Mike Young

I really enjoy speaking to realtors and agents in groups. I like to ask them if they ever get a client in their office that tells them they have no down payment... they all say "Yes" then I ask "do you send them out the door quickly?" and the laughter is overwhelming. I then ask them to take the newest agent in their office and send those would be borrowers to them instead of kicking them out the door. then I ask if the new agent will just bring those people to one of our FREE open to the public seminars and we'll turn them into real buyers... with our network. Everyone stops laughing about that time and want to know when we are having our next FREE seminar. It is amazing that just a moment ago they were ready to kick that borrower out the door and now won't turn it over to a new agent.. ha. I like new agents because they don't have pre concieved ideas and are more easily taught. Come join us at a seminar and we'll show you how it is done... We really like making deals in that room on the spot. You will too.

Thank you all for the response to our new book. You are great. The reviews are terrific and we appreciate it. Most are saying the same thing about not realizing that they could do some of these strategies with the 203k including buying investment property. Yes, it can be done. There is talkin DC about bringing investors back into the 203k... stay tuned for that when it happens.

Met a young couple last night at an investor meeting in Charlotte... MetrolinaREIA. They were talking about purchasing a home and in a couple years having it be their first rental... We discussed a mixed use building as a starter home and units all at the same time. Maximize the rental property aspects if they are gong to be an investor. Living in the property makes it a big advantage to the 'hands on' owner. it is important that we get these new investors thinking a little differentlly than they sometimes want to. good luck... by the way, this is a great way to get involved in the 203k.

If anyone is interested in listing to some 203k tapes I put together in the 1990's I'll post them. They are 203k Basics, 203k as a Team Sport, 203k Investor program, and one other I'll have to find to remember the title. If you like to hear rather than read these may be fun to listen to... FREE makes them even more fun, right? I need to hear from someone in order to put them up...

there are some lenders that are still living in the past with regards to the number of appraisals needed for a 203k. while they do require an 'as is' value and an 'after improved' value it can be done since 1995 by providing an "after improved" value appraisal and a paragraph that reads something like this "The after improved value is $250,000, the cost to repair the home is $50,000 therefore, for the purposes of this 203k project the 'as is' value is considered to be $200,000".

this saves your client an appraisal fee. The appraiser may charge you an additional $50 for that addendum but that is a lot less than an appraisal fee and gets the job done. The streamline 203k apparently was created to save a 203k consultant fee, and there are some lenders out there that want to order that 'as is' appraisal right out of the shoot. Good luck with your next k.