All Forum Posts by: Paul Welden

@Aaron Bard

So, you are approved for an FHA loan (aka FHA 203b) and some of the properties you've looked at do not qualify for the traditional FHA loan because their current condition does not meet FHA's Minimum Property Requirements (MPR).

Maybe, consider an FHA 203k, which is an FHA loan but it allows you to add into your FHA loan the cost to correct those deficiencies and other rehab that you may want to do, close on the deal in it's as-is condition, and correct those items AFTER you own the property!

Just make sure you use a contractor knowledgeable with 203k, such as a Certified 203k Contractor. 

Hope this helps! 

@Dylan S.

With $70k to invest in real estate, I would recommend to keep $10k-$15k as a reserve, which means you would have available $55k-$60k for down payment & closing costs. 

$60k as a 20% down payment puts your max purchase price at $300k, but factoring in closing costs possibly costing 2% of the purchase price, you would have $54k for down payment, making your max purchase price $270k. 

This may get you a 1-2 bedroom condo in Tempe. As a non-owner occupant borrower for a condo, you may need a 25% down payment. 

If you feel you need to invest now, maybe consider crowd funding real estate opportunities for non-accredited investors. 

Hope this helps! 

@Isaiah Lopez-Torres

I would recommend using a Certified 203k Contractor. 

Hope this helps!

@Account Closed

It's possible that the page views are being manipulated to try to convince you to pay for advertising on Zillow. 

The "Saves" number can lower if people unsave the listing. 

View totals on zillow are only page views and not even unique page views. 

In fact, if you view your own listing on Zillow 775 times, it will show as 775 views. 

Sometimes page views can be manipulated to convince the lister to pay for advertising if the page views are low. 

Regardless, page views on Zillow are not very useful, IMHO. 

@Shuvrajit Mukherjee

Renovation loans could be a good option, such as the FHA 203k, Fannie Mae Homestyle, and Freddie Mac CHOICERenovation.

Then you can cash out refi 6 months after owning the property. 

Check out HML to see if that's more cost effective.

6 months is the typical minimum seasoning period so that lenders can avoid the loan buyback. 

Hope this helps! 

@LaShawn Stephen

203k's can be a great option for low down payment owner occupants or savvy "investors" on a 2-4 unit property. 

Best advice is to organize the most qualified 203k Team possible. This includes the Lender, Contractor, & Realtor.

Lender - need to have verifiable 203k experience. The 203k lender controls the process, calls the shots, and manages the paperwork, funds the loan, selects the 203k Consultant, etc.

Contractor - any licensed, bonded, insured contractor is allowed to do the work, but that doesn't mean they know the different versions of the 203k , familiar with the unique 203k paperwork, processes, timelines, compensation structure, nuances, etc. Best to use a contractor who has been properly educated on the 203k, has sufficiently strong financials to pay for the startup costs and ongoing expenses for the 203k project. There is an accreditation called Certified 203k Contractor that verifies all that for you.

Realtor (optional) - need one who is not afraid of the 203k, can identify properties where the 203k can be used, and who can write the offer paperwork properly according to HUD guidelines.

You're only as strong as your weakest link --- select your partners wisely.

Hope this helps!

Here are the guidelines from Airbnb for removing reviews - https://www.airbnb.com/help/article/13#section-heading-6-2 

Hope this helps! 

@Joe Valenti

That's almost impossible to answer because there were only 12 FHA 203k loans endorsed in Arizona last fiscal year. So, no lender has sufficient experience in Arizona, but there are many lenders who have done hundreds of 203k's nationwide.

Let me know if you need/want more help. 

@Joe Valenti

I'll do you one better .... I know how to find the lenders with the most 203k lending experience!