Arcadia Lakes, SC Real Estate News

By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Take delivery on your small income units "VACANT"I don't know what some people are thinking particularly when they take on the new small income rental property and it has long time tenants. No problem you think. Long time tenants quite often mean the rent is too low, and if you are in a rent controlled area that can be a problem in itself, you can't just arbitrarily increase those rents.Long time doesn't always mean they pay on time, the landlord before you may not have been able to collect the rent and isn't being up front with you on that issue.1) We had a problem not too long ago where the duplex was purchased by a client, the tenant got a good lawyer (I know good and lawyer don't fit well in the same sentence in many cases) and they went to court. After about eleven months and a pay...
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By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
 I'm an inspector - why should I know & understand the 203k? Columbia SC? There are several good answers to that. Every home inspector has been accused of “killing the deal” at one time or another and it just isn’t true. The home inspector is hired to discover whatever they can to “inform the borrower” so they go into the transaction with their eyes wide open. In any case they never kill a deal, the deal just becomes a 203k loan. I did an inspection for a 203k loan refinance and room addition in which I discovered some foundation issues and when I pointed them out to the borrower who had purchased the home about a year ago. He had a home inspection and when we looked at it found that the inspector had called the foundation “typical” and it clearly wasn’t “typical” it had failed. Did tha...
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By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
How many draw inspections are allowed on an FHA 203k loan in Columbia?Just kidding, this is good anywhere in the USA and it's colonies.It is one thing having a guideline and quite another interpreting it. The HUD guideline actually says something like "...a typical project size is $25,000 in construction and no more than five draws would be allowed."Many, including many at HUD now are interpreting that to mean "only five draws are allowed". This is absolutely bogus and not true. Bank of America came out with a rule that once you reach five and there is only one more, you can have six... woo hoo. They go further to say if you have more than six then you can only have five. Interesting. What they want us, as consultants, to do is call the fifth one a "final draw" which of course is not tr...
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