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Yeah, I agree. It's highly unlikely, if not impossible. I was just thinking it through, going through the numbers, but it's not workable in NYC, especially when you factor in the info I found at the bottom of my last post, which is that many condos are requiring 20% down like coops do, and even if they don't, a bank won't lend to you if you only have 3% to put down.
Its really not. We paying champagne prices but all to drink is beer.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Henna around your way is gentrified the f--k out! Think from when you started posting to now.
Look even around my way is on it. Worst hood in Queens got Thai spots now. I just hit one of them up on Seamless the other day. And I'm in the HoOD...the GheTTo...
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Henna around your way is gentrified the f--k out! Think from when you started posting to now.
Look even around my way is on it. Worst hood in Queens got Thai spots now. I just hit one of them up on Seamless the other day. And I'm in the HoOD...the GheTTo...
Did it come from Far Rockaway proper or further West on the pensinsula?
What year is this? When I graduated out of college in the late 90s my starting salary was $42k, now I make over 4x that and I still wouldn't live in NYC because spending more than 20% of your salary on rent is a path to debt and zero savings. If I were you I save up my money by living with parents and spend $15k on a downpayment on a condo you will be building capital and credit towards future investment possibility.
Many NYers that got wealthy didn't do it because they had a super salary because they saved and bought property, became landlords or flipped their properties.
By being a renter you will forever be enslaved to your job and paying high expenses to maintain your existence in NYC.
Entry level base salary is $85k-$120k + bonus. If you find a significant other/roommates who makes similar salary you will be able to live comfortably.
Yeah, I agree. It's highly unlikely, if not impossible. I was just thinking it through, going through the numbers, but it's not workable in NYC, especially when you factor in the info I found at the bottom of my last post, which is that many condos are requiring 20% down like coops do, and even if they don't, a bank won't lend to you if you only have 3% to put down.
Exactly. That dude is living in la la land if he thinks you can save up 15k and buy a condo anywhere in NYC, even the outer boroughs. Not happening.
Exactly. That dude is living in la la land if he thinks you can save up 15k and buy a condo anywhere in NYC, even the outer boroughs. Not happening.
I have seen it done in the Bronx for 1-3 family homes. FHA allows low down payment and you need to show the rent roll is viable. It becomes a big problem if too many people are leveraged up in an apartment building, it is far more common in stand alone properties.
$450k at 3.5% down payment is $16k. There was first time home buyer program that would cover the cost of writing the loan and closing.
Hardly any condos and virtually no coops participate in the FHA program though.
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