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I remember walking clear across town in 3 feet of freezing water to get to my folks house to check on them. Not fun.
NO not fun; and the lack of response was telling.
South of merrick road (and especially Oceanside) was totally abandoned by our lizard overlords.
By public policy there are Zombie homes that should be in foreclosure but the banks won't write them off so the people live free, and there are flood damaged homes in Oceanside, Baldwin, and all of Nassau County.
There is a condemned home on Walkena (which was materially damaged thus not long ago it had red X on the door) that you would have to raise but HUD seemed to have been able to sell it without having to comply to the same regulations to elevate that you would. HUD found a greater fool to buy the house, with a nearby house still in process of being elevated four years later. You as a homeowner would need to kiss HUD's ass to move back into a condemned home that has been materially damaged by raising it; but all HUD has to do is put Pergo on a floor or two and put up a for sale sign. Pergo and home elevation are the same thing to HUD.
I don't know if people are listening to you, but they need to....
Thanks for the support. I wish home buyers would start to look though "a commercial" lens on residential property. Does your residential real estate purchase make economic sense were you to rent it out?
Thanks for the support. I wish home buyers would start to look though "a commercial" lens on residential property. Does your residential real estate purchase make economic sense were you to rent it out?
I know you're asking the masses, but for me personally, no, because I live in a limited-equity co-op development in NYC. So it makes sense for me to hold on to it as long as I can and take advantage, but I kinda planned it that way...
If I ever want to skip town later on in life, I could just cash out my 401K and leave the place for the kids.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I know you're asking the masses, but for me personally, no, because I live in a limited-equity co-op development in NYC. So it makes sense for me to hold on to it as long as I can and take advantage, but I kinda planned it that way...
If I ever want to skip town later on in life, I could just cash out my 401K and leave the place for the kids.
In my younger days I actually looked at a "limited equity COOP" in the city and I thought the structure was great. At the time "the bank" would not write a loan of $35,000 with 20% down because the resale on cashout was limited. The COOP would allow me to live in the middle of the city w/o having to fork over huge amounts of money. I looked at comparable city COOPS that were $225,000, but the rates at the time were so high they were out of reach.
What is great about limited COOP arrangement is that it takes MOST (Some) of the investment out of a place to live. Your structure is the best for buying a place in the city. Who gets to live in a city, in a quality place where everyone is vested in the quality of the building, for a reasonable price?
As a dumb kid, I wound up buying a 150,000 fixer upper "county" house at a 10% fixed interest rates, interest rates having just gone down. At the time most interest rates were much higher and they were variable!. I was shaking in my boots because the local bank VP pulled a guy from the line and told him he better make a payment or he will be in the street. The bank underwrote the loan, owned the loan, serviced the loan, and foreclosed on the loans. Now nobody in the lending process takes responsibility and risk; it is all MERS and conforming. The loans are pawned off to the GSA's after everyone has taken a cut; essentially the home buyer and the government are the bag holders.
I even was shocked that my lawyer drafted a contract of sale which gave the buyers an out "should they not be able to get a conforming loan." In the good old days that same contract provision said that the buyers had an out "only if they could not get financing." In the old days you could get financing but you might not get a great rate; the rate you paid was commensurate with risk.
Most folks need a place to live, but they have been conned into thinking of that place to live as an investment. Even in my recent close the title company lawyer tried to sell a title insurance to the buyers that would increase in amount "as the house appreciated, which they should expect." It one element of the current delusion in real estate.
In my part time post retirement day job I also re-looked at vintage MBS (Mortgage Backed Securities) and found that the Super-Senior is still trash, MBS's are still mispriced. The only value tranche in the few MBS's I looked at were at the "lowest quality" levels of the structure."
I've said it a million times already...
A house is no longer a home. It's an investment, plain and simple.
Funny thing is, no matter what kind of "deal" you think you got, the moment you take possession of the property you are losing money. It's all smoke and mirrors.
On another note, the first 2 homes I owned in Oceanside I was paying in the 7's for percentage rates and that was a deal back then!
I've said it a million times already...
A house is no longer a home. It's an investment, plain and simple.
Funny thing is, no matter what kind of "deal" you think you got, the moment you take possession of the property you are losing money. It's all smoke and mirrors.
On another note, the first 2 homes I owned in Oceanside I was paying in the 7's for percentage rates and that was a deal back then!
At one point in time houses in Oceanside were a steal; it was also a great place to live. The folks that bought in the 1960's were golden; my single earner dad earned about $15,000 a year and his house was $24,000. Extrapolate the numbers up and a single earner would need to earn $275,000 to obtain the same standard of living. My buyers whole family had an income of around $120,000 (which I think is par for the neighborhood).
I've said it a million times already...
A house is no longer a home. It's an investment, plain and simple.
Funny thing is, no matter what kind of "deal" you think you got, the moment you take possession of the property you are losing money. It's all smoke and mirrors.
On another note, the first 2 homes I owned in Oceanside I was paying in the 7's for percentage rates and that was a deal back then!
In many areas it's cheaper to buy than rent. At least ownership gives you freedom to change the house the way you want it to look, keep pets, rent it out, etc.
A small inexpensive house with low upkeep and low taxes that you own outright is probably a better deal than renting. Yes, you lose investment income, but everyone needs a place to live and the markets don't always perform well.
In my younger days I actually looked at a "limited equity COOP" in the city and I thought the structure was great. At the time "the bank" would not write a loan of $35,000 with 20% down because the resale on cashout was limited. The COOP would allow me to live in the middle of the city w/o having to fork over huge amounts of money. I looked at comparable city COOPS that were $225,000, but the rates at the time were so high they were out of reach.
What is great about limited COOP arrangement is that it takes MOST (Some) of the investment out of a place to live. Your structure is the best for buying a place in the city. Who gets to live in a city, in a quality place where everyone is vested in the quality of the building, for a reasonable price?
As a dumb kid, I wound up buying a 150,000 fixer upper "county" house at a 10% fixed interest rates, interest rates having just gone down. At the time most interest rates were much higher and they were variable!. I was shaking in my boots because the local bank VP pulled a guy from the line and told him he better make a payment or he will be in the street. The bank underwrote the loan, owned the loan, serviced the loan, and foreclosed on the loans. Now nobody in the lending process takes responsibility and risk; it is all MERS and conforming. The loans are pawned off to the GSA's after everyone has taken a cut; essentially the home buyer and the government are the bag holders.
I even was shocked that my lawyer drafted a contract of sale which gave the buyers an out "should they not be able to get a conforming loan." In the good old days that same contract provision said that the buyers had an out "only if they could not get financing." In the old days you could get financing but you might not get a great rate; the rate you paid was commensurate with risk.
Most folks need a place to live, but they have been conned into thinking of that place to live as an investment. Even in my recent close the title company lawyer tried to sell a title insurance to the buyers that would increase in amount "as the house appreciated, which they should expect." It one element of the current delusion in real estate.
In my part time post retirement day job I also re-looked at vintage MBS (Mortgage Backed Securities) and found that the Super-Senior is still trash, MBS's are still mispriced. The only value tranche in the few MBS's I looked at were at the "lowest quality" levels of the structure."
GEEZ. All that bull just for shelter.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
As a kid I wanted to buy a fancy sports car on credit and the dealer said "kid come back when you have some money."
Today car loans are out to 7 year duration to get the payment down, and the consumer is milked for years from purchase to sale as a whole racketeering engine takes a vig along the way. Same with housing. Housing is even worse because a whole slew of people are milking your honey pot.
Suggestion, don't play the kool-aid game; don't buy the bull****, don't buy that house until you see the prices go down by 3/4ths.
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