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    "I am in love with an apartment outside of my budget. What should I do?"

    enSeptember 17, 2023

    Podcast Summary

    • Monetizing what you already have through AirbnbAirbnb can provide significant income by renting out unused spaces. Personal growth and financial independence can be achieved by utilizing what you have.

      Monetizing what you already have can be an effective and easy side hustle, such as becoming an Airbnb host. This was shared by a podcast host who enjoys writing in remote cabins but dislikes leaving his house empty. Airbnb makes it simple to host, and it can potentially bring in significant income. Mike, a producer on the podcast, also shared his personal experience of wanting to move out of shared living arrangements in New York City and the financial challenges that come with it. He acknowledged that everyone's choices are personal, but he felt that having his own space was an important step towards independence and a sense of personal growth. Overall, the discussion emphasized the importance of utilizing what you have and taking steps towards financial and personal growth, whether it's through hosting on Airbnb or making other lifestyle changes.

    • The importance of a stable living situation for relationships and career growthAssuming a certain budget for housing can lead to unexpected challenges in finding a suitable living situation, highlighting the importance of financial planning and the current housing market challenges.

      Having a stable living situation is important for building serious relationships and advancing in life. The speaker shares his experience of wanting to move out of a shared living situation in Brooklyn due to the inconvenience and stigma, but was surprised by the high rental prices. He had assumed a budget of $35,000 would get him a nice solo apartment, but discovered it was not enough in the current market. Despite his success and increased budget, he found it challenging to find a suitable place to live. This experience highlights the importance of financial planning and the current challenges in the housing market.

    • The high cost of living in desirable neighborhoodsPeople may not compromise on neighborhood feel and convenience despite smaller living spaces and higher costs.

      The high cost of living in desirable neighborhoods in cities like New York can lead people to consider less expensive options, even if they mean sacrificing some desirable amenities or smaller living spaces. The speaker in this conversation had been looking for an apartment and was surprised to find that the price of a small 2-bedroom apartment in the city was similar to what she could pay for a larger place in a less expensive area. She realized that she valued the neighborhood feel and convenience of her current living situation and adjusted her approach to the apartment search accordingly. In her email to a potential landlord, she tried to negotiate for incentives like waived application fees and included amenities to make the apartment more appealing, while maintaining a nonchalant tone. The use of exclamation points in her initial draft of the email was a reflection of her initial excitement about the apartment, but she later toned down her language to come across as more casual and open to other options.

    • Research and psychology in apartment negotiationsBefore negotiating apartment price, research thoroughly, understand management psychology, focus on price within budget, apply first, be persistent, and stay calm.

      During apartment negotiations, it's essential to do thorough research beforehand and not come across as desperate. This includes understanding the building's availability and the psychology of corporate management systems. While negotiating, avoid bringing up insignificant issues first, as they may not be willing to budge on certain rules. Instead, focus on the price, which should be within your budget but not exceed it. Remember, they need to verify your qualifications before negotiating the terms. So, put in the application first, and then negotiate the price. Additionally, be prepared for potential roadblocks, such as a manager's initial unwillingness to negotiate, and stay calm and persistent. Overall, the key is to approach the negotiation with confidence, knowledge, and a clear understanding of the property and the management's policies.

    • Exploring Opportunities for Financial Gains: Airbnb Hosting and LinkedIn JobsLandlords can ensure renter financial stability while monetizing their properties on Airbnb. Job seekers can access a large candidate pool on LinkedIn Jobs, even for passive candidates. Airbnb prices can change quickly, so negotiate rent before committing. Exploring these opportunities can lead to significant financial gains.

      As a landlord, it's important to ensure potential renters have financial stability. At the same time, homeowners can monetize their own properties by hosting on Airbnb, turning unused space into income. For job seekers, LinkedIn Jobs offers access to a large pool of qualified candidates, even those not actively looking for new opportunities. As for negotiating rent prices on Airbnb, be aware that prices can change quickly, so it may be worth trying to secure a lower rate before committing to a lease. Overall, exploring these opportunities can lead to significant financial gains. For more information on hosting on Airbnb, visit airbnb.com/host. To post a job on LinkedIn, go to linkedin.com/mnn.

    • Rapidly increasing apartment prices in Long Island City, QueensBe aware of rapidly changing apartment prices and be prepared to negotiate in certain areas of NYC to secure a desirable unit at a reasonable cost.

      Some apartment buildings in New York City, specifically in Long Island City, Queens, have unpredictable and rapidly increasing prices. The price of an apartment can change significantly between the time of initial inquiry and application approval. In the case discussed, the price of an apartment increased from $36,000 to $38,100 between the listing and approval stages. The reason for this price increase was unclear, and the building's management was unable to provide a satisfactory explanation. Additionally, the price seemed to be influenced by the desired move-in date. The apartment seeker believed that the building was using this pricing strategy as a negotiation tactic, but ultimately decided to withdraw his application and look for alternative options. The apartment seeker found another apartment he liked for $37,000, but the building would not waive the amenity fees or lower the price to $36,100. The broker representing the second building offered a $1,200 rebate to make the price more acceptable to the apartment seeker. Overall, the experience highlights the importance of being aware of rapidly changing prices and being prepared to negotiate when dealing with apartment rentals in certain areas of New York City.

    • Navigating Financial Complexities of FreelancingFreelancers must prioritize financial planning and organization, and consider seeking professional help to navigate unexpected complexities.

      Freelancing comes with unexpected financial complexities, especially when it comes to proving income for apartment rentals or other financial commitments. The speaker in this conversation discovered this firsthand while trying to secure an apartment in Long Island City. He had relied on a friend to help him with taxes in the past, but now, as a producer going out on his own, he realized the need for a CPA or accountant to help him navigate the financial intricacies of freelance work and setting up an LLC. This process proved to be more complicated than he anticipated, highlighting the importance of being prepared for the financial complexities that come with freelancing. This conversation underscores the need for freelancers to prioritize financial planning and organization from the outset, as well as the importance of seeking professional help when needed.

    • Address financial responsibilities promptlyPromptly addressing financial responsibilities can give peace of mind and help move forward with confidence

      Procrastinating important financial decisions, such as finding a CPA or setting up a business structure, can lead to unnecessary stress and potential future complications. As our guest, Nicole Lappin, shared her personal experience, she emphasized the importance of addressing these matters promptly to avoid potential issues down the line. Whether it's for securing an apartment or managing a business, taking care of financial responsibilities early on can give you peace of mind and help you move forward with confidence. So, don't wait for a wake-up call - take action today and invest in yourself.

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