I am buying a luxury condo in Queens, NY in the downtown flushing area for a little over 600K. The HOA is $343 and the taxes are about $500 a month. It’s going to be move in ready by next year. I make about 115 a year and after closing I will probably have 60-80k in cash left and 30-40k in investments. Do you think I made the right choice? Also note I already got pre-approved already by the bank.

like
Posting as :
works at
You are currently posting as works at

Forget about a “luxury” condo. You can’t afford it.

You can afford maybe half of that. You dont want that much money going for the basics and not have enough saved for retirement and emergencies like major home repairs and necessary replacements/upgrades.

like

How much are you putting down? Assuming 10%, your housing will be about $4400/month. Is $115 your after tax, after health insurance income or your gross. If gross, that’s more than 50% of your after tax income. So can you live off about $3700/month for all other expenses? Seems like a lot unless $115 income is net.

OP, I make about as much as you do and I can tell you right now that you can’t afford this.

Owning a condo is more than just paying the mortgage, HOA fees, taxes and insurance. I bought my place in 2021, and I have had to put about $25-30k over the past 3 years (windows and slider, electrical panel, replace outlets/switches, installation of new 220v outlet for a dryer, washer/dryer, furnace, hot water heater) into my place in order to make it a much more comfortable home.

By putting so much into the basics, you’re not saving enough for the other important things like retirement and an emergency fund, which will allow you to pay for repairs and upgrades when you need them along with other contingencies.

I made the same mistakes with my first condo and made sure I didn’t make the same ones with my current one. Please take it from someone who has been there. Get something a LOT cheaper. You’ll thank yourself.

like

Will you be living with a roommate?

Monthly expenses should ideally be split according to income, she makes significantly less than you. Unless you combine your accounts once married.

You absolutely cannot afford this. Even if you made 50% it would still be a big stretch

You will be bankrupt in a few months with those numbers.

I assume your mortgage with tax/hoa will be around 3k. If you split with your girlfriend, it’s doable, though not sure what other bills you have.

Your income will increase yearly, I assume you’re in the traditional consulting model. Make sure you focus on your performance and promotions will come fast.

You’re right, I forgot the current rates are insane. If he splits cost, it’s 2.5-3k each person but risky if things don’t work out.

Related Posts

Should I do the IPG employee stock plan? Anyone else do this? Don’t even know if it’s a good stock or not

like

hi Sharks

Can anyone help me what will by my inhand salary for CTC 31.5 Lakh((No variable) fixed ctc and i have home loan and life insurance of more then 1.5 Lakh
Employwr contribution to PF is 9450 monthly and i think same goes from my contribution as well

like

I made a mistake starting SIP in a ULIP. Used to invest 7500 per month starting from November 2018. I have discontinued my premium payments since last year. That is when my fund was moved to an interim surrender state and now it earns 4% per annum interest.

After 5 years of lock-in that is November 2023, can i withdraw the entire amount at a time? (Of course after paying surrender charges)

like

wfh is good but need to plan to improve our yields on savings if need help happy to assist cum mentor

Can I move to Florida the month my bonus hits and not pay any NY State tax on it? Or would I just declare that 1/12 of the year I was in Florida and get the pro-rated refund from NYS on my overall Pay

like

Anyone have a crypto kitty?

like

Any Boston based MBA students here? Wondering how much to expect for rent if I want to live in Central Square with one roommate.

like

Could this be an ICO? This seems like a massive crypto play.

Post Photo
like

Off the topic.. being in IT field and living in Bangalore, what do you think is best renting a house or opting for a home loan and paying similar emi for 20 years?

like

as another fish. have 13k left in car payments for another 40+ months, would you recommend doing a 10k onetime payment or investing that 10k instead. better to lower debt or keep paying monthly cost

$1000 monthly recurring investment through Acrons? Aggressive portfolio.
Anyone else using Acrons here?

likehelpful

I am working as a sde intern at a startup company.
They asked my account details for paying stipend.
I shared my savings account details.
Will they pay me in my savings account?
1 month and 4 days over not yet got the stipend.

like

Looking to rent a home in the Central Park area but there are very few homes available for rent on Zillow. Does anyone know of any other platforms that might have listings that are not on Zillow? I imagine most people who are trying to rent out their home/investment property would list on Zillow but thought I’d ask!

like

How did you learn how to invest? (Stocks, Bonds, wtv) I am a newbie to investing and would love suggestions on helpful resources.

like

What do you guys think would classify as a good savings amount by the age of 30?

like

Investing in crypto is fun again :)

like

Hi, amateur question. Is there any difference tax wise on letting an option expire vs sell for nothing? I assume both are tax losses that you can compensate with gains in other options right? TIA

like

When my portfolio was going nuts 🚀💰 made over $100k profit last year and on same process this year.

Post Photo
like

Is there anyone from Canada here? I’m looking for some information on working out of the country, but selling insurance.
Thanks

like

More Posts

Way oversold in my opinion. EOS is very exciting, hoping for something special over the next three months!

Anyone looking for a workout partner in Houston?

like

How is everyone doing? And are you currently working while everything is going on?

like

What resources would you recommend to find a full time nanny in Houston? Any specific websites, services, groups or places that have worked for you in the past?

like

Which beach to visit?

like

Does anyone have the 2020 SHRM books for sale or to borrow? My job won’t contribute towards my certification. I’ve already paid for my test. I have the books from 2015 but I’d like to study from the 2020. I tried finding them online to purchase but sellers of affordable books aren’t responding.

This couldn’t be more timely as I’m sitting in the waiting room after just being diagnosed 😆 welcoming tips for adjusting to Adderall!

like

Do citi pune provide Diwali gifts?

like

Hi folks,

I am looking for QA Manager positions in Automation space. Have over 10 YOE, ex-PwC, ex-Deloitte. Served as Test Manager in the US for 6 years, have extensive experience in AGILE transformation projects
Appreciate your help!!
Thanks,
Testing Fish

like

Credit suisse or Barclays? Both offering same amount.

like
like

I came across a copywriter position that I’m interested in, but one of the requirements is 8 years of experience. I’m currently just over 5 years. Would it be ok to still apply?

like

After five years in London I’m thinking of moving back to NYC and consequently looking for boutique firms in the innovation / digital space. Any recommendations?

like

Hedge fund or VC route?

like

Shopping at Wisconsin Pleasant Prairie Premium Outlets, learned 3 things:
1. The parking lot will be full at 6:15pm
2. But no one was here at 5:45pm
3. Now at 11:00pm, the mall is still packed

Post Photo
likefunny

Looking to hire one or two paralegals in Baton Rouge, La. DM if interested! Firm is primarily civil litigation and PI defense for plants and trucking.

like

My last therapist keeps coming up in my mind. I left her when I moved to a new area before COVID dug in and frankly it felt like leaving a girlfriend. She also disclosed in the final session that she was a member of AA and knew several of the people I occasionally discussed from the rooms. Her knowledge of the program certainly built trust with me early on, but it has been two years. I discussed it with my current therapist but she’s still in there. Any advice?

like

Which is good Program Management in JPMC or Accenture?

Hi strategists. Has anyone conducted a scenario planning workshop for their clients? If so do you have any recommended exercises or tools or just advice in general? TIA

like

Can you set automatic investments in TD Ameritrade? Looking to DCA at the start of every month into index funds without having to manually buy. Thanks!

like

Additional Posts in The Real Estate Bowl

Do you thank your tenants for paying the rent? A quick thank you text?

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

Went into a multi family property 50/50 with a relative against my gut. Things are going horrible. Need to get out. Best options? Buy him out? He invested maybe 4-5K in time (demolition work) and 2K in cash. I’ve managed the whole thing for 9 months. 10% of gross rents (as a management fee) would be about the same (6-7K)). Bought at low in market just after COVID hit. I want to keep the building. Seems fair to give him his initial investment back + some additional money for market gains. Help!

like

For people who recently refinanced, bought or is in the process of buying a new home, what APR did you get?

like

Is it okay to buy a home worth 660K for a couple earning 325K TC together? The HOA and taxes for this home bring the monthly payment up to ~4.8K which is ~32% of our monthly take home after tax…we’re first time home buyers, any advise is appreciated!

like

Has anyone used Loan Cabin to refinance? They seem to have the best rates.

like

Any Property Management recs in Seattle area? :(

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

Is it safe to buy new home now with high interest rates ,high home prices and recession in near future?

likefunny

My clients wish to write a testimonial/review for my RE broker services. What is the best site/medium for this? Yelp? Google Review? Zillow? Facebook?

like

How long did it take you to purchase your first rental property once you started looking? I’ve been working with an agent for about a month with one offer not accepted, feeling discouraged

like

Hey everyone, curious about pros/cons and profitability of renting out a unit long term vs AirBnB. Let’s say it’s a condo downtown in a big city, how do you figure out what’s the better option?

like

Looking to move out of California, and considering buying a townhome in Atlanta for ~$650k. Any thoughts on the Atlanta real estate market?

like

For anyone that has bought a townhome from Lennar, are the walls fairly well insulated for sound?

What, if any, were your main complaints?

like

I have over 12 years in B2B sales/sales management experience along with a graduate degree. I am wanting to shift gears and I am at a point where I can invest time in myself to learn through practical experience. The new industry I am wanting to pursue is real estate investment. I have read all the books but want some hands on experience on the property management side. How could I best leverage my skills for a role in this, and what should my expectations be for negotiation in compensation?

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like

Finally got an offer accepted on a home I love! (In DC) Spent months searching. Next thing is getting to the closing date.

Now I feel super anxious about everything going thru and getting the keys. How difficult is that process of getting to close, have heard the underwriting portion could be a headache?

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal