“At least triple them. Rent for a decent studio in NYC is 3500.00 a month and you need to have at least 400K in the bank to qualify. I know, I had to sign for my daughter to live in Brooklyn. To co-sign I had to prove I had over 400K in cash in the bank And she had to clean the apartment just to move in. And she had to sign a 5 year lease.”
The both of you agreed to cough up $210,000($3,500x5x12). You had $400,000.
Could you not have used $250,000 of that $400,000 to buy a nice house in a nice town and let her pay you a fair return on your $250,000?
Could you not have used $150,000 of that $400,000 to buy a OK house in an OK town and let her pay you a fair return on your $150,000?
As for “had to”, only a small percentage of Americans have such a capability.
250k won’t get you a house anywhere near NYC.