Work must be done with licensed contractors and completed within 180 days after closing.The loan is based on purchase price plus rehab funds, which are drawn down as work progresses.They also include a reserve 10% minimum for potential budget overruns.3.5% down is based on the total amount borrowed.You also have to pay closing costs, which are substantially higher than a traditional FHA loan.

PS landlord tenant court is a complete joke. if you have the keys to any vacant apartment in this city you can walk in and just sit down without ever seeing the owner and the owner will have to go through 6 months of court to get you out because the city doesnt want more homeless people so they dump the responsibility on building owners!

It is a 3 bed, 1.5 bath that needs a complete rehab.

Hello fellow BiggerPockets members I'm not feeling completely confident in the numbers I ran on this multi family does anyone here have experience in multi family?

Hello fellow BiggerPockets members I'm not feeling completely confident in the numbers I ran on this multi family deal.

Hello fellow BiggerPockets members I'm not feeling completely confident in the numbers I ran on this multi family deal.

However, all work must be completed by a licensed contractor.  

The first property is rented; the second property is very nearly complete with the remodel.

You can usually forget any deposits being transferred to you.....the seller is claiming they have no money, and the bank won't pay it.  

Hello fellow BiggerPockets members I'm not feeling completely confident in the numbers I ran on this multi family deal.