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#71
08-04-2005, 10:02 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
[ QUOTE ]
[ QUOTE ] I cant imagine paying 3k+ a month for an apartment. But then again, im poor. [/ QUOTE ] So are most people that pay 3k a month for an apartment. [/ QUOTE ] I didn't want to do a FYP (cause this is fairly accurate) but I will add to say that if they don't feel like they are poor now, they will very soon. Unless you can SUSTAIN an income of over $100,000 (after tax dollars) for the next 25 years - there is very little reason to rent - even in NYC (former Brooklynite here - even though some of you city snobs may not consider that NY proper...). I can't add much too this conversation except to say that if you are interested in increasing wealth, you should definitly BUY - not rent. If you can't afford top make the downpayment - but are able to pay 3k/month in rent - you have probably done something wrong (like pay a high rent for a long time) up to now. Last but not least, one of the best ways to find a good rental in NYC is via bribery. Yes, I did say bribery - and the individual you want to bribe is the super. My parents paid the super the equivalent of 6 months rent in order to secure a rent controlled apt. - allowing them to live where they wanted to without paying the huge price that would inevitably come with the removal of rent control. Once again, you are a big boy (and a good earner by the sounds of it) - so you know best whats good for you. But renting when you can buy (see mortgage rates - pretty much free money nowadays) - is a big waste of $$ and in direct contradiction to ones ability to build wealth. GL in NYC man. 
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#72
08-04-2005, 10:06 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I cant imagine paying 3k+ a month for an apartment. But then again, im poor. [/ QUOTE ] So are most people that pay 3k a month for an apartment. [/ QUOTE ] I didn't want to do a FYP (cause this is fairly accurate) but I will add to say that if they don't feel like they are poor now, they will very soon. Unless you can SUSTAIN an income of over $100,000 (after tax dollars) for the next 25 years - there is very little reason to rent - even in NYC (former Brooklynite here - even though some of you city snobs may not consider that NY proper...). I can't add much too this conversation except to say that if you are interested in increasing wealth, you should definitly BUY - not rent. If you can't afford top make the downpayment - but are able to pay 3k/month in rent - you have probably done something wrong (like pay a high rent for a long time) up to now. Last but not least, one of the best ways to find a good rental in NYC is via bribery. Yes, I did say bribery - and the individual you want to bribe is the super. My parents paid the super the equivalent of 6 months rent in order to secure a rent controlled apt. - allowing them to live where they wanted to without paying the huge price that would inevitably come with the removal of rent control. Once again, you are a big boy (and a good earner by the sounds of it) - so you know best whats good for you. But renting when you can buy (see mortgage rates - pretty much free money nowadays) - is a big waste of $$ and in direct contradiction to ones ability to build wealth. GL in NYC man. [/ QUOTE ] I pay 3k a month in rent, I used to pay 4500. I'm sure I'll be poor real soon. I'm shaking in my boots. I want to know that if you think you are smart enough to lecture us, why the hell can't you manage to make 100k a year.
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#73
08-04-2005, 10:09 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
[ QUOTE ]
Unless you can SUSTAIN an income of over $100,000 (after tax dollars) for the next 25 years - there is very little reason to rent [/ QUOTE ] Its not that hard to sustain an income over 100,000 And one thing that anti-renters always ignore is that the extra money that you don't spend up front in order to buy, you can invest elsewhere and make a profit on it.
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#74
08-04-2005, 10:10 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
awesome
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#75
08-04-2005, 10:11 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
[ QUOTE ]
[ QUOTE ] I cant imagine paying 3k+ a month for an apartment. But then again, im poor. [/ QUOTE ] So are most people that pay 3k a month for an apartment. [/ QUOTE ] No. Plenty of doorman buildings with apartments for less.
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#77
08-04-2005, 10:13 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
[ QUOTE ]
[ QUOTE ] I think expecting to pay under 3K for a one-bedroom in a doorman building is perfectly reasonable with only very few exceptions. [/ QUOTE ] Yes, but not a great doorman building. TT [img]/images/graemlins/club.gif[/img] [/ QUOTE ] Mine is.
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#78
08-04-2005, 10:30 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
No need to get testy. I wasn't lecturing - simply stating fact. IF you can't sustain that kind of income long term (or think you may hit some dry spots along the way), it is a much better idea to buy. If you have the kind of job/proffession that allows you to make that $$ over the long term - feel free to keep renting (although I PERSONALLY still think that is a mistake).
My comment was striclty designed to show that TODAY, while mortgage rates are low, is a good time to buy if you are interested in BUILDING WEALTH. Part of this equation is having to spend a little less each month in order to save for a downpayment. Again, this is my personal opinion only and everyone does whats best for them. It's just that paying so much for rent when you can buy (and use same $$ to pay off a mortgage) is not the best move from a financial standpoint. Last but not least, I don't know how old ElD is and if he even plans on making NY his home for the forseeable future. It is quite possible that he enjoys the freedom of being able to move around and leave his place on a months notice; in which case buying is prolly not the best option. There may also be many, many other reasons why he (or you) preffers to rent. My point is that as a financial move - with no other considerations - owning >>> renting, especially when said rent is a sizable chunk of cash and money is as cheap as it's going to get (mortgage rates) for the forseeable future. FWIW - I do make more than 100k/year. I DON'T spend 3k/month on my mortgage. And finally, I wish there was someone out there that gave me the same information I gave above 5-10 years ago. I may or may not have listened. It may or may not have been the right move for me at the time. But knowing what the other options are and how to best attain them would have been an invaluable lesson.
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#80
08-04-2005, 10:48 AM
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Re: New Yorkers, where would you live in NYC for $3k/mo?
Obviously Diablo, Paluka sfer are in different income brakets than most of OOT- that's pretty much apparent from the subject line an "I'll be selling my company". Given that that's basically an established premise of the thread, how much debate does it merit?
Should random 21 year old 2+2 idiot get a 3K a month apartment? Probably not, but we hardly needed 27 paragraphs to tell them that.
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