Looking for some opinions

[Michael Gran]

Hello BP, Disclaimer: First time poster, first time home buyer. Newbie when it comes to real estate. My father is an investor and I have gotten most of my info from him and the BP podcast/forums. I am Looking for a house hack on Long island NY. With the taxes on LI I can afford a purchase price at or around $250,000 I have been proposed with a deal as follows: I have been given an opportunity the by a SFH with a small apartment in the basement. The seller is willing to sell to me at 8% less then what it appraised for. Appraised at $350,000. Selling price would be $322,000. The apartment is currently occupied and brings in a rent of $1750pm. This would make my monthly expenses around $700 pm. Without the rent I can't afford the monthly payments. However, I feel as if this is a great opportunity for me. Thoughts? *Need to be moved out of my current living situation by the end of the month. Rents vary between $1500-$2500.