HUD 203K Consultant - worth it?

Just starting up. Contractor for 27 yrs, with mostly government work.
I like the steadiness of the available work. Has anyone here become a HUD 203K Consultant? I wonder whether you are contacted by a mortgage lender, or if you go out and solicit sales, just like a home inspector would. Is this a great niche to specialize in exclusively?

I have been a HUD 203K consultant since 2009. Have done about 500 K’s.

Don’t do the 203K in a box education, its a waste of money because you can get all that info free.

Do find a consultant willing to mentor you.

Helps to know how things are built and especially helps to know what things should cost.

Yes you can make money but out of 40 consultants in Minnesota 12 have done 203K’s in the last year, 6 are making money at it. 4 are making good money.
It ain’t an easy anyone can do it money maker.

You solicit all your work and the lowballers swarm like flies.

Well I was going to say ask Paul L. but he beat me to it :slight_smile: Good luck.

By lowballers I mean

Your going to get buyers who find a contractor that will say something like I’ll do the job for $40,000, when in fact you estimated it at $86,000

The other lowballers are consultants who will work for half of what your charging.

I think its a great gig but your reports go to the buyer, lender, appraiser and an underwriting department.

Go for it and good luck.