You said 36k purchase price but didn't give a figure of how much $ you invested in repairs.

Good Morning Jon,Wow...I have to say that you are truly an inspiration..whenever I am searching for more knowledge or information on a topic...you better believe wheatie is right there assisting people...thank you so much for taking the time out to share your experience on this tool that Joshua has afforded us...You have helped me more then you can imagine.Jon this home was totally renovated I mean it looks brand new inside...Its a forclosure and the bank is insisting on a Rehab. loan...there is little to no repairs to be done a light fixture cosemtic thats it...can you help me here...and are rehab. loans good...a friend of mines said let it go...tell them you want it as is or not at all..I am having a contractor look at it tonight..thanks have a wonderful day,vjb

Does your lease state that the items are there only for the convenience of the tenant and you are not responsible for repairs?

Yes, I have been doing credit consulting since I learned how to handle my credit repairing.

. ($350)One is on social security and is disabled – other pays rent cashiers check ($275)Unit mix 2 x 2 bd/ 1 bth Here are the numbers:Price $26,000 (they will only accept cash) I can come up with about 10k in cash but would have to take a personal loan to cover the restGross Rent: $7,500 (100% occupancy consistently)Expenses –A) $1975 (owners claims with property mgt included)OR –B) $3000 (if I assume a 40% of rents =expenses) NOI:$5,525 (if use A expenses)OR$4.500 (if use B expenses)Even if I was to 100% LTV at a $26K price at approx 7.5% Annual Debt Service would be: $2340So Annual positive Cash Flow would be: $3185 (if expenses A – owner claims) (or $265 a month)OR $2160 (if expenses B – using 40% of gross rents) (or $180 a month)Repairs known (before property inspection) needs new exterior and interior paint (additional $1,500), Roof is approximately 10 years old The money seems small but consistentDuplex Located in Buffalo, New York There have been a lot of foreclosures in that area – some I can tell were investorsOn the plus side, these tenants don’t seem like they are going any where soon.

when you guys determine arv you multiply the expected sales price by.7Then subtract repair costs.But, do you also subtract all the quiet costs?

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.