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 for being approved by a board. Our situation: I am a U.S. citizen living abroad. I make $80,000 as a teacher and my monthly housing expense is app. $1,600. My daughter, 26, is starting her career in the magazine industry. She makes $32,000 (will be more with overtime). She... [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 for being approved by a board.
Our situation: I am a U.S. citizen living abroad. I make $80,000 as a teacher and my monthly housing expense is app. $1,600.
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. My daughter would pay the monthly maintenance.
Is this scenario feasible? Advisable? what are our chances for board approval?
She now shares an apt. outside the city and pays over $1,100 in rent.
We thought that now would be a good time to take advantage of the lower prices.
And does anyone know how we should take ownership? Should I gift her the allowable amount and have her owe me the rest? Or shoud we have joint ownership?
Please, any advice would be greatly appreciated. I will be in New York for the month of July in hopes of starting this process. Thank you!
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