Apartments for Low Income

Questions and Answers

Your Questions About Studio Apt

November 26, 2012

Lizzie asks…

looking for an apt in manhattan as investment to sublease, is a coop possible?

my partner and i are looking to buy. working with 1 million, what size(studio, 1 bdrm, 2bdrm) the best return on investment? rental? and sale in 3 -5 years?

Administrator answers:

Yea but you will have to get aproval from the board. Best to find a realtor and tell them up front what you want to do. You should also check out forclosures. You can save 20%

Richard asks…

Can I get an apartment using my financial aid as income?

I’m a college student, I’m getting financial aid and loans and I want to live in a 1 bdrm apt or studio but i don’t have a job. Can I apply with my financial aid and loan instead?

Administrator answers:

No, they’ll ask for your employment information, so you won’t be able to claim financial aid and loan money as income. You can choose to use that money towards your rent (that’s up to you), but you cannot tell the landlord that it is income money. They’ll verify employment.

Jenny asks…

How much does Whitney Port from “The City” pay for her apartment?

Okay I know that all the girls on the show have rich daddies but at least they have jobs. Whitney Port has an apartment in new york city gramercy area, I heard its a studio in the elektra building. How much is the rent for a apartment like that??? P.S Curious because I would lie to move to the city in a few years.
That right i forgot the get paid 12k-20k a episode too!!! tahnx for the reminder! lolz

Administrator answers:

I would say $5-$6K, easy. I live in NY (NYC metro but not IN NYC) and know friends that live in Manhattan who pay $2,000+ for rat-filled apartments the size of shoeboxes. Whitney’s apt. Is in a really popular, hip, trendy area and it’s huge, not to mention on a top floor with a balcony. Even with the economy the way it is, Manhattan rent is unfortunately not affected.

Robert asks…

Where can I find a rehearsal studio that is also live-in?

its almost impossible to have an apt that is sound proofed and still not have complaints. so again i ask, is there any rehearsal spaces that allow you to live in them? the location would be in the Los Angeles area, more so the Hollywood area.

Administrator answers:

What you’re looking for would likely be very expensive, especially in Hollywood. Hollywood is overpriced, I love it there, but then I grew up there. Crime is so high. In an apartment it would be practically impossible to soundproof. There are lofts downtown and elsewhere, but they are very expensive and often they can’t be soundproofed effectively, it depends on if they are a true loft or have a room built small enough to sound proof. Because of the large size of true lofts, a room not against neighbors’ walls can be soundproofed better than a typical apartment. Rehearsal space is different from living space, different type of land permits, etc. My son used to do lessons at Cherokee Studios, but they tore down the great studio space and built live / work lofts, the prices start at $600,000+ for a one bedroom. Not sure if one is able to soundproof effectively there.

My son’s voice teacher rents a house in the valley, and it has a little tiny house out back behind the garage, probably 8″ x 6″ inside, it’s not even single garage size. I don’t know what it was built for, but she uses it for lessons and recording. She has it sound proofed, and has her computers, monitors, boards (or whatever they’re called), electronic piano, everything needed to record. It has windows and a window air conditioner, but still, I can’t hear if he’s singing, even on a mic, until I get to the door, and even then I need to listen really carefully, I don’t want to open the door if they’re recording.

Maybe you can find a house to rent with a garage you could sound proof? Or a guest house. I think the soundproofing can be expensive from what she told me. But really, for most apartment buildings it wouldn’t work.

Good luck!

Chris asks…

Do you have any ideas how I could take advantage of my top-floor apartment to make money?

I live in Brampton, Ontario in an 11-floor apartment building. Mine faces South and has a long, unobstructed view of the City of Toronto from a distance of about 25KM (as the crow flies from my apt. to the C. N. Tower.) I would like to figure a way to leverage the height, view, or other properties of the unit to help defray the cost of rental, utilities or other expenses, in however small a way.

Thanks for any responses!

Administrator answers:

Rent it out to film production studios.

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