How this 30-year-old bought a $620,000 New York apartment


In August, Tamar Nisbet went viral ICT Tac after sharing a breakdown of how she was able to buy her $620,000 apartment in New York City without financial help from “mom and dad”.

“My parents didn’t help me, and I’m proud of that because I did it myself,” Nisbett told CNBC Make It. “While there hasn’t been any extra money, I want to make it clear that I’m in a super privileged position to have had jobs that have paid well throughout my career.”

From 2015 to 2018, Nisbett worked at Google and YouTube as a content strategist and received stock options valued at nearly $60,000.

In addition to those shares, Nisbett had about $35,800 in his main savings account and $50,000 in a Wealthfront account.

Nisbett also had $174,000 in her 401K that she didn’t touch, she said. But she was able to show these funds to the bank when applying for a mortgage.

Of the $316,000 she had, Nisbett said she was willing to use $120,000 to buy an apartment.

Buying an apartment “felt good”

While some might afford a piece of jewelry or a birthday vacation, Nisbett, who is now a content strategist at Netflix, decided she wanted to buy an apartment instead.

His 30th birthday came in June.

“I moved to Amsterdam for my job and thought it would be a good time to start planting roots,” she says. “I started thinking about what was a great thing I could give myself, and the idea of ​​buying an apartment felt right to me.”

In March, Nisbett asked her real estate agent to look for apartments at her home in Brooklyn, New York, where she grew up and where her parents still live. The catch is that she would be living in Amsterdam at the time and couldn’t see the spaces in person.

This is how his parents were able to provide some support. “If anything ever went wrong, my parents were going to be there,” she says.

After viewing three apartments, Nisbett’s mother suggested she move into a one-bedroom, one-bathroom apartment in the Bedford-Stuyvesant neighborhood. It was on the market for $625,000.

The 600 square foot apartment had a private balcony, a shared roof terrace and access to storage space. The building was also brand new, so no one had lived there before. There was a metro station and a park nearby.

“I saw a video and trusted my mom and the real estate agent, so I made an offer,” Nisbett said.

Nisbett’s realtor negotiated the price to $620,000 and closing costs came in at $11,000, thanks to a $10,000 credit she received from the building’s management company because that she was willing to pay more upfront.

“I felt it was worth paying a little more on my mortgage each month because I was getting the credit that would help me cover my closing costs, and having that extra money was helpful,” he said. she declared.

In total, Nisbett paid 10% of the purchase price, or $62,000. This put his mortgage at $2,400 per month plus additional charges for his HOA and insurance, bringing Nisbett’s monthly costs for the apartment to around $3,300.

“I felt immense joy and relief”

Nisbett closed the apartment upon her return to New York in August and saw the space for herself for the first time.

“I wasn’t sure what to expect, but I felt immense joy and relief because it was full of light, on a boulder I loved, and as beautiful as the pictures made it look” , she says.

I immediately saw myself making breakfast, reading on the balcony, and walking to my favorite restaurants. I immediately felt like it was mine.”

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