Buying a cheap house in a run down but safe area? (inspection, rental)
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Those are pretty houses but 1/10 of the price of mine. It can't be a great area.
The first 2 houses are very safe but rural. It's like 10 miles to the highway so it wouldn't be a problem but it might be in inclement weather bc of the mountains. I'm not into it but he's a good bad weather driver and routinely has to do it bc the wife goes to dialysis and he can't skip it.
Port Jervis isn't a ghetto like Newburgh. I've met a lot of nice people who live there. It's just not the most desirable location.
Can you afford to buy the house he is in?
As Is, so no repair costs to the owners?
No, it's in a high property tax area. Iirc, it's like 10k for the place and it's only worth 150k. That's why I was buying the place for us in PA in March. The places in Orange County where you would like to live have insane taxes.
well that first house is almost as big as my condo, in better shape and has a huge yard for $300k less then I spent haha. I don't have insight on the neighborhood but I'd be more concerned with the market and value. I don't know how old your father is but if you have to sell the place in 10 years will you make a profit, break even, be able to rent it for income or will you be sitting on a house you don't need or want?
When I say I've been looking for a rental, that is including homes. There's literally nothing available that doesn't have a breed restriction. The realtor he works for/rents from doesn't care about the dog so he figured between the good history and reference that someone would rent. I even put a housing wanted on CL but I only got a roommate offer and a couple emails shaming about being retired and not owning a house but having a staffie.
I'm not worried about doing business with my dad. I know family and business is trouble in most situations and I wouldn't do it for my mom or 1/2 brothers bc they would be like the stereotype but my dad is not like that at all. Actually, that's why he's unable to buy a house. He wasted a lot of money helping others. He's really honorable and he will not cheat me.
Luckily, he just found out he has at least until the end of summer before the owner will list and they are having my dad do a lot of repairs and roofing before they list. That gives him a breather and maybe by then the situation with the wife will change and he can go south but if not then I can get him a house more like #2. I think he'd be depressed about the hillbilly surroundings.
That is actually very good news regarding his present rental. I had started to post something to try to get you to reconsider buying, especially if you were paying cash. That is a lot of money that could be used much more productively if you looked a bit longer, even if you just rented something for him.
Since he is separated, things are not finalized. Does he have a house that he owns already?
Hopefully things will work out for the best....Save your money.
That is actually very good news regarding his present rental. I had started to post something to try to get you to reconsider buying, especially if you were paying cash. That is a lot of money that could be used much more productively if you looked a bit longer, even if you just rented something for him.
Since he is separated, things are not finalized. Does he have a house that he owns already?
Hopefully things will work out for the best....Save your money.
He won't be getting divorced. The wife is too sick and needs the insurance. Besides, NY law would have him paying for the stuff he's already paying. He went to the COBA union lawyer a few years ago and the lawyer advised him to wait it out bc the average lifespan of a dialysis patient is 5 years and she was already on year 4.
No, he doesn't own a house. Long story short, he's wanted to get divorced since he got married 35 years ago but never had the guts. He never wanted to own a house with her or have kids. Then by the time I was old enough to explain to him how stupid not owning a home is, her son was a crackhead and then he really didn't want to buy a house with her cuz he knew she'd be securing his bail, lawyers, etc with the house. He figured if he didn't own anything then he couldn't lose it bc of the son.
well that first house is almost as big as my condo, in better shape and has a huge yard for $300k less then I spent haha. I don't have insight on the neighborhood but I'd be more concerned with the market and value. I don't know how old your father is but if you have to sell the place in 10 years will you make a profit, break even, be able to rent it for income or will you be sitting on a house you don't need or want?
I figure that the money my dad would give me monthly would make me less worried about the resale value. It's not an investment as much as it's more like paying the rent upfront. As long as I'm made whole, idc.
I've come across quite a few houses like that around this area. Idk if it's bc they are all so old or what. It's gross though. At least he will live alone lol
No its not. You're just too squeamish. I grew up in a (then 150 yo now 200 yo) farmhouse where the bathroom had been added on to one side of the kitchen. It's perfectly normal. There's nothing ickier about it being there than being 8 or 10' down a hallway, or IN YOUR BEDROOM as is so common with Master Suites these days.
Clean normally and all will be well. Don't clean and it wouldn't matter if it was all the way at the end of the hall, THAT would be disgusting.
I'm a dog lover, and however well intended, this premise is wrong headed thinking.
But if you have the money to spare... go for it.
Just don't expect to get it all back if/when it's time to sell.
Don't do business with family.
If you can't afford to GIVE him the house don't make him your tenant.
Well thank heaven my son didn't take advice from you! I have what is called a "thin credit file" because I basically haven't had credit at all for over 30 years. Owned my home outright, etc etc.
Then became disabled. Now I have a low income as well. So I don't qualify for a home loan - even though a house payment is about half what it would cost me to pay rent. Or, the same cost - if I could tolerate living in a cockroach-and-rat-infested apartment with drug dealers and crack ho's for neighbors.
My son got a special FDA loan that allows someone to buy a home for a relative (children and parents at least, not sure about siblings or uncles/aunts or anything more distant - grandparents probably OK too). This home is then treated legally just exactly like you had bought a home for yourself and does not preclude getting a loan for a home for yourself. So you can sell it without capital gains, you get to take the interest off your income tax, etc. just as if you yourself were living in the home - and then if you have your own home, you still get all that for your own home as well.
I pay the actual house payment, insurance, and taxes. I kicked in 1/3rd of the downpayment and he made up the rest to keep the house payment down to where I can afford it (we're in an expensive area - this would be about an 80k - 90k house almost anywhere I'd rather be living, but it was 145k here - and that's really cheap for this area by nearly 200k).
Thankfully he didn't have qualms about "doing business" with THIS relative, though it would have been a bad idea with pretty nearly any of my siblings, LOL! However I'm not one of THEM so - we're good to go.
The OP has already stated that his dad isn't the sort to screw her over. So - not really helpful or even germane to the case at hand.
Have you considered using that money and add on a guest room to your home? or even separate area like tiny house in your backyard? That way it would add value to your home..
I agree, you should help him, he is your dad.. I lost my dad 18 yrs ago and miss him every day...
Have you considered using that money and add on a guest room to your home? or even separate area like tiny house in your backyard? That way it would add value to your home..
I agree, you should help him, he is your dad.. I lost my dad 18 yrs ago and miss him every day...
I'm starting a new job with the state in the next few months and I don't want to be tied down to the area. He has to stay here until his wife passes away.
I don't own a home here. My current job includes housing. I was about to purchase a home in PA for us but negotiations broke down but it was a good thing bc I wouldn't have been able to get the state job.
Sorry about your dad. :----(
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