I’m going to be starting as a first year in IB in NYC and was curious about the time commitment/feasibility of buying a rental property while being an analyst. I have student loans I need to pay down first so this wouldn’t be for probably at least a year, but is owning and maintaining a rental property manageable for someone with a job this time consuming? Wouldn’t be buying in NYC though probably in the North Jersey area.
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Posted this before but will post below. In general you will save about $1k a month (not accounting for bonus)
Some simple breakdown. Once again average estimates for rent and stuff, some of my analysts friends pay $2k others pay $1.5k whatever works for you. Below in monthly basis and $85k salary.
Take home: ~$4.5k (max out 401k company match/health insurance) Rent: $1750 Utilities: $100 Lunch: $250 (M-F around $12 a meal) Drinks/weekend hangout: $400 (this will highly very, could easily be more once again) Roth IRA: $500 (good practice to max out) Subway: $80 (includes weekend trip / take company car home)
Total: $3080
Leftover money: ~$1,300 Misc spending; $300 - 500 Leftover money: ~$800 - $1,000
Once again people who go out a lot/splurge could easily spend more. A lot of friends go to a gym/coffee thats easily another $100 a month.