Page 2 of 2 FirstFirst 12
Results 11 to 20 of 20

Thread: Decision regards housing

  1. #11
    I am very shocked to see how nice those houses are. Its definitely something I like.

    I don't want to be lonely but I will ask my friends if they wouldn't want to move in with me. It would help me pay for the house and enjoy company of my friends. As far as different people in Indiana I don't think it might be an issue as I immigrated here from a different country so cultural change is something I wouldn't mind.

    I don't feel under pressure to leave as we just talk about our feelings the other day so no one really knows to put pressure on me or her to get moving but you can still understand that I don't want to be somewhere I don't belong. I love freedom!

    Thank you again for your kind words hlh

  2. #12
    KLD i rented an apartment before and I liked it a lot. It feels good to be around people. There is nice condo complex near me that I will check out. I know someone that owns and rents one of the units. I wouldn't consider buying a condo after what I have heard from people and you KLD!


    Thanks for all advice I am still too young to know about all this

  3. #13
    Suspended Andy's Avatar
    Join Date
    Jun 2003
    Location
    Chicago IL
    Posts
    9,722
    I'm going to go against condos here. Never saw the point...buying a space in a crowded building, still paying 'rent' in the form of an association fee, nicked for property taxes, apartment building 'feel' to the joint. Barf. I'd rent that vs. buying it for sure.

  4. #14
    Quote Originally Posted by Andy View Post
    I'm going to go against condos here. Never saw the point...buying a space in a crowded building, still paying 'rent' in the form of an association fee, nicked for property taxes, apartment building 'feel' to the joint. Barf. I'd rent that vs. buying it for sure.

    I agree. Its between a rent (temporary) or buying a house. Thanks for pointing me towards Indiana and giving me an idea of renting out rooms. I think value there is great and taxes are way lower than IL. Andy why don't you buy a house and you got first renter here!

  5. #15
    Suspended Andy's Avatar
    Join Date
    Jun 2003
    Location
    Chicago IL
    Posts
    9,722
    Quote Originally Posted by wesmaister View Post
    I agree. Its between a rent (temporary) or buying a house. Thanks for pointing me towards Indiana and giving me an idea of renting out rooms. I think value there is great and taxes are way lower than IL. Andy why don't you buy a house and you got first renter here!
    When I get a single family type place...it's for me, and me alone, lol. But when I bail from Chicago I will have a spare unit available that I'm currently holed up in. The question remains though...would it make more sense to cash out on this place, or keep the income stream. Need to weigh my anticipated lifespan/PITA factor on that one. And know when exactly I'll be putting myself out to pasture (literally, in a sense, lol).

    Well, good luck in your searches, I think you'll find Indiana a whole lot less idiotic than IL, at least from what I'm finding so far

  6. #16
    Super Moderator Sue Pendleton's Avatar
    Join Date
    Jul 2001
    Location
    Wisconsin USA
    Posts
    11,007
    Quote Originally Posted by Andy View Post
    When I get a single family type place...it's for me, and me alone, lol. But when I bail from Chicago I will have a spare unit available that I'm currently holed up in. The question remains though...would it make more sense to cash out on this place, or keep the income stream. Need to weigh my anticipated lifespan/PITA factor on that one. And know when exactly I'll be putting myself out to pasture (literally, in a sense, lol).

    Well, good luck in your searches, I think you'll find Indiana a whole lot less idiotic than IL, at least from what I'm finding so far
    Andy, have any friends in the tax accounting field? If your current place still has a mortgage I'd say definitely keep it. Someone else pays the bills but you write off property taxes, interest, any upkeep and the condo fee if you don't think or your condo board won't allow the renter to pay it. Yes, it becomes a cost of doing business. You then start depreciating the cost of the condo annually also. Over the long run when you do decide to sell it the capitol gains between sale price and depreciated amount considering all the write offs over the years is normally very beneficial to you.

    Condos can be great places depending on what you want, where you want, size and fees. We've had 2 single family homes and prefer most of the new condo to either. It is a stand alone 16 unit 4-1/2 story with underground heated parking with 2 spaces each. We're on a lake with a pool and a dock with a slip with electric for each unit and park like grounds. The architect gave us all private wrap around balcony/decks with 3 sliding glass doors each to our balconies (sorry, not sure what to call them as ours has two steps to the lawn area and has a balcony look but feels like a deck). The apartments vary between 4 sizes except the 4th floor where all 4 units have lofts and all have very little common wall with the next, most 20 feet of the quiet side of the great room/entrance area to the guest room and bath in the next apartment and then some common wall with your floor's hall. As long as it meets codes we can do just about anything keeping in mind we have in floor heating as well as back up forced air. Our property taxes are deductible just like a single family. Fees can be a bitch depending on the board and what people want. We have by far the lowest on the lake. The much cheaper condos across the street have a tennis court one indoor and one out door pool, unassigned slips but their fees are twice ours. We all seem to agree that we'd rather vote and pay one time extras on new landscaping or repairs because once you raise the fees it is like all taxes, they rarely go back down.

    I agree on new builds. Ours was 11 years old when we bought in and we heard that in unit laundry rooms on one side missed being vented and this wasn't discovered until enough units were drying clothes to see lint all over cars in the basement. The architect helped fix the problem as he works hard on geothermal construction and he admitted he forgot the vents in the working blueprints. We are on the uneffected side but those on the other side say they cannot detect the fix behind the washer/dryer areas.

    There is a no rental agreement as part of buying into this condo. That is not something buyers like you or Wesmaister would want but this is either a second or retirement place for most of us except two owned by lobbyist types from downtown.

    Andy, thanks for pointing out the downsides of buying in your area. Indiana has its own such as politically it is very conservative outside the 4 northwest counties. That is why I tend to chuckle a lot at what you may do to the poor people of Goshen...
    Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, "I will try again tomorrow."

    Disclaimer: Answers, suggestions, and/or comments do not constitute medical advice expressed or implied and are based solely on my experiences as a SCI patient. Please consult your attending physician for medical advise and treatment. In the event of a medical emergency please call 911.

  7. #17
    Senior Member ~Lin's Avatar
    Join Date
    Nov 2011
    Location
    Indianapolis, IN
    Posts
    3,070
    I grew up in NW Indiana, am in Indy now. The prices are definitely much better than elsewhere, I am frequently shocked at what friends in other states pay for housing.

    And I'm also impressed by what you have built up, I wish I had saved more at your age. I'm 29, and if I'd saved more when I had a good job and good income there is so much shit I had to deal with later that I wouldn't have. And since my primary disability is genetic and I knew it was degenerative, I really should have known better. 1-2 years savings even isn't enough security I now believe.
    Board Member of Assistance Dog Advocacy Project working in Education. Feel free to ask me any service dog questions!

    I am not paralyzed. I have a genetic connective tissue disorder with neuro complications and a movement disorder.

  8. #18
    Suspended Andy's Avatar
    Join Date
    Jun 2003
    Location
    Chicago IL
    Posts
    9,722
    Quote Originally Posted by Sue Pendleton View Post
    Andy, have any friends in the tax accounting field? If your current place still has a mortgage I'd say definitely keep it. Someone else pays the bills but you write off property taxes, interest, any upkeep and the condo fee if you don't think or your condo board won't allow the renter to pay it. Yes, it becomes a cost of doing business. You then start depreciating the cost of the condo annually also. Over the long run when you do decide to sell it the capitol gains between sale price and depreciated amount considering all the write offs over the years is normally very beneficial to you.
    I'm my own accountant...and I deduct everything for sure. And no negative net worth here to consider. The main factor is, do I take the next 20 or so years of net income up front, or hang onto the income stream which can follow inflation in a way (providing here doesn't turn into Detroit, lol). And with me a cripple, who smokes, and history of heart attacks and stroke in the family...you know how that goes. Seems like a no brainer at times.

    I'll tell ya though, I really wish this SCI thing wasn't in the way. Some real juicy 3 unit rentable buildings on this block alone that sold in both short sales and foreclosure auctions (and weren't just bought by the lein holder at auction, individual real buyer got it). If only physically able, I could have some nice buildings around here that would be paid for after cost and taxes, etc in about 10-12 years by the renters. Pure profit after that. Who says the housing crash was a bad thing, lol. But alas, not being able to do the needed work myself kind of threw a wrench in those gears

  9. #19
    Super Moderator Sue Pendleton's Avatar
    Join Date
    Jul 2001
    Location
    Wisconsin USA
    Posts
    11,007
    Quote Originally Posted by Andy View Post
    I'm my own accountant...and I deduct everything for sure. And no negative net worth here to consider. The main factor is, do I take the next 20 or so years of net income up front, or hang onto the income stream which can follow inflation in a way (providing here doesn't turn into Detroit, lol). And with me a cripple, who smokes, and history of heart attacks and stroke in the family...you know how that goes. Seems like a no brainer at times.

    I'll tell ya though, I really wish this SCI thing wasn't in the way. Some real juicy 3 unit rentable buildings on this block alone that sold in both short sales and foreclosure auctions (and weren't just bought by the lein holder at auction, individual real buyer got it). If only physically able, I could have some nice buildings around here that would be paid for after cost and taxes, etc in about 10-12 years by the renters. Pure profit after that. Who says the housing crash was a bad thing, lol. But alas, not being able to do the needed work myself kind of threw a wrench in those gears
    You might want to talk to a financial advisor who deals with disabled clients about what would give you the best place to put a lump sum and give it back with a decent return. I hear you on the Detroit thing. That would scare me down there too. If you're not going to do the things needed to avoid the familiar medical history then I would sell and buy that place where the pygmy goats roam. Enjoy it upfront.

    We just enjoyed a trip up the Green Bay peninsula and I talk about easy flipping! Gorgeous places that are now financially "distressed" that need almost nothing but someone who can get tenants for another 2 years. By then the market will have tightened back up on waterfronts and the $450Ks will go back to $2 million or so. But those downtown Brownstones in Chicago will most likely never lose much value as long as there is anyone downtown. But with counties downstate holding back their sales taxes until the stage catches up on their school budgets I'd head to Indiana too. Just don't scare the Amish girls.
    Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, "I will try again tomorrow."

    Disclaimer: Answers, suggestions, and/or comments do not constitute medical advice expressed or implied and are based solely on my experiences as a SCI patient. Please consult your attending physician for medical advise and treatment. In the event of a medical emergency please call 911.

  10. #20
    Suspended Andy's Avatar
    Join Date
    Jun 2003
    Location
    Chicago IL
    Posts
    9,722
    Decent returns...at this stage I'm not gambling. Sure would be nice if the government wasn't hell bent on destroying the currency and keeping interest rates zero. Could be worse, I hear in the EU they actually did a negative overnight rate...interesting times indeed

Similar Threads

  1. Bush's decision
    By Wise Young in forum Cure
    Replies: 73
    Last Post: 03-01-2006, 04:56 AM
  2. Replies: 0
    Last Post: 02-22-2003, 07:47 PM
  3. Replies: 0
    Last Post: 04-06-2002, 01:15 AM
  4. Not a good decision ?why?
    By Steve in forum Cure
    Replies: 8
    Last Post: 08-21-2001, 02:13 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •