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Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
How interested would you be to buy a home in a nice neighborhood, decent schools, taxes approx 8k. The house has a main floor with 2 brs, 1 full bath, big kitchen and den with fireplace. 1/3 basement with washer/dryer and storage area. Big backyard. There is an apt. on the top floor, with 2 brs, 1 full bath, kitchen/dining area and small den. There is a studio apt. in the garage.
The apartments are not legal, but have been in the home for 25 years (the tenants in the studio apt. have been there for 25 years also! The tenants in the upstairs have been there for 6 years)
The rental income pays most of the mortgage (not including taxes)
Just curious...tia
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Posted 6/9/05 10:02 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
WOW would you have any room for yourself?
Scott
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| Posted 6/9/05 10:54 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
IF your living space was big enough and the tenants would be reliable since being there...its a good bet. The taxes are high, but the rental income is good. BUT you dont want to spend LOTS of money on a house full of tenants and not enough room for YOU...
You could get a cheaper house, with MORE space...Thats the only thing I would question.
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| Posted 6/9/05 11:04 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
Well we have tenants (and they are great) and we have plenty of room for ourselves. We have a high ranch and they have the lower level. We still have 3 br, EIK, DR, LR and full bath. The rental income helps SO MUCH with the mortgage. It is really worth it, IMO.
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| Posted 6/9/05 11:11 AM |
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
In this house, we have the main level...so 2 brs, large EIK, large Den, 1 full bath, basement. We are thinking of possibly selling.
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| Posted 6/9/05 11:15 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
Posted by Scotty-CassidysMom
In this house, we have the main level...so 2 brs, large EIK, large Den, 1 full bath, basement. We are thinking of possibly selling.
Well lets put it this way..what would you consider, ball park selling it for? And what area is it in? AND..when you sell, how do you get past the apt's not being legal?
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| Posted 6/9/05 11:27 AM |
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
We bought it with the apt's not being legal. It is so common now that it is just overlooked by many appraisers. It is in Suffolk...IF we decide to sell, we'd be asking approx. 415k
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| Posted 6/9/05 11:30 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
Me personally no i wouldn't buy it.
I definately want 3 bedrooms at least.
PLUS 8K taxes ARE HIGH
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| Posted 6/9/05 11:32 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
Posted by Scotty-CassidysMom
We bought it with the apt's not being legal. It is so common now that it is just overlooked by many appraisers. It is in Suffolk...IF we decide to sell, we'd be asking approx. 415k
what SD?
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| Posted 6/9/05 11:32 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
the new buyers could probably make the one apt. legal with the proper permits, but the towns are really cracking down on it. You have to reside in the house to make it a legal accessory apt. As for the basement, it would probably never be made legal.
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| Posted 6/9/05 11:33 AM |
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
Posted by kelleherkm
the new buyers could probably make the one apt. legal with the proper permits, but the towns are really cracking down on it. You have to reside in the house to make it a legal accessory apt. As for the basement, it would probably never be made legal.
There is no apt. in the basement. We have actually had many people interested in the past, but we were not considering selling at the time. Honestly, it is the perfect house for a couple starting out or with 1 child. Our plan was to eventually either take out the upstairs apartment which would then give the house 4 BRs, 2.5 baths, DR, Den, LR, EIK...and still have the rental income from the studio....OR...get rid of the studio and turn it into a Master suite (then giving the house 3 BR's, 2 full baths, EIK, Den) and keep the rental income from the upstairs apt.
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| Posted 6/9/05 11:37 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
Well I'm FOR buying a home with a rental in it. It is a huge help when yu're first starting out. It gives yu extra money to make home improvements, furnish the house, etc. Plus, it's not a forever thing - you can tell your tenants to move out when ever you want to take the house over (and can afford it). I know the idea of having an entire house to yourself is really nice, but in the RE maket on LI, its just easier financially to have additional income. It's just my take on it.
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| Posted 6/9/05 12:14 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Repost for LIW...?? for thos who want to buy a house but don't think they can afford to...
what town /school district?
I think 415K is reasonable...but lot of other things make up a price, so I dont know. I can tell you we are looking into a two family house or a one family with full basement we can make into a rental , and we are looking at the $400-$450K range.
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| Posted 6/9/05 10:14 PM |
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