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.
I agree. He was lucky in the timing of the purchase as well as the house itself which was one of those "lesser homes in a good location" situations. However, the security blanket I provided was limited in both size and timeframe. I was not (and have never been) in a position where I could have given him a serious bailout or for more than those very few months' timespan. He was well aware that if he got himself into a serious negative cash flow situation he'd have no alternative but to sell that house and go back to square one. The Bank of Mom was only open on a very temporary basis, LOL.
Prices in LI are dirt cheap. That's why everyone here who cant afford one is mad and wishes we have a crash... but we wont bace one because rates are too low.
I was unemployed for 6 months and only had to pay 1600 a month. That's a joke when a bs job pays 50k. 10 years ago bs jobs paid 30k and monthly mortgage rates were double that.
As for the property tax issue, there are places in LI where you can get 6k a year with 2400 back with credit + star netting 3.6k.
As for the property tax issue, there are places in LI where you can get 6k a year with 2400 back with credit + star netting 3.6k.
Any house on LI that has only $6000/yr TRUE (before Star or any other reductions) taxes is either in a depressed area OR is a piece of you-know-what that's barely fit to live in. Or both.
I just looked at the current STAR amounts for Suffolk County and the highest Basic STAR you can get is in the Central Islip school district ($2358). You-know-where would freeze over before I'd ever want to live in Central Islip or send any kid to school there. The next highest Basic STAR amount is $1697, in the Bay Shore school district... another "garden spot".
Now, if someone has Basic STAR plus one or more of the other exemptions, such as Veterans and/or Disabled, then yes, I will grant you that it's possible to get your taxes reduced by $2400.
Of course Enhanced STAR is always higher, and some seniors can also qualify for the Low Income Senior which can be a significant reduction that's based on tiers of income. It's perfectly possible for a senior getting Enhanced + the maximum percentage of Low Income Senior + a Veterans Exemption + a Disabled exemption to slash their "true" tax bill by 75% or more. But I don't think you are talking about that group of homeowners/buyers, so the point is moot.
Any house on LI that has only $6000/yr TRUE (before Star or any other reductions) is either in a depressed area OR is a piece of you-know-what that's barely fit to live in. Or both.
I just looked at the current STAR amounts for Suffolk County and the highest Basic STAR you can get is in the Central Islip school district ($2358). You-know-where would freeze over before I'd ever want to live in Central Islip or send any kid to school there. The next highest Basic STAR amount is $1697, in the Bay Shore school district... another "garden spot".
Now, if someone has STAR plus one or more of the other exemptions, such as Veterans and/or Disabled, then yes, I will grant you that it's possible to get your taxes reduced by $2400.
Of course Enhanced STAR is always higher, and some seniors can also qualify for the Low Income Senior which can be a significant reduction that's based on tiers of income. It's perfectly possible for a senior getting Enhanced + the maximum percentage of Low Income Senior + a Veterans Exemption + a Disabled exemption to slash their "true" tax bill by 75% or more. But I don't think you are talking about that group of homeowners/buyers, so the point is moot.
The trick is to buy a 3bd ruin and grieve the taxes down while it's in the low state and not reno the outside. There is also nothing wrong with Bay Shore.
If you want to see what a "real" hood area looks like, I suggest starting out with Newark. It looks like walking dead mixed with The Purge.
Or Trenton. But we're not talking about NJ. I can't think of any community on LI that compares to most parts of Trenton. Apples and oranges.
Trying to say bay shore ain't that bad. If I was less fortunate, I'd buy a 3 bd ranch in bellport, commute to the city for 2 years and live mortgage free forever.
Most people out west in nyc and claim spend half of their lives saving for a down 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.
