A low income earner will soon be my landlord. Thanks NYC!! (Nassau: apartments, health insurance)

[Jaydata]

Sounds like a mini version of the 'Poor' Manhattan parents struggling on $400,000" story
you guys posted here few weeks ago.

[Lolipopbubbles]

Originally Posted by annerk

This is true.

You can borrow up to $1,403,400 for a Four-Family in a high cost of living area like NYC through FHA. Live in one unit and let the rental income from the others pay your expenses. You need a 3.5% down payment. Closing costs can be rolled in, but I believe you need escrows out of pocket--they can be gift funds. (It's been 15 years since I wrote an FHA loan, so I'm rusty.) I just looked quickly and there are a number of 2-3 family units for sale in nice parts of Brooklyn in the $600-800K range. That's a $24K d/p. Given the OP's income, he should be able to clear his IRS debts in a year and save the down payment in another year--if he really wants to.

Unless the car is needed for work, sell it. Join ZipCar and rent a car for the handful of times each month you might actually need one instead of relying on mass transit. That in itself will likely save you at least several thousand annually.

Yes, OP can do this for their first investment. Then later if OP want's sell the investment property and buy that dream house or condo/co-op. Or just keep the investment property and hire a management Company to take care of business while collecting rent, keeping up with repairs, etc etc. If he keeps it he can get write offs on the whole building because the entire building would then be rental property not owner occupied. It's best he get those debts paid off first and save up more of a down payment though 24k isn't bad in the price range you found, nice find btw. I find two family units to be a better choice because you don't get choked nearly to death by the State as with the 3 and up. Good idea on renting a car I bet that is much cheaper than most mass transit and taxi cab fares.

[nycgirl1616]

Originally Posted by RC1981

100k a year isn't middle class. Maybe if you're a family of 5...but if you're a single guy living in Manhattan making 100k a year...you're not middle class.

Yeah, it is middle class. A family of 5 on that salary 20 years ago was middle class but today it's poverty in NYC. I make almost what he makes as do most of my friends and at least 42% of our income is taxed, our take home is about 45-50k a year which isn't that much. I claim 0 every year and have still owed state taxes most years. It almost doesn't pay for me to work overtime because I only bring home 1/4 of the $ for that extra shift. If I worked a lot of overtime I would get bumped over into the next bracket and get taxed even more. I live in Nassau now so I'm not paying city tax, I could only imagine how much less the people who do even take home.

100k only seems like a lot to people who are entry level and haven't gotten there yet or for people without degrees/trade or to those out of state.

If you make less your % of tax on your income is much lower in addition to getting aid from various places. I get what the OP is saying.

[Lolipopbubbles]

Originally Posted by RC1981

100k a year isn't middle class. Maybe if you're a family of 5...but if you're a single guy living in Manhattan making 100k a year...you're not middle class.

What? $100k per year isn't middle class? then what is? what does having children compared to being single and childless have to do with determining if you are middle class? middle class, as far as I know, is determined by your yearly income not if you have children, married or single.

[Bremsstrahlung]

OP needs to save up a couple hundred dollars and invest in a personal financial management class at a nearby community college. He obviously has a LOT to learn.

[annerk]

Originally Posted by redrunner+2

True. Eating out is so pricy. There are lots of simple recipes you can learn to make. You don't even need to pay a friend. You can find tons of recipes online. Just simple stuff. If you live alone make something, freeze the rest. Instant tv dinners!

Roast Beef 101

1. Heat oven to Roast at 350 degrees.
2. Put a rib eye or top loin roast on the rack in the roasting pan with the fat side up. Sprinkle with some salt and pepper.
3. Put in the meat thermometer so the tip is about centered in the meat.
4. Pull the roast out just before the thermometer shows it cooked to your preference. (rare/medium/well)
5. Put the roast on a carving board and put a "tent" of foil over it loosely.
6. Let it stand for about five minutes then carve.

Make instant mashed potatoes or even buy the pre-made real potatoes at the market, heat and serve.

Roast pork is pretty much the same.

Beef Pot Roast

1.Buy a crock pot ($25 at Rite Aid), toss in pretty much any cut of beef roast. (no sense buying the pricey ones for pot roast though)
2. Add canned whole potatoes and canned carrots to your preference--just dump them right in including the liquid.
3. Fill a can with water and add a packet of Lipton Onion Soup mix. Mix it up. Dump it in the crockpot.
4. Add one more can of water. (You can use beef broth as well.)
5. Cover the crock pot.
6. Turn it on low.
7. Go to work.
8. When you get home, your dinner will be done and waiting for you.

Tacos

1. Buy a pound of lean ground beef and a boxed taco kit.
2. Put the beef on a fry pan and turn on the heat to about medium. Keep stirring/chopping at it while it browns and when it's pretty much all brown, pour it into a fine mesh strainer in the sink. Don't rinse.
3. Return the beef to the fry pan and add water according to the directions on the box (usually 2/3 cup) and seasoning packet. Stir well, reduce heat to medium low and let it simmer for about five minutes stirring now and then.
4. Chop up some lettuce and tomatoes.
5. Warm up the shells in the microwave.
6. Open a Corona.
7. Turn off the stove.
8. Assemble the tacos to your taste, adding Mexican cheese on top.

There should be enough for a couple of meals. You can freeze the leftover seasoned meat--put a piece of masking tape on the lid and write the contents with a Sharpie.

There are a ton of easy to make meals that are reasonably healthy. Those are just a few.

You can eat very well for $15 a day. Pack a sandwich for lunch or take left-overs. The bagel and cream cheese that costs $4 at the deli will cost you under $1 at home. Have your coffee before you leave, take a travel mug along from home if you want one to-go.

[annerk]

Originally Posted by nycgirl1616

Yeah, it is middle class. A family of 5 on that salary 20 years ago was middle class but today it's poverty in NYC. I make almost what he makes as do most of my friends and at least 42% of our income is taxed, our take home is about 45-50k a year which isn't that much. I claim 0 every year and have still owed state taxes most years. It almost doesn't pay for me to work overtime because I only bring home 1/4 of the $ for that extra shift. If I worked a lot of overtime I would get bumped over into the next bracket and get taxed even more. I live in Nassau now so I'm not paying city tax, I could only imagine how much less the people who do even take home.

100k only seems like a lot to people who are entry level and haven't gotten there yet or for people without degrees/trade or to those out of state.

If you make less your % of tax on your income is much lower in addition to getting aid from various places. I get what the OP is saying.

I disagree. I lived in NJ, worked in NYC and paid taxes to NYC, NY State, NJ, and the IRS and it was no where near 42%. Work the overtime and increase your IRA/401K investments to keep you in the lower taxable bracket. You'll be glad you did when you are in your 50's.

[nycgirl1616]

Originally Posted by annerk

I disagree. I lived in NJ, worked in NYC and paid taxes to NYC, NY State, NJ, and the IRS and it was no where near 42%. Work the overtime and increase your IRA/401K investments to keep you in the lower taxable bracket. You'll be glad you did when you are in your 50's.

You aren't paying NYC tax if you don't live in NYC. I also work in NYC so I know this to be true. You are probably getting that money refunded to you in your tax return, and I'm pretty sure you aren't paying NY state income tax either if you live in NJ. If you have a mortgage or kids to deduct that puts you in a different situation because you are then entitled to deductions that myself and OP aren't.

I couldn't deduct educational expenses last year because I made 2k over the limit. If you are low income or no income you can go for free and have money left over in the form of a refund.

[likeminas]

Originally Posted by nycgirl1616

You aren't paying NYC tax if you don't live in NYC. I also work in NYC so I know this to be true. You are probably getting that money refunded to you in your tax return, and I'm pretty sure you aren't paying NY state income tax either if you live in NJ. If you have a mortgage or kids to deduct that puts you in a different situation because you are then entitled to deductions that myself and OP aren't.

I couldn't deduct educational expenses last year because I made 2k over the limit. If you are low income or no income you can go for free and have money left over in the form of a refund.

Oh cry me a river. ..


Y generation sense of entitlement in full display.

Do you know what income per capita is in NYC?
Do you know what the median household income is?

People need to put their whining into perspective, before pretending to portray themselves as some kind of victim of the government.

Otherwise, feel free to give up your current job and go flip some burgers for a living so you can take full advantage of those fabulous tax credits and house-ownership incentives.

[RC1981]

Originally Posted by Lolipopbubbles

What? $100k per year isn't middle class? then what is? what does having children compared to being single and childless have to do with determining if you are middle class? middle class, as far as I know, is determined by your yearly income not if you have children, married or single.

Median household income in the USA is only 45k...that to me is middle class. Double that is upper-class in my book, NYC or not.

My wife and I combined income isn't even close to 100k but we get along just fine with the 2 kids. It's hard to then turn around and feel sorry for somebody who makes six figures, is single, lives in Manhattan, and is apparently having money problems. He's just doing it wrong.