203K Projects Webinar

[Eieio]

203K Remodeling Projects seminar coming up next week.

We will discuss what the program does and it's uses, the two types of projects, streamlined and traditional and how to do the write ups, estimates and how to market your services and to whom

[WarriorWithWood]

Sign me up, I just sent you a PM too.

[Silvertree]

Sign me up too!

[Eieio]

Update. I just found out and I have to check on the details. The 203k remodeling loans can be use for Green updates.

I. Energy conservation improvements (e.g., new double pane windows, steel insulated exterior doors, insulation, solar domestic hot water systems, caulking and weather stripping, etc.).

[Mike(VA)]

Sign me up. Got to learn something.

[Breyerconstruct]

Keep us posted Rory, thanks for the info!
~Matt

[orson]

You going to post the link for the 203k webinar here Rory?

[Eieio]

You going to post the link for the 203k webinar here Rory?

I have to schedule a date.

We went from no webinars to having 6 webinars so give me a few days and I will post the date probably on Sunday

[fez-head]

bump :builder2:

[Eieio]

Yep this is a top priority. I am trying to get one of my local lenders in on the seminar so that she can explain the financing and payment process. She is really busy and it has been hard to pin her down.

The paper work part is crucial so I want her to be involved, if I can't pin her down soon I will make it a 2 or 3 part series explaining the process.

[orson]

Update. I just found out and I have to check on the details. The 203k remodeling loans can be use for Green updates.

I. Energy conservation improvements (e.g., new double pane windows, steel insulated exterior doors, insulation, solar domestic hot water systems, caulking and weather stripping, etc.).

Rory,

It is my understanding that simple energy improvements HAVE to be part of a 203k remodel; i.e. weatherstripping doors and doing simple things to address the insulation etc. are required as a priority on these projects. Have you you found that to be true?

[Eieio]

Rory,

It is my understanding that simple energy improvements HAVE to be part of a 203k remodel; i.e. weatherstripping doors and doing simple things to address the insulation etc. are required as a priority on these projects. Have you you found that to be true?

No that is not true. It is an option and they are trying to push it. but it is not a requirement.

Making the house live able and brought up to code is a requirement, that's it.

Mold and Lead remediation are also taking priority

[Century Man]

I'm in for the 203k webinar. Will it be recorded in case I can't make the live presentation?

[Eieio]

I'm in for the 203k webinar. Will it be recorded in case I can't make the live presentation?

Yes and for 9.99 a copy can be yours :laugh3:

[fez-head]

Yes and for 9.99 a copy can be yours :laugh3:

Sharpen your pencil Buddy. :smash:

Also do you have any coupons or discounts?

[Eieio]

Sharpen your pencil Buddy. :smash:

Also do you have any coupons or discounts?

100% off for remodel crazy members :2thumbsup:

[Eieio]

Ok Paul and I will Schedule the 203K Webinar for next week Thursday or Friday. I will put in on the calendar soon.. :2thumbsup:

[Carport King]

Count me in!

[kevjob]

bump still doing well with 203k?

[Eieio]

Yes, actually very well.. Last year they were about 40-50% of our business.. I would like to make them about 40% this year with the right markup and profit margins

[ApgarConstruction]

Rory, I sent you a PM at CT, but heard it was better to contact you here.

I can't get this webinar video to play more than the first few minutes, then this circle thing cycles around and around and never goes back to playing.

I got a call for a new project about a week ago. I have a meeting with the client on the 25th of june. It's a whole house remodel with an addition, and the client wants to finance the whole thing with a 203k. I am trying to gather as much REAL world info from contractors who have done a project (or many) with these types of loans, and how much time I need to allow for extra paperwork associated with this program.

I have heard that some guys never want to do another 203k again. I just need more info.

Thanks
Dan

[Eieio]

Dan, sorry for not replying. I got the CT p.m. but have been swamped and forgot to reply..

It is a system that has to be worked. I have been doing them for 10 years so, they are not that bad for me..

It's 50-50 if I would recommend to other contractors to do them.. If you got cash and some patience its worth it..

On the down side, lots of paper work, customer's have to be managed more than usual and several parties to deal with. The bank, bank inspectors, local inspectors etc..

But if you get a system in place, it's almost a non-stop job resource.

The bank you deal with is a big + as well, the larger banks are crap, local banks are usually a dream to work with..

Last year we did 500K in 203K work.

[ApgarConstruction]

how much of a pain was it to get certified? I've been reading about the 3hr course, and the 6 page exam. looks like it costs about 300 dollars to get certified. I know it says you don't have to be certified but I bet it helps get approvals from the lenders.

How come they don't give a draw payment at the beginning, and how long do you have to wait to get the first payment? I have some cash on hand but I can't float 10s of thousands of dollars for the start of a job. All my materials are on accounts but they are paid off each month. I don't want to turn the client down at this point. I will continue to read up on this and find out if it's going to be a nightmare or not. I don't have all day to sit at a desk and fill out paperwork for a job like this. I am still in the field working everyday. I know it won't always be that way but for now, that is what is working for me, and we are very busy.

thanks
Dan

[Eieio]

if the project is 35K and under you get a draw up front, anything over 35k no draw..

I get most homeowners to give me a deposit on jobs over 35K even though the banks frown on it.. I make it Plans and Permits fee or something that justifies the upfront fee.

No 203k courses for me, I filled out the forms and did a personal, business and vendor credit check.. Reference were asked for and verified and all my vendors were called..

My first few projects went awful, because I did not know the process and the system is flawed..

I would turn it down or start with a smaller 35K or under project.. I have waited up to 5 months for a final payment and 60 days in between draws on my worst case scenario.

But we had cash on had so the wait was not a problem at that time, but the average guy would have shot the bank up..

If you are busy pass it up...

[ApgarConstruction]

5 months, wow. I would think that a draw schedule would be there and at each passing phase of the job, the bank inspector would visit and see that the work has been done and then the funds would be released.

sounds like more trouble than it's worth. I think this project would be in the fall/winter, right now we are busy but in 4 months, I maybe wishing I hadn't turned down this client.

I won't do the job without some cash up front.

thanks again for the info. very helpful.

Dan

[ApgarConstruction]

this job will be well over 35k. I'm guessing somewhere around 100-200k.