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    DANNY INSPECTIONS: 203K Consultant's Guide to A SUCCESFUL 203K LOAN
    DANNY INSPECTIONS: 203K Consultant's Guide to A SUCCESFUL 203K LOAN
    DANNY INSPECTIONS: 203K Consultant's Guide to A SUCCESFUL 203K LOAN
    Ebook158 pages1 hour

    DANNY INSPECTIONS: 203K Consultant's Guide to A SUCCESFUL 203K LOAN

    By Dan C Morgan

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    About this ebook

    Entering his much-enamored construction business some twenty-six years ago with little experience and unwavering determination, Dan was unsure of how he would survive in this unsteady industry. Fast-forward to today, he is a proud owner of Danny Inspections - an Illinois-based home inspection service and has established himself as a licensed hom

    LanguageEnglish
    PublisherBook Writing Founders
    Release dateAug 30, 2023
    ISBN9781088286975
    DANNY INSPECTIONS: 203K Consultant's Guide to A SUCCESFUL 203K LOAN

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      Book preview

      DANNY INSPECTIONS - Dan C Morgan

      DANNY INSPECTIONS:

      203K

      Consultant’s Guide to A SUCCESFUL 203K LOAN

      By

      DAN C. MORGAN II

      Copyright © 2023, DAN C. MORGAN

      All rights reserved. The use of any part of this publication, reproduced, transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise stored in a retrieval system, without the prior consent of the publisher is an infringement of the copy right law.

      Published by Book Writing Founders

      www.bookwritingfounders.com

      Dedication

      This book is dedicated to the memory of Mr. Charles Stewart. He was a best friend, a trainer, and a confidant. He sparked a small movement of men.

      In his honor, I sincerely dedicate this book. I miss you, brother.

      R.I.P.

      Charlie

      Acknowledgment

      First, giving thanks to God for his wisdom and strength. To God be the glory.

      I would like to thank my wife, Debrah, For the gift of my children, her relentless support, undying love, and your wit. You keep us all together honey…. LOVE YA.

      I would like to thank my mother, Queen Morgan. She sparked my construction interest when she decided to become the owner of two dilapidated buildings. She entrusted me with the rehab. A career was born…. You did that Ma.

      I would like to thank my beautiful daughter Quiana M. Jackson. She raised her dad to be a good parent, her strength and perseverance are phenomenal. Dad loves you so much.

      My grand queen Kaylah A. Jackson (My intern); she is my DJ.

      I would like to thank my son Dan C. Morgan III, I cannot believe the man and father you have become; you are my hero. Love you, son.

      My Grand queens Dani Reece and Taylor Ray Morgan….. Papa’s Beautiful girls.

      Thank you to my brothers and sister Leonard, LA Charlotte, Jeris, Victor, Kevin, and Stanley Morgan, I am the collection of you all…………LOVE

      I would like to thank my Harper high school family of teaching professionals: Coach Carroll, Mr. Trice, Mrs. Austin, Mr. Whittier, Ms. Pannell, Ms. Brewer, Ms. Fletcher, Mr. Olivier, Ms. Gillott, Ms. January, Mr. Harvey, Mr. Alleyne, Ms. Sanderson[DM1].

      I would like to send a special thank you to Ms. Kenyatta Starks, this beautiful and exceptional woman put her complete trust and commitment into my becoming a teacher. I told her, Point me to a brick wall and you know I will go through it for you. Thank you for believing and trusting in me. You are an angel.

      I would like to thank two outstanding women from West Cook Homeownership Center and Oak Park Regional Housing Center; they are Ms. Athena Williams and Ms. Deborah Williams (No relationship). When it is time to do it big, I call on these ladies (My Executive producers) I appreciate and admire you both.

      Pete Myers & Reena Sood Myers, I believe you both saved my life, in my darkest moment of despair. You brought me into your golfing fellowship after the loss of my best friend, and neither of you ever wavered. Love and respect you both.

      I would like to thank the consistent and purposeful real estate professionals that lend to the viability and sustainability of Danny Inspections, Earl Bailey, Jarrod Greer, Melinda Jordan, Joy Munoz, and Siobhan Robinson, Kimothy Lee, and a special thank you to the Queen of real estate Ms. Charlene (Peaches) Stewart.[DM2]

      About the Author

      Dan Morgan is the owner and home inspector of Danny Inspections, a reputable firm dedicated to providing thorough and reliable homeinspection and HUD consulting services. Although his journey into the field of home inspection was unanticipated, Dan quickly discovered his true passion and calling within the realm of home construction.

      With a deep appreciation for the intricate process of building a home, Dan's enthusiasm for the industry grew over the years. Today, as a seasoned professional home inspector with over twenty-five years of experience in the construction industry, he channels his passion into assisting clients in realizing their dreams of homeownership. By sharing his vast knowledge and expertise, Dan aims to facilitate safer real estate transactions and empower aspiring homeowners to make informed decisions for a more certain future.

      Beyond his professional endeavors, Dan finds immense joy in playing golf. Additionally, Dan takes pleasure in teaching and mentoring others, sharing his insights, and helping individuals navigate the complexities of the real estate industry.

      Table Of Contents

      Dedication

      Acknowledgment

      About the Author

      Chapter 1 Introduction

      Chapter 2

      Exploring the Federal Housing Administration

         (FHA) 203(k) Loan

      A Brief History of FHA 203(k) Loan

      Eligibility Requirement for an FHA 203(k) Loan

      FHA Loan Approval Issues

      Chapter 3 Step-by-Step Guide to FHA 203 (K) Loan

      Type 1: Standard 203(k) Loan – Extensive Work

      Type 2: Limited 203(k) Loan – Minimal Work

      How to Get an FHA 203(k) Loan?

      Why Get an FHA 203(k) Loan?

      Advantages of an FHA 203(k) Loan

      Disadvantages of an FHA 203(k) Loan

      Chapter 4 Assembling the Right Players for

          A Successful FHA 203 (K) Journey

      Types of Home Improvement Loans

      Which Loan is the Best for You?

      Choosing the Right Players for Your Home Improvement Project

      Recap – Here’s What We Have Covered So Far

      Why Building a Reliable Team is Necessary for the Success of Your Project?

      Chapter 5 Tips to Becoming an Informed Home Buyer

      Six Things to Ponder Over as a Home Buyer

      Things to Consider While Finding an Ideal Home

      Next Steps

      Why Are Home Inspections Important?

      What is included in Home Inspection?

      What Home Inspectors Don’t Do?

      Chapter 6 More Things to Know

      What to Do After Home Inspection?

      Some Important Terms and Concepts to Understand Feasibility Study

      Identity of Interest

      Standard Contingency Reserve

      Self-Help/ Do It Yourself Loan Agreement

      Consultant’s Allowable Fee Agreement

      Property Information and Inspection

      Questions to Ask Your 203K Loan Officer

      Chapter 7 Contractor’s Acceptance

      Some Tips for Filling Out W-9 Form

      Some Tips for Contractor Bids

      Getting a House Appraisal

      Chapter 8 Appraisals, Forms, and Other Considerations

      Some Important Steps Prior to the 203k Appraisal

      Property Market Value in Neighborhoods Undergoing Rehabilitation

      203(k) Lender’s Appraisal Staff

      Chapter 9 Closing the Deal

      How to Calculate Your FHA Loan Closing Costs

      Paying FHA Loan Closing Costs

      Process Overview

      Approval from Underwriting

      CHAPTER 10 The Bad, The Worst, and The Good

      Glossary

      Chapter 1

      Introduction

      It is over twenty-six years since I first took to the construction business. Growing up, I was an inquisitive child with an innate passion for building little edifices of my own, blithely unaware of the fortunate fact that many years down the lane, I would be facilitating people in purchasing their dream house.

      Hello, my name is Dan Morgan – a licensed and certified home inspector, Journeyman carpenter, and vocational educator with the state of Illinois, USA, and a proud owner of Danny Inspections, as well as a Certified 203K consultant. Frankly, these are the titles I had never anticipated I would be referred to as, but nature has its way of mapping your life choices. With the trajectory of my career unknown, I was satisfied working at the American Fair Credit Association when a sudden shift in circumstances led us to realize a dream of our own. I wouldn’t lie; the path to creating a meaningful life in the construction business was indeed daunting, but it was worthwhile as I realized it many years later. This is my story of discovering my true passion, of unbridled dedication to my dream of building and rehabilitating homes, and of recounting to people that dreams do become realities when we work toward achieving them with an optimistic mindset, hard work, and of course, a little risk-taking.

      In 1997, my life took an astronomical turn when my family took a major risk of investing in two derelict properties with little to no buying demand, thus putting ourselves precariously between booming economic and financial catastrophe. Here is a hint: It all started with a phone call.

      In the summer of ’97, while I was intently engaged in some crucial paper work at the American Fair Credit Association, I received an unexpected call from one of my tenants informing me that I had a plumbing problem at one of my properties. Naturally, my first response to the situation at hand was to call a service provider to ascertain what the problem was and then find a probable solution. To my dismay, the service provider informed me the radiators were not working and that I would need a new boiler, with repair costs amounting to at least $8000.00. Of course, it was quite a lot, considering only one thing needed replacement. 

      Distressed and lost in thoughts, I caught a glimpse of Willie Alexander – an impeccable handyman, repairing the lighting system inside our office and talking to one of my co-workers about the possible fix; he sounded incredibly sure of himself (and rightly so). After overhearing their conversation for a few minutes, I approached Willie and communicated him the boiler story.

      No problem, was all I heard in response. I expected more. Reluctant by his response, I called the supplier to ask him about the type

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