By Jamis Minnis, June 4, 2021
So far, the verdict is still out!
Recently, I came across a home in a wonderful neighborhood that was listed for cash or rehab only. It sat for more than 2 weeks and I was so curious of why each time it popped up in my search. So, I decided to investigate more of what’s behind the mysterious rehab loan or alternatively known as a 203k. Once reading more about it, the Aries in me yelled out “Challenge Accepted” and two days later, my partner and I had an offer accepted! Dang ok! I guess we’re doing this.
The most surprising things that I have learned thus far.
- You actually only need $5k in repairs to qualify it as a rehab loan. Sweet! That’s paint and refinishing the floors alone.
- You need to have a contractor that you are hoping to work with identified IMMEDIATELY. This contractor should be SOLID and flexible. There is a pile of docs that the contractor needs to fill out. They are also required to have been in the industry for several years. So far our contractor is on it. I have promised him several 6 packs of beer once this rat race is over.
- You get two appraisals. An initial appraisal and then another once repairs are completed.
- You need more time to close than a traditional Conv or FHA loan. In addition to underwriting, you have a project team managing the construction part of the deal.
- You need to be quick on your vision of repairs. We had about one week to have a concrete plan on what repairs where going to be completed, costs, and timeline.
I’m still in the process of it all………
I’ll let you know how it turns out!
Jamis Minnis
Broker | OR
She/They
I'm just out here trying to be the Simon Biles of Real Estate.
I'm a BIPOC Realtor. A QTPOC Realtor. A Foodie. A Concert/Music Festival Enthusiast. A Community Organizer. Double Majored in Psychology and Business. And now I'm AN AWARD WINNING REAL ESTATE AGENT YA'LL!
I've had consistent Top Notch Sales & Stellar Client Reviews while helping buyers and sellers navigate the rigorous real estate market. I consider myself to be achievement/detail oriented, proactive, and financially savvy. I enjoy taking complicated ideas/info and making them accessible to others. Get ready to learn everything you didn't think you needed to know about real estate. I'm nerdy about numbers and homes, but also fun. Like, a fun nerd, if you will.
I bought and restored my home, a 1917 craftsman and my 1951 rehab home with perseverance, creativity, resourceful thinking, NERDing out on Real Estate stats, being strategic in negotiating, and having integrity, I plan to do the same for you. I've been able to help countless clients with their home buying process. I run a fully transparent, encouraging, fun, but tight ship that's ready to educate you and advocate on your behalf!
Housing has always been important to me. It's more than where the heart is, it's where we feel secure, build connection, Gather, Giggle, Grow. Over the years, I have managed a 350 bed International Hostel in downtown San Francisco, worked for Habitat for Humanity with Americorps NCCC, volunteered on the Katrina mass home rebuild in New Orleans, and provided landlord tenant advocacy in the non-profit sector. All roads leading to finally being a Real Estate Agent.
Being an agent at Living Room Realty affords me the opportunity of being a home matchmaker. Meeting awesome clients that will soon have a home that meets their needs, their livelihood, and their dreams. Planning on selling your home? Great, I can help you with that too. I am especially excited to work with first time home buyers, folks with marginalized identities (Queer/LGBTQIA, BIPOC, QTPOC), and any folx that would like to have a fun supportive agent throughout their home buying process. I want to make sure you not only buy a home that's cute, but make sure that cute home has GOOD BONES TOO!
When I'm not scouting new properties, I'm generally with my favorite person, my partner Camille. Together we are goofy cute and treat each other with sweetness. You should see us y'all.
*Camille is also a therapist, so if the process gets overwhelming or stressful, don't worry, we've got you.
Others reasons to contact me:
Read More
- You Need A Spotify Playlist for the Occasion.
- Gender Ideology Convos.
- Sappy Rom-Com Recs.
- Creating A Better World.
- Dad Jokes!
- You Want To Talk About My Awesome Reviews! https://www.zillow.com/profile/jamisminnis/
- You Want To Support A Queer Black Business!
- T: 503-756-0005
- jamis@livingroomre.com
