From: Pam Niedermayer (pam_pine@cape.com)
Date: 07/09/01-06:26:55 AM Z
Judy Seigel wrote:
> ...
> We had $7,000 in savings, which in 1957 was a bit above the median annual
> income for working head of family ($5000), so you'd probably need about
> $45,000 today. (After all, the reason for doing the hateful work was
> because it WAS lucrative. I was making what we called, really, I'm not
> making this up: "Good money for a woman.")
Happened to me in 1980 when we bought our first house, at least 3 men
involved in the process (realtor, bank vp, bank loan originator)
explicity said this. I let it go because they seemed to need some way
to justify hurrying (two weeks from offer to close); but it was a sign
of things to come in the Boston area.
>
> The "income-producing property," however, is *easier* to swing, because
> bank will give a larger loan. We had 1st mortgage, 2nd mortgage, private
> loan, home improvement loan, + loan for heating unit. A lot of real estate
> pricing is psychological-- you get more house for the money because of the
> stigma (or whatever you call it) of being a landlord, at least in NYC.
> If you check the ads you'll see you can still buy a "handyman special" --
> 4 stories + yard -- for price of a co-op. But in this area NOW that's
> likely to be out of range.
If one is willing to rent to section 8 (if there still is such a
thing) tenants, there may be a whole new world of gov't loans, REIT
(real estate investment trust) probably still has a lot of repossessed
(late '80's, George Sr.'s recession) rental property. But be sure and
find a lawyer to go into partnership with you, otherwise the legal
fees will eat you alive.
>
> As noted, you want a *marginal* area, meaning you also have to be lucky
> (or smart -- ideally both) so it improves. In 1957 inner cities across
> the board were considered doomed. This neighborhood is/was on the fringes
> of "Little Italy" -- today that's status, then it was considered a slum --
> & much of it slated for demolition for Cross Manhattan Expressway, etc.
> etc. etc. (Of course my mother always considered this neighborhood a
> slum... Which is to say, your family may freak.)
I don't understand why there are still so many abandoned, burned out
buildings displayed along the Cross Bronx Expressway (is this the same
as CME?). Has all that land been purchased, just being sit on by the owners?
Pam
-- Pamela G. Niedermayer Pinehill Softworks Inc. 600 W. 28th St., Suite 103 Austin, TX 78705 512-236-1677 http://www.pinehill.com
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