Owner Occupied Offer

[Gary Miller]

I am looking at making an offer on a property in Batavia, NY. It's a 2900sq. ft. 5bedroom, 2bath in a so-so area. The comparables are from 70k to 90k. I am looking at living in the property for around two years and then I would hold it. It rents when fully occupied for $1,400/month. The asking price is $79,000 and they are willing to let it go at $70,000. This seems like a good deal and passes all of the tests. However this is my first investment so I just wanted to get some feedback. I have done alot of reading and research on investing but as always practical application and experience reign supreme. I would appreciate any thoughts people have on the deal. This is my first post aswell.

[Wayne Brooks]

Gary, not only would you need lease terms, but the money for the agreed period (ie. 90 days), needs to be withheld from escrow at closing, along with a security deposit, and given to you at closing, period.