Question for seasoned NYC rehabbers/ hard money lenders

5 Replies

I am a wholesaler from Brooklyn, Ny. I am currently preparing an offer on a three family property in Lefferts Gardens that needs a ton of renovations. Now the asking price is 825k and repair cost is about 140k. ARV: 1.5M. How much are the holding costs, closing costs in new york for rehabbers? If a rehabber was to use hard money loan, how much would he or she have to pay?

If your wholesaling it those numbers don't matter just arv and repair costs. But if you must know a title company or a closing lawyer can tell you. The buyer pays the rest just make sure your numbers are on point if a buyers useing hard money they usually cover holding costs

hi guys can you point me in the direction where you get your contract forms that works in NYC thanks very much

@Donald Baptiste you can get generic forms in the resources section under file place. just change what you need to according to your state. you can also just post in the forums here im sure there is a real estate lawyer somewhere n there that can suggest some great clauses or additions you should put in your contract. just make sure you understand it before you try to use it or explain it to a buyer.

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