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Re:Why not just a simple spreadsheet of salaries? by jrockway on Tuesday March 22, 2016 @09:15PM (#11341373)
So, to buy a co-op for $800,000 you need:

20% down: $160,000 24 months mortgage in the bank: $68,000 24 months maintenance/property tax in the bank: $36,000

For a total of $264,000 not including closing costs. I don't have $264,000 lying around at this precise moment.

$600,000 is my real budget. $700,000 is for searching and getting an idea of "what if I wait another year and save up some more money".

All in all I'm not that excited. My apartment that I rent for $2500/month is way better than any of those places that turn up. And by "way better", I mean "still an embarrassment compared to the house I grew up in when I was a kid, that cost less than the down payment for a studio in Brooklyn". I don't even have a microwave.

Re:Why not just a simple spreadsheet of salaries? by nemo44x on Wednesday March 23, 2016 @11:59AM (#11345608)
Not to mention even if you have every lined up you can still get rejected by the co-op board and they don't have to give a reason. They go through all your personal details and it's a bit odd living with a bunch of people who know everything about you but you're not able to learn anything about them.

20% down is usually the bottom. A lot of places want 25% or 30% down and there's also a chance you're going against someone with 100% cash and the board will pick them nearly every time.

Lastly, if you're using every dime you have so you get a mortgage well over 500k that may be a bad choice. The opportunity cost of tying that much cash up into a mortgage is a lot of risk (all your net worth in 1 investment) and you're unable to use that cash to make other investments and leverage them if need be.

Re:Why not just a simple spreadsheet of salaries? by jrockway on Wednesday March 23, 2016 @08:14PM (#11349513)
Indeed.

I don't look at real-estate as an investment, but rather as a sunk cost. I need somewhere to live, I want to screw around with walls and plumbing fixtures when I feel like it, owning seems like the right option.

Of course you don't actually own your co-op, you just own shares in a company that actually owns your property.

Re:Why not just a simple spreadsheet of salaries? by wrsh07 on Monday March 28, 2016 @05:27PM (#11377542)
Agreed :/

Housing sucks.

But to nit; I believe a coop is only 10% down (condos are 20%. Either way it doesn't really change your math). And I'm still years from being able to buy a place in NYC, so sigh

Re:Why not just a simple spreadsheet of salaries? by nemo44x on Monday April 11, 2016 @12:12PM (#11472565)
You will never find a co-op that lets you be a member at 10%. 20% is the minimum I've seen and usually you're looking at 25% or 30%. And there's a chance someone with all cash will simply be a better fit for them.

Please find me a Co-Op in NYC that lets you in with 10%.