I agree, they do have a lot of terms and conditions to read through.

The sellers are going through a divorce and have priced it like it is in mint condition.....so we will see.

Milton,How did you make out with the mold condition?

I want 2 Bed - 1 Baths C) Define the general area that you want to invest in - I want to purchase houses within zipcode 11101 D) Define the condition of homes you want to buy - I want to invest in homes that need a lot of work3) Talk to an agent to see if they can help fill in any of the holes in step 2.

Her asking price is top price if everything was fixed and in top condition, it is not.

I recommend taking a good look at each of the units and compare their condition/amenities to comps close by to get an accurate rental rate.For example: I purchased two 4-plex properties in N.

Some factors to take into account will be the overall condition of the property and current rental income in comparison to market rents (comps).Queens has many SFR with liveable basements so you may be able to find someone willing to househack and keep the current tenants but you'd be working with a very specific buyer pool and this could lead to less interest in the home, a lengthy selling process and a below-market selling price.With regards to giving notice to the tenants, assuming you're going to aim to close when their lease is up in April, I'd mention it 30-60 days before putting the property on the market.

They would be compelled to stay longer for assistance with their down payment and to keep the property in a better condition, higher rent means more money to us and them.

You can make money on improvements if you buy something distressed or in much more dated condition than surrounding homes, but if you buy an average home in a neighborhood and do alot of rehab, you are demoing value to try to add more and often the numbers won't support it.

The plan is to rent the other 2 bedrooms and will live rent-free.