It's hard to believe we let people like this walk free.New York Post : NYC tenant accused of turning pad into nightclub finally moves out.https://nypost.com/2021/06/02/nyc-tenant-accused-of-turning-pad-into-nightclub-finally-moves-out/

I have deadlines to meet and loan carrying costs, etc until the parcels are sold and can't sell either until this is completed and the new legal descriptions are finalized by the city. 

However, with lots exceeding 3 acres, it was only a matter of time before big development projects started to take shape in the area.Well, the time has finally come!

The following write-up is a detailed analysis on the numbers, from purchase and closing costs, to rehab, to rent and cash flow, to the refinance, and finally to the sale of the property.The process of buying, rehabbing, renting, refinancing, and then repeating the process by using the refinance proceeds to purchase another property, was used here (BRRRR method).I thought it would be interesting to do a post-mortem analysis on this investment, and see how things worked out.Post Rehab Picture of the Kitchen.PurchaseOn 1/31/2020, I purchased this single family home for $77,000.The loan terms were a 30 year loan, 5% interest rate (higher rate since it was before rates began to fall, as well as from being on an investment property with a lower loan amount), and 20% down.Cash to close was $15,400 for the down payment ($77K * 20%), $3,750 in closing costs, and $350 for the inspection, for a total of $19,500.To fund the down payment, closing costs, and inspection, I used a HELOC (home equity line of credit).

Final option would be a HML but they will charge for the risk premium. 

When the reinspection is performed, be as gracious and polite as possible and always thank the inspector for his/her time.And finally, does your unit fall under rent control? 

I’m finally able to provide closure on this.

I’ve bobbed around quite a bit trying to figure out what I’ve wanted to do and finally decided that I want to flip houses for income to get more rentals and of course more flips.

One of my close friends who is also working in the Real Estate field suggested the biggerpockets podcast and ever since I have loved listening to them and finally made my way to this community.I look forward to talking with others in this community, both newbies and experienced investors, and making some great lifelong connections!

Being the oldest sibling, and fortunately also the executor, my wife made the final decision, which she was allowed to do and they fortunately respected.