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Old 11-05-2009, 03:24 PM
Status: "For President 2016" (set 15 days ago)
 
Location: In my house
3,282 posts, read 4,921,316 times
Reputation: 1326

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Quote:
Originally Posted by TheBS19 View Post
Crook - I'd love to be middle class. I currently feel like, although me and my wife both have good jobs (thank god), impressive degrees (wife has 2!) and aren't saddled with any sort of abnormal debt, we're in the lower class! As in, we're not sure if we can afford to buy a house in an area that isn't totally isolated or incredibly unsafe.

I dunno, its just a weird feeling. And thats not a knock on anyone who is "low income" - I just don't know what we've could've done differently to be in a better position than we are now, but yet we feel our position, well, stinks.
Somehow, magically, I'm getting by on low income in what most consider a pretty nice neighborhood in Nassau County. It's a struggle, yes.
How I still own a house with a wife and some kids is beyond me.
I aint nowhere near the 100K mark.
Point is, if I can make it here, just about anyone can.
I may not have *the* best. But I have.
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Old 11-05-2009, 03:37 PM
 
7,315 posts, read 7,752,792 times
Reputation: 2896
Quote:
Originally Posted by hotkarl View Post
Somehow, magically, I'm getting by on low income in what most consider a pretty nice neighborhood in Nassau County. It's a struggle, yes.
How I still own a house with a wife and some kids is beyond me.
I aint nowhere near the 100K mark.
Point is, if I can make it here, just about anyone can.
I may not have *the* best. But I have.

Didn't you buy your house pre-bubble?
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Old 11-05-2009, 03:47 PM
Status: "For President 2016" (set 15 days ago)
 
Location: In my house
3,282 posts, read 4,921,316 times
Reputation: 1326
Quote:
Originally Posted by dman72 View Post
Didn't you buy your house pre-bubble?
Nope. I sold then bought while the bubble was full, uh, bubbled. Inflated.
I knew what was going on, but had no choice, and believe me it killed me, kills me more now, because I could've probabally got twice the house for what I ended up paying for my current crib if I had waited it out.
I had to move because of the skels on my previous street.
I could've taken the money and lived with my folks for a while, but I like my privacy, I'm a bit of a recluse, and the thought of living under the same roof as my folks again just didn't sit well with me. If they had a separate apartment or something it may have been a different story, but it would've been all of us cramped into their little cape.
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Old 11-05-2009, 04:37 PM
 
Location: Nassau, Long Island, NY
15,804 posts, read 16,870,329 times
Reputation: 6483
Quote:
Originally Posted by hotkarl View Post
Nope. I sold then bought while the bubble was full, uh, bubbled. Inflated.
I knew what was going on, but had no choice, and believe me it killed me, kills me more now, because I could've probabally got twice the house for what I ended up paying for my current crib if I had waited it out.
I had to move because of the skels on my previous street.
I could've taken the money and lived with my folks for a while, but I like my privacy, I'm a bit of a recluse, and the thought of living under the same roof as my folks again just didn't sit well with me. If they had a separate apartment or something it may have been a different story, but it would've been all of us cramped into their little cape.
What if you didn't have any existing home to sell and were a first-time homebuyer?

Would you have had enough downpayment?

That's the case for this couple because they are renting right now and don't have anything to sell to use towards the purchase price of a first home.
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Old 11-05-2009, 04:47 PM
 
85 posts, read 146,991 times
Reputation: 19
Quote:
Originally Posted by PizzaPedro View Post
I would look at Greenlawn or East Northport in either the Harborfields or Elwood SD's. Great towns, you can find something in your price range, easy train access, and they are two of the top 5 school districts in Suffolk statistically.
I definitely agree with this!
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Old 11-05-2009, 06:00 PM
Status: "For President 2016" (set 15 days ago)
 
Location: In my house
3,282 posts, read 4,921,316 times
Reputation: 1326
Quote:
Originally Posted by I_Love_LI_but View Post
What if you didn't have any existing home to sell and were a first-time homebuyer?

Would you have had enough downpayment?
Hell no. But I would go out and get a patronage job on the taxpayers dime and live the goodlife! And then I'd be like "what's everyone complaining about? I'm doing very well"
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Old 11-05-2009, 06:21 PM
 
Location: Nassau, Long Island, NY
15,804 posts, read 16,870,329 times
Reputation: 6483
Quote:
Originally Posted by hotkarl View Post
Hell no. But I would go out and get a patronage job on the taxpayers dime and live the goodlife! And then I'd be like "what's everyone complaining about? I'm doing very well"
Dammit we should all do this! Do I have to take a CS exam first or just kiss some ass?
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Old 11-05-2009, 07:08 PM
 
Location: Huntington
877 posts, read 1,839,776 times
Reputation: 458
To the original poster - perhaps looking for a house with a legally zoned income basement apartment or a two-family house may be what you have to do the first few years. That way the rent will pay some of your mortgage, you'll get a business write-off, and you'll be living there to keep an eye on your tenant(s). If you do decide to go the LL route, screen screen screen those applicants and get a great tenant - that will either make or break your experience.
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Old 11-06-2009, 08:29 PM
 
Location: Nassau, Long Island, NY
15,804 posts, read 16,870,329 times
Reputation: 6483
Quote:
Originally Posted by AndreaII View Post
To the original poster - perhaps looking for a house with a legally zoned income basement apartment or a two-family house may be what you have to do the first few years. That way the rent will pay some of your mortgage, you'll get a business write-off, and you'll be living there to keep an eye on your tenant(s). If you do decide to go the LL route, screen screen screen those applicants and get a great tenant - that will either make or break your experience.
I am surprised you of all people would recommend this to them with all of your landlord horror stories!

I've said it before and am saying it again: being a non-professional landlord is no easy money picnic ... even if you are only "managing" an accessory apartment! Leave the landlording to the professionals IMO. ESPECIALLY if you are a first-time homeowner because with the wrong tenants and shortages of cash you could very well lose your home.

Problem is the house will naturally be much more expensive if it comes with an income apartment. Good sense dictates that the homeowner should be able to pay the mortgage completely by themselves in case they do not have a renter in place or their renter is not paying them. I don't think this young couple would be able to support the mortgage on a 2 family by themselves if they had to at this point.
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Old 11-07-2009, 07:39 AM
Status: "For President 2016" (set 15 days ago)
 
Location: In my house
3,282 posts, read 4,921,316 times
Reputation: 1326
I don't think ANYBODY goes legal with accessory apartments anymore.
When I was in the market a few years ago the amount of homes with illegal apartments would make your head spin. Some of these apartments were literally the size of a shoebox. See, obviously they don't tell you about this stuff in the listings, so when you show up to look at a home it's like "oh by the way..." then they push the advantages of it, and don't tell you the can of worms you are buying if you get busted. MLS is a great way for the Government to crack down on illegal aprtments, just send somebody out home shopping.
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