Are there affordable houses anymore? (sales, real estate, rental)

[blueskies888]

My gf has no savings and wants me to buy a two family unit in Bkln, so we can live in one and rent out the other to help cover the mortgage. I tell her she's being unrealistic since I make only a bit over $80k a year. With taxes the take home money is far less than that. Even coming up with the cash for down payment on my own is a problem.

Based on what I have seen, $1 million is considered very low and often those require extensive renovation.

My question is, is Queens any better? I don't know Qns very well. Are there decent houses in decent neighborhoods for $1 mil?

Staten Island is actually nice but she won't even consider it.

[livingsinglenyc]

Originally Posted by blueskies888

My gf has no savings and wants me to buy a two family unit in Bkln, so we can live in one and rent out the other to help cover the mortgage. I tell her she's being unrealistic since I make only a bit over $80k a year. With taxes the take home money is far less than that. Even coming up with the cash for down payment on my own is a problem.

Based on what I have seen, $1 million is considered very low and often those require extensive renovation.

My question is, is Queens any better? I don't know Qns very well. Are there decent houses in decent neighborhoods for $1 mil?

Staten Island is actually nice but she won't even consider it.

Tell your GF to start making and saving money so she can contribute.
I'd actually dump her ass personally.

[thaifood]

Dont buy any house with someone who is not your wife.

[Henna]

This is a terrible idea for all kinds of reasons. #1 is that your gf is contributing nothing but demanding everything, and wants you to take on all sorts of risk.

[nybklyn]

Originally Posted by blueskies888

My gf has no savings and wants me to buy a two family unit in Bkln, so we can live in one and rent out the other to help cover the mortgage. I tell her she's being unrealistic since I make only a bit over $80k a year. With taxes the take home money is far less than that. Even coming up with the cash for down payment on my own is a problem.

Based on what I have seen, $1 million is considered very low and often those require extensive renovation.

My question is, is Queens any better? I don't know Qns very well. Are there decent houses in decent neighborhoods for $1 mil?

Staten Island is actually nice but she won't even consider it.

If she's serious, then she need to contribute to the house. If she just want free housing and have you do all the work, you might as well just go for the rental. You never know what happen in life, so don't stress yourself out because someone wants you to do something for them.

House hunting should be a family work, which at least should be you and your wife, not so called girlfriend in my opinion.

[Water_Nintendo64]

Originally Posted by blueskies888

My gf has no savings and wants me to buy a two family unit in Bkln, so we can live in one and rent out the other to help cover the mortgage. I tell her she's being unrealistic since I make only a bit over $80k a year. With taxes the take home money is far less than that. Even coming up with the cash for down payment on my own is a problem.

Based on what I have seen, $1 million is considered very low and often those require extensive renovation.

My question is, is Queens any better? I don't know Qns very well. Are there decent houses in decent neighborhoods for $1 mil?

Staten Island is actually nice but she won't even consider it.

Sounds like she's making your wallet walk the plank for no reason at all. I won't make any assumptions, since I don't know you guys. Try this: Spend some time around the city with other folks (you're bound to meet some who are already hardworking home owners), then tell them to detail the long hard road they've spent trying to become home owners in NYC. Maybe then she'll understand that these things take time.

Also, ask yourself: "why doesn't she have any savings?" Did she used to be a risk taker? I think you can find some middle-ground if she's truly the one for you. You sound like you're willing to ignore the small quirks to be with her, so try to find an amicable way to get her to understand, then she needs be patient.

Like Nybklyn said, just settle with rental for now.

[BBMW]

He can buy the house. Just don't put the GF on the deed.

I own a mulitfamily as an investment (plus the coop I live in.) My take is that real estate in NY metro is right about at the top dead center of the market cycle. I'd keep saving your pennies and either wait for a market pullback, or look in another market to buy.

Oh, and do it for your own reasons, not because your GF wants you to.

Originally Posted by thaifood

Dont buy any house with someone who is not your wife.

[stormgal]

Tell your girlfriend to stop making demands as you wear the pants around here. Tell her that your'e thinking about applying for affordable housing - in the Bronx. Wait a few days and see if she dumps you. If she dumps you, she wasn't for you, period end of story!

[Hefe]

Originally Posted by blueskies888

My gf has no savings and wants me to buy a two family unit in Bkln.

Take it from someone who's been there, she's trouble, since she isn't dealing in reality & she's using your money too. You seem to get it I think, just make sure going ahead you insulate your $$$ from her since she sounds delusional & entitled & you will get the brunt of it when things go south & she wants her piece of the pie.

As mentioned above, nothing in her name unless she is in 50%+ with her own earned money. Perhaps spend a few weekends with her visiting 2 family home sales & talking to agents & asking her where the $220K in cash is going to come from to buy & move in & then how much she wiil be earning to contribute to the $800K mortgage each month. If she doesn't start dealing in reality... well, you've been warned!

[BugsyPal]

Originally Posted by thaifood

Dont buy any house with someone who is not your wife.

I'd go even further and say buy your own place *before* getting married and keep it out of community property afterwards.


Certainly would *NEVER* purchase a home with a *friend*, especially a girl who keeps harping on about how "we" should buy something together and go into some sort of business arrangement (renting out part of a two family home)...


Do you have any idea how many people go under thinking just buying a two family home and things will be on easy street because they can rent out to earn?


Should you decide to go through with this I'd make certain to have an excellent attorney, and make sure he or she represents *YOU* alone, not the GF as well. Remember without the benefit of marriage everything in this sort of common law arrangement absent a clear legally binding contract will need to be sorted out in courts should things go south relationship wise.


Suppose after you purchase this two family home the GF dumps your behind and wants her cut so she can move in with her new guy? That or she wants *YOU* to leave so she can move his happy behind in.... Things will get even more complicated if the two of you have a kid.