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Old 02-18-2013, 05:42 PM
Location: Philadelphia, PA
3,940 posts, read 3,447,839 times
Reputation: 2685


Some idea's I've had are...

1. buying property / investments outside of NYC where the cost vs rent profit is higher and have someone else manage it.
2. buying a "cheap" tiny studio and living in it until it's paid for then buy a second place and use the rent to pay for my maintenance fees. Also I would expect the value of the condo to increase significantly.
3. buy a 2 bedroom where I can even get accepted for the loan and then rent the second bedroom to help pay off mortgage and maintenance fees.
4. just buy a hdfc where i am barely under the income restriction.
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Old 02-18-2013, 05:45 PM
17 posts, read 69,388 times
Reputation: 25
I think all these ideas are great. That is what I am looking to do.

Once I can live in NY with no stress to pay a lot of rent per month I think it will be all good
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Old 02-18-2013, 06:27 PM
Location: Austin
14,956 posts, read 9,224,538 times
Reputation: 17769
We lived in Manhattan for years until recently. I found the following helped us make the city more affordable:

Eat, drink and entertain at home.
Shop for food in Chinatown.
Experience opportunities for low cost/no cost entertainment. There are tons of free/very low cost things to choose from every day of the week from art to museums to plays to opera.
Walk everywhere for exercise instead of joining a gym.
Craigslist can be a great source for everything from free goods to last minute cheap tickets.
Be a hair model for free haircuts.
Check out the thrifts. They have great deals on clothes, furniture, dishes, etc. I furnished my apartment years ago with beautiful furniture for very little money.

Our apartment rent was high, no doubt housing is the biggest nut in Manhattan. We had a beautiful, quiet apartment. We did not go cheap with our refuge as I found that, more than anything else, being comfortable in our apartment was crucial to our well being overall.
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