Buying Houses On The South Side

[AllanY2525]

As far as residential properties, it would be interesting to see just how much
of a write off someone could claim on a house that they paid next to nothing
for....

In order to claim depreciation, isn't there some system by which the actual value
of the property must be determined first - in order to prove that the property
has actually become less valuable than when it was purchased?

The county really, really needs to push for a city wide re-assessment of property
values.  My property taxes have already been re-assessed just in the couple years
since I bought each of them, but there are properties all over the city which have
not been re-assessed in years.

I'm also curious about how the county determines what the taxable value of a
property actually is.  What is their formula?  What is it based on?

[iwasthere]

To the moderator:

The post to Allan was from Maggy not "I was there".

Is there a problem in the system?

[iwasthere]

Allan

Those who buy city properties over the internet,for the most part, aren't interested in turning these properties around or being good neighbors. Their main purpose is to acquire cheap properties and use them and our community for tax write-offs. They benefit from depreciation - we don't.

This applies to commercial as well as residential.

[AllanY2525]

I don't know much about him, but he makes some excellent points
about buying real estate in Youngstown.  So many people have
bought properties in Youngstown over the internet without doing
their due diligence first - or even coming to Youngstown to look
at them before buying them. 

They think that they can flip these properties quickly, make some
money, and keep on truckin' - well, it ain't so, Joe.   Forgive my
"Sarah Palin-ism" here folks...

We all know that real estate is cheap in Youngstown.  Fixing up a century
old home or building, modernizing it and bringing it back up to code is
anything but cheap.  I can testify to that fact from firsthand
experience.

The reasons I bought properties in the Wick Park area were:

1) Historically significant neighborhood - and the place where I grew up
2) Proximity to Wick Park, the University, Stambaugh Auditorium, etc
3) Architecturally unique features, ie: not "cookie cutter" mill worker houses
4) I plan to hold these properties long-term, for income, and not "flip" them
5) When I retire, I plan to return to Youngstown and live in one of them.

The North Side has a lot still going for it because of the cultural institutions,
univerisity, St. Elizabeth's Hospital, etc... but buying homes on the South
Side gets a lot dicier - especially if you're looking to buy an investment
(ie: rental) property.   

Not only do you have to go through a potential purchase with a fine-tooth
comb (and a GOOD building inspector) but you have to buy a property in a
neighborhood that is still in at least fair shape, and close enough to major
points of interest that it will be an attractive place to live.

Bellamy made a good point about buying a property and living in it - but
without enough good paying jobs in the city, who has the money to buy these
old houses and live in them and fix them up?   It's cheaper, more expedient
and much more energy efficient to build a new house, elsewhere.

[jay]

Someone called this YouTube video to my attention.  I thought south side residents would like to view it.  The star of the video has a familar name.

www.youtube.com/watch?v=GTYKW-7A0EI&feature=channel