Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Do you really want to do that to your dad? I would never under any circumstances have a family member co sign anything bigger than a $5 dollar note. Do you understand that if God forbid, you lost your job or became disabled that your Dad would be on the hook to pay your mortgage. If for any reason there is a problem your dad will see his FICO scores drop like a rock. Parents co signing ANYTHING is never a good idea. I know that you doubt anything will happen BUT, you don't have a crystal ball nor do I, but from a financial standpoint that is Russian roulette for the cosigner.
He suggested it as a possibility if need be. Didn't ask him
No reason to lie. We have seen homes for mid 150 and with 70k down it would be under 800 a month. So it all depends. I think people are thinking homes 300k etc. we want a home around 140,000 to 220,000.
Ur not gonna get that price house in the areas you are interested in looking at. Try co-op or condo. There are no houses in those areas for $140 and if there is it's likely a foreclosure with a lot of issues.
No reason to lie. We have seen homes for mid 150 and with 70k down it would be under 800 a month. So it all depends. I think people are thinking homes 300k etc. we want a home around 140,000 to 220,000.
No, we are thinking of homes which are habitable and that which WILL FINANCE.
In general terms...........those cheapees needing work you see listed.. are investment properties. Sold for cash. And if they're still listed ............even the investors don't want them.
If I were you, I'd concentrate on having full time employment and saving money, improving your credit profile and raising your FICO.
The good thing about looking now is that we are understanding where we can and cannot live. Some of the areas which we like money wise and location wise are: Yaphank. Holbrook. Farmingville. Oyster Bay. Salisbury. Westbury. Massapequa. Bellmore.
Again it all depends on where are working situation is at once we get married.
If you're considering Bellmore and Massapequa, why not also Wantagh and Seaford which are in between and quite similar?
Uhhh there are plenty of decent neighborhoods you could get a house for 350k. Especially in Suffolk. What is your crazy definition of 'decent'? Sands Point? You act like for 350k you'd be forced to live in Wyndanch. Let's be realistic here. Not everyone wants to move to the rust belt.
Don't be ridiculous about Sands Point. They really do not want to be far from the city, so Suffolk County would be out. I also would not want to live in Riverhead, Massapequa, Valley Stream, Levittown as well as some other lower middle class neighborhoods. As far as "The Rust Belt", I have taken some photos of N.E. Ohio in which these homes can be purchased from between $100,000 to $250,000. And oh yes, taxes under $5,000. They look more like "The Gold Coast" than "The Rust Belt" - or much of LI's less illustrious yet over priced areas.
My guess is that you've never been here. It's very closed minded to judge an area with out ever having visited it.
Last edited by warren zee; 05-18-2014 at 10:57 PM..
I think the OP did express an interest in living in Suffolk, even eastern Suffolk. He's not going find anything in towns on the Nassau border, like Valley Stream-not a SFH.
Too many variables here for the OP to know what he can afford in 2 years. OP is looking to change jobs/switch careers/possibly go back to school. The fiancee is still in school and hasn't' gotten her degree yet. Not only do they not know what the job market in her field in the NY metro area will be like when she finishes, we don't know what interest rates will be in 2 years either. Without knowing their combined salary, the amount of interest they will be paying and can use as a tax deduction for the first few years, their total declared income on their tax returns when they are ready to buy, it's impossible to calculate what a potential monthly payment can be. The only fairly constant figure OP knows for now is the minimum amount of the down payment, they will have. We can only assume that closing costs and property taxes will rise in 2 years as well.
Just a question for the OP... What is the point of putting all your money into a run down 60 year old home with a little patch of land for a backyard? Homes in that price range on the Island are about the size of a decent apartment. I just don't get the lure of cheaper homes on LI.
You are only 26, you can rent and save as much as possible for like a decade. If you are smart about it, you can buy nice home with little to no financing when you are in your 30s right around the time your kids go to school. Heck, you can even buy a house for cash in a nice area of the country once you are ready to settle down career-wise.
Rent allows you the flexibility of moving for job/school/life circumstances while you are still young. Old homes are a money pit and you aren't paying into your principal until many years into a mortgage, so you are essentially renting at the beginning. Taxes and utilities alone are more than rent . Many homeowners also spend an unreasonable amount of time "renovating" their homes, when they could be utilizing that time to make and save more money.
The idea that renting (in NY) is a waste of money is outdated.
Rent, enjoy NY, save, figure out life/marriage/kids/work and then get out of NY!
He suggested it as a possibility if need be. Didn't ask him
Obviously your dad has a kind heart as most parents do. But, before you would even allow him to make such an offer, please I beg of YOU, research what I have said and don't allow him to do that. Ask any financial person and they will tell you the very same thing.
Rent, enjoy NY, save, figure out life/marriage/kids/work and then get out of NY!
With his occupation he's better off just moving to LA now. Home prices are high too but the taxes are relatively low which figures into his monthly payment.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
