For people who started from scratch in the US since moving from another country, how did you buy your first apartment in the city? I have a lot of student debt but I’m at an age where I’d like to think about property buying once I pay my debt down. Any tips welcome (financial / real estate / new in the country etc.)

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Lived with roommates until I moved in with my GF.

Rent being the single best expense, that was the most straightforward way to save real money towards a deposit.

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While buying sounds nice, it may not actually be the best financial decision (at least in nyc), seriously. Ive personally been debating it myself but each year when i do the math it doesnt make sense to. Make sure to do research and calculations. Like comparing monthly payments, expected real estate gains vs stock market gains, standard deduction vs deducting mortgage interest, current interest rates, buying costs, eventual selling costs, land leases, etc.
if you do buy, i suggest saving as much as you can for a large down payment. These interest rates are very high.
A podcast i listened to recently was new york times’ “the daily”. The episode was something like “buy vs rent” and ran a couple months ago. It may not hit the same points i mentioned above but its a good approachable starting point.

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I bought and am up 20% in 1 year 👍🏻👍🏻👍🏻

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I’m wondering where does @GS rent? Do you rent in a rental building or a condo or coop from
An owner?

You should first learn the process and the transactions costs. I came from a place where you have barely any transaction costs and barely any process (or an easy process.) The more I learned, the more it shocked me, especially about buying in the city (and especially in the coops and etc.) Suburbs have their own tweaks. So, assuming you have the same “easy” process in your home country, the transaction costs, various requirements and barriers along the way, and just general uncertainty about the process for you will shock you and you will likely decide not to proceed. Also, think about the process and transaction costs on both ends (when you buy and sell in future.) As someone noted above, in addition to all this pain (and I mean it) related to the process, I have never seen yet a place in NYC which would make it financially smart to buy (when you do the math, you’ll know.) So, if you decide to buy, it will likely be either as (or more) expensive than renting, and your decision will likely be driven by the symbolic meaning of “owning” a property (which in my home country is a big deal.)

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I rented till I could buy my Brooklyn townhouse

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Buy an apartment to live in it or to rent out and be a landlord?

To live in

Why would you want to buy an apartment in nyc? it’s far more expensive than renting

Yes I understand - home ownership in a big city has always been a dream of mine for family reasons. We moved around a lot growing up and never put down proper roots. My parents had to sell off our big house at one point when my dad’s business wasn’t doing well. My parents finally bought a place in a smaller town much later after I moved out but the whole experience was discouraging for the whole family. Hence the dream of owning something and not having it taken away from me

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