Buying My First Condo in NYC on a $96K Salary – Advice Needed

[Kevin Dzikowski]

Hey everyone,
I’m starting a full-time job in NYC soon with an all-in comp of $96K (base + bonus). I’ve always been interested in building a small personal real estate portfolio and have been thinking about purchasing a condo as my first step.

The idea would be to live in it for at least a year, then eventually rent it out. I'm just not sure how realistic that is with my income and whether it's the smartest move right now considering HOA fees, interest rates, and NYC prices.

If you were in my position—early in your career but eager to get started—how would you approach this? Would you buy now, wait, or look outside the city for a better first investment?

Open to any and all thoughts—really appreciate the insight.

[Abel Curiel]

Quote from @Kevin Dzikowski:

Hey everyone,
I’m starting a full-time job in NYC soon with an all-in comp of $96K (base + bonus). I’ve always been interested in building a small personal real estate portfolio and have been thinking about purchasing a condo as my first step.

The idea would be to live in it for at least a year, then eventually rent it out. I'm just not sure how realistic that is with my income and whether it's the smartest move right now considering HOA fees, interest rates, and NYC prices.

If you were in my position—early in your career but eager to get started—how would you approach this? Would you buy now, wait, or look outside the city for a better first investment?

Open to any and all thoughts—really appreciate the insight.

Hello Kevin,

Agreed with @Clayton Silva and @Jeremy Jareckyj regarding pre-approval and due diligence.

If I were you, I would look to househack for at least 1-2 years. Purchase a small multi-family property and rent out the other unit(s).

In terms of locations, consider Brooklyn, Queens and The Bronx. 

NYC condos could be an option for you as well but you may be subject to higher down payment requirements and rising common charges (aka HOA). The benefits to investing in Condos include amenities, systemized property management/maintenance, and less exposure to capital expenditures.

To best determine what makes sense for you, you'd likely need to begin analyzing condo, co-op, and 1-4 family properties.

All the best!

Abel