How did you buy your house???

I bought a coop in 1997. It was a foreclosure and I fixed it up the way I wanted it. It was an all cash deal but I got the money from a friend since I was a student at the time (no job). I refinanced once I got a job.

NY home prices are really expensive for what you get in other places. FI and I just drove back from Lumberton NJ. FBIL & FSIL live out there with their families. They both have huge homes - 4 bedrooms 3 1/2 bath with enormous kitchens and family room. FSIL has a great sun room and deck on the back of her home. They have lots of land too and I know they were $350K or less.

ETA - The homes are all new construction. The development is new and FI when he and his brother first looked at the area in late 2003 it was nothing but a huge lot. FBIL & his wife picked a lot and just moved in July. There are about 50 houses in the development now.

We are only investing in Florida right now. New York is just not worth it.

Land is inexpensive and many builders have an option to buy the land for you. They build you a brand new house to your specs and include all in your mortgage when the house is built.

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Posted by Kristinka

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wow where is this? beautiful, we have a house here in Westbury but want to invest in Florida as well we looked in New Port Richey on the water the land itself was 180k so we decided to keep looking b/c the community was very small. and when built the homes would be ontop of eachother. Our goal here is the save save save and in 5 yrs sell this home and buy in Huntington Bay near FH's job but buy a house in FL and PA in the Poconos I love to ski.

This house is in Palm Coast, 20 mins driving north of Daytona Beach.

5 Years ago you could get land for 10,000. When we bought our land 2 years ago, we bought it at 38,000, now the lot on our street is 85,000 to 99,000, depending if it is on a fresh water canal or a golf course.

It's still a great deal, we just went and bought an awesome property for my FPIL on the water for 75,000, with an option to build, last week.

Palm Coast is still being developed, with the Town Center being built right now. It is predicted to be a major city in Florida in the next 5 years.

FM me for more info.

PS, i am not in real estate, I'm just excited!! :)

Beautiful house Kristinka!!!!
I'm investing in VA now but looked in Florida. NC is next.

My builder broke gound on my first home!!!!! It's being built from the ground up in Williamsburg VA.
Timeless Elegance Collection

I am having the 'Arlington' home built - house pictured at the top right of the link - 2 story red brick house.

Here are some pics I took while in VA on Wednesday.
This one is of the foundation they just started pouring.


Some trees were just cleared early this week. This gravel area is where the 2 car garage will be.


This is a pic of the signage the builders use.


The house is 3705 sq feet - 519 sq ft of that is the garage though.

The lot was purchased by the builder for $70K and is now selling for $100K already.

We are never moving into this house though. I also looked at land in Florida. I can't recall the name of the development but it was not too far from Jupiter. NY prices are just oo high and you don't get enough for the money.

Look into foreclosures. They're a tough market, but well worth the work. I was lucky enough to stumble on one 4 years ago, and I bought it, with a little help from my family. Today, since I paid so little for it ($160K), and we've upgraded it substantially, we could get closer to $450K for it.

Coincidentally, shortly after I bought my house, I met my FI, who already owned 2 homes - so combined, we're really fortunate to be in the position we are in (we live in my home, and rent out his 2). I don't mean to 'toot our own horn', we're really just lucky to have stumbled - literally - on the opportunities we have.

We've been looking to buy another home and expand our investments, but the market is too high. It could dip slightly, so you might see prices drop a bit....but I don't know that it's anything you can bank on.

Work on foreclosures!!! They're out there. Also, as someone else said earlier, buy something that needs work and make it your own. It will take you extra time and energy, but it's worth it!

ETA:
Also, I bought in Huntington Station, but I don't think it was a wise location to invest in. It's really turning in a way that I don't want to live in my area long term. Huntington (and the Station) isn't what it was years ago when I was growing up - at least not certain parts.

Fh and I are closing on a house on Tuesday. We put a bid on the house almost two months ago. It is a long tiresome stressfull process. We actually didn't look for too long. My friends mom is an agent and found a house right away. We went to open house before that but didn't find anything.
We bought a TEENY TINY one bedroom house in north bellmore and the price is digusting. It makes me sick. BUT this is NY. This is ONLY house we found for less than $400,000. The only good thing is that it was completly gutted and renovated 5 years ago and it is in move-in condition. There is nothing really for us to do. So i guess that is why it cost more.

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Posted by SFP0214

Fh and I are closing on a house on Tuesday. We put a bid on the house almost two months ago. It is a long tiresome stressfull process. We actually didn't look for too long. My friends mom is an agent and found a house right away. We went to open house before that but didn't find anything.
We bought a TEENY TINY one bedroom house in north bellmore and the price is digusting. It makes me sick. BUT this is NY. This is ONLY house we found for less than $400,000. The only good thing is that it was completly gutted and renovated 5 years ago and it is in move-in condition. There is nothing really for us to do. So i guess that is why it cost more.

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i love your house!

i am NOT looking forward to this - other than the fact that i think we'll be able to breathe a little easier in jersey (well, except that it smells but whatever!)

my suggestion is to get in good with a broker AND/OR keep your ears open. My fiance has already told everyone in town that we want to buy this year so something will come up (but his town IS a very small, 1950's town).

Good Luck!

I am another one building a home in FL. When I was up in NY for Thanksgiving I couldn't believe the prices they were charging for the crap that they were selling. Believe me, if I had the money and was a millionare, I would love to stay on LI, but with our teacher salaries, we could never afford it.

Where I live (Clermont- west of Orlando) we were able to build a brand new home for 145k. 2000sqft. four bedroom. After seeing how far your money could go down here, and not having to deal with the cold for months, you would move here in a second! ha.

Don't get me wrong, it is hard being away from family, but the flights are so cheap, and it is only a 2hour flight away. The funny thing is, you will find you end up seeing family more en route on their disney vacation.

You can't beat the fall weather here either. It is my favorite time of year- 70's.

I am not selling real estate either, but if you want to FM me, I have seen so many model homes and builders I would try to help you any way you can! Just come for a mini vacation and check things out! :)