advice/tips for real estate newbie

Just start saving the money ......

your student loans may affect your DTI if you are purchasing a Co-Op. If you focus on Condos the only thing student loans may affect is getting a mortgage. Consult a mortgage broker.

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You sound like me when I was fresh out of college.

Figure out if finance is what you really want to do as a career long term. Having a mortgage to pay will limit you as far as exploring other career options as well as limit you to NYC. Even if you're still hard-boiled in a few years, maybe you'll want to go into private equity and need to go back to business school out of state and end up working in SF, Chicago, Connecticut or Asia.

RE is too early to think about. At your age, you should be focusing on work, partying, and chasing tail (or having your tail chased if you're female). Go explore and drop some cash on different restaurants and bars in the city instead of tracking neighborhoods online.

My 2 cents.

thanks for the tips freewilly. its funny how you knew i worked in finance even though i did not say it at all.

i definitely have thought about the limitations that having a mortgage would put on my ability to change careers or go back to school. however i was thinking that if i got a good enough deal on an apartment (especially with prices so low), that i would be able to able to rent out the place at a price somewhat near my monthly payments. how feasible would it be for me to be able to rent out my condo/coop after living in it for a few years at a price somewhat close to my mortgage payments? that way i can still hold on to the apartment and free up some cash flow in the event of a career change and/or going back to school.

Do not buy a primary residence if the only way to make it work is to rent it out if certain things change in your life. You buy a home to live in it. In this way, it isn't like other investments. And FWIW, prices in NYC are not currently "so low." They are still expensive by traditional measures. If you have a long-term (10 year?) time horizon and want the non-tangible benefits that come from home ownership, AND you can afford it in terms of your long range financial goals, then buying is ok. But otherwise, just focus on saving and working and rent for now.

Noob ---- you're in a real sweet spot in that prices are going to continue going down, and you can watch this!! THEN you can grab a place when things are bottomish (or lower than now).
In the mean time, save your money, party-hearty, etc., what freewill said.
Enjoy your youthful exuberance!!!!!

Keep an eye on Wburg and LIC condos and buy one when they're at bottom later in 2010 or early in 2011.

Also be aware that if you are looking at a co-op, you need to have one-two years worth of maintenace and mortgage liquid. So for example, if you're total monthly payments are $1500/month then you would need to have $18000 to $36000 in an account when you close. It is not required for condos but it is not a bad idea to have some money leftover in case somethign happens, job lose, medical bills, whatever.

I always love the optimism of recent grads and their uncanny ability to boldly predict the future ("I should be able to save 60-100K in the next 1.5 to 2 yrs")

Come back in two years and tell us how you did. Meanwhile be humble, learn your profession well and don't be so anxious to sink yourself further into debt.

"Also be aware that if you are looking at a co-op, you need to have one-two years worth of maintenace and mortgage liquid. So for example, if you're total monthly payments are $1500/month then you would need to have $18000 to $36000 in an account when you close. It is not required for condos but it is not a bad idea to have some money leftover in case somethign happens, job lose, medical bills, whatever."

Or more accurately, as we've seen in this Obama Economy, you should have at least one year's worth of TOTAL living expenses in the bank at any given time (preferably two), in case of job loss.

Or, as many on this board have said, if you don't have enough savings to carry you through unemployment to the grave, you're being "irresponsible" if you buy anything.

thanks for the tips everyone. appreciate the advice and words of caution. overall, this is looking like a bad idea...(for now at least).

spinnaker1:"I always love the optimism of recent grads and their uncanny ability to boldly predict the future ('I should be able to save 60-100K in the next 1.5 to 2 yrs').Come back in two years and tell us how you did."

i love my optimism as well! i will be sure to get back to you in 2 years (if i remember), but as of now, i definitely think $60k is attainable. $100k may be a stretch but $60k is definitely doable for me.

any other suggestions for someone who is young and looking to get into real estate...other than save money and party?

use protection.

Keep your eye on StreetEasy & study the market so that when the time is ripe, you'll be ready.

Matt, your house guest and noob should have a little chat. Noob can teach your guest about saving money and your guest can teach noob about RE deals, like zero housing expenses.

yup - what W67 said. good luck noob.

no money for protection...gotta save for a condo