All Forum Posts by: Kimberly H.

Thank you!! I do have a contractor that I've used before, but they are on the high side. 

Interviewing multiple trades sounds really good. Not sure if FHA/203K would allow multiple licensed trades as opposed to a licensed General Contractor.

Thanks for responding. I'm applying for a FHA/203k, but only qualify for $125k over purchase price. I'm ffriad thats not enough to renovate.

Hello guys!!

I'm bidding on a homepath first look and it will be my primary home.  If I win the contract, I will not have enough reno money for all the bells and whistles.  

If you had an opportunity to acquire your dream home, how would you approach the renovation in a phased approach?

Would you hire an architect to do plans and follow that or would you do major systems first (HVAC, ZONE HEATING, ELECTRIC, PLUMBING, ROOF, ETC).

Bottomline, which would you make sure was done 1st, 2nd, 3rd? How would you start if you only had $100k and the renovation to completion is about $175k. 

I want to be smart and not have to redo previous work when I, overtime, obtain more money to finish renovation. 

Your advise would be greatly appreciated.

Thanks!!

I'm going to have to make the switch.  I can't afford to wait weeks for my money.  This is a business and I have to make mortgage payments and other obligations.  This is completely unacceptable.  If this isn't cleared up in a a day or two.  Bye erentpayments.  I used you for the last 2 years with no issues.  No communication, no back up reserves, etc.

I found a 4 unit house that's in a C area that I'd like to purchase, renovate and combine 2 units for myself.  The entire house is  4,000 SQ. FT and I would love to live there and rent out the 2 apartments until retirement and beyond.  What are some of the downsides to this model? 

My goal is to live rent free and debt free.  This will be my 2nd property.  The first being a duplex. I want to travel and it would be nice to have tenants upstairs to be present while I travel and to have them pay for the house.  

Ideas/Suggestions?  Has anyone done this before or now?

Thanks guys for all your help. I appreciate you responding back. I have another question, but I will open up another thread, since it's not directly related to FHA/203K

 I don't think so.  I think it's a one shot deal for 1st time homebuyers and they really want homeowners to stay in the neighborhood.  Maybe if you own a house free and clear and not reporting rental income on your W2, but that's a long shot.

I don't live in my rental.  I have two leases.  My W2 reflects one year of rental income.  Wouldn't they count at least 75% of that. I currently live in a house that my husband owned prior to marriage.

Here is the actual documentation on the program.

https://healthyneighborhoods.org/wp-content/uploads/2016/08/AcquisitioRehab_and_RefinanceRehab_Loan_April_20151.pdf