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With potential baby on way, looks like we might be moving back to Manhattan. With that said, would love experienced buyers’ perspectives on what we can “afford.” Targeting a pre-war building, west of Lex, in the classic 6 /7 style (need a staff room for eventual live-in). Currently own $3MM condo in Brooklyn.
Key Stats:
DINK (#s combined)
Combined income: $700K base + bonus =$1.5-2MM (includes deferred stock cash)
401K = $600K
marketable securities: ~$2MM
Would put ~$1.25-1.5MM down, assuming PP of $2.5-3MM (seems like maintenance in the $4-6k month range)
How would coop board look at this, assuming they like the idea of upper 30s/low 40s residents with baby en route?
IMO You should go back through the past 1-3 years of "The Hunt" columns in the NY Times and take down notes of any realtors that sound interesting to you - and then contact them with your questions.
Jesus.. That’s a working farm with a great house anywhere in USA with staff and all. Working chef, maid and car collection. Why the **** would you want to live in this **** hole.
You need to have a buyer’s agent with you. The agent will be able to tell you what specific requirements the coop boards need. (different buildings, different rules/preference.)
Usually you need to bring at least 20% upon closing. Some buildings would ask you to put at least 6 months of maintenance fee into escrow. The more stable your job history/credit history/finance the better. They want to see your liquid asset (for example how much your equity is re. the Brooklyn condo.) They prefer proper, non-partying type, clean background, non-smokers….etc you get the picture.
An agent should be able to walk you through more and help you to present your package. Good luck and congrats on the baby!
Because it's here where he can make that money. Out in the country? Not so much.
And NYC is quite nice when you do make that kind ob money. It's only a hell hole if you're poor.
Quote:
Originally Posted by Dave 92 LSC
Jesus.. That’s a working farm with a great house anywhere in USA with staff and all. Working chef, maid and car collection. Why the **** would you want to live in this **** hole.
With potential baby on way, looks like we might be moving back to Manhattan.
Let me share a story.
First off. God Bless you and your baby.
Decades ago .....in the 40's A family had a child. Asthma.
Doctor told the parents to leave the city and move close to the ocean because of industrial pollution.
It was a wonderful cure. No different today.
Secondly.
Consider yourself monetarily blessed.
You have the means to move about.
My opinion.
I would move as far away from the city as possible.
A healthy and natural environment for your baby is of utmost important.
Your sacrifice is time spent travelling to work. How beautiful is that for baby on the way.
A one family home that only exposes your baby to parents and natural settings over
a hi rise full of different peoples from different backgrounds with different standards of hygiene.
Consider the unwanted guests.
Rodents,roaches, trash, air borne pollutants,etc...exposure that may possibly compromise the health of child on the way.
This is only my opinion. For me? This is a no brainer.
God Bless.
Best Wishes.
Or perhaps he's willing to bust his ass for 10-15 years, then be able to retire and do whatever he wants for the rest of his life. Money creates options.
Quote:
Originally Posted by Dave 92 LSC
If you must buy a Rolex every week and have $500 lunches on daily basis then sure I get it. Or perhaps you are in Lincoln center every night?
Or perhaps he's willing to bust his ass for 10-15 years, then be able to retire and do whatever he wants for the rest of his life. Money creates options.
Laughable. Those who are able to retire are slaves to the game and can never sit down. It’s the only thing they know.
If they keep doing it, it's either because they like it and want to, or they've got used to spending such vast amounts of money, they need to in order to maintain they're lifestyle. I do know people who've very successfully walked away. Usually there is a burnout point.
Quote:
Originally Posted by Dave 92 LSC
Laughable. Those who are able to retire are slaves to the game and can never sit down. It’s the only thing they know.
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