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Buying a $600,000 Apartment in NYC at 24 Years Old | Cost Breakdown, Process, Criteria
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- เผยแพร่เมื่อ 14 ส.ค. 2024
- I bought an apartment in NYC! In this video I break down why I bought the apartment, what my criteria was, what the process looked like, and exactly how much I had to pay upfront and month-to-month. I'll be sharing more details on the renovation process and an apartment tour when finished. Let me know if there are any other videos you'd be interested in seeing! See below for my video from last time on apartment hunting in NYC.
➫ Previous Apartment Hunting Video: • NYC Apartment Hunting ...
0:00 Overview of Video
0:30 Why I Bought an Apartment
1:33 Criteria for Choosing an Apartment
4:00 Process of Buying an Apartment
5:40 Price Breakdown
7:42 Conclusion
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I bought a property last year at 24 years old too! Love to see young people buying real estate 😊
Congratulations! That's amazing 🙌🏼
Did you get an inheritence for such a large down payment Angela? Pretty interested to know how you cam about $150,000+. Did you save as a young adult and win in the markets or what
@@australianpatriot privilege
@@australianpatriot good question, I think so too
@@violentquacking7342 Whiner.
Thank you so much for sharing your NYC apartment hunt and being so transparent on breakdown of costs. You’re awesome!
Of course! Thanks Matthew
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Wow, what a huge accomplishment! 👏🏾💐🥳Congratulations, I’m excited to watch your journey!
Thanks so much Janet!!
Angela!
I love this video, and thanks for the shout out. Glad you're enjoying the home and can't wait to see the finished product!
Updates to come soon!
Step 1: Make $150k
& save it!
@@angelasunx3 💯🙏🏾
Just be a pilot
@@Raidenmommy89 naw lol
Why would anyone want to make less?
This is so impressive! I'm currently in the same boat right now, thanks for sharing your experience that's so boss at your age.
Woo thanks so much! Glad to hear we're in the same boat
Hi-I am a Handyman and Real Estate agent in NYC (Harlem ) anyone needing repairs or good deals can contact me directly . I am very busy in Long Island city . Let’s make offers !
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
This is literally the exact video I was looking for from the exact person I wanted to see it from. Quick question, do you think it would be good to buy a property in manhattan with the intention of selling it after 5 or more years? I see that the real estate market increases over 5% each year but I also heard manhattan investments aren't great but am not sure why.
Thanks Nicholas! In my opinion, not really, unless you get one for a great deal. This is because you'll have to pay decently high fees & taxes both with buying + selling, so the shorter the time horizon, the more those take a chunk of your returns. Beyond that, Manhattan apartments also have high HOA fees and RE taxes in general. At the end of the day though it's different for every property, so can definitely be worthwhile depending on which. Just have to spend time finding the right one.
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
lol. NYU dorms are 2.5k. Congratulations 🥳! I’m happy for you !
NYU dorms are truly another level in terms of price to value 😭
Congrats, NY prices are wild. $600k is a mini mansion here in Texas, at least 3 car garage, 3500+ square ft etc
NY prices are truly crazy
This process was sooooo interesting.
Thank you so much for sharing and congratulations!
It’s a video that makes people feel good for some reason.
I find this so motivational.
I’ve watched it twice already.
Aw I'm glad thanks so much!!
Wow 2.2%!,You got it just in time haha! I'm looking in the area now and rates have more than doubled 😭 Thanks for the very informative video!
Ugh yes I got super lucky at that time with the rates
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
I bought a 2bd 2bt floor to ceiling window luxury condo in Atlanta at 23. I did it because I wanted the same luxury apartment life like other people my age, but I didn't want to pay the premium in rent. I also didn't want an actual house as a single woman living alone. I didn't want people on the street to be able to see exactly which place is mine. I'm so proud of other people my age who are buying homes. It's so hard for us and the odds are stacked against us.
Congrats on your condo too! I think the same way :)
Guys, stop saying HOA is high. It's incredibly low in NYC, so is RE tax. Great deal in terms of carry.
Comparatively much lower - was definitely a strong selling point
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Been waiting for this video! Thanks for sharing!
Been waiting to post! Thanks for following along on the journey 😊
Congrats Angela! That is great news. Thanks for sharing the whole process.
Thanks so much!
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Am I crazy for thinking this is insane?
She could've gotten a whole house in a different part of the city like Brooklyn or Queens for the same price or less. That would've been an even better investment if the plan is to eventually rent it out.
And it's really not that big a deal to hop on the train to get to work.
It made sense for me personally since I live alone and space isn't my biggest concern!
Not in Brooklyn and only in some parts in queens …abandoned houses in Brooklyn go for over 1M if she’s going to pay over 500k might as well live in Manhattan
Thank you for your video. I have a quick question: Does the bank require you to have a certain amount of money or assets after you’ve made the down payment? For example, proof that you have enough funds to cover a year’s worth of mortgage payments?
Yes they do!
2.625%! that's really good! congrats...i like this interest rate because it's low but sucks that you had to put down a 25% down payment...hopefully you can buy your next home with all cash...i hope you're not going to take 30 years to pay off this mortgage
Thank you, and hopefully won't!
wow, $170K cash...you go girl...and yeah, the common charges are insane...but living in murray hill is really nice
HOA fees are crazy in Manhattan
Congratulations! Very Inspiring! Can you please do a video about your net worth journey now compared to your net worth right out of college? and how you were able to accumulate that much in savings? I'm 24 with a job in the big 4 accounting but I'm still far from buying my own property. I do save and invest tho but the returns are slow. How were you able to accomplish this? I know investment banking pays a lot but thats because of the bonuses, and those bonuses get taxed about 50%, so you're technically only getting half of that money. Do you have any other source of income? or just capital gains on stocks? do you get stock compensation from your current company? Just need some tips as a young professional like you :)
Thanks so much! I'll do a net worth video in the future which covers these topics. :) Mostly a combination of saving + investing
@@angelasunx3 awesome!!! Looking forward to that! 🙏
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
I have watched some of your Investment Banking videos a few months back. Great to see you reach such a big milestone at just 24. Congrats!!
Thanks Anita!!
Congrats! Can't wait for the apartment reveal!
That's going to be such a fun video to do
At 24, wow, you're crushing it!
Ah thank you!
Super helpful video! And 2.625% is actually historical low rates over the last 50 years!
Right?!
And thank you!!
CONGRATULATIONS ANGELA!!! This is a huge accomplishment!
THANK YOU!!
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Thank you for sharing, your thought process was really similar to mine for the reasons why you purchased an apartment.
Glad it was helpful!
This is amazing! Congrats! This is so huge, so happy for you :)
I'm excited!
I am planning on moving to NYC (from Toronto) for work. This breakdown is great! Thanks Angela!
Newbie question:
The term of your loan is 30- years. Say you wish to sell your property after 5 years, do you have a penalty for early full repayment?
Woo good luck! I don't think there's a penalty for early repayment, no
Oh My God!!!! Congrats Angela! You seem so much happier since leaving IB
Thank you!! 😊
Quick Question: Do you pay monthly bills for utilities like gas, electricity, etc. or that is included in your HOA fees?
Utilities are separate
@@angelasunx3 thank you 👍
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
May I ask you how you saved up for or managed to pay $170,000 upfront? If it’s not too personal to ask and if you’re willing to answer, what job do you have? I assume you have a high-paying job,
Congratulations 👏 on buying a studio in NYC at a young age! It’s impressive ☺️
Was able to save a good amount of money from working in investment banking as well as various internships through college - also lived at home with family for a lot of the pandemic so saved on costs there!
@@angelasunx3 sus...very sus. How exactly did you make the money?
@@angelasunx3 you are such a manipulator. Interning paid you enough haha and of course saving a little money living with parents was enough too. Oh the simple lies of a 24yr to adults. Ok gotcha great job you are awesome and special
@@Dark_Evil her parents 1,000% co-signed and likely gave her 90% of the loan. Notice how unprofessional she talks.. Yeah highly doubtful she did any of this on her own ash would love to portray
@@darealberrygarcia the envy on you m8🤡🤡
Congrats! Definitely not easy to purchase an apartment in NYC! Just curious, how many comparable apartments did you screen before narrowing down on this one? Did you hire anyone to inspect the apartment or lawyers to go over the paper work during the due diligence process?
Thanks! Looked at probably ~200 online, and ultimately narrowed down to visiting over a dozen. Had a lawyer for paper work / due diligence.
@@angelasunx3 Very helpful, thanks!
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
congrats 🥳🥳🥳🥳 .
wating for apartment tour.
are you still working in private equity.
Thanks so much! Hopefully will be releasing soon :) And I am not
congrats!! would love to see a video about the renovation too :)
Congrats Angela!!!
Thank you!
Congratulations 🎉 Angella, so happy for you 😄
Thanks so much 😊
Thank you so much for sharing! Love your transparency!!
Thanks Tracy!
I don’t think you understand how much u helped me. I didn’t think this was even possible! I will be doing this instead! Love this
Glad I could help!
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Finance is NOT my forte, but dropping $170,000 for the privilege of paying basically the same monthly cost as just renting, for 30 years or until you sell it is wild to me. That's a lot of money to kiss goodbye that would probbaly grow more in the market, or as a business investment. And to think this is just for a studio!!!!!!!!!!! I'm from NYC and live in manhattan, and this video broke my heart. I don't think I'll ever be able to own an apartment in my own hometown and I'm a software engineer at big tech. Unreal.
It was at a low interest rate with low fees so made sense for me since I'd renting at the same cost if not higher!
Comone..if you software engineer you should make around 180k year.
OMG WOW CONGRATS ON SUCESS SO YOUNG!!!!!!!
Thanks George!!
this was very informative. thanks for sharing!
Woo thanks for watching Brett!
Guys, if you see Angela on the streets. RUN!
😅
Awesome. That is great news!
Thanks so much!
Thank you for all the information. Quick question, do you mind explaining how your mortgage comes out to $1850, when after the down payment, you are expected to pay $450K over the next 30 years. Thank you!
It was with an interest rate of 2.6% over 30 years on 450k!
Wow congrats! What a big milestone :)
Thank you! ☺️
Nice apartment! With nyc offices doing more remote work why didn't you consider getting a whole house for just a bit more? Not seeing enough roi for this to be an investment rental is all. And sounds like long term you wanted more than a studio. Houses in queens have been outperforming the last 15 years. Plus you'd have alot of rooms to rent out and charge for the driveway parking spot. Can finish the basement for your office 🏢 🙏
Thanks Kenny! Ultimate goal was still getting a place that would be close to the office rather than commuting from somewhere farther like Queens. Also would be living by myself so didn't make much sense to get a full house farther away.
Congratulations! I am looking to buy a condo too and this is very valuable information. Just wondering why you did not consider LIC lol looks like they have many newer and nicer apt buildings there and they are close enough to midtown through the trains. The studios there do generally exceed 700k tho, but not by too much.
Thank you! Preferred Manhattan still just due to the pure convenience, but definitely agree LIC apartments are very new and lots of development there. Have a lot of friends renting there at the moment.
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
what is this 350 HOA fee? (coming from europe)
Thank you for your video. My question is how did you come up with 170k at 24 yrs old to put down on an apt. Also, did you go conventional financing?
Yes conventional financing! Saved up from ~2 years of full time work and another ~2 years of investing prior to that
How did you manage to save $170k 2 years out of school?
putting savings in stocks
Combination of investing / saving from before my FT job too
@@angelasunx3 Did any of your family help you out financially with the down payment and/or deposit?
@@lenaprice6239 of course they did. She didn't make that money hahaha
@@lenaprice6239 Yeah she always dodges this question, we know the answer. Rest of the breakdown is honest though so there's that.
Good breakdown Angela!
Thanks Angelo!
700K for a studio rental apt is insane. IDC if it is in NYC, that's not a flip. I don't know if it's a smart way to get ROI. I'm not saying it's not possible, just that you're probably going to be squeezing ever last red cent out of people looking to rent. If you move out and move someplace way cheaper in the meantime it might be doable. Anyway congratulations I guess all the numbers made sense for you.
Made sense partially because I'd have to rent anyway in the city!
Did you end up getting a studio or a 1 bedroom? congrats btw!!
Thank you! Studio
Smart girl! Congrats 🎉
Woo thank you 🧡
Can you talk about maintenance for the apartment? I would like to buy an apartment in the future, but I don't know where to begin and what to do if for example if there is a crack in the wall or something like that.
Usually any issues within the 4 walls of your apartment you'd have to fix yourself, and anything outside or that you can't see is the building's responsibility
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Hi Angela. Nice video n tips. Can you let me know the agent I use to help buy the apartment please. I’m looking to buy an apartment.
I found mine through Streeteasy so would look there. Good luck!
$300 HOA is crazy!! What building??
It was a v large one so it was split amongst a ton of residents!
How were you able to save up so much money?
Saving and investing since college and also stayed with family for much of covid so saved on rent
@@angelasunx3 Thanks!
congratulations!!
Thanks 😊
I'd never be able to do that because to be honest I probably be working minimum wage for the rest of my life because I don't want to go to school for anything I don't really like any sort of job or career
I believe you could!
Awesome information
Glad it was helpful!
This is awesome. Congrats! Did you get pre-approved before searching for properties?
Yep I did! Thanks so much
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Sorry to be negative, but as an architect, I hate the word investment used to describe housing. Just sell it and buy your next apartment when you need to, why to you have to hoard houses ? Moving to different city ? Hotels exists. That's the problem with the housing "shortage" some people own multiple properties, and the rest don't.
Start designing affordable homes Mr. Architect
Hi Angela I have heard people moving to Florida/Texas from NY and California. Is Florida and Texas are the best states to live in US currently ? Please do a comparative analysis vis-a-vis the former and later. Thank You 🙏🏻
They're very different! Depends what's most suitable for your lifestyle - city life (ny / cali) or somewhere more suburban w more space (florida / texas)
What's your income range to be able to afford this?
very cool. you had the money and made a great investment.
Thanks Matt!
Thank you sm for sharing the deets
of course!
She means her parents bought her a apartment
Damn you are rich . Congrats
Haha def not the case
No 24 year old can buy a house. So you are rich . And that is a lot of money down . Sheesh
Thank you Angela. This is an awesome video. Question: At what point would you consider renting out your condo? What it be a move out of the city, or would you consider buying another property in NYC and renting ou this one? I'm thinking strongly about buying a condo and I'm just trying to get a sense of what it looks like to rent out a condo if I were to move.
Either a move out of the city, or a need for a bigger place would cause me to rent this place out
I can help you find a good deal in NYC . I am an agent that works directly with developers with a construction background . DM me .
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
so how much is the resale value ?
hopefully at least what I paid for it 🤷🏻♀️
good to see you and very helpful to me~~i am investor for real estates in Korea. also want to buy apartment in NY even i am staying in other country.
Best of luck!
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K. Only 5%down required. Va loans welcomed with 0% down
For how long do you pay the monthly fee?
Mortgage until I'm finished paying off, and rest of the fees for as long as I own the apartment
Interesting stuff. Congrats on the apartment! I'm just watching out of curiosity to see how these things work in different countries. Is it so in the US that the HOA handles stuff like necessary renovation work on the building, even major work like let's say when the plumbing or electric wires or what not come to the end of their life? And that all comes off of that HOA fee or may there be additional fees?
Yup, and also for doormen service and general maintenance of common facilities like hallways, elevators and lobby
When people need repairs they call me . NYC handyman /agent . One stop shop!
Can we apply for FHA loans for NYC apartments?
Believe so but don't know too much about it
Thank you.
Welcome!
personally looking withing a year to purchase. Im curious about if you had tried first time home owners programs before you purchased or no, I was reading they can help with Down Payment costs and other things.
That's awesome, good luck on your search! Haven't tried those programs out but interested to hear your experience if you do
I know developers all over the city . Do you want a good deal ? Reach out to me .DM. Licensed agent .
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Congratulations
Thank you :)
Hey can you recommend your realtor to us we looking for apartments in new your City.
I used Compass!
Hello - I am a realtor in NYC. I started 20 years ago . I am also a handyman , which most of my clients really like . Contact me directly as I know plenty of developers in the city . Owner financing is possible directly with some building at the moment . Your internet rates will be lower than anything the banks are asking for . Thanks for reading .
I need to same condo and I am asking if realtor can help us to search for the same. Thanks.
how did the citizen bank collapse affect you, if at all?
No effect
totally worth it !
😊😊
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K. Only 5%down required. Va loans welcomed with 0% down
Cant you write off real estate taxes?
yes
How much was downpayment
$150K
Wait? Arent there washing machines in NYC apartments? Like you dont have the pipes or what?
Many of them don't have it within the apartment :( there isn't the set up for it
Is your age relevant to the buying process, or is it just a bragging point?
Not relevant to the buying process but thought noteworthy for the video since it's more unusual
@@angelasunx3 that's cool, and probably gets more clicks, too
I like your video 😍
❤️
300 HOA fee monthly seems very high? Did you mean annually?
Monthly - oftentimes higher for other nyc apartments too
That’s low HOA compared to Jersey .
Hello! Would you be able to provide the list of mortgage brokers that you reached out to other than citizens bank? also does going out to many brokers and allowing them to run your credit hurt it at all?
Nope! It's worthwhile going to multiple brokers to figure out rates - went to a lot of your typical banks like citi & chase as well
@@angelasunx3 Thank you!! Also how much did you pay in attorney/legal fees to close?
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K. Only 5%down required. Va loans welcomed with 0% down
Nice !
✌
how many bedroom?
Studio
Did you consider pre construction?
Not sure I understand the question
25% down?? Hot damn! O.O
So... that's, like... over 120 GRAND you had to pay upfront, on top of a loan for the rest?
Still paying off that loan ),:
Why not buying a co-op ? Congrats
Planning to make this a rental property at some point and co ops have a lot of fees / rules around that
congrats!
Thank you!
2k! I'm stressing trying to find something less then 1.5k
It's so hard with these rent hikes ):
Try bronx and queens
@@jeanikacyriaque1104 -
Hi, do you know of any good areas of Queens that you can recommend? My cousins live in Astoria Queens and I’ve heard of Jackson Heights in Queens too, other than that I’m not that knowledgable about Queens
2.62% for 30 year...deal of the century
I got so lucky with the timing
Well congratulations.!!!.. But this does not expolain how the rest of us working class stiffs....can come up with that amount of money.. plus etc etc etc fees... I do believe you either have to have well off parents to assist or have landed a great job in the six figure income bracket or be a famos person with unlimited financial resources .... But to the select few that can do it.... Its an awesome story....
Definitely thankful to have supportive parents that I was able to live with for a while + a good paying job out of college!
Thanks so much :)
I’m going to be brutally honest here. If you’re poor and you’re struggling as it is right now with renting, you shouldn’t expect to buy an NYC apartment lol.
smart girl...making sure that you don't buy a co-op so you can rent your apartment out and make that bank
That's the goal
Are you looking for a nyc condo ? I have a great 2 bedroom available. ASKING: 640K.
Ah I'm not!
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