REAL-WORLD EXAMPLE OF HOW A 203K LOAN WORKS

Рет қаралды 21,674

4 жыл бұрын

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/

Пікірлер: 49

@raybickham7088 4 жыл бұрын

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.

@EarnYourLeisure 4 жыл бұрын

That’s why we are here to do just that

@raybickham7088 4 жыл бұрын

Earn Your Leisure Brothas! I definitely appreciate it!

@livingwithapurpose 3 жыл бұрын

The hardest part is finding a contractor willing to put his own money up front. which eliminates the smaller contractors.

@ill2eww 4 жыл бұрын

Thank you for always asking the questions to break down the process into steps and language that anyone can comprehend. 🙏🏽

@Itsebby 3 жыл бұрын

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.

@4jairus 4 жыл бұрын

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 ✊🏽

@roxwhit8138 4 жыл бұрын

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.

@isidoramartinez6510 3 жыл бұрын

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?

@Gunngirl 3 жыл бұрын

@@isidoramartinez6510 4.3% that’s ridiculous. Was that the final percent? They couldn’t do better?

@korenezcarter7807 3 жыл бұрын

EYL warms my heart

@RoyPacShakur 3 жыл бұрын

Love it thank y’all! Watched in Oakland California

@JessicaLaShawn 4 жыл бұрын

This is amazing information I going to show this to my students!

@TacticalArtsandCrafts 3 жыл бұрын

Awesome info. Thanks from Ga!

@ajbufort 8 ай бұрын

Thanks, guys! Very interesting!

@Eindgv 3 жыл бұрын

Light bulb just went off, not even 10 minutes in and I got a significant jem

@gmoore326 3 жыл бұрын

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.

@Jasmin_615 4 жыл бұрын

Great content as usual!

@tl6752 4 жыл бұрын

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

@RaejayExperience 8 ай бұрын

What contractors did you go for in looking at doing a BRRR outside of Boston.

@ChrisMcD35 4 жыл бұрын

So much free game ✊🏾✊🏾✊🏾

@brendennimmonsjr.6692 4 жыл бұрын

I’m about to go watch the whole vid again. This was a underrated episode. Some guest be withholding some information. Not these bros.

@raybickham7088 4 жыл бұрын

You so right. It's like they think by not telling you they are gonna miss out on a deal or something.

@gus5789 4 жыл бұрын

EYL 🙌🏾

@roxwhit8138 4 жыл бұрын

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.

@K4lt 3 жыл бұрын

There are two 203k loan types stream line with the 30k max and the normal for up to 500k I believe

@CrezBroSteph 3 жыл бұрын

Can a person making 50k annually do this?

@tashwins8607 2 жыл бұрын

@@CrezBroSteph Yes

@comesailwithme9790 4 жыл бұрын

I believe it’s 1031 exchange

@victoriagab999 2 жыл бұрын

Yeah I think they meant 1031, a 1035 is actually for life insurance policies.

@EboniEmmX3 4 жыл бұрын

Which bank did you use?

@EinsteinTeachedYou 2 жыл бұрын

7700 plus closing costs. He left that out

@tasiamrios4219 3 жыл бұрын

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.

@nataleedejohnette548 Жыл бұрын

Hi Tasia, I am considering doing the same with a multi unit. How was your experience?

@tasiamrios4219 Жыл бұрын

@@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.

@nataleedejohnette548 Жыл бұрын

@@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.

@tasiamrios4219 Жыл бұрын

@@nataleedejohnette548 thanks girl that was my second option just funding a multi-unit that doesnt need much work

@DetroitSummers 4 жыл бұрын

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 KZfaq 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).

@Mr._Ramos Жыл бұрын

Did you have to additionally pay any closing costs??

@4christ207 3 жыл бұрын

1031 exchange... not 1035

@hondabikez 2 жыл бұрын

Can I get in touch with these guys??

@Simplycredit 2 жыл бұрын

🔥🔥🔥

@isidoramartinez6510 3 жыл бұрын

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?

@Gunngirl 3 жыл бұрын

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.

@CrezBroSteph 3 жыл бұрын

Can a person making 50k annually do this with there 1st home?

@TankJr369 3 жыл бұрын

Yeap

@tmacgodson 4 жыл бұрын

Just purchased a 4 unit in chicago on a 203k wayyyy below market value

@BENJIBKNY 4 жыл бұрын

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!

@tmacgodson 4 жыл бұрын

Benjamin Williams The good deals will not be on Zillow or Redfin. Honestly. The real investors are in the streets driving for dollars...