203K Ready Flyer

If you've attended any of our workshops then you may have seen our 203K Ready Flyer, a sample of which is below. Last Saturday we visited Exit PowerHouse Realty in Lanham, MD to do a workshop and were happy to see so much enthusiasm for the concept.

These 203k Flyers should make selling a 203k Ready property much easier. All the information a buyer needs in one place. A summary of the current property, rehab recommendations, and a breakdown of the mortgage costs for different amounts of rehab expenses that will be rolled into the one loan.

This should help buyers to see the additional benefits of purchasing a 203k ready home, above and beyond the instant equity that they will get!

Workshops

After hosting two 203K Services workshops we are really getting the feel for the huge need for education around rehab loans and condition of properties. Our attendance at the first two renovation workshops exceeded 50 people. We are searching for locations to hold our next events which will be in Carroll and Harford Counties. The key to successful rehab of foreclosed or below standard housing is the team. One of our Contractor partners was featured in the Real Estate section of the Baltimore Sun last weekend. Congrats to Eric at Trademark Remodeling. www.203kservices.com

Rehab your House into a Home

The thought of dumpsters in the driveway, drywall dust in your hair and contractors drinking coffee in your living room excite some and scare others. No matter which rehab psych you have there is a program for you to get a loan to cover your current mortgage and renovation costs in one. Little equity is required and the appraisal is completed before the work begins, but giving credit for the completed work. Check out our website and one of our seminars to get more information. www.203experts.com

Good News for Investors

There is good news for investors who are holding on to properties waiting for Financing to become available. With creative 203k financing you can sell your unfinished properties, get out from under the debt and take your profit. We are doing seminars to teach how this works. Check for dates at www.203kservices.com

Renovation and Rehab

HGTV is one of my favorite channels. It is fun to watch the progress and see the changes made to improve folks lives and homes. Renovation is a big TV business and doing work to your home in the current Real Estate Enviorment can be a good money maker. Working with a local team of experts can ease the process and reduce the hiccups associated with renovation. Doing your homework before you start your renovation will also help pave the road to a successful finish. A good place to start is to determine what your homes value would be after the renovation is complete.

Sad News for Some

Recent reports show hundreds of thousands of Foreclosures are coming to the market in the next 12 months. As many families go through painful loss and financial devastation, there is some good news. And although there is plenty of blame to go around and lots of errors were made,the economy will survive and get better. Renovation and Rehab will help grow the economy with jobs supplies purchased and lots of deals on homes. View it as a Build to Suit remodel. You can pick a home and renovate it top meet your needs and choices. You get the best of both worlds. There is also a chance you can create instant equity.

203k Renovation in Action!

Here are some pictures of what can be accomplished with a 203k rehab loan, courtesy the Simone Group at YWGC Realty. Enjoy, these are quite impressive.

Exterior View

Interior View

Also, you may have many questions about how a 203k loans works. A great place to start is this FAQ from 203k Services. Here's an example:

Do I need a Licensed Contractor?

You do not “always need” a licensed contractor to do some home repairs, however, you will need a licensed contractor to provide a copy of their Maryland Home Improvement License (MHIC) and a copy of their Insurance along with a signed Construction Agreement must be submitted to your Lender before you can get final loan approval.

Your Lender has some discretion to approve or not approve your requested Contractor. Be sure to look for reputable Contractors as these are the people who will make your house a home you can live in.

You should request to be added to their liability and worker’s compensation policies as an “Additional Insured” so you can receive written notices of any changes to their policy. Otherwise they can cancel their policies and you would never really know.

We'll be posting more pictures and providing updates in the coming weeks so keep checking back. If you have a question that you would like us to answer in a blog post, send us an e-mail by clicking here!

Good Things to Come

As the economic forecasts improve and the media reports cautious GOOD NEWS folks are starting to feel more optimistic. With guarded enthusiasm and cautious optimism things are at least feeling better. There may be some hiccups disguised as opportunity around the corner in housing. The next group of foreclosed homes will be hitting the market in the next 2 quarters. Many of theses homes have been damaged by the exiting owners. If you are in the market or getting into the market you will see many listings say 203 K or conventional financing only. This is where the value and instant equity can be had. Consulting your Realtor early and often can get you ahead of the curve and into a house you can make your home with the right solutions. There will be more investment of time and energy and the process will be a little more challenging but with that comes opportunity. Do your research and you to can become a homeowner with equity.

www.rehabbaltimore.com

Buying a 203k Home on Sale

When folks go to the store and see something on sale they are motivated to make a purchase. Sometimes there is true value to the sale and sometimes the value is in their minds. The good thing about a Real Estate purchase is the appraisal tells you if you are getting a deal. With the number of foreclosures and short sales on the market it is easier to get value now. The 203k loan allows you to make the purchase of the house and make it your home in one loan. The appraisal tells you the value is there and not in your mind. You are also buying low which allows you to make money. Although there are no guarantees, home ownership has many long term benefits. There is a book called Missed Fortune if you want to read more about homes as an asset. A simple call to your accountant can also tell you if there could be tax benefits to home ownership. If you have not owned a home in the past 3 years you may also qualify for the $8000 tax credit.

www.203kservices.com

Opportunity to increase equity

In today's complex financial times everyone has become a financial expert. One sure way to make money is to buy low and sell high. Everyone who rushed to the market during the boom times was expecting to make money and some did. NOW is really the time to buy and invest in the real estate market. There is a huge opportunity in foreclosures and short sales to buy a home below market get a renovation loan and have immediate equity. Many first time home buyers will also qualify for the $8000 tax credit. Renovation loans or 203k loans provide a way for buyers to purchase and renovate in a single loan. 203k experts will help buyers with the process to make it easy to understand and implement. There are many factors that point to this being a great time to renovate and buy; rates are still low, contractors are slow and hungry, deals are available, and there is money to lend.