Reply to Is it absolutely foolish to buy a 1BR in NYC for ~$500k?

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[quote=Anonymous][quote=Anonymous]I have enough money for a downpayment of about $110k. I'm young (28), single, but I'd love a place to call home for at least the next couple of years (maybe 4-5 years before thinking of selling?) and would hope it would even maybe work as an investment vehicle. Would also be open to renting it out and getting some income that way. Is this smart, or is it dumb? Is being a homeowner/small-time landlord in NYC more pain than it's worth?[/quote]

If your're really thinking mainly in terms of an investment, not of living in New York, maybe you'd be better off buying a parking space.

There are costs involved with owning that kind of property, too, but at least you don't have to worry about plumbing problems. And you could buy the property outright, without having to worry about interest payments. The hard part would just be figure out where you go to find lots for sale.

If you really want to be an apartment subletter, I'd look for the cheapest possible place in Manhattan that you could rent to Columbia or NYU students, rather than planning to rent a unit out through AirBnB.

If you can rent through AirBnb, that's great, but a lot of places hate AirBnB and impose tough restrictions on that. But you might still be able to benefit a little from medium short term rentals by renting units to university students or faculty members.[/quote]

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