On Sat, 25 Feb 2006 18:11:58 GMT, "David Martel"
wrote:

This is rather confusing. You speak of having to pay 2 mortgages but
claim to have your home paid off. You plan major renovations so you will
need a place to live and to store your stuff while these are occurring. You
argue that you will get zero benefit from the tenants yet you claim that
they pay $1800/mo. in rent. These things do not make sense.
You need to get a copy of the lease and read it thoroughly. You need to
include in the sale contract the payment from the seller to you of the
security deposit and any interest. You need to get a quick course in
landlord law somewhere. Since you'll be paying insurance and taxes on 2
homes you may wish to factor this into your offer but since you want the
house do not low ball.

He should also ensure any involved "court order" about a deed transfer
and it is available to the lawyer/title company at closing. He
mentions about the daughter, since the mother is in a nursing home. I
went through a similar thing in my house.

To the OP, your numbers ought to reflect a positive cash flow. If you
know going into the deal with some potential lose look for ways to
reduce fees, etc.... get a point shaved off from both the agent and
loan officer and others.

Oren


"My doctor says I have a malformed public-duty gland
and a natural deficiency in moral fiber, and that I am therefore
excused from saving Universes."