REAL-WORLD EXAMPLE OF HOW A 203K LOAN WORKS
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- čas přidán 30. 05. 2020
- In this clip, the Downing brothers discuss a real-life example of how a 203k home renovation loan works. #203kloan #Mortgage
Link to the full episode: • Buy and Fix Homes with...
EYL University: www.eyluniversity.com
Code for 40% annual discount: Earners
EYL Website: www.earnyourleisure.com/
My guy said it right, "People do not know the opportunities are out there." WE as a culture don't expose each other to these opportunities out here.
That’s why we are here to do just that
Earn Your Leisure Brothas! I definitely appreciate it!
Thank you for always asking the questions to break down the process into steps and language that anyone can comprehend. 🙏🏽
I love how the moderator on the right would ask the interviewer to explain each RE terms that he mentions 🙌🏾
Thanks for the education y’all are pouring into our culture.
The hardest part is finding a contractor willing to put his own money up front. which eliminates the smaller contractors.
Love it thank y’all! Watched in Oakland California
Awesome info. Thanks from Ga!
This is amazing information I going to show this to my students!
Thank you so much for this. Been trying to convince GF for the longest time 20% down is not necessary, there are others alternatives. She slowly coming to her senses ✊🏽
A conventional loan needs 3 to 5% down and you can ask for 3% closing help unless you put down 10% or more then you can ask for up to 6% closing help. FHA is 3 1/2% down and you can ask for up to 6% closing help, USDA is no money down and you can ask for up to 6% closing help. USDA has to be within the area that is outside of city and you can check on their website at USDA.gov and they do have some restrictions on how much money you make. The best thing to do is to reach out to your mortgage broker and find out which programs you qualify for. I work with the national lender that I can recommend, Safiyah Basir, New American Funding (718) 772-4484. If you mention my name she will give you $1000 credit at closing.
I just got approved for 203k loan... in the monthly pay I am showing 4.375% interest rate and 5.565% on a “APR” is this typical on these loans?
@@isidoramartinez6510 4.3% that’s ridiculous. Was that the final percent? They couldn’t do better?
Thanks, guys! Very interesting!
Great content as usual!
EYL warms my heart
Light bulb just went off, not even 10 minutes in and I got a significant jem
If you look at it, the max amount of views on 203k program videos is ~50k. This program seems so attainable given the few headaches but people really don't know about this stuff.
I’m about to go watch the whole vid again. This was a underrated episode. Some guest be withholding some information. Not these bros.
You so right. It's like they think by not telling you they are gonna miss out on a deal or something.
Took advantage of the 203k in Boston and it is a great option for a lower entry price point and overall value for money spent however it can be difficult to find contractors due to the up front out of pocket expenses for the contractor.
Good luck to everyone utilizing this strategy
What contractors did you go for in looking at doing a BRRR outside of Boston.
So much free game ✊🏾✊🏾✊🏾
When you all replay these videos or cut them into segments like this and repost do you still generate revenue from its likes it’s a new video?
I’m wondering if CZcams has some algorithm that flags it. Similar to how you can’t copy and paste a paper these days because they have different software that catches it?
I’m eager (as we all are) for covid to end so we can get more gems from yall. Since you guys came to DC and I met Trapper at your event I have really got into stocks. I made a killing from covid (no pun intended).
EYL 🙌🏾
I believe it’s 1031 exchange
Yeah I think they meant 1031, a 1035 is actually for life insurance policies.
203k you can only get $30k in reno $$ and you have to hire a licensed contractor. If possible get conventional rehab at 3% down and there is more rehab money available.
There are two 203k loan types stream line with the 30k max and the normal for up to 500k I believe
Can a person making 50k annually do this?
@@CrezBroSteph Yes
Did you have to additionally pay any closing costs??
Looking to get this loan and use for a fixer upper multi unit property in the Rockford IL area. Thanks guys for the information. Working now to get approved through a 203k lender.
Hi Tasia, I am considering doing the same with a multi unit. How was your experience?
@@nataleedejohnette548 it’s going super slow. I’ve noticed most lenders in my area are really against it have been trying to convince me otherwise. Thats most of the battle.
@@tasiamrios4219 I know a few people using it with multi-units in Chicago. But they’re using the 203k Streamline loan so that the process moves faster. This is better for properties that need simple cosmetic upgrades.
@@nataleedejohnette548 thanks girl that was my second option just funding a multi-unit that doesnt need much work
Which bank did you use?
Can I get in touch with these guys??
I just got approved for 203k loan... in the monthly pay I am showing 4.375% interest rate and 5.565% on a “APR” is this typical on these loans?
I was quoted 3.8% damn. But I had a costly house almost $100,000. I figure having a lower house price to start would be better. I think I’m gonna try to find a lower priced house. The interest rates are terrible.
7700 plus closing costs. He left that out
1031 exchange... not 1035
🔥🔥🔥
Can a person making 50k annually do this with there 1st home?
Yeap
Just purchased a 4 unit in chicago on a 203k wayyyy below market value
Sneed Show huge congrats! if you don’t mind me asking where are those type of deals located on Zillow and Redfin or other real estate sites? Thank you!
Benjamin Williams The good deals will not be on Zillow or Redfin. Honestly. The real investors are in the streets driving for dollars...