How logical is it to buy a very cheap home?

Dude, move out to NJ and get a roommate for a year or two. Hell, for $800 you could get one bedroom in a beautiful 2BR, 2 bath in Summit, NJ or even in Jersey City. NYC is still going insane. There was just a piece in a local paper about stores in the UWS closing because their rents are going from $15K to $60K in one shot, how sick is that? It's becoming a place for only the rich. The taxes are going to have to increase dramatically, and Bloomberg is already hinting at it. I agree with Oldtrader and EMRGLOBAL, real estate is along way from a bottom, and a really long way in NYC. But I would rent for now, buying anywhere now is a BIG mistake, IMO.
 
Quote from fatrat:

Here's my situation:

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I view the place I live as just a place to sleep, and am attempting to pack in as much life as possible while I'm in the city.
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If you just need a bed, why not go in with a bunch of other students and get a 3 bedroom place and cram 3 bunk beds in there? Rent split 6 ways, and you can get something closer to where you work and go to school.

(I don't know NYC well, so maybe this is a stupid idea.)
 
Quote from Triple X:

Dude, move out to NJ and get a roommate for a year or two. Hell, for $800 you could get one bedroom in a beautiful 2BR, 2 bath in Summit, NJ or even in Jersey City. NYC is still going insane. There was just a piece in a local paper about stores in the UWS closing because their rents are going from $15K to $60K in one shot, how sick is that? It's becoming a place for only the rich. The taxes are going to have to increase dramatically, and Bloomberg is already hinting at it. I agree with Oldtrader and EMRGLOBAL, real estate is along way from a bottom, and a really long way in NYC. But I would rent for now, buying anywhere now is a BIG mistake, IMO.
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I'd like to see everyone that rents simply LEAVE NY and leave the shysters holding a big fat empty bag 'o shite.
 
Quote from fatrat:

$30,000 isn't "all this cash". What world do you live in? It's the bare essentials needed to survive a job loss, getting fired, or a health care cost shock.

Have you been to NYC? A non rat-trap costs $2000/month minimum.

People will criticize me, but $100,000/yr is poverty level in NYC.
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non-rat traps are considerably higher now.
 
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