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Posted

the VA version is pretty shitty.  For example, you can't do a kitchen remodel or a bath remodel on the VA version.  You can replace a roof, replace flooring, and fix plumbing or electrical, but you can't "pretty it up".

Also, your contractor has to be VA approved, and very few go through that PITA process.

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Posted
3 hours ago, Gil Bang said:

the VA version is pretty shitty.  For example, you can't do a kitchen remodel or a bath remodel on the VA version.  You can replace a roof, replace flooring, and fix plumbing or electrical, but you can't "pretty it up".

Also, your contractor has to be VA approved, and very few go through that PITA process.

Sounds like the VA

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Posted

Current mortgage is a 203k loan.  It was great for me, old home in Kerens, Tx, needed lots of work. Bought the home cheap and got a good appraisal for the loan.  It is a pita loan to get and you need to find a GC who will actually work with 203k loan as they get paid after the work is done and inspected .

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Posted
9 hours ago, Gil Bang said:

the VA version is pretty shitty.  For example, you can't do a kitchen remodel or a bath remodel on the VA version.  You can replace a roof, replace flooring, and fix plumbing or electrical, but you can't "pretty it up".

Also, your contractor has to be VA approved, and very few go through that PITA process.

I remember that it was very cumbersome and not worth it for me, when I researched it a couple years ago.  

39 minutes ago, TexasGrunt said:

Current mortgage is a 203k loan.  It was great for me, old home in Kerens, Tx, needed lots of work. Bought the home cheap and got a good appraisal for the loan.  It is a pita loan to get and you need to find a GC who will actually work with 203k loan as they get paid after the work is done and inspected .

OK so things are as I remember, and not for an investor.  But for a young person that is very handy, and works for a roofing company? Might be worth taking a hard look at if I was in the situation he is.  The fact he is familiar with the hassle of working with insurance companies might actually be a plus in dealing with the BS.  I would also think that in more rural areas there might be more opportunity? Maybe easier to find a neglected house on a little land that looks pretty damn nice once fixed up.  Maybe I can help this young guy along in life.  Good guy, and I wanted to follow up on our conversation with accurate "here's what you can do" advice.

 

-When I did renovate and sell a foreclosure I did it all on my dime.  I wasn't trying to scale, just seeing if my instincts were right.  It seemed at that point in time the best way for financing for a foreclosure remodel, was building a relationship with a local community banker? And doing a 1 year interest only loan. Or use a hard money lender.  I assume this is still the case.

Thanks for all the info! 

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