Life advice and buying advice

I would not buy until I was sure I knew what I wanted to do, on my own, maybe with help from friends, but not from internet people.

How confident are you that you will remain in the city for the next 5-7 years? What are your renting and how much are you paying? The idea that you are not confident in your professional future is not very encouraging for purchasing at this juncture.

My thoughts:

You make $100,000.00 (gross?), have no debt and have $750,000.00 in investments, which is very good for someone in their late 30s. But If I knew that I could lose my job or I may have to move out of the city, I would not want to commit to purchasing an apartment/house in NYC.

Let’s assume you won’t lose your job and you won’t leave NYC for the next 5-7 years. While you pay low rent now (not sure what you rent or how much it costs), you lose out on the advantages of purchasing a unit.

You work in Midtown (vague area) and want to get a place that you can rent out part of it. You can get some value on the UES around the subway.

UES (These only work if your able to rent out the other apartment)
If you can rent out the other BR for $1,000.00-$1,200.00 a month, you offset 28-34% of your cost.

Here is an apartment that you could rent out with ease because of the layout
- http://streeteasy.com/nyc/sale/967159-coop-68-e-93rd-st-carnegie-hill-new-york
o 2BR/2BA
o Good Maintenance
o Near the 6 train (midtown)
o $650,000.00
 25% DP: $162,500.00
 4.0 Fixed-30 Year Mortgage $2,327.00
 Maintenance $1,480.00
 Total Monthly $3,807.00 (Total $45,864.00 of Gross Income)

Here is one with outdoor space (private garden)
- http://streeteasy.com/nyc/sale/878461-coop-233-east-88th-street-yorkville-new-york
o 2BR/2BA + Outdoor Space
o Good Maintenance
o Near the 6- train (4 & 5)
o $700,000.00
 25% DP: $175,000.00
 4.0 Fixed 30 Year Mortgage $2,506.00
 Maintenance $1,004.00
 Total Monthly $3,550.00 (Total $42,600.00 of Gross Income)

You could probably find a nice 2-3 bedroom apartment in Harlem/Washington Heights/Inwood with outdoor space also that you can rent out to a student

Thanks all. Agreed sippelmc, I shouldn't be turning to Internet people to run my life, but they're still good for some ideas. I hadn't thought about renting duplexes with separate entrances, Consigliere. That might be interesting.

I most likely won't leave NYC in the next 5-7 years. I've done my research, and I know where I belong.

I don't like ground floor places though, and I would really like to be close to a park. I don't need to be very close to midtown. I cycle quite a bit. I run too, and Central Park's gotten too crowded for my tastes.

If I could buy a brownstone in Inwood for under $1 mil that might do the trick!

I would say if indeed you have a 5-7 year plan in NYC and want to purchase you should try looking in areas on west side in Washington Heights/Hudson Heights/Inwood or in Park Slope and especially South Park Slope/Windsor Terrace as Prospect Park is pretty awesome. I would act very conservatively and buy a place with low carrying charges and one able to rent out easily. If thinking about Westchester, Nyack is a pretty cool and hip town and very close to the city but no Metro North.

Perhaps Riverdale near Van Cortlandt Park and the end of the #1 train. Easy access to the country but still NYC. There are some multi-family houses along with co-ops and single family houses. Much more affordable than Manhattan and nicer in some ways. I live in Manhattan but grew up in Riverdale. Probably a bit sleepy for a single person though -- I wouldn't exactly call it hip.

Good suggestions. I ride through Nyack all the time, but I think that commute by bike, especially this time of year, might be a bear, selyanow.

I have thought about being near Van Cortlandt, bloomingdale. It's much more a neighborhood park and less of a museum piece than Central Park is. Indeed, pretty sleepy for a single person, but I don't need to be in the heart of it all. Here I am in front of my computer on a Friday night, in fact, going to bed soon for an early AM ride on Saturday morning...

When did Nyack move to Westchester?

Baier--perhaps consider something in Morningside Heights. Riverside Park is amazing and much less zooish than CP. Plus you get the river. You're still an easy subway ride from prime areas and the infrastructure is very good.

i think you only spent up to $200,000 to buy those equities now worth $750,000

>When did Nyack move to Westchester?

Probably wanted to get there before the TZ collapsed

Baier...wait...you must be aware that building is only as good as its history. For example 68 E 93rd Street that someone suggested to you earlier has an active complaint where the caller states that the landlord INSTALLED AN EXHAUST FAN IN THE WINDOW OFAPT. #3R WHICH BLOWS INTO THE AIRSHAFT AND THE AIRSHAFT IS SHARED BY OTHER APTS. & ARE RECEIVING THE CONSTRUCTION DUST IN APTS. Want to live in a violations free home? Get BUILDVIO building violation history reports before you buy.

Baier, do you think your lack of desire to start a family will change any time soon? As a man your chances of finding a partner don't quite plummet like they would for a woman your age, but it certainly doesn't get easier. Getting that 2BR now in case you find yourself married and with a child in a few years would probably turn out to be a great decision.

Triple_Zero = racist

Whoops---Nyack=Rockland Co...

Baier, I am of similar demographic to you and think you should think twice about becoming a LL, especially one that lives in the same building. Given what you say I imagine that you like to be financially responsible, but also value your freedom. Having to worry about coollecting rent cheques and getting calls to fic stupid little problmes is a huge pain in the ass and annoying. It is also not necessarily that lucrative and given that you'd be buying into a market that has soared, it might also not be that financially sound.

If I were you I would (and did) buy a nice one-bedroom condo. Put down a decent down payment so monthly outlays are easy and you would be able to meet them if your income went down. If you need to leave you can then jsut easily sell or rent, dpending on what makes sense at time. (I am now renting my first place I bought back home and will step back into it when I go home.)

In terms of location I would say check out Greenpoint near the new ferry stop. A lot of really cool bars and restaurants around, but still has nice tree lined streets. Demographics are hipster/yuppy but more 30s than 20s. Downside is transport sucks, but if you just need to go inot midtown twice a wekk you just hop on the ferry. Here you could get a nice condo for 600-700000.

A bit of a different idea, but maybe something to consider.

Good luck!

>Baier, I am of similar demographic to you

You thnk Baier is a traitor to his country and family?

Thanks Ottawanyc. Your assessment is probably on target about demographic and lifestyle. I wonder if I'd dislike being a landlord, but I've been at big companies since I graduated school, and I figured it might be interesting to do something else… especially with my doubts about my tenure. I don’t have extravagant expenses, and I have fantasies of retiring – using half the nest egg to build a multi-unit place, live in one section, rent the other to pay off the mortgage, and working part-time to cover daily expenses while being able to work out, volunteer and cook more. That's not very glam, type-A, NYC is it?

Your suggestion to buy small and use the balance elsewhere might be the way to go though. I like the neighborhood feel of Greenpoint, but still, not enough green space.

Scarednycgal, bloomingdale, bramstar all recommended the far upper west side, which is actually where I used to live. I did enjoy it there.

Triple_Zero, I'm not sure about the family situation. I've changed over time, but at this rate, I'll be ready when I'm well into my fifties. I hear you about my chances of finding a partner don't plummet as much as if I were female … I'm also helped by the fact that I look much younger and work in a somewhat creative field. That's another reason why I thought buying a multi-unit place would be good, for more space to expand into if I decide to go that family route.

Thanks for all the thoughtful responses!

It looks great on HGTV, but it severely limits your options and can be a huge pain in the ass. Would have been a good plan three years ago, but think now that the risk/reward is not worth it. And you don't need to have any level of sophistication to be a LL, but maybe more luck in avoiding nightmare scenarios. My one is having a tenant move out/break lease while I was living overseas. And there is always McCarren park, not the biggest, but if you like being fit it is a pretty great area: track, pool, tennis court, mulitple playing fields.

Good luck to you!

Ottawanyc, And the new ice skating rink when the McCarren Park swimming pool is not in use in the winter season! That park is really quite big (though, of course pales in comparison to Central Park or Prospect Park). Still a nice size for daily runs, walking, jogging.

I also echo the well wishes to OP.

RLR, I am very eagerly anticipating the hockey rink, er I mean skating rink. Live very close by and can't wait!

Ottawanyc,

Congrats! You are in a very nice part of N. WBurg, in the epicenter of all the good things! :)

I am by the waterfront but would not mind being closer to the park. I like the smaller farmer's market, Urban Rustic, the little community garden (very delightful) and the exercise facilities right in the park (very low annual fees)!

Haha, for the Spectator Hockey, you have to ride or drive out to Nassau Coliseum for the Islanders or go to Madison Sq Garden for the Rangers or get over to NJ for the Devils. We are headed off to a Tampa Bay Lightening vs. Islanders game for $38 per person courtesy of a Groupon discount (normally tickets are $130 or so per person?).

A 2 family home in Woodside. Priced around $750k for 4bd/2ba. Rent on half could easily bring $1700.

I was going to go to an Islanders game and once I added it up it was going to take me about 1.5 hours. Can't wait for them to come to Brooklyn!

Oylindiz!