Man this was so impactful buying a 4plex offmarket no buyers agent with fha 203k just linked up everybody Lender, Hud Consultant and my 2 General contractors my due diligence ends feb17th and closing is March31st 🙏
This video may have just solidified my decision as a first time homebuyer to do a 203K Loan. We have very limited amount of multifamilies in my area but a wealth of fixer uppers. Thank you for breaking this down very simple and easy to digest
What a wealth of information presented. I have recently started my search for a home that can meet the needs of my disabled son who requires 24/7 care. All of the homes that I have seen thus far will require significant modifications, extending doorways, removing walls and modifying a standard bathroom into an open shower. After watching this video, I have come to the realization that I would be better off purchasing a multi-family property in need of rehab and utilize the FHA 203K Standard Loan to have all the necessary environmental modifications to provide for his lifelong needs. Thanks MG, for sharing.
I think you may ne the first person on RU-vid that SIMPLY explained this with CLEAR information slides to easily screenshot. Thank you !!!! These other RU-vidrs too busy trying to be cute and seen and leave out information 🤍
Beautifully executed!!As a realtor, here in the metro Detroit area. This loan can go really far! There’s a lot of multifamily and mix use properties, in the city of Detroit and surrounding areas. your video will definitely be the primary video that I send to my clients entertaining this option. Although you’re not license here in Michigan. Hopefully soon, I do have clients in the Florida and Texas region, that I will personally suggest you as their lender.
Thank you Mg for all your videos I been learning and building my confidence. I know I want to use a fha loan. But there’s been a set back with my credit. Know I’m now trying to rebuild ..not giving up I want this generational wealth
Excellent video. I don't think my situation would ever make me eligible for this type of loan but I still listened in its entirety because it was good information and well presented.
Very useful information. One thing I can add is the Bank will scrutinize whatever contractor you are trying to use. They will even ask for contractors bank statements. A lot of contractors wont get involved in these type of loans because they essentially have to get financially scrutinized and approved by the bank. They also need a lot of money in their bank account.
Thankyou for being real bought my triplex VA loan last year currently under contract on a 4 plex under a fha 203k standard no buyers agent 90 day close its hard and the fha self sufficiency test is hard to beat without finding a ugly duckling.
Are these “rehabs” on Zillow? Where can we find these? I see houses that look abandoned with county signs and small writing you can’t read all over my town but no for sale signs.
Thank you so much. I am looking to buy a multi unit property and I was not aware of these type of loans. but I appreciate you sharing all this info. was very informational and helpful.
For me, meeting the right partner has simplified my life even more. It’s such a blessing that my wife and I aren’t just married, but we’re also each other’s best strategic partner in business. I’m great at what she lacks, she’s great at what I lack and we have an Adviser to work with. Praise God!! And thank you for the awesome content!
On that, real time credits to *ROCH DUNGCA-SCHREIBER,* she saw me through the process. You can glance her name up on the internet and verify her yourself. she has years of financial market experience..!.!
This was an exceptional video, you have a new subscriber. I did not know about 203k until last week, we made an offer on a house and our loan officers and realtor are not too familiar with 203k loans, so I wanted to be very familiar myself. Your video was absolutely priceless, wish we knew about this type of loan at the beginning of our house shopping process but it is alright. Thanks again.
Great picture of what the 203K Loan is all about. And, much of what you revealed in this presentation can be applied to other application processes. Much appreciated MG! Continued Blessings to you, your family, and your team.
Thank God for you my Brother. This is no doubt great information for me to start the process of acquiring my first home as well as beginning the journey of becoming a real estate investor. Gratitude my peoples N Dat MF'N Order! ✊🏿🏁
We are in the process of trying to close on a small 203k loan (only asking for $15m for rehab). We originally had a closing date of August 4th. We had all contractor, inspections, and appraisals finished and sent in within days of asking. We’ve completely lost all faith in our mortgage lender CCM. They pushed closing to last Friday then today and now we are told not today. There’s 9 underwriters and none of them are on the same page. We’ve got contractors coming in next week, we’ve sublet our apartment and have to be out on Sunday so now we’re just at the mercy of the underwriters. Sorry for the rant but we would never do another 203k loan again. Would love your lender recommendations tho 😭
Hello Matthew, thank you for the gems you have shared.I'm interested in the 203k Standard but I noticed you do not cover AZ.Do you have and referrals for a good lender ?
I'm in Washington and wanted to know how I could get a 4 unit, live in one rent the rest, and this is a perfect strategy for buying below market value, and getting updated construction. Forced appreciation, this is it! I'd love to do this
Would you recommend doing an appraisal first to determine the potential equity you have in the property to determine the value for the principle loan plus the reno cost?
Very informative 💪🏾💪🏾💪🏾👏🏾👏🏾👏🏾 The wife and I have been looking at a spot for a while but we both knew it was going to need some work. Great video. 203k I'm otw lol
I already own a home, but I have been in my home for 19 years. I honestly don’t remember if we had a lawyer. I think we just closed at the mortgage company.
Can this apply towards the construction of an ADU? I'm considering buying a 4 unit where I'm renting out 3 of the units while living in one plus building and accessory dwelling unit attached to the property.
Thanks for the great videos, I have a question that you or someone here can hopefully help me with. My grandfather has a property paid off in Miami, he wants to go back home and wants to take over the property. It needs a lot of work, pretty much would have to demo and rebuild, so the 203K loan would be perfect for this. If I aquire the property via a quitclaim deed, can I then get a 203k loan to do the repairs or does my grandfather need to sell it to me? My loan officer is not sure, so hopefully someone can help me out here. Thanks in advanced for your time and help. JP
Omg this was so informative! I never considered a rehab home because I assumed they were mainly for investors to fix and flip. I'm now thinking it's a great option as a primary residence. From one 🗽🍎 to another, thank you 🙏🏽❤
My question is If start a new bank account for my "Real Estate Funds" do I still have to show how this account is being funded ie: Job. Would my check stubs and W2 be enough verification., or will I have to provide the bank statements from the account in which my paychecks are being DD into? My concern is for NACA and having to write all the 'LOE" for my everyday purchases with my primary account.
What if you’re self employed AND W2?? I’m in the army reserves and am a realtor… I get out the military next month & I want to buy end of year.. don’t think it’d be an issue but could use some confirmation
As long as you have 2y of taxes for your self employment you’re ok. Since you get out of the military next month, you cannot use that income. If you’re getting out and will be reserves you can use that AND your realtor income as long as you have 2y in realtor income
Does mortgage lenders look to badly on Credit inquiries I have a 740 across all bureaus but at 2-3 inquiries for each. I had a thin Credit file and needed to catch up. Please let me know, and I thank You and I appreciate it.
