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The BOLD Initiative - Financial Staging & 203k's

Co-presentation with Cathy McDaniel ... presented to the agents of Titanium Solutions - 8.28.2012

Kerry Langley

on 29 November 2012

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Transcript of The BOLD Initiative - Financial Staging & 203k's

Financial Staging 203k's & We Believe ... Home ownership is the foundation
of the American Dream and as real estate professionals,
we have a responsibility
to position our clients
to be Successful Long-Term Owners Our business
has Changed It has impacted us all! On November 20, 2007,
I was Wachovia's #1
custom home lender
in the USA On November 21, 2007,
Wachovia closed my business down.
In a 30 minute phone call,
I lost $400,000 in income So I had a choice to make ...

I could either hunker down,
retreat, and hope to Survive

Or I could call upon my experience,
embrace the Change And choose
to THRIVE! Today, we invite you to join us,

you have made it this far...
now, it's Your time to Thrive:
Deliver more “Value” to your Buyer Clients

Reinforce “Market Prices” for your Listing Clients

and Grow your business with “Satisfied Clients”, So you too...
will Thrive!! Introducing … Rebuilding the American Dream We also Believe ... That the price of a home
is not the sole &
primary driver of affordability ... You may be asking ...
What the heck is
Total Cost of Ownership ... Perhaps an example...

For the ladies in the crowd
I have a question ... If you were invited to a special event
and you needed a new dress,
if it cost $200 - $300 ...
is this your
Total Cost of Going to the Party? Of course not ...

You'll have the shoes - $200
You'll have the earrings - $100
Maybe a necklace - $100
How about a Limo - $200
It adds up ... right? So when we are talking about the largest investment that your clients are likely to make,

Why would we focus only on
the price of the home? Let's look at an example
for an FHA Buyer ... Now, let's look at an example
for a buyer that is looking at
Conventional financing
with PMI ... The market correction
was incredible ...

It hit like a ton bricks Energy Efficient Homes are our Future
If you know this opportunity ... good for you.
If you don't, listen up,
This will rock your world ... US Home Buyers want Energy Efficient Homes With this level of buyer interest ...
one would think that
every resale you show
or listing you represent,
should become an
"Energy Efficient / Green Home"!!
It just makes good sense. it's the
"Total Cost of Ownership" Our plan is to Empower You!!! Collectively,
we refer to the use of
innovative financing techniques
as "Financial Staging" ...

The fun is just getting started! Just for the fun of it ...
what about combining
the "Time Value of Money" strategy
with an Energy Retrofit strategy ...
now we are talking!!! We have an opportunity... Our homes look like this ... Our buyers want this ... Our homes look like this ... Our buyers want this ... Our homes look like this ... Our buyers want this ... Our homes look like this ... Our buyers want this ... Our homes look like this ... Our buyers want this ... Our homes look like this ... Our buyers want this ... These homes lead me to ask You two very important questions ... Are you investing countless hours
(and $100's in gas)
driving your clients
around looking for the illusive
"perfect dream home"? Would your time,
and money, be better invested
helping your clients
find the right home that
they can transform
into their "dream home"? Imagine the opportunity
to show homes that have been
"pre-qualified" for upgrade funds that they can include in their financing...
a concept we call
"Dream Home Cash" Every home in America that qualifies for FHA financing will qualify for
"Dream Home Cash"
of approx. 8.5% of the Purchase Price ...
with no increase in the appraisal!! Completely changing the entire experience ...
and setting a positive tone Imagine taking this coupon
and coupling it
with a "Dream Home Wish List"
so your buyer can plan
how to best "invest" these funds ... So how do we do this?...
with a "turbocharged"
FHA 203k! Let's cover some 203k basics ...
and some incredible opportunities 203k credit underwriting is basically the same as a traditional 203b FHA loan

203k are structured either as a "Streamline K", or a "Consultant K" ... with the main difference being that the Streamline K is limited to $35k in upgrades and no structural repairs.

The Consultant K is only limited in $$$ by the county FHA loan limit max.

Minimum repair budget is typically $5,000 203k's require at least a 3.5% downpayment
(on HUD REO's, it can be as low as $100)

203k's typically require a minimum credit score of 640

203k's are underwritten based on 110% of the post renovation value of the subject property

203k's typically have a contingency reserve of at least 10% of the renovation budget Incredible Opportunity #1 - HUD REO's

FHA is running a special program in 28 states,
Buyers can purchase a home with a $100.00 down payment.

Buyers can qualify for "Dream Home Cash"
on the $100.00 down HUD Homes $100 down, HUD REO, Bethlehem, Ga
Listed Price - $178,000 This home qualifies
for $14,800 in
"Dream Home Cash" Incredible Opportunity #2-
Low Down Payment - SOLAR upgrades

In certain "high cost" counties, FHA loans can be obtained up to $729,750

The "Dream Home Cash" program can be supplemented with up to $31,250 in funding for Energy Upgrades
(limited to 5% of property value ) 3.5% down, Fannie REO, San Jose, CA
Listed Price - $494,000 This home qualifies
for $41,400 in
"Dream Home Cash" This home qualifies
for $24,700 in
"Energy Upgrade Cash"
as well Kerry M. Langley Founder and Dream Home Evangelist The BOLD Initiative Office - 770-685-7769
Cell - 770-365-7769 klangley@remn.com To find all HUD REOS:

To find the states that offer the $100 down program:

To find FHA loan limits in your market:
https://entp.hud.gov/idapp/html/hicostlook.cfm Director of Sustainable and High Performance Lending
Real Estate Mortgage Network, Inc.
Full transcript