Don't forget Lender inspection, home inspection, sewer inspection, and well inspection. If you have all these requirments the inspections will cost 2k minimum in total.
Yeah the fact you can't do any repairs yourself and I flipped five houses myself it's a real bummer, a contractor is going to price gouge the crap out of you and if you ever need to sell it it will be doubtful that you make a profit
There are way around it. If you know someone who owns a company and will be willing to do said work can give you room to do stuff yourself to save on cost
I bought my first duplex with an fha loan and lived there for one year. I’m looking into getting my second duplex. What loan do you recommend. I could put like 15k or so down
Hey Sonia, I am by no means an expert, but am currently going through the 203k process and I am able to use down payment assistance programs in my area with this loan! This is my first home, let alone 203k renovation. I used this website to look up 203k consultants in my area and called a few to talk through questions I had. They were happy to help! entp.hud.gov/idapp/html/f17cnsltdata.cfm
Inspection, interest on loan, especially insurance companies, water quality, air quality, rubbish pick up, electric cost doubling ,need licensing for some projects. Take permits in your name it's on you for screw ups. Bug inspection. Bank failures may make it difficult times. Hope it works out for you. Closing cost factors as well. Look for discounts and open accounts with large stores like Lowe's and Home Depot. Money pit. Don't forget to eat.⛽🤦♂️🤫👷♂️👷♀️
This is false, because they only allow up to 5,000 in repairs and it CANT be anything structural. That 5,000 is also wrapped into your loan, which you will pay interest on. If you get a 30 year loan of 115,000 you will pay back that 115,000 PLUS 115% of that 115,000
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Still need close to 15k for closing cost..Hud consultant fee, appraisal included..adds up to about 24k in total.
Great program tho 👍🏽
Don’t forget closing cost ~10k also if you only have 10k might want to save a little more for unknown costs that may arise😎
Don't forget Lender inspection, home inspection, sewer inspection, and well inspection. If you have all these requirments the inspections will cost 2k minimum in total.
Pretty impressive how he was able to sum up the deal in simple logical steps & terms! What l call striaght talk!
Yeah the fact you can't do any repairs yourself and I flipped five houses myself it's a real bummer, a contractor is going to price gouge the crap out of you and if you ever need to sell it it will be doubtful that you make a profit
There are way around it. If you know someone who owns a company and will be willing to do said work can give you room to do stuff yourself to save on cost
Your shorts are always amazing!
I am self employed and do not get a w2 income
SO WONT QUALITY
NOT FAIR
2 year 1099 should work as work experience
The windows and plaster work in that building are beautiful.
I bought my first duplex with an fha loan and lived there for one year. I’m looking into getting my second duplex. What loan do you recommend. I could put like 15k or so down
How much did u put down with the first property
@252tonyb
Very Smart indeed!
With a 580 FICO your rate will be so high, the system might not show available programs. Not a real cenario.
How c can I do this
Nah u coooked Bru when I learned this I realize it’s ezzzzz
But you can’t use it as investment property so technically you can cash refi on it and get money back for the next deal . And you can’t have tenants
Where did he get 240k from
Until a lender tells you no.
Can I use down payment and closing cost assistance programs with the 203k ? This video describes exactly what I’m working on now 😊
Hey Sonia, I am by no means an expert, but am currently going through the 203k process and I am able to use down payment assistance programs in my area with this loan! This is my first home, let alone 203k renovation. I used this website to look up 203k consultants in my area and called a few to talk through questions I had. They were happy to help! entp.hud.gov/idapp/html/f17cnsltdata.cfm
What about the interest for the loan
Inspection, interest on loan, especially insurance companies, water quality, air quality, rubbish pick up, electric cost doubling ,need licensing for some projects. Take permits in your name it's on you for screw ups. Bug inspection. Bank failures may make it difficult times. Hope it works out for you. Closing cost factors as well. Look for discounts and open accounts with large stores like Lowe's and Home Depot. Money pit. Don't forget to eat.⛽🤦♂️🤫👷♂️👷♀️
Wait a second, I thought fixer upper homes are for Commercial Loan? Doesn’t add up tho
Not if u plan on living in it.
This is false, because they only allow up to 5,000 in repairs and it CANT be anything structural. That 5,000 is also wrapped into your loan, which you will pay interest on. If you get a 30 year loan of 115,000 you will pay back that 115,000 PLUS 115% of that 115,000
False
That’s false you can use up to 35000 for just even the limited
I am first yay