I'm a Loser

We at Bennett Realty have challenged the other real estate offices in Wilmington to a Biggest Loser contest. Each of 5 offices have 5 participants who have to weigh in weekly. Then our progress is measured by percentage lost, not pounds lost. We started this 2 weeks ago and it will extend to February 1st. So far each office has lost about 2.5 lbs. Our office has put all of our hopes in on our two "big guys". Let's face it, girls. Guys have an easier time of losing weight and if you are already big then dropping a few pounds is no big deal. It's entertaining, though, to see these guys with their afternoon snack of an apple and string cheese. I think we are all starting to feel a bit deprived at this time. We are starting to get a bit snappy, either eyeballing each other's food in envy or eyeballing each other's food in reprimand.

203k lending. Now that we know basically what a 203K is and how the money can be used, now we'll investigate the type of property that can benefit from the benefits of the beneficial loan.

1) 2-4 unit properties that are owner occupied
2)FHA approved condo's
3)Properties that are at least 1 year old
4)Mixed use properties
5)Of course, single family homes
6)Homes that have been DEMOLISHED (?) but have a usable foundation to be reused.
7)Single family homes being converted to 2,3 or 4 units or visa versa

Homes not eligible for 203k lending:
1)Log homes, don't know why
2)Cooperatives (you don't actually own the four walls)
3)Homes that have never been completed (started, but left to molder until the contractor decides to show up again

"Mixed use" properties present an interesting opportunity. A mixed use property is one that houses a business as well as a residence. This might be a downtown building that has a store front but the upstairs has not been used for years and fallen into disrepair. The 203k funds cannot be used on the business portioin but it can be used on the residential portion as long as it will be occupied by the owner. Not many people actually live about their store these days, but in metro areas where people are starting to appreciate their inner cities again and are starting to move back, this could work out well for a home based business. Home based businesses are also making a comeback as is the idea of taking old run down and abandoned downtown buildings and making them into condos or apartments. These to trends mesh nicely and will be a major factor in the revitalization of our inner cities. (I just love these win-win situations.)

Well, gotta run. I have a closing tomorrow (yeah!) and I must mentally prepare myself for it to be my last of the year. Sad, and hopefully not true.

More on 203Ks to come. Lots o' info as promised!