The MANY ways to be profitable as a 203k Consultant

Welcome to the Many Ways to Make Money as an FHA consultant. I want to thank you so much for being here. We're going to be getting started in just a few seconds. I want to give as many people an opportunity to get on the call at the earliest possible point. So we're going to be getting started in just a few seconds. Thank you so much for being here with us. So, as we are getting ready to get started, just wanted to let you know that you do have the ability to ask questions, and I'm here to try to answer those questions as I go through this information, this educational briefing session. I will be working to answer as many of the questions as I can during the session today. But if I don't get to your question in the session, please note that we will be sending you an email with your answers and possibly sending out the answers to everyone. Okay? So thank you so much again. And you also have the ability to look for an email regarding the replay of this presentation. All right, so let's get started. I want to thank you all so much for being on the webinar today. The many ways or the multiple ways to make money as an FHA consultant or what's in it for me? That's the question. That's the radio station that everyone listens to, wiifm. What's in it for me? And we're gonna show you today how you can leverage your skills for profit and freedom. And I just want to let you know I really am very excited to be here before you today.

As your host. I am here working with you to be able to give you the information that you'll need to be able to be successful and in the world of renovation consulting. So from time to time during the course of this 45, 50 minute conversation, I'm going to pop my video in so you can see me. And just to keep you excited and keep you interested in what's going on. And yes, I can see you out there in the virtual audience. Thank you so much for being here today. And so my question to you is, and my first comment to you basically is, thank you so much for being here. 80% of success is just showing up. And being on this webinar shows me that you are dedicated to your own company success. So take your finger, point it back at you and say to yourself, thank you for showing up. And I'm watching you. So I'm hoping that you're doing this. So what we're going to do today is I'm going to help you understand what Being a renovation consultant truly is because a lot of people have misinformation, misinterpretation, and there's a lot of myths out there about renovation consulting. And there is actually. I did a webinar a couple of about six or seven years ago called Myth Busters about renovation consulting. And I probably will do it again. But we're gonna. We're gonna bust a lot of myths today to get you to really understand that there's so much opportunity to. That you can use renovation consulting to leverage your existing skills to grow your business. If you are a home inspector, you can grow your inspection business. If you are an FHA consultant, you can increase the amount of consultations that you can get and grow the exposure that you have to the lending market. If you are a contractor, this will show you an opportunity to add a new skill to your business or understand what the consultants that you are going to be working with will be doing in the role of renovation projects. So we're trying to help you be able to utilize renovation consulting in the multiple different ways and facets that exist today for this opportunity. So all while helping you rebuild neighborhoods one home at a time. I can't think of anything better than being able to help rebuild the neighborhoods so people can appreciate what's going on in their. In their world. So I just want to thank you all so much for being here on our webinar. So let's continue.

So now, many of you I saw recently at an up at an upcoming event, we've been doing a lot of actual promotion in the world of home inspections. We've been meeting with lenders, We've been talking to contractors. I've been at some recent conferences, and we asked you at the conference to go back and do your homework. And the homework was to ask a mortgage lender this one question. If you were a 203k consultant, would there be work we could be doing together? And let me just stop and say before we move further that I am responding to chats, and I did ask when we first started in this chat for everyone just to please put in your city and state and your first name. It automatically comes up with your first name. But to put the city and state where you're coming from so that we can see just how greatly interest the opportunity is, how much interest there is around our entire country about this amazing program. And what you might not know is that renovation consulting does not exist in any other country. Country in the world. In other words, there is no other country that will insure a Mortgage that will fund the renovation of a purchase of a property other than the US you can't do it in Canada, you can't do it in Mexico. You can do renovations, but you don't have government insured mortgages. So we are really excited and honored to be in such a country that really helps support the dream and opportunity of home ownership. So back to your homework. Did you talk to a mortgage lender or a broker? Did you ask them that question that I suggested that you ask them that? If I were a 203k consultant, is there work we could be doing together? Raise your hand if you did or type in the chat I did so that we can know if you did. So this is something that we want to find out because that's where the market is, that's where the opportunity for renovation consulting is. It's not in the business of working with real estate agents, it's with the lenders because that's where you'll get your work from. So we hope you did ask that question. So next thing I'd like to say is that before I actually dig deep or go into too much information today, I'd like to say that I believe that you do not hear a person's words until you know who that person is. And so I would like, with your permission, to tell you a little bit about me and my journey as a renovation consultant and how I got to be in front of you today and why I feel, and many people feel that I am qualified to talk to you about this amazing industry and this amazing opportunity. So now this doesn't look like a future building consultant. In fact, when I first, when I was a young girl and as I was growing up before, before I got to college, I changed. Right about college, I actually thought I was going to be the next great Broadway star. I was into the performing arts and there you can see me with my Chippendale slippers. So I was somebody who was very greatly interested in being a performer. But if you are, if you know anything about home inspection, you are a performer. If you are a home inspector, we do a lot of, we go out and do a big performance. But I got into electrical engineering in college. I had my degree in that capacity. And I found that there was not a lot of opportunity for women in the 90s as electrical engineers. I could be the secretary, but I could not, they would not hire me as an engineer. So that, that was what I had to deal with. So with the partner, I started a home inspection company and I started that company in 1994. And what happened was we were very fortunate to receive a government contract. It was sponsored by the city of Philadelphia using something that people know that you might or might not know. A term called cdbg.

Community Development Block Grant. This was a funding source from the federal government to provide homeowner assistance and homeowner support for existing homeowners and new homeowners in cities. And CDBG funds are still used today for a lot of the nonprofit housing counseling authorities. And when you join our association, when you come to the 203 discovery days, we're going to talk about how it is an amazing opportunity to provide free support and get a great profit from working with nonprofit counseling agencies. How many of you here today work with housing counselors? So if you work with a housing counselor, just type in the word CDC in the chat box, which stands for Community Development Corporation, which is another term for the counseling agencies. So through our connection with the counseling agencies, we got a grant from the City of Philadelphia to provide home inspections to first time home buyers. This took our company from zero to hero in as little in three months. Because we went from a small fledgling company to a firm that actually was providing home inspections at a tune of 70 to 80amonth. We didn't have to market to real estate agents. We just got work that came over to us from a fax machine. And for six years we didn't have to do any marketing. At the end of 2000, at the beginning of 2005, two things happened that made my company get in real deep trouble. One, the grant ended and two, the mortgage meltdown began. And with that I found myself in a position where I was a 10 year old company in the same position as a startup with anything but startup overhead. I had multiple inspectors. I had two people in my staff in my office every day I'm in physical office. I had a lot of overhead and not a lot of home inspections because we hadn't been doing marketing for all that time. Well, what did I do? I decided that the best way to be able to really wrap my business up as quickly as possible was to use the one major USP that we had, which was our knowledge and extreme understanding of minimum property standards because that's how we had to inspect the homes for the grant program. And the fact that all of our inspectors were FHA 203K consultants. Those were our two major USPs. With those USPs, we were able to submit an opportunity. We submitted a proposal to a lender and said, let's form a real estate school and start educating the real estate community about renovation consulting. And that is how the Keystone Real Estate Academy was born. This Keystone Real Estate Academy, we were able to get in front of 20, 30, 50 or more real estate agents at a time, teaching them information that would lead them back a to the mortgage company Keystone Mortgage and back to US Value home inspections as their two resources for all things that had to do with their buyers and existing homeowners. And so with this network, with this partnership, I was the co founder and educational director of this real estate school and we taught CEU courses to real estate agents about home inspection, 203ks, energy efficient mortgages, environmental testing.

All these CE courses that we have packaged and now provide as part of our 203k in a box FHA consultant training and marketing system. Now, I have always believed that the way to quickly grow is to have a mentor, have someone else who's able to guide you and lead you so that you can get where you want to be faster. Because you're not reinventing the wheel. You're not making the mistakes others have made. You're, you're learning from the history of other people. And so one of my mentors saw the success that I had in my local market with my home inspection company, with the 203k business, with the real estate training academy and suggested if you've been able to package this and rebuild this and make this a successful product in your market, why not take it on the road? And that's what we did. We took it on the road. And that is how the 203k in a box FHA consultant training and marketing system was born. I was able to, because I was a multi inspector firm, I literally had a box of all the resources necessary to become a 203k consultant. And I would give it to our new inspectors after a certain period of time in the company and say, here's your box, do the things in the box and then get the paperwork back to me so I can review it and you can get on the HUD roster so that we can maintain our USP that all inspections are performed by 203k consultants. And the only real prerequisite to be a 203k consultant by HUD.

Is that you have at least three years of referenceable background experience in the Rena in the renovation or residential construction, building trades and or home inspection. So I would hire individuals who had two or more years in the construction industry. They would work for me for the requisite amount of time as a home inspector to get that combined three years of referenceable experience. And we would submit their application to hud. And this is what the requirements still are today. So I was able to get that information over to the HUD office to get my inspectors approved with 100% success rate. So then I packaged this, and that's how 203k in a box FHA consultant training and Marketing System was created. Because we started to have more and more 203k consultants on the roster, we were starting to have more and more people using the same model of success that I had created for my local business. It came to me that we need to really organize. So what was our next step? We created the national association of FHA Consultants. And with this association, we now are the only nonprofit association. We are the only association of any type dedicated to the success of all the partners involved in the world of renovation consulting. And with that being the case, everything that we have is working to be successful for the world of renovation consultants. We are so excited to be here teaching people everything that happens with the world of renovation consulting. So we're really excited to be here today working with you in this wonderful, amazing industry.

So let's continue.

And as we work on this. And so what we did was we actually are. I'm having a little difficulty with the technology, as we always seem to do, unfortunately. So there it is. Now I'm getting the screen to share. It was paused for a second. So as I said, we actually.

Had our 203k association, renovation consulting association, the national association of FHA Consultants. And so the next thing that we did was we actually.

Started to use the Genesis Rehab Reporting system. With the Genesys Rehab Reporting system, we now have a support system, a software that is created by and for renovation consultants just like you. And with this system, we're able to ensure the success of a consultant even if they've never done a single project or if they've done hundreds of them. We now have a system that is task oriented and web based that allows you to be able to be a successful consultant. So with all this background, my next question to you is, what are you doing with your business? Are you working to grow your company? Well, actually, I believe everybody is. But in my 25 years as a home inspector, I have found that it's not that easy to view to get in front of real estate agents. They're not in the offices anymore. They work from home, they work from their cars. How do you get in front of them? And when you get in front of them. What are you really saying to them? What do they really think about you as a home inspector in the market or as a consultant in the market? What are they thinking about what you are providing to them?

Well, if I know the real estate agents, they're looking at you, your world, as a home, as a home inspector, as a contractor, as something that is a stumbling block. So right now I'm talking to those of you in the audience who are home inspectors. We have been marketing to you to join our association. We have been courting you because we need more consultants. And those of you who are existing consultants in the market, thank you for being here. But as you know, there's, as it says in the Bible, the harvest is ripe, but the workers are few. We need to grow the number of competent, qualified, excited consultants. And so if you're a home inspector, I ask you now, what do you think about the report that you provide? Is it truly a path to closing or is it a stumbling block? Is it a detour that they have to get around to what you've put in the home inspection? And when you're doing the home inspection and you find that the report is not the most exciting report from the perspective of moving past the home inspection, what are you doing and what happens when the repairs on your report are really more of a stumbling block? What do you do when you get out to that property and like I like to say, it's tore up from the floor up? How do you address that issue? Well, in many cases, it can be the reason why people are dissatisfied and unhappy with the whole home buying process because they get the home inspection report and they don't know what to do with it. What if you could provide a resource, an actual path that gets them past the defects in the house, that gets them past the difficulties with the property and gets them past the fact that many sellers today, not willing or unable to make corrections to meet guidelines for mortgaging like FHA appraisal or VA appraisal or conventional appraisal requirements. And my next question to you is, what are you doing with your time? How do you spend your time? And is the time that you're spending being of value not just to your clients, but also to you?

Right now you spend a lot of times as home inspectors. You're traveling to and from the property. You're spending time on site writing the reports. Many of you go back home and or between jobs or writing reports to complete the process. You're marketing just to get that inspection. And I hope you're doing follow up. Every one of you should be planning and executing and have a plan that allows you to be able to follow up with your client.

Following the home inspection to see are they still moving forward with the process? Did they have any trouble interpreting your report? Is there anything you can do to help them with their path to purchasing that home? Remember, they didn't hire you as a home inspector to kill their deal. They hired you with the thought that you were going to help make them feel more comfortable about the purchase. What can you do to truly make them comfortable about their plan to purchase? How can you get them on the other side of closing? So when you think about it, if the national average fee for a home inspection is $350, your wages, as it were, are about $31 an hour. Well, that's not bad. But look at all the time and effort that you're spending for that. What if you could recoup? What if you could generate double that income while spending less time marketing? In fact, zero marketing, because lenders will be coming to you, so you're going to spend less time in this field. Your project sites take less time, your marketing is eliminated and the follow up is built into the structure of the payment so that you're able to make double, sometimes even triple, your hourly wage, all with zero liability. Would that be something that would interest you? And for those of you who are existing consultants, are you leveraging your time with your clients right now? Are you offering them ancillary services? We're going to talk a lot about the ancillary service opportunities that are available to 200 3K consultants for fees that the borrowers pay you at the time of the service and get reimbursed as it's added to the mortgage. So there's no fee resistance for the services that are being charged to the client. What's all that called? That's called FHA or Renovation Consulting. And inside the Renovation Consulting service is a lot of benefit for both you and for your clients. We term the clients as borrowers because it's not a home buyer. In many cases, we're working with existing homeowners, investors, and nonprofit and counseling agencies and other entities. So as a renovation consultant, you have multiple ways that you actually can assist multiple types of people with the world of homeownership and residential construction project improvement. So why should you do this? Well, we talked about what the fees are and what the opportunities of payment. If you're doing home inspections, these are the fees that you are able to charge for a 203k project. Now, I need to point out that the fees for a conventional renovation project and a VA rehab project are different and in fact many cases higher. But if you're doing a project as a renovation consultant, these are fees that you are able to charge on top of home inspection fees. So if those of you out there are existing home inspectors, these are the fees that you can charge and get paid by the client, the borrower at the time of service, in addition to home inspection, in addition to termite inspection, in addition to septic well, radon mold, any of the other ancillary services that are necessary to determine what the scope of work will need to be. For example, I did a 203k consultation of a project. It was an existing homeowner. They had bought the home a couple years prior. I thought I saw indications of a buried oil tank. They didn't know and no one had told them previously. So I got to charge them a fee to do a inspection for a buried underground tank to see if it was an underground tank on the property. And in fact it was. It had been long abandoned and we needed to include that cost into my scope of work for removal of that buried and abandoned oil tank. And actually what we had to do was do further testing to see if it had leaked. And we found that it wasn't leaked. And HUD does not allow tanks to be remaining on properties, even if you fill them with sand or whatever. They have a requirement that buried oil tanks are typically required to be removed subject to underwriter conditions. And so that was something we included in the scope of work. But I had to find out what the tank, if it was even there. And so let me just break it down.

Before closing for just a simple $35,000 project. If you are a home inspector, you get to charge your home inspection fee. And in fact HUD states for your protection, get a home inspection and you actually have to give a form to the client that says if you're doing a 203k, you have to give them a disclaimer that says, I am not performing this. I'm not performing a home inspection, but a 203k or renovation consultation service. And that HUD recommends that you still should get a home inspection. So you're going to do the feasibility review and the work write up and we show you when and how you get paid, because this is broken down differently than way than the way it's displayed here. And we teach you how to get the maximum amount of money from your client, all reimbursed to them 100% acceptable according to HUD guidelines. So before closing, you're earning $1,250 for your pre closing services on a simple $35,000 project, not including mold, radon, termite, septic, buried oil tank and etc. The list goes on. So that is what you get paid just from the client before closing. Then after the client goes to settlement, the contractor begins work. And now I'm talking to you contractors. This is important for you to understand when you are looking at a project. And if you become a 203k consultant, with your background in construction, you can become a consultant with certain requirements being met. And we can teach you what those are.

And we'll teach you what those are at the upcoming 203k discovery days. But you can choose whether or not you want to consult on a project or contract on a job. And then you can partner with another one of our NASAC member consultants who will then do the work. Write up if you feel you'd rather make a higher percentage of profit by being the contractor. And every renovation consultant should have. And we teach you how to develop your own network of contractors who are approved by the lenders you work with to be able to create 203k support. So let's break this down. After closing, you get the draw inspection fees. So you get paid to go out to do the phase constructions on the project. And you get mileage for any project that's over 15 miles from your office. And the current IRS mileage rate is $0.58amile. So after closing, you're getting $984.80 for the three draws plus. Plus you get paid for change orders. Then on that one project alone. Drum roll please. Before closing, you earn $250.00. After closing, 984, for a total of $2,234.00. Now, how does that compare to the $350.00 you made on that one project? As just a home inspector, how many home inspections do you need to do to earn $2,234? It's been proven by experts in the world of retail sales and marketing that when you're able to get repeat business from the same client, your cost of service, your cost of business drops dramatically. You don't have to go out and keep marketing for new clients, you're getting more money from the same client. So 203k consulting, almost no competition. That's why we're here trying to grow this association, because we need consultants everywhere. The use and the need for consultants is growing all over the country. Many of you said to me in a recent event that you've had someone come to you saying, do you do 203k or you had lenders say to you, I've called people on the roster and there's no one there in the area or no one picks up their phone. If you're a renovation consultant right now, you might find that you are. The pool of business that you have right now is not as high as you think it should be because the lenders don't know that you're out there, because they are feeling that there's no one to work with. And so they're giving up on the 203k loans. They're getting frustrated. So we want to get lenders to know that you are here by having them come to us, the national association of FHA Consultants, and give you the opportunity to grow your business. We want you as contractors to be able to know there's a place you can come to get guaranteed work with funds that are escrowed and locked in before you start putting hammer to nail and inspected by a competent, qualified consultant. Everyone wonders, where is the demand for 203k? It is growing. Amazing. It's all over the news. Everywhere you go, someone is talking about renovation loans and 203k and Fannie Mae. And we're going to talk about the new VA rehab loan in just a second. How do you fit this into your business model? Well, you can actually increase your revenues and your channel of revenue because this is something you can take back and talk to your past clients. If you've done a renovation project in the past, why not reach out to that client? Say, hey, would you like to refinance again and do a new renovation of your home to further increase the value? Or those home inspection clients and construction projects that you've worked with as contractors. This is a great resource in your partnership with your lenders to be able to say, hey, let's do a workshop and talk to some clients we've worked with in the past to see if they would like to regrow and increase their business, increase the value of their home. Providing a. By doing a renovation refinance, it's sometimes cheaper to keep her instead of selling a home and moving out. And so this is how this can fit into your business model. How do you use the 203k with an FHA loan? There are four different types of renovation loans that are renovation insurable mortgages. And we will not have the time during this conversation today to talk about all of them. But know that as a renovation consultant, you're used and you're needed to provide a scope of work that defines what the repairs will need to be for that FHA buyer, for the person getting a disaster relief mortgage, for the renovation home buyer and for the new. And it's actually not so new. It's been around for like 15 years. The energy efficient mortgage purchaser. And all of these are loans that are actually needing the services of a renovation consultant. But many people don't know that they need you. If they don't know what you can do to help them, they're struggling out there doing it alone. And you can be the hero. As I talked about in the video that you saw when we asked you to register for this event, you can be recognized as the hero in the entire real estate market, both pre purchase and post purchase. One new feature. Have you heard about the new energy home scoring?

We actually have been partnering and working with the.

Department of Energy to provide energy efficient mortgages and to partner with them to coordinate home energy scoring and energy efficient energy home scoring with the work that's going to be done with the rehab loan. So this is something that's going to be added and very valuable in the future. And we're going to be having an entire segment devoted to this at the upcoming 203k discovery days. What's another resource that you can have to be able to benefit from as a renovation consultant? How can you leverage these skills effectively without buying new equipment or working on something new, working with the client who's getting a conventional mortgage? There are more, there's more and more lenders now who are offering conventional renovation loans. There's no FHA required appraisal. The conventional required appraisal is much easier. Down payments are as low as 10%. And here you can see that the home style mortgage, just like the FHA loan, can allow work to be done for up to four family units. So, so the home style and the VA loan are usable with up to four family units. So the VA rehab loan is a direct military loan that allows a person to purchase or renovate an existing home all with the funds of the VA mortgage. And this is brand new. Only the limits on the came off on the military loans last year. And so we show you how to be able to leverage your ability as a consultant to assist these wonderful heroes in our country. Be able to own and enjoy homes that have more value to them, more equity and in many cases help provide Resources that make it more comfortable and livable, especially to our disabled and injured veterans. So how do you leverage your Skill as a 203k consultant, well performing real estate agent? Educational training sessions, we call them executive briefings, homebuyer education. Add it to your existing services of a home inspector or of a contractor. Those of you who are existing consultants now being able to show you how you can add additional services such as underground, excuse me, such as sewer scans. We're going to have a complete educational training with on how to add underground sewer scan testing to your renovation consulting services especially in homes that have are vacant and with no utilities turned on. Sewer scan testing can check to see is there a problem with those sewer lines that needs to be included in the scope of work. And this service is eligible as an allowable fee able to be reimbursed to the borrower. And how to work with the 203k and EEM mortgages. Who here in this call is a HERS rater? Type in I am a hers rater on the chat box so that we can see if you are. Because if you are a HERS rater you are able to add that service of providing EEM mortgage opportunities on top of 200 3K loans. Now many of you had asked me, well nobody is asking me about it. Is it really busy? Well, that's why I asked you to do your homework. And the question was well, is anybody using these things? Is anybody working with these? Yes, they are. And then the next question I have been asked a lot is isn't this for low income home buyers? Isn't this just for those people buying in depressed communities? And the answer is no. FHA loan limits just recently went up again. And so as you can see, even in low cost area, the maximum loan limit for a single family residence is $314,000. And this is actually regionalized by the actual address. It's by county, by zip code. And so this is just the low cost area. Many areas are in the four hundreds and as you can see the larger number of units, the larger the loan limits. And if it's an area that's a high cost area, for example New York City or Los Angeles or other areas, Hawaii and other areas are even higher than this. The low the limits are even higher. So as you can see, the loan limits are not for low income. These can be used by anyone. And the question I had was can this be used for an investment property? Can it be used for an investment property? The answer is yes, as long as the borrower is living in one of the units. So is it an investment property if you're buying a two family dwelling and you rent out one of the dwellings? Absolutely. Is it an investment property if you have a four family dwelling and you live in one and you rent out the other three? Yes. So these are all investment opportunities that a lot of people don't realize can be used with the FHA 203k loan and and all of the residential units can be rehabbed as part of the loan. I've got a hint. You can use this for mixed use properties, homes that have commercial space, but you can't rehab the commercial space. The only thing that you can rehab if you're using a mixed use property is you can rehab all of the residential units. So you might have a three unit residential with a storefront. You can rehab the three units, but the storefront would be separate. But you can still buy it but with the one FHA insurable loan. So what are some more ways that you can use your consulting skills? Well, with the 203k rehab mortgage, I've already shared that with the energy efficient mortgage, which we are going to spend a great deal of time describing and helping unpack for you in an upcoming webinar as well as at the 203k discovery days. Obviously working with the conventional rehab buyer, the VA rehab loan, home energy score upgrades, working with investors who want to get you to give a scope of work to them so they know what repairs they need to do to meet FHA minimum property standards for when they turn around to resell the property to an FHA buyer. And a great resource. And for those contractors on the phone, on the call today, you might want to network with our existing NFVAC members to be that neutral, objective bidding resource so you can actually provide the scope of work for the contractor to their client. So you can actually be invited by a contractor to come out and create the bid and the scope of work that the contractor would agree to abide by and live to created by a neutral objective party, all for a very reasonable rate. In my local market, I do contractor proposals for their clients for $400, gives them a detailed scope of work and the contractors basically say to the client, whatever this consultant says is the cost to do this project, unless it's something unusual, I will abide by that price. What a great way to get a business reference and be able to show your client that you are not trying to cheat them. So as contractors today, this is something valuable for you. So what is the flow of a Rehab project. How does this work is in the real world? Well, in the real world, you as a consultant will create the feasibility report and the contractor bid. And using the Genesis Rehab reporting system, it's automatically created for you by just create. When you create the feasibility report that determines whether or not the project is moving forward, the preliminary scope of work, it automatically generates that contractor bid. If the repairs are less than $32,000 in an FHA transaction, that borrower would then be. You can then suggest to the borrower that they would use what formerly was referred to as the 203k streamline. It is now called the Limited 203k because it is only able to be used for limited repairs if the repairs are less than $32,000 or the repairs are structural in nature. That's why you see that little asterisk. Because if there is a structural issue that needs to be corrected as part of the repairs, even if the total cost of the repair is less than $32,000, you cannot use the limited 203k. So now you might be saying, well, you keep saying 32,000, yet I see on the screen it says up to 35,000. What's going on? The reason why it says up to 35 is because included in that streamline or limited 203k loan is the requirement for a 10% contingency. So if the repairs are greater than 32,000, adding that 10% contingency would jump the loan past the ability for it to be a limited K. So if the repairs are greater than 32,000 or structural in nature, then it cannot go with the limited K. And at that point, you would assist the borrower by helping the contractor complete a bid. And so contractors on the call today just want you to know that the Genesis Rehab reporting system that we work with gives you the ability to electronically submit your bid. You don't have to type anything except the numbers for the bid. You don't have to write anything down. You don't have to do anything except fill in your labor and materials, all electronically, even from your phone. And once you complete the bid as the consultant, you will then take that bid and with just a few clicks of a button, will be able to easily and effectively create the work write up. That work write up for the full 203k loan will now allow that borrower to move forward, continue buying the property, all with the benefit of the full 203k mortgage.

So what does that look like? That looks like taking a property that looks like this and turning it into this, the show place of the neighborhood. It is. And that was with the 203k loan. It's having a client who owns a beautiful home with a lovely kitchen, who wants to have a better kitchen, wants to refinance their mortgage and have a better home and make it even more attractive and more usable for their lifestyle and turn a kitchen that is actually very nice, in my opinion, to a kitchen that's absolutely amazing.

All with a conventional renovation refi. It's taking a home that unfortunately was left unfinished by a contractor. And even those contractors on the phone today. You know that there are people in any industry who take advantage of clients, and construction is no exception. Here's a situation where a client's home was damaged by Hurricane Katrina. The contractor came out, took the insurance money, and this is how he left the home unfinished. And they had family members literally living up in in an unheated, unfinished space because they had no other thing that they could do. We came in and did a 203k refinance for that client and was able to help them finish off that property, add a bathroom right here, and provide two usable living spaces, all with the renovation loan. We take situations where homes are vacant and occupied. Reos, which stands for real estate owned by the mortgage company where they've been. They've taken back the loan and we actually take that property and we can actually correct the situation where the utilities have been turned off because it was a foreclosed home. And when the utilities went off, the sump pump did too, and mold became a huge problem. And we did not turn this back into a fully finished basement because the borrower could not afford to do all that work. But we were able to bring it back into safe condition that they can then in the future further renovate to make it the show place they want to do. So 203k consulting is easy. There are steps. Now, is it complex? Not necessarily. But there is a process that you need to learn, and once you learn that process, it is easy. Anything that you know how to do becomes easy with practice. And our system for helping you is even as an existing consultant will help streamline and excuse the use of that term, because that's the only thing I can think of. It will streamline your processes, increase the amount of efficiency that you have in your projects, and free up more time for you. Here's an example of one of our members and how it was able to help him.

Hi, I'm Brad Johnson, Absolute Inspection Service. And I've been a home inspection for 14 years and 203k consultant for 4 years. And I just want to tell you, last year I met Kathryn and after that presentation it put everything together for me to be able to use the software in her direction has put my company on a direction where I can do as many 203ks as I really want to do.

Thank you.

That's how you can be able to do as many 203ks as you want to do on a part time basis. Last year I did 15 203k projects a month. I'm not going to go over this slide in detail, but I am going to let you know that once you start adding 203k consulting or increasing or getting the word out that you are really dedicated and excited to be able to really increase the business. In 203ks consulting and renovation consulting, there are multiple ways you can generate income. Doing the limited assessment evaluations for clients looking to go with the limited K. Doing a seller pre listing assessment so they can know how to right price their home. And here's my favorite part. I earned $4,000 a month just doing draw inspections at 20amonth at approximately $200 not including mileage. So that's a guaranteed recurring revenue. You can grow your business when you can guarantee what the revenue is coming in. And in the slow months in my market, that guaranteed revenue keeps me comfortably moving my business forward as opposed to the feast and famine that exists in many of our markets because of the winter seasons. So how do you be able to take yourself to the place where you can generate this kind of part time business only doing 15 projects a month? How do you do that? How do you get from where you are today, an existing consultant who maybe has been using older systems or older methodologies, or as a home inspector who's not even yet consulting or a contractor who wants to be able to network with consultants to be able to benefit from this opportunity. How do you get from zero to hero? How do you get that training, that support? By joining us at a 203k Discovery Days event. We have an event coming up very soon where you're going to be able to share new ideas, make new connections with lenders and contractors and have new rewards both emotionally as well as financially because you will be helping to rebuild neighborhoods one home at a time. There's multiple streams of revenue available to renovation consulting, multiple opportunities to be that expert in the market. And we want to ask you to join us at our 203k discovery days. You'll be learning with and from the Best. You'll be networking with consultants and contractors. You'll be talking with real estate lenders and agents, all dedicated and motivated to be able to be that reference and resource for success in the world of renovation consulting. We actually have so much fun in the renovation projects. Many of our classes will provide Many of the classes will provide you new information that you've never heard about before and will give you the opportunity to network with wonderful people around the country and share that connection and that support through our NAFTAC association membership. So what we're asking you to do now is take the next step. Register now. And what you're seeing on the screen now is a link where you can register for the 203k discovery days right now, through this training and through this session. The regular price for the 203k discovery days that you'll find on our website www.203kdiscoverydays.com is 497 and we are actually having a special discount for the month of July. It's a hot, it's a fourth of July summer special where the price is down to 297. However, we're going to take off an additional hundred dollars off and make you the opportunity to attend this great four day event. Welcome. Reception is Thursday night and then Friday, Saturday and Sunday with Sunday only a half day. And we want you to be able to join us at this event by simply entering the code SUCCESS2019. When you register, we provide you all meals, all everything you need for the whole weekend. All you have to do is airfare or travel expenses and we even have discounted hotel accommodations for you. So what's the next step? Register today and then call that loan mortgage agent that you know and say to them, I've registered to attend a 203k training event to get more ways to help you help more homeowners. Want to join me? Why do you ask them? Want to join me? Because any lending partner that you have who wants to join you at the 203k discovery days is able to come absolutely free. Send them to the link at the 203k discovery days calm and they will get a free ticket, 100% free, meals included, to join you so that you can network and together create that excitement in your local market. Who else is providing you this opportunity? Who else is giving you something new to talk about in a new industry, in a new way that provides a rebuilding effort for our world and our community? What will happen when you get to the 203k discovery days you will learn about the Genesis 203k support system of success. We're going to talk to you about how at home you can continue your studies. With our webinars, our support, we're going to explain to you how to do CEU training and marketing activities and new and innovative ways to get in front of lenders, real estate agents, home buyers and other interested parties. Did you know that one of the best resources for marketing renovation consulting services is retirement communities? Any of you are in a retirement community area. Any of you have opportunities to talk to retirement communities where people are needing to sell their home to be able to afford to move into managed care facilities or full care facilities or retirement venues where they want to be able to move out. Well, what better way to do so than to renovate the home that they currently live in to make it easier, more salable for more money, I do presentations. At the end there are nonprofit associations devoted to communities of aging and individuals and the entire aging market that you can actually partner with and we teach you how to do that. You'll be able to learn about our diamond level of membership in the national association of FHA Consultants. By doing so, you get one on one personal support and additional features and benefits and we'll show you and give you hands on training on how to utilize the Genesis Rehab Project creator. The whole last half of the day on Sunday is devoted to giving you an actual practical walkthrough of the Genesis system. We teach you all the partnering programs that we use to help make your program and your use of renovation services easier and quicker like the Inspection Support Network or otherwise known as isn. Other resources that provide you all the tools and resources to make everything work better, quicker and stronger for you. So join us for the 203k discovery days. Click the link here on the page that you see right here on this webinar and enter the code or go to 203kdiscoverydays.com and as I said, my special webinar only irresistible offer. Just 197 use the promo code SUCCESS2019 now I'm gonna let you know right now that this promo code will not be up forever. And in fact I'm probably going to have it come down when we bring up our next webinar training session. This is going to be a series of four educational sessions over the course of the next two months and I can tell you right now without any risk of contradiction, this will be the lowest price you will find for the 203k discovery days. This the price on the next webinar, which will be held somewhere in mid July, the price is going up and then after the third webinar and the fourth, you get the point. So take advantage of this incredible special extra early bird discount for this webinar only success 2019. I promise you after this webinar, after the next webinar comes down, that same code will work, but it will not give you the same discount. So don't wait. Use this at. Come now. Join us. Get this irresistible opportunity. And.

If you are ready to take your business to the next level, if you're ready to work smarter for more money instead of harder for more headaches, if you're ready to have more true freedom, register today for the 203k discovery days. I just want you to know that I have experienced incredible freedom as an FHA consultant. The first freedom that I had was the freedom to develop the 203K in a box system, the freedom to create the national association of FHA Consultants, and the freedom to create the Genesis Rehab Reporting system. I couldn't have done that if I had to be head down in my home inspection company, working, pounding away, trying to figure out where I was going to get my next home inspection client. Other freedoms that it gives me because I don't have to respond to the rapid, fast paced needs of a real estate agent. Because lenders move at a slower, more deliberate pace and the timeframe for their projects is longer and they're not as rushed and hurried. I've had a lot of freedom. I've been able to be there for the birth of my little granddaughter. I was able to be there for her first Christmas and most recently I was there for her second birthday. I'm able to travel around and be there for my family so that when my little granddaughter had her first, I was the first person to take my granddaughter to see Santa Claus. And I was there when my grandmother celebrated her 100th anniversary, her 100th birthday. I was blessed to be there with her. And even though she did not, she only lived another six or seven months past her 100th birthday. I was there for that very special day. Are you able to be a part of your family's life? Are you able to experience those important benchmarks even if they happen in the middle of summer when usually home inspections are hot and busy? Are you trying not to miss out on the business because you, you've got to get it now because in the winter when the snow falls, business falls. How would you like to have a steady flow of business year round that allows you to be able to do things like I was able to be with my oldest granddaughter who is now in the Delaware Military Academy, and be there when my son had his first child, who is now a beautiful little two year old, and then go back this fall, this summer, and be there to help take care of my newest little grandbaby who was born. So I've been able to be there for my son every time he's had a baby, my daughter every time I was there for the christening of my granddaughter. I'm able to be a part of my family's lives because I'm not having to.

Say, no, I can't come. I have to do home inspections. So I want to close by saying this. The choice is yours. And when you listen to if you've listened to other webinars, you've heard me with me, or when you watch the other webinars we're going to be having, you will find I will always come back to this one statement the choice is yours. Some say opportunity knocks only once. That is not true. Opportunities knock all the time. But you have to be ready for it. If the chance comes, you must have the equipment to take advantage of it. This is the equipment. This is the time. Sign up now. Be the leader in your market. Create new profits, greater rewards, and the joy of helping rebuild neighborhoods. One home at a time. Don't wait. Take advantage of the special early bird discount. Just one 97 use the promo code SUCCESS2019 I want to thank you all so much for being on this webinar today. And as I always like to say, until I'm able to support you in the future, be outstanding. Thank you again for joining us.

Bye bye.