My gf just did the same for another house. As long a the seller is cool and understands the broker fee should be deducted plus you don't have to go the inspection route and just get a C/O you can still get a good deal. Its just you have to trust or know the seller
- mdw7413

We did have an inspection anyway. I fully trust them (my father manages their money so I'm sure that's good incentive for them not to (frank) us even if they wanted to lol) but there could always be something they don't know about. There were a few things they needed to take care of, nothing major, that would've cost us to fix.

Nice.
Never thought I would wish good luck on you.
So heading south is off the table for a few years then.
- Fenrir

Thanks, to you and to pickles.

For now. I probably don't want to stay on Long Island forever, but we put a decent amount down so we already have some equity in the house and if the market keeps trending upwards I could see us selling in the next 5-10 years and getting out. But who knows.

My gf just did the same for another house. As long a the seller is cool and understands the broker fee should be deducted plus you don't have to go the inspection route and just get a C/O you can still get a good deal. Its just you have to trust or know the seller
- mdw7413

We almost got to closing on a house in June and then it turned out they didnt have a CO on an extension to the kitchen. The bank denied our mortgage at that point and the sellers tried to keep our down-payment. Almost went to court but our lawyer gave them a verbal smackdown and had our cash returned. Our offer was accepted in February so this was almost 5 months before it fell through. Best first-time home buying experience ever

We actually ended up buying a place from the parents of a guy I played hockey with in HS. No brokers, so they were able to drop the price by about 25k because they'd have paid that in broker fees anyway. House has a fully legal apt with a great tenant we're keeping and privately-owned (and paid off) solar. So basically tenant's rent covers taxes and we'll have no electricity bill. Using the estimated monthly payment (taxes+mortgage) on the loan docs we'll average out to paying less per month than we did when we rented an apt in Queens lol
- eichiefs9

My mom sold her place in NJ privately to neighbors down the block before coming out to CO. Definitely the way to go if you can make it work.

Also, the fact that the tenant only covers taxes blows my mind. The north east is insane with the taxes lol.

We did have an inspection anyway. I fully trust them (my father manages their money so I'm sure that's good incentive for them not to (frank) us even if they wanted to lol) but there could always be something they don't know about. There were a few things they needed to take care of, nothing major, that would've cost us to fix.
- eichiefs9

Always a good idea to get the inspection, never know what might turn up.

We did have an inspection anyway. I fully trust them (my father manages their money so I'm sure that's good incentive for them not to (frank) us even if they wanted to lol) but there could always be something they don't know about. There were a few things they needed to take care of, nothing major, that would've cost us to fix.
- eichiefs9

Yeah, if you don't have a background in construction, probably a good idea to get an inspection.

I just know in NJ most home inspection companies aren't worth a damn anyway. They miss so much poop

We almost got to closing on a house in June and then it turned out they didnt have a CO on an extension to the kitchen. The bank denied our mortgage at that point and the sellers tried to keep our down-payment. Almost went to court but our lawyer gave them a verbal smackdown and had our cash returned. Our offer was accepted in February so this was almost 5 months before it fell through. Best first-time home buying experience ever
- picklerick

That sucks.

We almost got to closing on a house in June and then it turned out they didnt have a CO on an extension to the kitchen. The bank denied our mortgage at that point and the sellers tried to keep our down-payment. Almost went to court but our lawyer gave them a verbal smackdown and had our cash returned. Our offer was accepted in February so this was almost 5 months before it fell through. Best first-time home buying experience ever
- picklerick

Jesus. So I'm guessing they never got permits originally for the kitchen reno?

Good thing you didn't lose out on any money.

Yeah, if you don't have a background in construction, probably a good idea to get an inspection.

I just know in NJ most home inspection companies aren't worth a damn anyway. They miss so much poop
- mdw7413

They certainly did when we bought our house. Still a good idea though.

Jesus. So I'm guessing they never got permits originally for the kitchen reno?

Good thing you didn't lose out on any money.
- mdw7413

They didnt get the permits and when the inspection for the title insurance discovered this their agent claimed they didnt know they needed one....... She was the worst

My mom sold her place in NJ privately to neighbors down the block before coming out to CO. Definitely the way to go if you can make it work.

Also, the fact that the tenant only covers taxes blows my mind. The north east is insane with the taxes lol.
- Mtlca66

Depends. Delaware and Maryland are reasonable. We were looking for a place on the Chesapeake in MD, nothing checked off all our boxes though. Property taxes were very reasonable for living on the water though.

The market has been so bad for buyers. Been looking in nassau with my wife for quite a while
- picklerick

I don't get how Covid has not cooled the market.
In Ontario it is almost unfathomable how a young person can get into the market with no existing property to sell right now.
We moved just over 6 years ago and we could easily get double what we bought for.

They didnt get the permits and when the inspection for the title insurance discovered this their agent claimed they didnt know they needed one....... She was the worst
- picklerick

Yeah, i'm calling bullpoop.

My mom sold her place in NJ privately to neighbors down the block before coming out to CO. Definitely the way to go if you can make it work.

Also, the fact that the tenant only covers taxes blows my mind. The north east is insane with the taxes lol.
- Mtlca66

Taxes are about 13k. Tenant (for now) pays $1200. So we'd theoretically have a little bit left over in extra rent money.

My parents pay just about 20k/yr in taxes for .5 acres

I don't get how Covid has not cooled the market.
In Ontario it is almost unfathomable how a young person can get into the market with no existing property to sell right now.
We moved just over 6 years ago and we could easily get double what we bought for.
- Tonybere

It didnt cool the market because people are fleeing NYC for the burbs. Why spend $3k a month to rent a 500 sqf apartment when you can have 2000 sqf and a yard. People, myself included, are going insane being cooped up

Depends. Delaware and Maryland are reasonable. We were looking for a place on the Chesapeake in MD, nothing checked off all our boxes though. Property taxes were very reasonable for living on the water though.
- mdw7413

It's so nice of you to find somewhere for me to stay when I head down to the Chesapeake to duck hunt

Taxes are about 13k. Tenant (for now) pays $1200. So we'd theoretically have a little bit left over in extra rent money.

My parents pay just about 20k/yr in taxes for .5 acres
- eichiefs9

my god

Depends. Delaware and Maryland are reasonable. We were looking for a place on the Chesapeake in MD, nothing checked off all our boxes though. Property taxes were very reasonable for living on the water though.
- mdw7413

I’ve been looking to buy in the near future and taxes in north jersey are 10k-20k annually.

It's so nice of you to find somewhere for me to stay when I head down to the Chesapeake to duck hunt
- eichiefs9

No problem at all.

The one place had a dock/boatlift/Blind all in one

I’ve been looking to buy in the near future and taxes in north jersey are 10k-20k annually.
- rangerdanger94

Youhave to pay to live in Jersey???? They don't pay you to live in that poop hole?

I’ve been looking to buy in the near future and taxes in north jersey are 10k-20k annually.
- rangerdanger94

Yup. if you can work remotely I would leave NY, NJ, it won't be getting better

Youhave to pay to live in Jersey???? They don't pay you to live in that poop hole?
- picklerick

I hate it here but the fiancé works in north jersey and I work (eventually when I have to return to the office) in Manhattan so we have no choice.

If I could work remote full time I would move south in a heartbeat.

Yup. if you can work remotely I would leave NY, NJ, it won't be getting better
- mdw7413

That's the next big thing I'm planning on knocking out this year, hopefully. Remote job would be perfect.

Yup. if you can work remotely I would leave NY, NJ, it won't be getting better
- mdw7413

The cheapest house that is actually nice and I’d want to buy around here is like 550k and 14k in taxes and it’s still nothing special.

I was looking in Florida and found a 3,400 sq foot house with a massive pool, hot tub and waterfall in the yard for $270,000 and 2k a year in taxes

That's the next big thing I'm planning on knocking out this year, hopefully. Remote job would be perfect.
- eichiefs9

Its so nice.

I went fishing the other day on my lunch break.