Everything we're seeing at that range is tiny (literally rooms too small to fit our bed), and still needs extensive work (above $50k-$75k) to make it viable to anyone who will pay higher end rents.

The property needs such extensive rehab, or is in unsafe condition, that only investors would be interested.So, I’m going to tell you that I have actually provided financing in situations where wholesalers were able to complete deals after brokers couldn’t sell the property.

Bob is spot on and unless your friend has extensive experience with environmental remediation he shouldn't touch it with a 10 ft pole (for plenty of reasons, not the least of which is that the bank is going to require all of the info listed above and it can get quite expensive).

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).

The current and last bubble was created only through the extension of lose credit standards and cheap money.

This could result in extensive damage to finished parts of the house if the washing machine fails.

Hi Musammath, I have extensive working knowledge of the Bronx Multi Family market.

I have researched each deal extensively and missed out on a few because of my caution.

And the work it needs might be more extensive than you think so be sure to have a professional look at it with you. 

I have a tenant that’s been with me for 2 yrs now and just signed a 3 yr extension back in June.