I finally got my financial situation in check and am looking to move on (and out) of my family's home. Although I understand mortgages and loans, I know for sure, my pockets can not afford a $200,000+ home here on the Island in Suffolk County so, I'm stuck in between renting and buying. Any advice? Know of any cheaper locations on the Island?
You can possibly buy a house in a rougher neighborhood. Also CO-OP's (Im selling one) are cheaper and have less to manage but you might have a board to deal with.
Condo's and Co-ops could be a good option for you. As well as smaller 2bdr homes in Ronkonkoma and the surrounding areas.. There are some nice ones available now. I sell real estate in Suffolk county and can help assist you through this process. Give me a call or message me your info. 631-560-8661.
Before deciding what or wear your should buy, what's your 5 year plan?
Long Island, New Jersey, and New York are very tax, price, a regulation-heavy zones. If you are considering real estate investment, then you may want to consider looking at other parts of the country as well.
I view 'where you live' as a consumption activity. The notable exception is if you live in a multi-family home that you happen to own. In many cases, some of your money may be better spent renting and working near your friends and family in Long Island. You can then take the remainder (down payment) money and invest where the numbers make sense.
This 2013 report is a bit dated, but it will give you an idea of some of the places where single family investing is good. I consider NYC & Long Island some of the roughest places to make money investing, because the retail demand is so high.
Don't. Run as fast and as far as possible!
And I'm only half kidding.... what @Trevor Ewen mentioned above is spot on. Having just sold our house on the south shore of LI I can tell you first hand that $16K/yr in taxes on a single family home is absolutely nothing to look forward to.
I completely understand if you have friends and family in the area but in terms of finding a location for your personal/business (RE or anything else) future I would look elsewhere.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing