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So I'm a 22 year old college kid with a part-time job, and I've been thinking about moving to New York City.
My father passed away two years ago, and I've been going through a heated battle for who gets what, since he didn't have a will and all.
So it seems like I'll be receiving around $150,000 and about $300,000, appraised by tax valuation, in land.
I'm of the understanding that I cannot classify my inheritance as income; however, couldn't I be able to use the land as collateral to secure a loan?
I know housing prices in NYC are exorbitantly expensive, but I thought that I could potentially secure a mortgage for two units in Brooklyn, use a good portion of the inheritance as a down payment, and then use the collected rent from the other unit and from a room-mate living in my unit to pay off the mortgages.
I haven't really planned this all out, but I figured that I could stay around in my home-town for the time being, complete my associates, and then find some dead end job in NYC to pay for my food & bills after I get my housing shit situated.
I'm ready for someone to crush my dreams and tell me that this shit would never work--that I should just throw all of my money into some shit like VOO, live like a cockroach for the rest of my life in my shitty little town, and just die.
I know that if I could make the investment in NYC real estate, that I would more than likely be able to beat inflation and also live in the city.
Does anyone on here know anything about real estate, and could at least be able to guide me in the right direction?
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Put 50k on eth you dumbass, it's guaranteed to grow up
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>>2164733
kek, you can't even buy a parking space for $300k in new york
unless you want to live in the nigger neighborhoods
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>>2164733
what kind of place do you think you can get in brooklyn for 450,000? Hate to break it to you, but investing in nyc as a buy and hold investment is not very efficient. Most of the appreciation is through already and the money's in the development and improvement of properties. If you're handy and want to fix up a shitbox, this might be a decent idea, but even places like bushwick are already mooned the fuck up.
Your profit margins are also going to be low cap rates in manhattan for instance are 3-6% for residential and it's not that much better in the boroughs IIRC.
For once, you actually might be better off with cryptos like ETH/BTC.
If you really want to go after it, be ready for a shitstorm of regulations to jump through as you manage your place. A property under 500,000 isn't going to attract the best tenants and at some point you will have an issue with them. If you follow everything by the book, you should be able to evict them within a month. Even if you don't have malicious tenants, be ready for them to be PITAs asking you to change lightbulbs or telling you that the thermostat reads 68 when their amazon thermostat says 71.
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>>2164733
It's good that you're trying to plan for the future at 22, instead of pissing away your inheritance. However, this isn't a good time to put money in real estate. Find another investment for a year or two, and then revisit this plan. The market should be more attractive then.
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>>2164751
literally this. do it as soon as possible too.
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>>2164733
how can you sit here watching 1000% crypto gains every week and be more focused on shit tier properties in the shittiest overpriced city in the USA??
Do you literally want to be poor??
Do you literally want to waste everything??
You don't have to do crypto but if not start a business where you are.
NYC is THE WORST
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They need to rename this board from /biz/ to crypto investing...
The good news is you are 22 and have received an awesome financial gift. I'd get help finding a money manager and put it in a risk free bond to defend against inflation.
In the meantime finish your education, and if you want think you still want to go to New York - move there, get a job, and pay rent for a few years. That will tell you if it's the right place.
At this point you have nothing but time - just DON'T BLOW THE CASH! 30 year old you will be stoked af when you finally figure out what you want to do with it.
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>>2165079
Listen faggots, I would certainly throw 50k into crypto currently, but it takes 7 days for Coinbase to recieve your funds and you can't cancel your purchase after ten minutes.
99% of you don't know what it feels like to have to wait 7 days for funds to clear and be locked into an investment that is 300 times more volatile than the S&P500. I would love if I could create a stop-loss in regards to my transaction, but I can't.
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Im also a 22 year old college kid and I live in NYC (maspeth queens to be exact). In fact, I know exactly where that picture was taken. I've been there, I've taken that exact same picture before. It's in DUMBO, a really nice hipster neighborhood in Brooklyn where the median income is 150k.Sorry to crush your dreams friend but 150k to 300k is not even close to enough. I live in a nice middle class neighborhood (nothing rich or fancy at all) and my parents' house is worth 800k. Banks want 20-25% of the property's value for the down payment alone, and unless you have a really good job and lots of credit history you're not getting a loan. I dont know why you want to move here anyway. I want to move out. I hate it here. Its so crowded and in the summer the garbage piled up on the sidewalks smells so bad. I like being out in the open with land and grass. I want to move to some suburb
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Put your money into ethereum until you learn more about real estate.
With 300k you could buy 2-3 oceanfront condos netting you 40-60k per year.
You don't buy condos in a place like NYC, because it's already packed as fuck. You buy a place that will grow. I think NYC isn't really an "up and coming" city. Do you?
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>>2165404
Dont use coinbase then
You want us to hold your hand the whole way?
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>>2165404
you dont need a stop loss on something thats always going up :^)
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