?? for those looking to buy a home, but can't 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

Re: ?? for those looking to buy a home, but can't afford to...

i wouldn't take it considering the taxes are so high, i know it's hard to get taxes low but that's a crazy amount. is the house in nassau or suffolk? i'm guessing probably nassau cause that's about what we pay for our house.
with the renters being illegal i would not take the chance with my luck i would get caught or someone would report me, even though it has been 25 years. i mean yes an income is always good but i would look for something that a legal apartment and lower taxes. hope that helps u a little. is this a house you are considering?

Re: ?? for those looking to buy a home, but can't afford to...

I dont think 8K is high for taxes, ours are 7K and we live on a 1/4 acre. my parents are on a 1/2 acre in smithtown and pay 12k.

Re: ?? for those looking to buy a home, but can't afford to...

it really depends on the area...smithtown is a nice area that could also be why, and it can be pricey there. what town are you in? we only live on a 100x100 property and are taxes are 8k that's why i say it's a lot, i mean if you have more property and your taxes are more that's somewhat reasonable.
i have noticed that more property more taxes

Re: ?? for those looking to buy a home, but can't afford to...

We wouldn't buy a house with illegal apts. Too much of a risk. If caught there are fines to be paid and lost income.

Also will a bank approve a mortgage with 2 illegal apts?

Re: ?? for those looking to buy a home, but can't afford to...

Here is a story to think about.
My friend had a landlord who had an illegal apt and the guy paid rent for a while but then he lost his job and stopped paying rent and refused to move out so she lost income for lik almost a year. Finally she ripped the apt out and had to have him removed so now she has to repair the damage and is scared to rent again...sometimes its so not worth it..JMO

Re: ?? for those looking to buy a home, but can't afford to...

what town is it in???
and how much $$$

Re: ?? for those looking to buy a home, but can't afford to...

i personally wouldnt want to have to depend on someone else to pay my morgage...

Re: ?? for those looking to buy a home, but can't afford to...

---

Posted by myasmom

Here is a story to think about.
My friend had a landlord who had an illegal apt and the guy paid rent for a while but then he lost his job and stopped paying rent and refused to move out so she lost income for lik almost a year. Finally she ripped the apt out and had to have him removed so now she has to repair the damage and is scared to rent again...sometimes its so not worth it..JMO

---

I agree its really risky. If something does happen you can wind up with huge fines, be in big trouble AND have no way to pay the full mortgage by yourself.

My mil has all legal apts. and has had tenents from H-e double hocky sticks who didn't pay rent and took her to court b/c ' there were things wrong with the apt' but would never let her come fix it and if it was fixed the woman would break something else or do something else to the apt so she had a reason not to pay rent. She wound up living there 8 months rent free before they were finally able to get rid of her!!!!