All Forum Posts by: Phillip Dwyer

Hi Tyler,
The tricky part is finding a lender that does these regularly. I tried one with a big box lender that said they did this loan, but they actually had done very little. Additionally, they had several layers of their own overrides above and beyond FHA guidelines. That said, try to find a smaller lender in your area that will work with you on this program. Ask them for references.

You can amplify the impact of this strategy by using the FHA 203k rehab loan to purchase and fix all in one loan.

It would depend on how experienced you are. An independent inspector will find out what's wrong with the property. Your GC could do that too, but you leave yourself open to being taken advantage of by a GC that you haven't worked with before. In the beginning it may be wise to do both till you get your head wrapped around construction and costs.

Inspectors aren't going to provide you bids.

I think Michael has answered the OPs question: Sellers! He has very focussed/targeted marketing he uses to find sellers that need to sell right now. In his market and many others, there is huge demand from out-of-town buyers that may not be savvy or set up to take advantage of what Michael knows about his market. I'll bet he gets multiple offers within hours or days of mls listing, so why would he leave money on the table?

You could refi into a conventional product potentially with little extra assuming you bought a deal or added equity. Then I think you could buy the next place FHA. Does this sound correct Rob and J Scott?

Oakland County which is next to Wayne County/Detroit is one of the wealthiest counties in the country. This makes for an interesting socioeconomic rift between the two.

Have you considered finding a real rehabber and asking for a job? That's likely going to be more valuable than paying for these classes.

I think one of the key things is to slow them down. Put security company signs in the front lawn, back yard, and stickers on the windows and doors. The more you do to show them it will take time, the more likely they'll move on to an easier target.

Ac cages are a good idea. How are you securing the property? How are they getting in? You can install decent looking security doors from Home Depot for under $450.