Most hard money work as follows:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Average min dscr requirement is 1.2. 

That's one of the ways in which those projects are able to provide services to a higher density of units...individual City services are typically not feasible for these projects because they won't meet City requirements for access maintenance etc.

This is a 0% interest loan for almost all of the downpayment required.

You may have to fix holes in walls to do the paint, but I would not do door jambs, baseboard or other stuff that is not required to paint. 

I think the location will make it much easier for us to rent and hopefully reduce turnover.Once our offer was accepted, we sometimes felt that our agent was not fighting for our desired terms, but rather just trying to close the deal.

NY is still great but landlords need to:- proceed with caution- read Brandon Turner's books - implement strict requirements and systems for tenant screening and property management

When you reach out to the city, you should inquire about the specific permits needed for renovating a burned home, any special requirements or restrictions, and any inspections that may need to be done during the renovation process.

I am going through the pre licensing courses/ process now.My rough plan, as of current, is to begin flipping homes in desirable residential areas nearby and then move to flipping in the mountain/vacation setting.

Maybe in 5 years the location is more desirable and gets more attention as a STR.