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post #331 of 525
10/11/12 at 12:47pm
I guess so, but as far as maintenance goes I do about the same amount. I always found landlords to be pretty horrible to deal with. Then again I am sure it is a different story in a 100k a month joint.
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post #332 of 525
10/11/12 at 1:42pm
Quote:
Originally Posted by patrickBOOTH View Post

I guess so, but as far as maintenance goes I do about the same amount. I always found landlords to be pretty horrible to deal with. Then again I am sure it is a different story in a 100k a month joint.

You would think, but not always the case.
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post #333 of 525
10/11/12 at 2:02pm
We have friends who live in a fancy Tribeca bldg (either rent or its a co-op) , anyway, whenever one of their lightbulbs burn out the wife calls up the handyman/super who scurries up & repalces it icon_gu_b_slayer[1].gif
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post #334 of 525
10/11/12 at 2:29pm
Quote:
Originally Posted by patrickBOOTH View Post

I don't know. I like the idea of condo ownership. Not so much house ownership. In NYC we are pretty insulated from drastic real estate flucuations. I just know right now there are a lot of people paying insane amounts of money for rent which will only drive up RE values as more people begin to buy.

I live in a 5 story building that has a mirror-image building next to it. Mine is owned by one company and the other is individually owned. It's a condo I rent (each unit has it's own boiler/hydroponic heating system, etc., top floor tenants have roof access). When I lived on the 2nd fl my neighbor who used to live in the apt. I'm now in bought the mirror apt. in the next bldg. So he went from renting to owning and put in a new bath, kitchen, decorated the roof deck, etc. His mortgage & maintenance is higher than his rent was (he also pays for water now) and my rent is $75 higher than it was in the one bed downstairs and $400 less than what he was paying. And guess what? I put in a new kitchen and bath & decorated the roof and the owner picked up most of the tab. Up there we have a 6 seat dining area, 4 seat living room area, gas grill, pool table and garden area complete with electric and water. I like being able to up-and-leave if the need arises with no strings attached. Plus I get my security deposit back smile.gif
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post #335 of 525
10/11/12 at 2:44pm
Obviously every situation is different and the economics vary a lot depending on the owner's tax situation and leverage on the property, but in NYC, it seems that owning is economically more advantageous than renting. But I do agree that it comes at a cost : lack of flexibility, investment risk, potential repairs, assessments, etc... I like our place and I hate cheapo rentals where no effort was made to design the place to increase landlord returns, but in abstract, I prefer the idea of renting.
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post #336 of 525
10/12/12 at 6:26am
Quote:
Originally Posted by NORE View Post

I live in a 5 story building that has a mirror-image building next to it. Mine is owned by one company and the other is individually owned. It's a condo I rent (each unit has it's own boiler/hydroponic heating system, etc., top floor tenants have roof access). When I lived on the 2nd fl my neighbor who used to live in the apt. I'm now in bought the mirror apt. in the next bldg. So he went from renting to owning and put in a new bath, kitchen, decorated the roof deck, etc. His mortgage & maintenance is higher than his rent was (he also pays for water now) and my rent is $75 higher than it was in the one bed downstairs and $400 less than what he was paying. And guess what? I put in a new kitchen and bath & decorated the roof and the owner picked up most of the tab. Up there we have a 6 seat dining area, 4 seat living room area, gas grill, pool table and garden area complete with electric and water. I like being able to up-and-leave if the need arises with no strings attached. Plus I get my security deposit back smile.gif

You will also be 90 years old paying inflation-adjusted market rate rent and I will just have taxes to pay.
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post #337 of 525
10/12/12 at 6:44am
Quote:
Originally Posted by patrickBOOTH View Post

You will also be 90 years old paying inflation-adjusted market rate rent and I will just have taxes to pay.

^i understand that you've bought in a relatively good period to buy a home.

I have 3 friends in San Francisco that were were fooled into thinking they could afford near $800,000 houses right out of college with entry level jobs and given mortgages non the less in 2001 facepalm.gif

Two filed for bankruptcy just last two years. It was a really sad sight... because the stress of it all caused divorces and family strife. The other one was bailed out by his rich parents.

I'm all for owning a house and a reasonable mortgage (even if that means living in the boondocks)... but sometimes people just need to rent to save themselves from their own undoing.

what my wife and I couldn't believe is our huge envy and seeing our friends living in awesome houses/condos in the early 2000's right in San Francisco... then also couldn't believe and how glad we were that we rented throughout 2000-2009 while our friends marriages/lives were breaking down losing their homes because of those ridiculous mortgages they took/were handed out at the time.
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post #338 of 525
10/12/12 at 6:48am
Thread Starter 
i would very much like to own a condo. IMO, paying $3500-4000 a month for a big one bedroom with a doorman is a bit of a headscratcher.
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post #339 of 525
10/12/12 at 6:51am
Yeah, I bought two years ago, almost to the day actually. Probably stay here another few years and then look for something a bit bigger if I can afford it. frown.gif
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post #340 of 525
10/12/12 at 6:53am
Quote:
Originally Posted by patrickBOOTH View Post

Yeah, I bought two years ago, almost to the day actually. Probably stay here another few years and then look for something a bit bigger if I can afford it. frown.gif


in two years will that mean you'll be thinking; "i can believe I just saw myself buy a house in New Jersey?"
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post #341 of 525
10/12/12 at 6:55am
NEVAR! My dad was telling me that with the market down I could buy a huge ass house on his block in Jersey. Then I responded, yeah but I wouldn't be able to afford the taxes! My taxes are abated for 15 years. I currently pay something like $160 a year. Yep, a year.
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post #342 of 525
10/12/12 at 7:22am
Saw this over the weekend:

Went to a Goodwill store to thrift for vintage cocktail glasses (found a nice set of four!). There was a very old MB convertible parked out front with the top down. I noted it had fuzzy seat covers in bright pink with matching fuzzy pink steering wheel wrap. When we came out a very skinny, sun weathered old woman was in the drivers seat. She pulled her top off (sports bra on but still wish it could be unseen) and pulled a top out of the bag of clothes she had just purchased and put one of those tops on.
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post #343 of 525
10/12/12 at 7:37am
What an insane sight. uhoh.gif
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post #344 of 525
10/12/12 at 8:11am
Quote:
Originally Posted by patrickBOOTH View Post

You will also be 90 years old paying inflation-adjusted market rate rent and I will just have taxes to pay.

Nah, I'll prolly not make it past 60.

Who knows what I will do in 8 years when my youngest is out of the nest (I'll be 45). Travel, open that small shop I've always wanted, etc. We also have property in the D.R. and could just retire there. I'll have options and can walk away clean. But for you, who knows what the market will be like when you decide to sell. Hopefully it will be good but you never know.
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post #345 of 525
10/22/12 at 7:39am
Thread Starter 
yesterday was a crazy day, to say the least.


traveling to NJ to see the inlaws via MTA:
8112736180_a6fce59bdb.jpg


now with the inlaws and stepping out of their car to go to brunch:
8112726671_31a9769bd3.jpg

on the road to IKEA and we pass this at the tolls. I was actually disappointed by this picture since it really doesn't show just how tilted the SUV was, it was hilarious. You can kind of assume by looking at the other ramp-y things in relation to the SUV. Also love the guy consoling the woman and being all "don't worry, it's totally ok that you fucked your big SUV by whiffing on a toll booth enterance":
8112726829_5f96d05beb.jpg


and then on the way back from IKEA we see this car on fire. It was burning for a long time before the trucks could get to it, the NJ system of highways is stupid:
8112726755_7a99fcebd0.jpg



so yeah, that was my Sunday.
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