All Forum Posts by: Hector Ayala

Hey @Sam Shueh , thank you for your reply, I think so as well, some of those items are reasonable. All contractors need to be insured and licensed. HUD consultant will oversee the permits with the contractor.

@Kumar Tummalapalli thank you for the detailed reply and to answer some of your questions.

1. We are getting the house for a good price, it has a lot of sentimental value as well as we have rented it for 6 years, prior to that my wife's parents had rented it for over 22 years (I know) but we understand the value has to make sense as well, similar houses in the same block have been sold for much more, same layout and footprint. We also have

Going with a 203k Standard instead of the streamlined, we hired a HUD 203k consultant who will oversee, coordinate and check the work of the contractor to make sure it's done correctly, budget and on schedule. Our job is to choose the materials, colors, etc. The Consultant also requires us to have a 10% contingency for any problems.

@Patrick Ellis Thank you for your reply, we might need an extra bid but I'm still waiting for two more, I will let you know if that changes. Do you have a website?

Thank you, everyone, for your time and input! We had another contractor come by over the weekend, waiting for their quote.

If you guys have any recommendations we would really appreciate them and I hope this is not against the rules of this forum. There's plenty of contractors out there but not many who are experienced with 203k loans.

Thank you all again, all your answers have been really helpful.

@Dan H. Thank you Dan, we are getting 3 more quotes and we know they might be some shortage as a few have said that they are currently not taking any more work at the moment (or maybe they don't want to tackle a 203k type loan)

@Gary Siver I thought about it but being a 203k loan and with a HUD consultant we want to have one main GC to handle it all and have experience handling 203k paperwork.

@Bart H. Yeah that's not hardwired either, that's when I realized something was off, that's something I can do myself too. We live in North Dallas, TX. so thats far from living in the boonies. Thank you for your reply Bart!

Yikes!, thank you all so much! We're working on getting more bids.

To answer the questions in here:

Thank you @Greg H. The smoke detector line was for 4 units installed.

Hey @Jaron Walling thank you for your reply, the roof was replaced 5 years ago and the HVAC was given a clean bill of health by an inspector, also the foundation was repaired at the same time as the roof.

Thank you @Michael Randle ! I feel the same as tackling some of those but want to get them all done at once, I have some other projects for the future that I will be tackling myself. What's funny is that both bathrooms are identical in size but one is 2k more.

@Maugno M. yes, this is including all materials but they are not extraordinary or brand name either.

@Marc Winter That's exactly how we felt as well, I'm so glad for all of you here!

Onto the next bids, I don't know if this is against the rules but we are looking for bids, the house is in Dallas, TX

Thank you everyone!

Hello everyone, we are currently in the process of buying our first home that needs work, we are going with a 203k loan to fix it and have some equity after all is done.

We have received our first quote and we want to get your input if possible, here's the quote in an image below. Keep in mind this is a very small (1200 sq ft) home in Texas and we are, the kitchen is an 8'x12' galley style and most of the finishes are medium-basic. Let me know your thoughts, please.

Thank you in advance.