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Old 02-24-2012, 08:25 AM
 
64 posts, read 88,700 times
Reputation: 26
Quote:
Originally Posted by Zytos View Post
I was a similar situation to you. Lived in UWS for a year, then Astoria for 2.5. Looked to buy a house a year and a half ago across Queens; gradually kept looking eastward on the Port Washington LIRR line (my wife and I both work in Manhattan). Great Neck and Manhasset were too expensive; settled on PW. We bought our house early 2011.

I can't offer much advice though. My only advice to you would have been to tighten your belts more. I do not understand how you can be 34 and have no savings for a down payment. You make a good combined income. You should have lowered your expenses earlier on, because you need a greater budget than $500k. I mean, you carry credit card debt. C'mon now. High 500's or low 600's will get you something decent; high 600's and you will a nice place. But not in Baxter Estates or any of the incorporated areas. You don't want to pay those higher taxes anyway.

I know I am sounding preachy but the tone in your OP frustrated me; you came off as a little entitled (I can spend $500k on a house yet no savings and actually a little CC debt. Now show me my dream house in Port Washington!). I love PW for the same exact reasons you mentioned. And I grew up on LI and wanted to raise a child there. We are similar. But I am four years younger than you and my wife and I lived within our means and saved.

I would suggest you look in the Park section of PW. Your budget now will land you in crappy Manorhaven. But you need to increase your budget broseph. Somehow. Something has to give, and it might be your expectations.

P.S. Nothing wrong with steam heat.

Thanks for your input - sincerely. As I said in an earlier post, the past is history. The 220 income only happened recently. My Our belts were pretty tight, but should have been tighter.

Do I feel entitled? Not really, though I can see how people would take it that way.

By September 2013 I will have (0) cc debt and $15K and excellent credit in the High 700's so I do think I am in a very good position. Perhaps I can raise my budget. Have been crunching numbers and seems I can. I know something will have to give.
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Old 02-24-2012, 08:30 AM
 
Location: Glen Head, NY
840 posts, read 1,173,331 times
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undoubtedly true. we looked at a few, but we were capping our price at 700 and we were looking at a split at that price range in a meh area. i have a lousy commute where I am, but got a lot more house.

Quote:
Originally Posted by Zytos View Post
Yeah. The commute to NYC is a lot easier though.
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Old 02-24-2012, 08:37 AM
 
302 posts, read 253,047 times
Reputation: 169
Well good luck. Could always use some more youngish people in this town.

One bit of advice though concerning getting a mortgage. I had similar income to yours, but lenders (and actually more important, sellers) were scoffing at less than a 20% down payment. The reason being, from the sellers' side, is that they didn't think I would be approved for a loan on a $600k+ house without putting 20% down. And also maybe because I was in my late 20's and most buyers in these areas were older and more established.

So, that might mean that you'll have to come up with a sizable down payment. The advice is: if you find yourself needing a loan (or gift) from parents or anyone else, do that a good deal ahead of time. Because lenders are scrutinizing assets closely nowadays. They will question a large deposit.

Just saying to get your finances well in order as early as possible. It's clear you are already planning way ahead, so I'd plan ahead in that respect as well.
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Old 02-24-2012, 09:30 AM
 
Location: Village of Patchogue, NY
1,060 posts, read 1,048,062 times
Reputation: 504
Quote:
Originally Posted by Zytos View Post
Well good luck. Could always use some more youngish people in this town.

One bit of advice though concerning getting a mortgage. I had similar income to yours, but lenders (and actually more important, sellers) were scoffing at less than a 20% down payment. The reason being, from the sellers' side, is that they didn't think I would be approved for a loan on a $600k+ house without putting 20% down. And also maybe because I was in my late 20's and most buyers in these areas were older and more established.

So, that might mean that you'll have to come up with a sizable down payment. The advice is: if you find yourself needing a loan (or gift) from parents or anyone else, do that a good deal ahead of time. Because lenders are scrutinizing assets closely nowadays. They will question a large deposit.

Just saying to get your finances well in order as early as possible. It's clear you are already planning way ahead, so I'd plan ahead in that respect as well.
+1,000,000 on this. My bank went through everything. You will laugh at the number of time Citi has asked for my bank statements. I even blew up in an email once because I felt violated. They know every single dollar I spent on what, where, and when from June, July, Aug, Oct, Nov, Dec, and now Jan. This includes credit cards. They have my W2 from 2009, 2010 AND 2011! I'm just waiting for the phone call asking where all source is from the deposits made around christmas time. I'm going to blow up again if they do, they are f'n xmas presents!!! I'm NOT going to fill out another Gift Form for what my grandma gave me!!! /endrant
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Old 02-24-2012, 12:01 PM
 
1,953 posts, read 1,796,244 times
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Quote:
Originally Posted by kayo_michael View Post
+1,000,000 on this. My bank went through everything. You will laugh at the number of time Citi has asked for my bank statements. I even blew up in an email once because I felt violated. They know every single dollar I spent on what, where, and when from June, July, Aug, Oct, Nov, Dec, and now Jan. This includes credit cards. They have my W2 from 2009, 2010 AND 2011! I'm just waiting for the phone call asking where all source is from the deposits made around christmas time. I'm going to blow up again if they do, they are f'n xmas presents!!! I'm NOT going to fill out another Gift Form for what my grandma gave me!!! /endrant
I had this same problem with Chase. Ironically Citi didnt care a year later when I re-financed with them.
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Old 02-24-2012, 01:48 PM
 
9,343 posts, read 16,154,764 times
Reputation: 4205
Quote:
Originally Posted by Zytos View Post
Your budget now will land you in crappy Manorhaven.
Quote:
Originally Posted by kunk10 View Post
without sounding like an a-hole, i find pw kind of overrated unless you can buy in baxter estates.
For those who may not be aware, Manorhaven and Baxter Estates are villages, and even though all places in Manorhaven and Baxter Estates have a "Port Washington, NY 11050" mailing address, the Village of Manorhaven and the Village of Baxter Estates are not part of Port Washington, which is a hamlet.
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Old 02-24-2012, 02:11 PM
 
9,343 posts, read 16,154,764 times
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In addition to the Village of Manorhaven and the Village of Baxter Estates, the Village of Sands Point, the Village of Port Washington North and the Village of Flower Hill are all or part in the "Port Washington, NY 11050" ZIP Code postal zone.
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Old 02-27-2012, 11:29 PM
 
7 posts, read 7,764 times
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I grew up in Port Washington and while it is really beautiful I can tell you, from personal experience, that is does have it's many hidden problems. See, the problem is that many kids here have A LOT of money and Port Washington doesn't really have many recreational things to do. In turn, kids around here get extremely bored and alcohol is an enormous problem here. Worse than that is the drugs. Cocaine and prescription medications are readily available and are the drugs of choice in this town, once again this comes coupled with the fact that with more money comes more expensive drugs.

Another issue is the class distinctions in the high school. Schreiber HS houses students from both Sands Point and Manorhaven. If you aren't familiar with the area, you should know that Sands Point is an EXTREMELY wealthy area and Manorhaven is not poor, per se, but it is an area where there are mostly multi-family homes which are mostly rentals. This creates a very distinct clique situation in the high school which obviously breeds resentment. Clothes, cars, shoes, etc., are extremely important to the kids in high school and middle school. Kids here are 11 going on 22.

Don't get me wrong - PW really is a nice area. It has it's share of crime, but most of it is non-violent. It is very safe and very pretty. Most of the residents are very nice and friendly. You don't ever have to worry about walking your dog at night. I'm just letting you know that while it has ups, it also has its downs. But, then again, most of Long Island does too, so anywhere you go is bound to have its issues. More or less it boils down to how you go about them.

Either way, I wish you good luck!
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Old 02-28-2012, 08:39 AM
 
302 posts, read 253,047 times
Reputation: 169
Quote:
Originally Posted by 1sttimehomebuyer View Post

Another issue is the class distinctions in the high school. Schreiber HS houses students from both Sands Point and Manorhaven. If you aren't familiar with the area, you should know that Sands Point is an EXTREMELY wealthy area and Manorhaven is not poor, per se, but it is an area where there are mostly multi-family homes which are mostly rentals. This creates a very distinct clique situation in the high school which obviously breeds resentment. Clothes, cars, shoes, etc., are extremely important to the kids in high school and middle school. Kids here are 11 going on 22.
Do wealthy parents living in Sands Point send their kids to public high school? Not arguing here--I'm just genuinely curious. Thanks.
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Old 02-28-2012, 08:52 AM
 
64 posts, read 88,700 times
Reputation: 26
Quote:
Originally Posted by 1sttimehomebuyer View Post
I grew up in Port Washington and while it is really beautiful I can tell you, from personal experience, that is does have it's many hidden problems. See, the problem is that many kids here have A LOT of money and Port Washington doesn't really have many recreational things to do. In turn, kids around here get extremely bored and alcohol is an enormous problem here. Worse than that is the drugs. Cocaine and prescription medications are readily available and are the drugs of choice in this town, once again this comes coupled with the fact that with more money comes more expensive drugs.

Another issue is the class distinctions in the high school. Schreiber HS houses students from both Sands Point and Manorhaven. If you aren't familiar with the area, you should know that Sands Point is an EXTREMELY wealthy area and Manorhaven is not poor, per se, but it is an area where there are mostly multi-family homes which are mostly rentals. This creates a very distinct clique situation in the high school which obviously breeds resentment. Clothes, cars, shoes, etc., are extremely important to the kids in high school and middle school. Kids here are 11 going on 22.

Don't get me wrong - PW really is a nice area. It has it's share of crime, but most of it is non-violent. It is very safe and very pretty. Most of the residents are very nice and friendly. You don't ever have to worry about walking your dog at night. I'm just letting you know that while it has ups, it also has its downs. But, then again, most of Long Island does too, so anywhere you go is bound to have its issues. More or less it boils down to how you go about them.

Either way, I wish you good luck!
The problem is not isolated to Port Washington. News Flash - this is a nation wide epidemic. It's up to the parents to teach there kids values. "Nothing to do." That's ridiculous. I could think of 1000 productive & creative things to do with my kids no matter what town I live in.
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