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And you got a loan and board approval with how many years of working history?
I think it's doable if you got family to financially support you (your case) but I don't think it's doable unless you're looking at a considerably lower price range or have a very large DP to begin with.
Nowadays how many kids graduate college without any debt, have large cash reserves, and get a good paying job right after graduation?
National statistics say that that specimen is almost extinct.
And I don't think Ali G here, is the exception.
I had two years of work history with no debt and ideal credit, wasn't aiming for the sky as I bought in the (comparatively) inexpensive Bronx, and had a good sized down payment thanks to my folks. I was drawing a parallel as the OP was in a similar circumstance with the family help. My point is that it *is* doable if the conditions are right and yes a 20something can buy property in NYC.
I had two years of work history with no debt and ideal credit, wasn't aiming for the sky as I bought in the (comparatively) inexpensive Bronx, and had a good sized down payment thanks to my folks. I was drawing a parallel as the OP was in a similar circumstance with the family help. My point is that it *is* doable if the conditions are right and yes a 20something can buy property in NYC.
He was in a similar circumstance as you with family help?
I must've missed that part in the thread.
I don't know of ANY 20something buying NYC RE entirely on their own. But yes, I agree with you, it *is* doable for a 20something to purchase if daddy is footing most of the bills. No question about that.
Anyways, I just realized this an old thread.
Thanks OP for the update.
People keep getting offtopic. I never said 16k will be my down payment. I am not gonna rent in a new neighborhood either way even if I move now or later. It's even more expensive than here, and I am not gonna have roommates, never have, never will. I will research the neighborhood first and spend time there. I don't have time for this extra move. I am familiar with transferring. People keep assuming-I never said anything about student loan money. The down payment for a condo will be family money. I know BK is more expensive. I plan to buy in South BK, something up to 300k.
Quote:
Originally Posted by likeminas
He was in a similar circumstance as you with family help?
I must've missed that part in the thread.
I don't know of ANY 20something buying NYC RE entirely on their own. But yes, I agree with you, it *is* doable for a 20something to purchase if daddy is footing most of the bills. No question about that.
Yes he did, read the bold. Also, getting a gift for the DP is not a case of "daddy footing the bills" as you still have to go through the qualification process and when it's all said and done pay those monthly bills when they come. I know a few people that were able to buy real estate before age 30 in NYC and yes, many of them did get monetary gifts as DP but some of them did not. Some had very fortunate job paths and started working at pre-IPO start-ups that gave them stock options which they cashed in when the company went public. I'm not talking millions but enough to put down the required down payment. For example, my BX co-op only required 10% down and the purchase price was such that when my company did go public (which was after I bought my place) the stock options that I was granted would have easily been able to cover the DP and closing costs, and then some. There are also some mighty young sales people at my company, like mid 20, and the sales people have good six figure salaries. So yes, it *is* doable for 20somethings to buy - especially if they are NOT looking at Manhattan south of 96th street.
^weeerd
plus theres noth wrong with family help, dats what good families do if they can
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