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Old 05-30-2010, 07:53 PM
 
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Quote:
Originally Posted by kfink85 View Post
One key question I'm still wondering about is that if the apartment rent shows up a liability on credit or not for a guarantor.
My understanding is that most leases in general do not show up on credit reports- including you, the primary renter, and the guarantor. Many landlords to not report to credit bureaus. They only time it would show up is you you default on the lease, and even then there has to be a judgement or the landlord has to report it. Remember it costs them money to report to credit bureaus.
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Old 05-30-2010, 07:55 PM
 
Location: Bowie, MD
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Quote:
Originally Posted by newyorker24 View Post
My understanding is that most leases in general do not show up on credit reports- including you, the primary renter, and the guarantor. Many landlords to not report to credit bureaus. They only time it would show up is you you default on the lease, and even then there has to be a judgement or the landlord has to report it. Remember it costs them money to report to credit bureaus.
Thanks! One additional question. My father and his wife both make 160k a piece. Would I be able to use both of them for the full 320k since they (probably) report jointly on taxes?
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Old 05-30-2010, 08:03 PM
 
Location: Washington, DC & New York
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Originally Posted by kfink85 View Post
Thanks. How much does that usually run in NYC for my type of budget?
Depending upon what you need to cover, it could be a few dollars a month, or $50/month. You would need a custom quote for art, antiques, jewelry, etc. It's not expensive for the peace of mind.
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Old 05-30-2010, 08:37 PM
 
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Quote:
Originally Posted by kfink85 View Post
Thanks! One additional question. My father and his wife both make 160k a piece. Would I be able to use both of them for the full 320k since they (probably) report jointly on taxes?
I'm not sure, but my guess would be no. They want each individual guarantor to make 80x the rent if not more. If you try to find websites for some of the management companies, many of them have their rental application and guidelines posted.

Oh- and ditto on the renter's insurance. In both of the apartments I had I carried coverage and it was totally worth the piece of mind. Right now we own our house so our homeowner's insurance covers everything but when we move to NYC we will be getting renter's insurance for sure.
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Old 05-30-2010, 09:03 PM
 
Location: Bowie, MD
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Thanks so much for all that help guys. Here's my updated budget. Let me know what you think.
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Moving to the city - PLEASE help planning!-nyc.png  
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Old 05-30-2010, 09:28 PM
 
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I think $2500 for rent is too high unless your combined income will be at least $100k. My husband and I will likely be making $150-160k and are looking at apartments in that price range. We do have a car loan, so we have to budget for the insurance and parking garage as well, but I think you will be stretching it. Also, $200 for transportation might be low. The metrocards alone are $180 total so that's only $20 you're leaving in the budget for occasional cab rides or car rentals.
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Old 05-30-2010, 09:54 PM
 
Location: Bowie, MD
31 posts, read 41,196 times
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Originally Posted by newyorker24 View Post
I think $2500 for rent is too high unless your combined income will be at least $100k. My husband and I will likely be making $150-160k and are looking at apartments in that price range. We do have a car loan, so we have to budget for the insurance and parking garage as well, but I think you will be stretching it. Also, $200 for transportation might be low. The metrocards alone are $180 total so that's only $20 you're leaving in the budget for occasional cab rides or car rentals.
$2500 was the absolute highest I'd consider.

Do you think I could get a 500sq foot studio below 110th for < $2000 with an elevator, laundry, and that's close to the subway?

I'm unsure on the sq foot because it's hard to judge how much we'd actually need. Also, every apartment listing I've found says close to subway but I want something walking distance (few blocks max).
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Old 05-31-2010, 03:40 PM
 
Location: Bowie, MD
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Update: Just measured my current living space for my girlfriend and I. It's 525 sq feet with a full bathroom but no kitchen (it's a basement). This size is perfect for us...probably even slightly bigger than what we need.
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Old 05-31-2010, 06:29 PM
 
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You can find something that size in your range. LOL..I think it's funny when you see these apartments listed on Craig's List that say HUGE APT...then when you read the ad they're like 500 square feet. It depends where you want to live. I see some studios or small 1 bedrooms online for $1900-2000 in buildings that even have doormen. It seems there are better deals for example in FiDi right now than some other areas, because some of those buildings recently got converted to residential or were recently built and they haven't been able to fill them up yet. But I have also seen nice places in the UWS and Midtown for around $2,000. The economy I think is playing a huge factor in the current prices. When I was looking at places 2.5 years ago they were way more expensive.

Try using Street East, NY Times, Craig's List, etc to search for a place.
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Old 05-31-2010, 10:53 PM
 
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Several comments/suggestions:

1. Your budget leaves little/ no "wigggle" room--> where are savings/ investments? Money for Christmas, birthday, wedding gifts for friends, etc? Vacation/travel (you're in your mid 20's and your friends are going to start getting married. Do you have money set aside for extra trips home, bachelor party weekend, etc? You probably won't want to miss them!)

2. I'd budget $10/week for laundry (3-4 loads) and $50/mo for dry cleaning per person (just your girlfriend, since she'll be in an office environment).

3. You are underestimating transit expenses- I'd budget for 2 Metro cards and $50/mo for taxis, minimum. There will be nights when it's raining and you don't want to mess with the subway or when you do a Bed,Bath & Beyond shopping trip and need a cab to get your shopping bags home.

4. Renter's insurance runs around $200 each year.

5. Electricity is $80-200 a month, depending on how much you run the AC.

6. Cable + Internet runs about $100-140 in Manhattan. Most buildings have only 1 company you can go through, like Time Warner Cable.

7. I have never heard of a building with free wi-fi.

8. Forget Tribeca on your budget. Plus, it's not very subway convenient if your girlfriend ends up in Midtown East or anywhere east side. I'd look on the Upper East Side (Normandie Court & The Highgate buildings may work for you). There are also several buildings in Murray Hill that are managed by the same company that are similar in amenities: laundry, roofdeck, possible gym, doorman, etc. I'd expect to pay around $2000-2250 for a studio. You may also look into some of the new buildings on West 42nd by the river. Far from subway & in a so-so hood, but if your end-game is the nicest apartment in your price range, this is your best bet. Also, possibly the Financial District. Again, not the most lively hood, but amenities galore in the new apartment conversions there.

Finally, you need to stick to $2,000 mo in rent. Or below. The 40x rule exists for a reason and if you follow it, you'll have more of a financial safety net. You can always upgrade apts in a few years as your income rises. You're only 25 or so. You are absolutely not "owed" the "Manhattan" experience of luxury high rise living if you can't really afford it.
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