the world social media. What's a blog? Kidding. In all seriousness, I can see how blogging alone or a good Facebook presence can be of great use. I spent the rest of the day well into the night researching how to have more a social presence. Good stuff!!!