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Sounds like you found the house for you "thehouse".
I like it.
do you have 235K in cash? plus another 120K to fix it?
the reason it is so cheap is its cash only, and my guess is, a complete mess inside. Doesn't have to be people living there. How many homebuyers have 350K in cash and 6-12 months to fix it?
when you say go to town, do you realize what some of these people actually do? they rip open the walls and remove the copper pipes to sell for scrap. they sell the appliances, punch holes in the walls, rip out the electric, flush cement down the wastelines. In short, some of these have to have every piece of existing plumbing and electric completely replaced.
you're picturing your grandmothers house that maybe someone left unkempt with piles of papers and furnature. realize a lot of these types of houses were not treated just badly, they were maliciously distroyed
I wouldn't sa I found the house for me. More so I love the design and the price seeeeeeems right. A lot of times when you see a house with this design, its usually 400k...and it might be the case when factoring the repairs. But this is the type of house that draws my attention. Although its a square box, the little touches put it over.
I was more showing you guys how high the tax is compared to the price. But then again long island housing process is crazy
I wouldn't sa I found the house for me. More so I love the design and the price seeeeeeems right. A lot of times when you see a house with this design, its usually 400k...and it might be the case when factoring the repairs. But this is the type of house that draws my attention. Although its a square box, the little touches put it over.
I was more showing you guys how high the tax is compared to the price. But then again long island housing process is crazy
Ah but didn't you know that the INSANE PROPERTY TAXES are worth every single dollar because all of the Long Island school districts are so ABOVE ALL OTHERS IN THE COUNTRY that they keep our property values SKY HIGH?
When you consider that advantage, no rate of tax is too high to pay!!!!
***Before someone comes on to "correct" me -- Beware of my SARCASM***
I think LI is bucking this trend to an extent, but most of the country is still in the dumps.
Home prices hit post-bust lows in most big cities - Yahoo! Finance (http://finance.yahoo.com/news/Home-prices-hit-postbust-lows-apf-3408768237.html;_ylt=As_2SABifW9mBDNDdCtp_ry7YWsA; _ylu=X3oDMTE1NnZwM2lmBHBvcwMzBHNlYwN0b3BTdG9yaWVzB HNsawNob21lcHJpY2VzaGk-?x=0&sec=topStories&pos=main&asset=&ccode= - broken link)
Ah but didn't you know that the INSANE PROPERTY TAXES are worth every single dollar because all of the Long Island school districts are so ABOVE ALL OTHERS IN THE COUNTRY that they keep our property values SKY HIGH?
When you consider that advantage, no rate of tax is too high to pay!!!!
***Before someone comes on to "correct" me -- Beware of my SARCASM***
LOL Unlike many long islanders, i dont put all my fate in the school system. I would say a child's outcome is mostly dependent on the parents.
Which university did George Bush ( the son) went to again? And he still turned out to be a C student according to him.
the reason it is so cheap is its cash only, and my guess is, a complete mess inside. Doesn't have to be people living there. How many homebuyers have 350K in cash and 6-12 months to fix it?
when you say go to town, do you realize what some of these people actually do? they rip open the walls and remove the copper pipes to sell for scrap. they sell the appliances, punch holes in the walls, rip out the electric, flush cement down the wastelines. In short, some of these have to have every piece of existing plumbing and electric completely replaced.
you're picturing your grandmothers house that maybe someone left unkempt with piles of papers and furnature. realize a lot of these types of houses were not treated just badly, they were maliciously distroyed
Very true about the possible condition, as I pointed out in a previous post.
However, it's NOT cash only - a rehab loan works as well. And someone who is currently renting is a perfect candidate to buy and fix a house like this.
This is an amazing time for REITs flush with cash and private investors with cash. Maybe you and TheHouse should go partners on this and rehab the inside if possible. I don't even know what you look like sean, but I could see you in that prestigious brick colonial lol.
You've got that absolutely right, LOL... I can very much see myself in that house as well. Actually, it's not exactly what I'd go for in a perfect world where I had won the lottery tonight - but it's definitely close enough. I love the whole neighborhood too, looks almost like Rockville Centre or Williston Park even. Being on this forum constantly has made me forget that Baldwin is full of extremely nice neighborhoods like that.
Quote:
Originally Posted by Elke Mariotti
Very true about the possible condition, as I pointed out in a previous post.
However, it's NOT cash only - a rehab loan works as well. And someone who is currently renting is a perfect candidate to buy and fix a house like this.
OK - now you're putting bad ideas in my head
I looked up "rehab loan" and I think this (FHA 203k) is what you're talking about, correct? Their FAQ is extremely vague on borrower eligibility - I definitely qualify as being a potential owner/occupant, first time homebuyer and able to be certified to do my own work - but I see nothing about financial requirements at all. Do you have any idea what they would be for something like this? I've literally never applied for a loan for anything before.
I ran all the math through a mortgage calculator and it came back with the total cost (including taxes and insurance) being just over $2k/month on a 30/yr. That's with a $180k loan (I'm assuming there's no "down payment" in a situation like this and whatever cash there is goes directly to the seller?), a 5% interest rate and $1,500/yr insurance (those were the defaults, like I said - new territory for me... I have no idea if those are realistic rates). I only make about $65k, but if that's all it's gonna cost to live there - how is this possibly a bad idea?! That's not even that much more than I currently pay in rent. Am I missing something here? I know I'd probably have to live like I'm on welfare for a few years, but honestly - I already do that in the interest of being able to save money. I don't have kids, I don't spend a lot on anything, don't take vacations, I don't have a car payment or even one cent of outstanding debt weighing me down... whatever is wrong with the interior of that home, it's probably not as bad as some places I've lived, LOL - and I would not mind living in a Money Pit style accommodation while fixing it up at all.
Tell me why I can't do this, Elke... something inside of me knows it's a horrible idea, but I can't logically see why.
Oh and if I do get it somehow -- BIG C-D party... it's walking distance to Gentleman's Quarters too, so after we get tanked and eat hot dogs we can go ogle disgusting strippers
All will be invited, but I already know who will and won't show up since it's in one of those "less desirable transitional areas" occupied by certain "elements"!
You've got that absolutely right, LOL... I can very much see myself in that house as well. Actually, it's not exactly what I'd go for in a perfect world where I had won the lottery tonight - but it's definitely close enough. I love the whole neighborhood too, looks almost like Rockville Centre or Williston Park even. Being on this forum constantly has made me forget that Baldwin is full of extremely nice neighborhoods like that.
Sean have you ever seen the house in person? I have Last time I was at the this particular home was yesterday. Looks almost like RVC or Williston Park area? Have you been drinking or smoking the funny stuff ?
After a walk through yesterday I would say it would cost more than the 120k to make this a livable residence. Needs so much work, I wouldn't know where to begin.From the basement to the attic, the foundation to the roof Money Pit would be an accurate statement. I can't believe someone would do this to a home.....sad to see. Looks like someone started a renovation project in the kitchen and must have gotten over their head and took out their frustrations and walk away from it.
Sean have you ever seen the house in person? I have Last time I was at the this particular home was yesterday. Looks almost like RVC or Williston Park area? Have you been drinking or smoking the funny stuff ?
After a walk through yesterday I would say it would cost more than the 120k to make this a livable residence. Needs so much work, I wouldn't know where to begin.From the basement to the attic, the foundation to the roof Money Pit would be an accurate statement. I can't believe someone would do this to a home.....sad to see. Looks like someone started a renovation project in the kitchen and must have gotten over their head and took out their frustrations and walk away from it.
good to see someone actually saw the place..... or you trying to sway us from it so you can haz it for yourself...LOL huh.
how was in the interior in terms of potential? sure it might need 120k..but how is the lay out? lots of space?
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Money Pit would be an accurate statement. I can't believe someone would do this to a home.....sad to see. Looks like someone started a renovation project in the kitchen and must have gotten over their head and took out their frustrations and walk away from it.
