Ashburn, VA · Member since 2017 · 4 posts · 0 votes
Hello, I wanted to pick the brain of any investors on here. I have an offer from a family member to purchase their lake home in the heart of the finger lakes in upstate NY. Its a 2 bedroom, 1 bath 1300 sq single family home with 50 feet of water front. I can purchase it for $200K. Looks like the value according to zillow and comparing surrounding properties is around $300K. Obviously I would have around 100K in equity from the beginning. Anything I'm missing here? or is there anyone who would NOT jump on this?
Just want to pick the brains of you all that have experience. [not those that think they have experience but really dont :)]
Equity is of no value if you can not take advantage of it.
If you can purchase and turn around and sell for a profit without offending your family member I would say go for it. If you have to keep it you would then need to pull the equity to reinvest or it would need to generate a income from rental to justify the investment.
If it is for personal use it makes no difference what you choose as it is a luxury purchase.
Would you rent it and if so what are your rental prospects? year round? vacation rental? What is the season? Anything in winter? People sell below market but most arent going to sell well below without a good reason. Make sure you know what you are buying and any needed repairs. It is a beautiful area.