I need advice on whether I can afford to buy a studio/one-bedroom apt. in Manhattan for my daughter, and what our chances are of being approved by a board. Our situation: I am a U.S. citizen living abroad. I make app. $80,000 as a teacher. I have $1,600 in housing expenses. My daughter, 26, is starting her career in the magazine industry. She makes $32,000 (will be more with overtime). she has... [more]
I need advice on whether I can afford to buy a studio/one-bedroom apt. in Manhattan for my daughter, and what our chances are of being approved by a board.
Our situation: I am a U.S. citizen living abroad. I make app. $80,000 as a teacher. I have $1,600 in housing expenses.
My daughter, 26, is starting her career in the magazine industry. She makes $32,000 (will be more with overtime). she has student loan debt of $65,000, which I can pay off. No other debt, she has excellent credit.
I can pay all cash for the aprtment and my daughter will pay the monthly maintenance.
Is this scenario feasible for buying? Advisable? What are our chances for getting board approval?
We thought it would be a good idea to take advantage of the lower prices now. She now shares an aprtment outside the city and pays over $1,100 in rent.
And does anyone know how we should take ownership? Should I gift her the allowable amount and have her owe me the rest? Or should we have joint ownership? I pay taxes to Norway.
Which buildings would allow out-of-state guarantors?
Please, I would greatly appreciate any advice! I will be in New York for the month of July in hopes of starting this process. Thank you!
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