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Can you tell us where you can buy a home for $350K? (Not trying to be snarky here but, there is no place I would be willing to live on LI where I could buy a house for that number.)Where you live that your property tax is under $5K? Based upon what you wrote, you are not eating because there is no food allowance, you have no phone, electric, cable, car, car insurance, or repairs of anything.
I am not disputing the income figure - just some of your "Hard Facts".
And lastly, overcrowding IS your problem, because depending upon how overcrowded the classes are the end result will be additional teachers and/or classrooms. That will be added to your taxes.
He's also basing much of his tax relief on a $1,200 basement rental income. Not everyone has a basement, or a livable, finished space with a separate entrance. Add a good $30K to finish the basement with a bathroom and kitchen.
Also not so fun being found out and getting a visit from the inspector. Nosey neighbors gonna nosey.
Buy a dump in a flood plain, flip it into illegal apartments and dance all the way to the bank. Yeah, sounds plausible and stress free.
We already have an income tax. It goes to the State who then subsidize all the schools in State aid (even the affluent ones). So we pay all those taxes on top of local school taxes.
Boarded up windows will not stop the town gestapo. They can hassle you in plenty of ways, including declining the CO, which in turn can nullify your insurance which in turn can nullify your mortgage. Just sayin. Others wil scream "just don;t let 'em in" which is nice but will not get them off your back. Your optimism/cockiness is infectious and fun. Some of us have seen this show before and are just salting some popcorn to see how it turns out when a) neighbor rats on apartment due to parking or lawn clippings or leaves or boats or piano lessons too loud or you discovering their crack smoking relatives squatting, or plain dooshhebaggery, or the 100 illegal tenants all try to register for the schools with the same address and aren't related, or flooding or etc, etc.
Many would have a LOUD argument about your claims that a) NYC not being run by morons and b) NYC being "more affordable" than LI (it isn't).
If illegal rentals with little margin for financial error/breathing room in flood zones is the "simple" way to enjoy LI, I'll pass. It's easier to accept the cost and enjoy the bagels.
And yes, it's everyone's job in a democracy to "fix the government problems." LI has abandoned that which is precisely why we're in the mess we're in, being raped by unions and politicians. We gave them the bat, no need to be surprised when they hit us on the head with it. We can take it away. We just don't. See Nimby's below...
Which brings me to the NIMBY horde on LI. They aren't keen on illegal rentals, cheap houses with boarded up windows, on street parking or tax reform. Good luck with that crew of ding dongs. You ain't met morons til you get a taste of the Kate Murray/Pete King factions of GOP dinosaurs and their civil servant spawn who tilt every local election their way.
LI can be great again, but your way isn't it. You're just another squirrel trying to get a nut in this mess. More power to ya.
Gotta make it man. Stress is normal. I'm doing what I'm doing so that I have more money for investments, so that I don't have this problem in the future.
As for the people who are sitting on the sidewalk pointing fingers at people like me who live a good life NOT-in flood city, have good tenants, and neighbors i could care less about, good luck to you.
Keep suffering. One day you will realize this is just a game and if you follow the rules, you will be behind.
Gotta make it man. Stress is normal. I'm doing what I'm doing so that I have more money for investments, so that I don't have this problem in the future.
As for the people who are sitting on the sidewalk pointing fingers at people like me who live a good life NOT-in flood city, have good tenants, and neighbors i could care less about, good luck to you.
Keep suffering. One day you will realize this is just a game and if you follow the rules, you will be behind.
Yeah, you got it down. We all moved here yesterday and never thought about putting our wife and kid in a house dependent on an illegal rental so we could have money to invest. It's so "simple." The forums are definitely not littered with hundreds of pages of illegal landlord/tenant horror stories! I wish you well. In most parts of the country your plan is great. My grandfather did it in brooklyn. Unfortunately, LI nimbyville is already well acquainted with and opposed to any plan that does not include getting proper mother/daughter permits or making the apt legal, all which throws your numbers off a cliff. The reality, to those of us who've "ENJOYED" it around here for a minute or two, is it doesn't usually end well for either party. I wish you the best. Your idea is sound. Your location, maybe not so much. The idea that you can beat "the man" is adorable. Good luck with it. The rest of us cowards will just pick up the slack like we always do when you go to foreclosure and stop paying taxes altogether. Some other flipper will sell to another "what if I rent out the the basement" entrepreneur and the world will continue to turn.
Last edited by monstermagnet; 10-17-2019 at 10:42 AM..
Yeah, you got it down. We all moved here yesterday and never thought about putting our wife and kid in a house dependent on an illegal rental so we could have money to invest. It's so "simple." The forums are definitely not littered with hundreds of pages of illegal landlord/tenant horror stories! I wish you well. In most parts of the country your plan is great. My grandfather did it in brooklyn. Unfortunately, LI nimbyville is already well acquainted with and opposed to this plan without begging at the code gestapo's teat and getting proper mother/daughter permits or making the apt legal, all which throws your numbers off a cliff. But the reality, to those of us who've "ENJOYED" it around here for a minute or two, is it doesn;t usually end well for wither party. I wish you the best. Your idea is sound. Your location, maybe not so much. Your idea that you can beat "the ma"n is adorable. Good luck with it. The rest of us cowards will just pick up the slack when you foreclose like we always do.
My net mortgage payment is 1.1k. My primary income is 9.5k/mo. My wife also makes 6k/mo after tax.
How on earth do you expect us to foreclose? Hurricane Katrina? Atlantic Ocean trench breaks and causes 1mile high tsunami?
We save ~14k/mo. Technically 13k after other expenses. Every month worked is literally a year+ of mortgage payments if were to go unemployed.
In a few months, I will be buying another property here because we are literally shi*ing cash. No point to waste it if we are going to have another housing crisis later on. Better to be the ones selling than buying in the crash.
My parents did this and they are stacking. I'm telling you how the real world is and a lot of people get upset. Funny. I dont drink out, we eat in food. Even if I had 10M I wouldnt eat out. I am simply cheap, and was raised that way
My net mortgage payment is 1.1k. My primary income is 9.5k/mo. My wife also makes 6k/mo after tax.
How on earth do you expect us to foreclose? Hurricane Katrina? Atlantic Ocean trench breaks and causes 1mile high tsunami?
We save ~14k/mo. Technically 13k after other expenses. Every month worked is literally a year+ of mortgage payments if were to go unemployed.
In a few months, I will be buying another property here because we are literally shi*ing cash. No point to waste it if we are going to have another housing crisis later on. Better to be the ones selling than buying in the crash.
My parents did this and they are stacking. I'm telling you how the real world is and a lot of people get upset. Funny. I dont drink out, we eat in food. Even if I had 10M I wouldnt eat out. I am simply cheap, and was raised that way
WTF?! If you two take in $15k per month, why the heck are you even posting?! Who the heck would buy a shoebox in Lindyhurst and illegally rent out the basement with that kind of income?!? I'm happy for you, really. You don't need to rent the basement but are just doing it to get ahead. Kudos. Your story is highly relatable. With that kind of income and interest in investments, couldn't you find $1200/mo legally, without jeopardizing your primary residence?!
And don't get me wrong. I am staunchly anti-nimby and think anyone should be able to rent out part or all of their home with zero govt invasion. I had to fight to keep a 2nd kitchen sink upstairs for a blood relative and STILL had a battle royale w/ the town, which I lost. LI is opposed to density, so the town boards will always look to bust illegal apts based on even anonymous reports. They get to look like they care and at the same time create work for the court, code department, sheriff, expediters, planners and asst'd govt hacks. You're not up against me. You're up against THEM. Many of us have fought and lost for less (sheds, fences, pools). But who cares, you don't need the money. The whole discussion is pointless. Your rental isn't even necessary to afford the house. Movin' on outta this thread.
Last edited by monstermagnet; 10-17-2019 at 11:00 AM..
WTF?! If you two take in $15k per month, why the heck are you even posting?! What idiot would buy a shoebox in Lindyhurst and illegally rent out the basement with that kind of income?!? I'm happy for you, really. You don't need to rent the basement but are just doing it to get ahead. Kudos. Your story is highly relatable. With that kind of income and interest in investments, couldn't you find $1200/mo legally, without jeopardizing your primary residence?!
Because I'm cheap and psychologically don't like the idea of paying someone else's school taxes? And... it's not jeopardizing at all? I never let the inspectors in. My parents did it all their life, so am I going to. It's free money. We have 2500 SQFT to ourselves. If I rent out the basement, I'll have 1700SQFT left, and even then!!! what am I going to do with all that space?
WTF?! If you two take in $15k per month, why the heck are you even posting?! What idiot would buy a shoebox in Lindyhurst and illegally rent out the basement with that kind of income?!? I'm happy for you, really. You don't need to rent the basement but are just doing it to get ahead. Kudos. Your story is highly relatable. With that kind of income and interest in investments, couldn't you find $1200/mo legally, without jeopardizing your primary residence?!
Because I'm cheap and psychologically don't like the idea of paying someone else's school taxes? And... it's not jeopardizing at all? I never let the inspectors in. My parents did it all their life, so am I going to. It's free money. We have 2500 SQFT to ourselves. If I rent out the basement, I'll have 1700SQFT left, and even then!!! what am I going to do with all that space?
Your parents probably kept their yaps shut and stayed off social media, too!
And some people go online and with their jealous fat fingers, tell others how much they make because hauling potatoes for Best Market isn't producing 15k+ for them.
Your parents probably kept their yaps shut and stayed off social media, too!
They did. But I'm a bit bored.
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With that kind of income and interest in investments, couldn't you find $1200/mo legally, without jeopardizing your primary residence?!
