All Forum Posts by: Tim Johnson

Can you come up with more money down? The bad news is your going to have to order a new appraisal if you switch to FHA, so its going to take longer to close. I would get on the horn now and either put more money down or switch to FHA.

roofers are a different animal.  If your a clean cut guy, look at doing plumbing electric or hvac and you will make way more money.

Just my 2 cents

Take a look at those downspouts, I bet when it raining they are leaking like crazy causing that water damage.  Fix the source first or your just putting a bandaid on the damage and its just going to damage new stuff.

If this is a long run gutter, looking at increasing the downspout size to 6 inch vs the 4 inch that appears to be in the picture.

I'm both a contractor and loan officer, and the homestyle loan is way easier to use than the 203k loan.  I think its a great option for you.  Remember on investment property depending on the numbers of units your down payment will be between 20-25% down.  If you owner occupy the house, down payment is either 3-5% down,  depending on if your a first time home buyer.

I'm not licensed in your area, but its a great product with an amazing rate.  Very easy to work with and alot less paperwork than a 203k loan

@Vincent Wright

Need to tell us more about the deal.  Whats the property value? 

Too many details are missing on this and something seems odd.

What type of work was done?  Did you pass occupancy inspection, they don't release final payment till they have certificate of occupany in hand. or was this a basic remodel?

Call the city and see if the permit is closed, if not tell them to come inspect.  Fail inspection and then get the contractor to close permit.  Then new contractor can open a new permit.

Do you have an llc that also has a contractor's license?  Your going to need that, or they look as its self completed.

If you doing 203k loan, you can't self perform

Homestyle you can up to $5000 or 10%

Did you do any rehab or value add?

How is title- personal name or llc?

Income based repayment.  My record was a lady that worked at a gas station, had a law degree and a MBA had 330k in student loans.  Her payment was $97 a month.  She will never get that monkey off her back.

She had a 780 credit score, but I couldn't get her approved for a loan because on income based plans they take 1% of the student loan balance.  That was more than her income for the month.

Crazy Crazy

The filter elements are clogged in the faucets on the hot side. Very common when you replace the heater elements.  If it has handles take the handles off, clean the screen and reinstall.  Should fix it