I am very excited to start a new venture partnering with Makeover Home Inspections & HUD Consulting as a 1099 employee. I have hit the ground running and have already started a new project in St. Paul. Makeover is based out of Indiana and has piloted a successful business model to be a one stop shop for customers who wish to purchase / remodel / upgrade their home.
They are rolling it out to other states and I'm on the ground floor here in Minnesota. It really is in my wheel house with my background in engineering, project management, and my home inspection business, West Egg. I sent off my application to the Department of Housing and Urban Development in April after taking hours of required training and putting together a package of my experiences and qualifications. I was informed on May 3rd that I was certified and later discovered that I am 1 out of only 10 active HUD 203(k) consultants in the State of Minnesota. So what does that mean?
When you buy a property that needs structural repairs and/or needs repairs in excess of $35,000, you are talking about projects that may require professional experience and expertise in construction, architecture, building codes and more. Most homebuyers do not have the level of knowledge and experience required to oversee such a major undertaking. That’s why you need a good 203K consultant.
Most 203K consultants are licensed home inspectors, general contractors, and sometimes architects. (Licensing requirements vary by state.) They must submit various documents that prove their expertise to HUD – the Department of Housing and Urban Development. The requirements are fairly rigorous, and only HUD-approved consultants are listed on the official FHA 203K Consultant Roster.
The 203(k) consultant is like a football team’s offensive coordinator, a point guard that runs plays on a basketball court and a star infielder – all in one. Seem like an exaggeration?
When it comes to 203(k) consultants the comparison is accurate: these professionals really can be the most valuable member of the team that helps out when you buy a home and make major repairs with a standard FHA 203K renovation loan – also called a Consultant K* loan.
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