My credit is not that great, where could I get a hard money lender to finance the purchase and repairs...the property is located in Floral Park, NY

In the 50% rule whats all included taxes, vacancy, repairs and what.

Remember that you will have vacancies and repairs that are needed.

This is what it looks like.6plex Sales Price $325,000 Loan Amount $260,000 Interest Rate 7.125%Term in Years 30Loan to Value 80.00%P & I $1,751.67(This loan is through an Alaska housing program for which both this property and I qualify for.)Total Rental Income $57,600 Less Vacancy 10.00% -$5,760Adjusted Gross Income $51,840EXPENSESTaxes $4,584 Insurance $2,580 Utilities including Refuse/Cable $9,661 Management $4,725 Maintenance & Repairs $1,000 Replacement Reserves $1,800 Miscellaneous $1,000 Total Expenses $25,350 Net Operating Income $26,490 Total P & I $21,020 Net Cash Flow $5,470 = $455 per monthI know that the cash flow doesn't look that great with the property management cost but it is required to be factored in for this program.

Most families receiving this type of assistance stay in the rental for an average of nine years, plus the government sends you a check on the first of every month for full market value rent.† Check your local housing and development authority for opportunities in your area.† Many cities are offering incentives to investors interested in certain neighborhoods so check with your city planner, neighborhood associations, and government agencies in your area to find out what may be available to you.† As with any purchase these days make sure you buy the property at a low enough price that a temporary rent reduction will not eliminate your cash flow.Offer the property for rent for $500 a month more than you actually need and advertise that discounted rent available to qualified renters.† In this case you offer to reduce the rent $500 a month if they agree to take care of any problems with repair costs of $500 or less.

If I follow the formula of ARV x 70% - repair costs = max purchase price, I'd have to get it for $93K.

Water line is relatively easy to repair/replace.

There are several ways to improve and repair your credit.

Every investor has their own "deal evaluation sheet"You need info such as bedrooms, baths, repairs needed, their monthly payments, their mortgage balance, how much they want for the property, will they let you take over their mortgage payment, why are they selling, etc....Most importanly you need to know their motivation for selling and if it is even worth your time to look at this property.

No major repairs at all 25-45 day project at most the bldg. is not occupied but is not in disrepair.