New here, looking for some advice on a potential deal.

[James Gaffney]

Hey guys, super new here, I’m actually about to purchase my first home. I haven’t decided if I’d like to use it as a rental or not yet.  A house was left to me, a bank technically owns it because it was reverse mortage.  The buy price is 200k. It’s a 2 bedroom, 2 bathroom and it’s 200 years old. The medium home price in the neighborhood is about 589k. Obviously this house would Under that. It’s needs probably 100k worth of work but I believe I can rent it for about 3k a month. My total expenses would be under 2500 on it per month. I’m not really sure what to do. Does anyone know how I’d go about finding our the appraisal after all the renovations are done. I’m in Islip New York. Suffolk county. Thanks in advance. 

[Suzanne Player]

It sounds like you inherited it from a parent?  Are you saying that you will inherit the equity left over after the reverse mortgage & any liens are paid?  

You have a strong emotional connection to the property?  In the absence of that, would you consider a sale & using the proceeds to purchase a property that is easier for a novice investor?  

You should work with several professionals to guide you on the specifics - attorney, home inspector, CPA, there are a lot of complex issues involved here.