All Forum Posts by: Brandon Kingcaid

@Pedro Echevarria Hi Pedro, I'm in your same boat. I don't know the answer to that question as I am not far enough along in my property search to have called around, but I do know you can search for HUD consultants in the area you're trying to buy and contact them. They might know. Hope it helps.

@Jason Tougas Hi Jason, I’ll be looking at buying a slightly distressed duplex/triplex and renovating it. Hard to say what the scope of work will be, but anywhere from foundations/roof replacement to cosmetic rework of the interior/exterior, landscaping, possibly a square footage extension. I’m flexible on timeline, depending on the deal I find. I’ll be looking to start making offers in about a month once I relocate for my new job.

@Bill Rich Thanks Bill, I have heard both positives and negatives about the 203k, being cumbersome is one of them. That's why I did reach out to a 203K registered contractor in San Antonio to see if he would help me with renovation assessments on potential purchases before I jump into getting preapproved. I also found a list of HUD consultants in the San Antonio area, so I'll have to sort through that list of ~10 next. Let's connect and I'll reach out as I make progress on this project.

@Tim Johnson Thanks Tim, so the Homestyle Loan is better for lighter rehab? I feel like I’m going to get the best deal on my purchase if I find a property that needs heavy rehab. I’m also looking for strictly duplexes/triplexes. So I know I’ve got a challenge in front of me.

@Seth Teel I like the cancellable mortgage insurance. Definitely will look into that as an option. FYI I have a job interview out there tomorrow. Getting close!!!

Does anyone have experience with purchasing a property with an FHA 203K loan in San Antonio Central Texas?

Hi, I'm looking for General Contractors that are willing to do FHA 203k work in San Antonio, Seguin, New Braunfels area. Can anyone point me in the right direction?

@Mel Kline I’ve been doing a lot of research on San Antonio and it will be difficult to get that strong of a cash flow easily. But with some work that is possible, and may see better appreciation

@Jay Hinrichs Hi Jay, thanks for your response. I've been doing a lot of research. You are correct, I would use the FHA 203k to renovate an existing build, and the FHA OTC for a new construction.

@Lydia T. Hi Lydia, thanks for responding! This will be for a live-in house hack paired with forced appreciation through renovations. More like a BRRRR strategy than a flip. I would want to wait, accumulate a few properties, then sell and put down an apartment complex.

Hello everyone! I am doing research for my first RE purchase and have identified a wholesaler to provide me with deal options. All of the deal options offered require cash or hard money. I have also located a couple partners to fund these deals.

I had an idea about how to use an FHA 203k for renovating an existing home or use an FHA OTC to purchase land and build a new home. Has anyone ever heard of having a friend buy property/land from a wholesaler and sit on it for as long as it takes to secure an FHA loan, then buy the property/land from said friend for a house hack as soon as the Loan can be processed? Sure a little bit of $ gets wasted on interest but you end up with a great deal and only 3.5% down on the whole project.