Most hard money lenders will need conditions to be met.

Curious how the process went — smooth or too many conditions?

That BRRRR book was written a long time ago in very different market conditions.

I'd add that because wholesale deals are more likely to be atypical in some way (for example, they wouldn't pass a normal inspection, or are in worse condition than normal properties, and sometimes close faster than normal), some wholesalers or real estate agents that work with wholesalers will try to throw in additional junk fees to take advantage of the buyers lack of experience.

what condition?

Just be mindful of the local rental demand and property condition, since FHA can have stricter appraisal requirements.

You’re definitely right about that.Question: On the contingency reserve, do you typically budget a percentage of renovation costs (10-15%), or a flat amount based on property age/condition?

Hey Keis, great move getting ready for your first multifamily.If I can add my two cents — the most important part of buying your first 2-family in NYC is making sure you truly understand the local market and the underlying ownership conditions of any property you’re considering.

Tenant agrees to maintain all furnishings, furniture, décor, and household items in good condition and to use them only for their intended purpose.

With balanced conditions and steady demand, well-presented and properly priced homes continue to attract buyers, while overpricing can lead to longer days on market and, ultimately, a lower final sales price.