Looking the buy second home in Long Island and great school district. How to go about the mortgage any tips and can I make this as my primary home?

like
Posting as :
works at
You are currently posting as works at

Taxes are pretty high there. Have you checked

Tag.

Not a lot of information here… What’s your budget? Do you have kids? Are you trying to avoid city income taxes (assuming yes)? What kind of “Long Island Lifestyle” are you pursuing (for example.. close to city, country club)?

Mortgage-wise the only tip I have is to have 20%-30% ready and be prepared for a jumbo loan in most cases so you’ll need the income to qualify.

I live on the Gold Coast. Feel free to DM me.

Yes, taxes are okay. Approx $15k in Plainview/syosset border. I have a new born and okay to put down about 20-25% down.

Syosset is a great school district, but also very competitive

like

Where is your first / primary home? Do you have money saved for a down payment?

What kind of advise are you looking for?

Primary for mortgage purposes or tax?

I have 3 primary mortgages which got us the lowest rate. Had intended to live in each of them before they became investment properties but my “circumstances changed” by the time we closed.

Tax you’ll have to prove you live there by utilities, drivers license, car registration, voter registration, etc. I did this while splitting time between 2 houses but check what qualifies as resident for your state.

Related Posts

like

In a perfect world how much would you want to make a year to both pay off your loans and live a good life? I think I'd need to make upwards of $200k to pay off my loans, take care of my family and live a fulfilling life.

like
like

Thoughts on the new Chase Freedom Flex?

like

Hi new to dfw area looking to buy a house. How’s the commute downtown from Frisco/McKinney area?

like

What is your credit limit on CCR? We're going through some life changes (wedding, rings, travel, etc.) and was recently surprised to find my credit limit is only $30K even after being a solid customer. What are the ways I can get an increase in the credit limit?

like

How much are your biweekly paychecks after taxes, insurance, 401k contributions, etc. and how much of each paycheck do you tuck into savings?

likesmarthelpful

Hello All,
If anyone is interested in getting an Amex card as first year free, please dm me. I can help with referral so that you get the card FYF and 2000 bonus points on spending just Rs. 5000 in 90 days.

like

Potentially buying house (~ 30 year old ) which has a radon mitigation system put in 2006, the level currently is at 1.6 pci/L. I know EPA recommends below 4, but is this still elevated?

like

Hey guys, Can anyone please tell me if there is any restrictions on SPI in mutual funds in MS for employees.

like

BakerTilly people, what application do you use to prepare your financial statements? Do you use word/excel?

likefunny

Have you ever taken a job you know you will hate because you needed the money right away? I have a family to take care of. I don't want to be plowing through our savings for selfish reasons like my mindframe at work, but I don't want to make our lives worse by being miserable. It's a matter of really ruining some of our financial future if we don't get money soon.

like

If I had a realized capital loss in stock last year can I use that to neutralize any realized crypto gains this year ?

Still using Ally Bank savings account, but the APY had dropped to .60%. Time to move. Any recs on personal savings account? This is my emergency “savings”

like

Finished Rich Dad Poor Dad and appreciate the emphasis on creating alternative cash flows (vs. just income). Does anyone have book recommendations on creating wealth? I've focused heavily on income + 'safe' investing, but intrigued to learn more.

like

Anyone have specific financial goals they're willing to share and how to get there? I'm 30 yo, l10 and $$ gives me anxiety. Currently making ~$95k with $30k in brokerage and $30k 401k. Or, tips for not stressing out that I'll be broke in retirement? Should I make a lateral move out at some point and target a $250k salary by X age?

like

What will be in hand for the below after-tax deduction?

Post Photo
like

I’m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but don’t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

Any idea what the closing costs would be for the buyer for a house worth $500k?

like

Has anyone successfully “ported” their mortgage? Just learned about this and doing some research since rates are so high now. Current rate is 3% and new home will be more expensive, for context.

likesmart

More Posts

Does anyone still play video games? Guilty pleasure, but sometimes feel a bit immature doing it

like

My #1 peeve about agencies is the old school habit of emailing everything. The most efficient offices leverage task/mgmt platforms to manage workflows/bandwidth. Crowded inboxes of nonsense = WASTE.

like

How much do senior strategists in LA make? Moving from NY to LA and wondering how much of a hit in pay I’ll take from lower cost of living or whatever recruiters will say

like

Chicago 🐠’s: who has a snow day today? 🙋‍♀️

like

You guys getting pizza parties?

Post Photo
funny

How are people this comfortable with public bragging? I will always be in awe 🫢 (1/2)

Post Photo
funnylike

Any tips when leaving a firm? Younger associate <1 year.

likehelpful

I gave interview for capgemini on 04th of June ,after that no reply from HR.
How many days offer letter will be generated.

like

Hello Folks,

Anyone having any idea about idc technologies or idc digital? Please let me know how this company is? Does they pay on time? Job security and work culture. I am getting hired for oracle dba position?

like

What is the right amount of guidance & support an employee in apprenticrship should receive at work? How much responsability?

like

Looking for fresher jobs for my sister preferably in cloud domain. If any leads there please share .Amazon

like

Hi folks,

I have newly joined Thoughtworks. Was hoping to get some help from fellow thoughtworkers.
Other allowances from ctc is not included in compensation plan. How will it be paid then? Directly at the end of the year?

like

Anyone working at coinbase i need referral

like

Are Analysts expected to travel while working for the consulting practise at Deloitte India? How often is one staffed on/rotated across projects?

like

[US FBI: Cryptocurrency ATMs are becoming the main tool of investment scammers]

In addition to conventional payment methods such as wire transfers and prepaid cards, cryptocurrency ATMs are also becoming a major tool for cryptocurrency investment scammers, according to the FBI

Post Photo
like

I have a question, I got a contract role through a recruiter. Initially the recruiter offered the hourly pay rate which was the minimum in my range. Now I got an offer from the company. Now without me asking her she increased the hourly wage to the maximum range I asked. Which makes me doubt if the company increased it or she knew the rate all along but gave me the lower rate ?

like

Would you say most in-house roles tend to hire from BigLaw?

like

Has anyone moved from antitrust private practice to a non-antitrust in-house role? If so, what kind of role?

like

Additional Posts in The Real Estate Bowl

Please help! Do these fees look within normal range or are they too high? I am especially concerned about the title company fees!

Post Photo
like

How long did it take you to purchase your first rental property once you started looking? I’ve been working with an agent for about a month with one offer not accepted, feeling discouraged

like

We just moved into a 50 year old house. We got the popcorn ceiling removed in the garage plus had the walls done. We didn’t use an official asbestos expert because of the price.

The horrible, dirty people that lived there before us left us a crappy mess. Hope we are not exposed, nor the neighbors.

like

Anyone sell to Zillow? Got an amazing offer from them, but naturally my floor decided to start deforming right before inspection. No water damage - I can get someone out here to fix it ASAP, but wondering if it’s worth the hassle. Mostly worries inspector will think there’s water or foundation issues

like

Do y’all do 15 year or 30 year for your portfolios? I personally plan to have a “job” or “career” for both the next 15 and possibly next 30 years, so should I just do 15 years to get a free and clear portfolio earlier? 25 year old and just getting started. Have a duplex in a major market (looking to refi out of FHA), and eyeing other opportunities now. I don’t “need” cash flow, so should I try to just build equity?

like

What do you all think of fundrise and start engine Real estate Reit ? Any experience? Would you invest here if you didn’t have the time to actually buy and rent properties? Any insight is welcome.
Thanks

like

Looking to move out of California, and considering buying a townhome in Atlanta for ~$650k. Any thoughts on the Atlanta real estate market?

like

Hi - any good books recommendations for getting started on real estate investing?

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

Bought a 300k end unit townhouse in Atlanta, 14 months ago with 10% down (3.65% interest rate). Prices in subdivision have been increasing over that period. This month 2 non-end units listed for 330k and sold right away. The opposite end unit on my 5 unit building was listed for 340k and is currently pending. What is the best way to stop paying PMI since since I should be at 20% equity?

like

Good cities/neighborhoods to invest in around Dallas? Looking for a SFH with max price around 300k. (w/ 70k down)

like

Is this the right time to buy a house as a primary residence. Everything is above listing price and going up on a weekly basis. What is your recommendation, be on rent for another year or two till the time property price go down or buy a house and save money on rent. Aprox budget is $500k and renting a house for 2200k per month as of now.

like

Who has done FSBO? Thinking of doing it for 2 of my houses that I’m selling in the spring time.

like

How long did it take you to buy your first million dollar home? What were the steps you took to get there?

My dream neighborhood is 10 min down the road but entry point is 1.2m. Currently my house is worth around $550k

like

I have over 12 years in B2B sales/sales management experience along with a graduate degree. I am wanting to shift gears and I am at a point where I can invest time in myself to learn through practical experience. The new industry I am wanting to pursue is real estate investment. I have read all the books but want some hands on experience on the property management side. How could I best leverage my skills for a role in this, and what should my expectations be for negotiation in compensation?

The threat of nuclear bombs flying over cities should crash the real estate market

like

Can I get a commercial loan without 25% down?

like

One way to invest in rental properties is paying the downpayment and any renovation costs using saved up cash. I know folks also use HELOCs. So you'll end up with 2 loans. When do you pay off the HELOC? Personally I dont think taking out a HELOC is a great idea. What other strategy do you use to invest in rentals?

like

Question for folks with second homes: Considering buying a vacation home but would be primarily for family use. We currently have a primary residence with a mortgage balance of ~640K, so my understanding is I could only deduct the mortgage interest on 110K of the second mortgage to stay under the 750K cap. If I were to buy the second home through an LLC, would that allow me to exceed that 750K since the expenses of the second home would be pass through expenses/income?

like

Better mortgage vs. Rocket mortgage - anyone shopped with both and what swing your decision?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal