Anybody have any good resources for 203K Consulting for newbies?
Not really.
Stay away from 203K in a box, cost you plenty and you will not learn the correct process.
Find a 203K guy who is willing to help you.
Go to my website and see if it answers any questions www.203kloanmn.com
Yeah what Paul said. I did the 203K in a box training and although I know she is very good and knowledgable at 203ks, however the training is not very to the point. YOu welcome to call me if you have any questions. Thanks
Hey Luke, has anyone taken you up on the $50 inspection? I think its a pretty good marketing tool.
I also like the way you price, I am now thinking of removing my pricing from my site but part of me thinks if your site sells its better to leave it. I have been waffling on this since I built my site back in April.
On the 203K, I did 5 in the last 2 weeks so that’s $4400 in write up fees and 20 to 25 draw inspections at $200 ea.
In a busy 203K area you can make a 6 figure income without killing yourself. You can also do home inspections and testing with the 203K program.
Its not a bad gig if you can get the paperwork moving to the lender fast.
Met the gal in 203k in a box about 10 yrs ago. One of my buds in another state bought her pkg. Other than the Corporate Niche Software, the stuff was crap.
Shes good at selling her deal … Not at really doing it.
Google Search a name … Garrett Feis 203k Consultant around Atlanta. He’s one of 3 best in country. When I got into this in 1995, he was in Chicago, had 5-7 guys and did more of these than almost ANYBODY in the country AND was training HUD’s staff around the US on the 203k. When the 203k was in full swing, his secretary knew more about the program than any lender or HUD personnel I’d ever met.
If you listed your location you might get more answers…:roll:
Location would help. For example, forget about 203K’s if your in a rural area.
Thanks for your replies gentlemen. I am in the Charleston, WV area. I am truing to do everything by the handbook, but basically just learning by doing. I have 2-3 started right now but have gotten through the process yet.
and
Nick, 50% off of a bad 203K training is worth what?
Most of the people who take that course never do a single 203K and if they do they are not doing them properly. 203K in a Box is not how to learn the 203K.
Go to her website and read the claims, none are accurate.
You would be a better 203K consultant if you:
Know how to estimate costs.
Know how a project should be done.
Have read all the HUD mortgagee letters pertaining to the 203K and you understand them.
Are capable of understanding that home inspector standards cannot be enforced.
Are able to manage inexperienced people who will be working with you.
This is not a get rich quick road for inspectors, good 203K consultants can come from home inspectors, contractors and maybe architects but a working knowledge of construction is of great value.
POST SCRIPT:
In Minnesota there are about 35- 203K consultants. maybe 6 to 10 are working, I am one of those guys.
203K in a box tells it seminar guests that lenders are looking for consultants, this is not true.
There are about 1800 consultants in all the United States, maybe a couple of hundred make money. I talked to guys in Minnesota that do 1 or 2 203K’s in a year. Some maybe do 5 or 6 in a year. Most do none.
I do about 50 a year, I also do Homestyle write ups and other related things and the reason I got into home inspections was to offer full service.
Home inspection $400, radon $150, septic, water, write up $400 to $1000, 5 draws at $200 each.
On a good day you could do a regular home inspection and write up for $1400
5 draws over the course of a job and your looking at $2400.
Do 50 a year and you are breaking 6 figures for part time work.
The busiest guy I know is in Chicago and he grosses over $200,000 a year with home inspections. He is a contractor.
2nd link in my post then.
good one, Nick! lol
I say do it but your going to need to network to get into this field.
There is no test, no proof beyond making the claims you read the mortgagee letters and think your qualified. Anyone can be a 203K consultant.
Anyone that wants to see a write up can PM me and send me your email and I’ll send you one of my write ups with the names blanked out.
There is no certification beyond claiming your certified. HUD is nowhere to be found as far as verifying your work.
Draws s.b. $250/ea., Paul!
Pete, I’d like to get $250.00 for a draw, as it is I’m probably the highest paid guy around here as my closest competitor charges $135.00
I do add for mileage and have charged up to $450.00 for a draw inspection, that bank went on to work with Renovation Ready for draws and they pay consultants $75 to $100 with no mileage.
Not much different than the $179.00 (any size home) home inspector I saw from Florida.
I bought the program back in May and just recently had time to complete. It is not the best site and I agree, she just keeps selling even after you have bought. I am frustrated with them in the fact that when you ask a question their answer is always " refer to my training guide all the answers are in the manual". Being a contractor with many years experience in building, bidding, and customer relations I have the tools to do the job. All she did was consolidate all the information for me to find in one place, but not worth the price I paid. I would like to connect with any 203k Consultants or Home Inspectors that are willing to assist me with marketing suggestions my business in the Tampa Bay area in Florida, for not just 203k but for home inspections. Just started the business about two weeks ago and no work yet but I know it takes time. Just looking for suggestions to get things moving.
Where you located?
Whoops, never mind.
Here’s the truth on getting work. The training you bought was sold to a hundred guys, so if even only 10 try to get work that is 10 more guys in an already saturated market. Nobody wants your service unless you can convince them you have something better or different to offer.
Maybe:
- Good estimating skills
- Good management skills/ people skills
- Fast turnaround
If you discount your fee to less than HUD guidelines you will have forever set your pricing to what lenders want to pay, might as well give up at that point.
The CH training is available for free and the best place to find what you need to know is on the HUD website in the form of mortgagee letters. Know those letters and you will be an accurate source of information to the new loan officers and borrowers.
Best advice, find a new loan officer who is clueless and needs your help.
Google 203K loans for your area and those lenders are your target market.