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@ Marc do you work with a particular loan originator on your renovation transactions?
Make sure to hire a contractor you can work with and trust, often the buyer will move into the property while the renovation is still going on. I had one situation where the buyer moved in and got in a huge fight with the contractor and would not let him back in to finish the job. The contractor was not able to get paid because the work was not complete. The contractor ended up having to take the buyer to court to gain entry back into the house to finish the job. I never got to the bottom of the story as to why they got in the fight, but it seemed to be mutual. The buyer and contractor also knew each other prior to the purchase. This is an extreme. I have dealt with many 203k situations where the deal went extremely smoothly and the buyer got an extremely good deal, the purchase price and renovation cost together are often far less than market value once complete and you get a renovated house after the work is complete. This creates instant equity. Make sure to buy smart.
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