YOUR KEY TO SUCCESS AS A 203K CONTRACTOR

203k Contractor 101 Workshop 80% OF SUCCESS …

203k Contractor 101 Workshop Where’s Catherine?

203k Contractor 101 Workshop Where’s Catherine?

203k Contractor 101 Workshop Does this look like a future building consultant? I don’t think so!

203k Contractor 101 Workshop

OWNER AND FOUNDER OF VALUE HOME INSPECTIONS IN BUSINESS SINCE 1993 HAVE PERFORMED OVER 3000 HOME INSPECTIONS CERTIFIED 203K CONSULTANT FOR 10 YEARS (COMPLETED OVER 1000 CONSULTATIONS) INSTRUCTOR AT DREXEL UNIVERSITY SCIENCE CENTER PA DEP LICENSED PEST APPLICATOR PA DEP LICENSED RADON TECHNICIAN PA DEP CERTIFIED LEAD RISK ASSESSOR

203k Contractor 101 Workshop PRE-REQUISITES FOR ALL PROJECTS Licenses Federal State (PA Attorney General) Local (Necessary to obtain permits Insurances General/Professional Liability Worker Comp (if applicable) Credit/Funding Satisfactory Credit Adequate funding for at least first draw Lines of Credit with local suppliers Sub-contractors All sub-contractors qualified/licensed to pull permits Minimum of TWO (2) available per required category

203k Contractor 101 Workshop EPA LEAD SAFE PRACTICES CERTIFICATION

203k Contractor 101 Workshop WHAT DO YOU THINK ARE ITEMS THAT WOULD FAIL AN FHA APPRAISAL?

203k Contractor 101 Workshop FHA MINIMUM PROPERTY STANDARDS MANDATORY RECOMMENDED DESIRED

203k Contractor 101 Workshop THE FLOW OF A 203K PROJECT Consultant creates Feasibility Report and Contractor Bid Form Contractor Completes Bid No Repairs > $32K* Yes Consultant completes Work Write Up Limited Full 203k

203k Contractor 101 Workshop ENERGY EFFICIENT MORTGAGE Up to 5% of loan amount can be deferred into an EEM. HERS/ BPI report must be submitted for loan endorsement and placed behind the loan transmittal. Cost effective upgrades are those which will save more money through energy savings than they cost to install.

203k Contractor 101 Workshop EEMS AND 203(K) 203K PROJECTS WORK GREAT WITH EEMS. HOME ENERGY RATING REPORT DONE BEFORE WORK WRITE UP. ENERGY PACKAGE IS INCORPORATED INTO THE 203K WORK WRITE UP. ADDITIONAL EEM INSPECTIONS PROVIDED AS AN ESCROW EXPENSE. CONSULTANT AND RATER DECIDE HOW MANY.

203k Contractor 101 Workshop HUD

203k Contractor 101 Workshop THE 203K PROJECT … BEFORE SETTLEMENT RESPONDING TO INVITATION TO BID APPOINTMENTS MANAGING DEADLINES FOR BID SUBMISSION PREPARING BID PACKAGE

203k Contractor 101 Workshop valuehome GENESIS203K.NET

203k Contractor 101 Workshop

CHECK YOUR …

203k Contractor 101 Workshop CONSULTANT’S VIEW OF PROCESS

203k Contractor 101 Workshop PAY ATTENTION TO THE DETAILS…

203k Contractor 101 Workshop

WHEN YOU WIN THE BID. FIND OUT THE PLANNED CLOSING DATE GET A COPY OF THE FINAL WORK WRITE UP PLAN YOUR PROJECT TIMELINE/SUB-CONTRACTOR ACTIVITIES

203k Contractor 101 Workshop WORKING WITH THE BORROWER AFTER SETTLEMENT STARTING THE PROJECT PERMITS/PLANS FIRST CONSULTATION AFTER SETTLEMENT MATERIAL /COMPONENT SELECTION MANAGING SUB-CONTRACTORS

203k Contractor 101 Workshop WORKING WITH THE BORROWER DISPUTES START WITH POOR COMMUNICATION MOST OCCUR WHEN CONTRACTOR FAILS TO WHAT TO DO WHEN BORROWER REFUSES TO RELEASE PAYMENT

203k Contractor 101 Workshop Borrower Mortgage Holder CONSULTANT CONTRACTOR WORKING WITH THE CONSULTANT

203k Contractor 101 Workshop WORKING WITH THE CONSULTANT DRAW PROCEDURES SCHEDULING DRAWS DOCUMENTATION (DRAW REQUESTS, PERMITS, CERTIFICATIONS) CHANGE ORDERS/ CONTINGENCY USAGE MUST BE APPROVED IN WRITING BEFORE CHANGE WORK BEGINS PAYMENT TURNAROUND

203k Contractor 101 Workshop WORKING WITH THE LENDER WHAT IS THE DIFFERENCE BETWEEN THE LOAN OFFICERS – BEFORE AND AFTER SETTLEMENT WHAT TO EXPECT FROM THEM WHEN TO CONTACT THEM

203k Contractor 101 Workshop SUGGESTIONS FOR SUCCESS CREATE AND KEEP A PROJECT LOG BOOK AT THE PROPERTY DO MEET WITH BORROWER BEFORE THE SCHEDULED DRAW INSPECTIONSAY WHAT YOU MEAN- THEN DO WHAT YOU SAY! UNDER PROMISE, OVER DELIVER (NOT THE OTHER WAY AROUND) REMEMBER THE CONSULTANT IS NEUTRAL AND IS USUALLY ABLE TO HELP IF BROUGHT IN EARLY ENOUGH IN A SITUATION

QUESTIONS? HOW DO YOU LIKE 203K NOW?

203k Contractor 101 Workshop KEY TO SUCCESS AS A 203K CONTRACTOR WE APPRECIATE ALL OUR CONTRACTOR PARTNERS AND HOPE THE INFORMATIONAL IN THIS SESSION WILL HELP YOU ACHIEVE THE SUCCESS THAT IS AVAILABLE WITH THE FHA 203K MORTGAGE PROGRAM THANK YOU

203k Contractor 101 Workshop CUSTOMIZED ONLINE REPORTS /DIGITAL PHOTOS 203K INSPECTORS FREE FREE 30 DAY HOME INSPECTION GUARANTEE ESTIMATED LIFE EXPECTANCY/REPLACEMENT COST GUIDE FREE HOME OWNERS NETWORK MEMBERSHIP 24 HOUR ONLINE SCHEDULING FREE 90-DAY HOME AND TERMITE WARRANTY E & O COVERAGE FOR REFERRING AGENTS FREE FREE APPLIANCE RECALL CHECKS CEU TRAINING CLASSES FOR AGENTS (4-20 HRS OF TRAINING) FREE SEWER GARD WATER/SEWER LINE LEAK WARRANTY Why Use Value Home Inspections…

203k Contractor 101 Workshop WELCOME TO OUR 203K PARTNERS OPEN HOUSE A SPECIAL WELCOME TO OUR LENDING PARTNERS: ED FALLON- ARLINGTON CAPITAL MORTGAGE GLENN GERBER- ALLIED MORTGAGE GROUP SYLVIA MILLER- WELLS FARGO HOME MORTGAGE

203k Contractor 101 Workshop WELCOME TO OUR 203K PARTNERS OPEN HOUSE AND A VERY SPECIAL WELCOME TO ALL OUR HARD WORKING REAL ESTATE AGENT AND HOUSING COUNSELING PARTNERS AND FRIENDS

203k Contractor 101 Workshop THANK YOU! HOPE TO SEE YOU SOON ON A 203K PROJECT !