NYC One-Time Moving Costs Forum

[Anonymous User]

I still have enough money left over from the summer for 3L spring living expenses so I had decided not to take out any further loans for law school. But as the deadline for me to give the final word to the bank approaches (it's a private not federal student loan because I'm not eligible for the latter), I'm wondering if I should go ahead and take out the loan anyway because I hadn't factored in moving expenses after graduating.

Is it fair to say that the initial cost for moving to NYC will be first month's rent, last month's rent, a security deposit, and potentially broker's and other sundry fees? So we're talking almost 4x monthly rent, let's say ~$8,000—$10,000 before I've even lived a day in my new place? How much do firms typically cover by way of advances (V5)?

[2014]

You'll need to be prepared to spend the cash equivalent of 4 months rent up front for some combination of first month, last month, security and brokers fee but you also need bank statements showing an average balance of ~5x rent (this is landlord specific) for the two statements prior to you signing the lease.

Your firm will give you between 8 and 10k in an advance, which helps, and i believe all of the V5 covers half or more of your brokers fee up to a certain cap that you are unlikely to hit. I'm not sure the breakdown of firms that reimburse vs direct bill, so it's wise to be prepared to cover your brokers fee and get it reimbursed.

There are some good 0% credit cards available, i'd suggest picking one up the summer following 3L and start moving all of your expenses that can be paid with a credit card to that in lieu of taking out an interest bearing loan, assuming you can get the thing paid off in the 12-15 month 0% period.

[1styearlateral]

There are some good 0% credit cards available, i'd suggest picking one up the summer following 3L and start moving all of your expenses that can be paid with a credit card to that in lieu of taking out an interest bearing loan, assuming you can get the thing paid off in the 12-15 month 0% period.

He of course means non-renting expenses. No landlord will allow you to pay rent/security deposit with a credit card. Sorry if this was obvious.

[v5junior]

There are some good 0% credit cards available, i'd suggest picking one up the summer following 3L and start moving all of your expenses that can be paid with a credit card to that in lieu of taking out an interest bearing loan, assuming you can get the thing paid off in the 12-15 month 0% period.

He of course means non-renting expenses. No landlord will allow you to pay rent/security deposit with a credit card. Sorry if this was obvious.

2014 of course means that you can move all of your other living expenses to a 0% interest CC and hoard cash, because money is fungible. Sorry if this was obvious.

[2014]

There are some good 0% credit cards available, i'd suggest picking one up the summer following 3L and start moving all of your expenses that can be paid with a credit card to that in lieu of taking out an interest bearing loan, assuming you can get the thing paid off in the 12-15 month 0% period.

He of course means non-renting expenses. No landlord will allow you to pay rent/security deposit with a credit card. Sorry if this was obvious.

I think rent would quite clearly fall outside of the basket of things that can be paid with a credit card as v5junior mentioned above

[Anonymous User]

You'll need to be prepared to spend the cash equivalent of 4 months rent up front for some combination of first month, last month, security and brokers fee but you also need bank statements showing an average balance of ~5x rent (this is landlord specific) for the two statements prior to you signing the lease.

Your firm will give you between 8 and 10k in an advance, which helps, and i believe all of the V5 covers half or more of your brokers fee up to a certain cap that you are unlikely to hit. I'm not sure the breakdown of firms that reimburse vs direct bill, so it's wise to be prepared to cover your brokers fee and get it reimbursed.

There are some good 0% credit cards available, i'd suggest picking one up the summer following 3L and start moving all of your expenses that can be paid with a credit card to that in lieu of taking out an interest bearing loan, assuming you can get the thing paid off in the 12-15 month 0% period.

Thanks; that's helpful.

Can the average balance include the money owed to the landlord at singing? I'm just trying to figure out if I need to have 3x rent + 5x rent (so about $16,000) in liquid funds arranged for in my personal account by the summer.

[2014]

You'll need to be prepared to spend the cash equivalent of 4 months rent up front for some combination of first month, last month, security and brokers fee but you also need bank statements showing an average balance of ~5x rent (this is landlord specific) for the two statements prior to you signing the lease.

Your firm will give you between 8 and 10k in an advance, which helps, and i believe all of the V5 covers half or more of your brokers fee up to a certain cap that you are unlikely to hit. I'm not sure the breakdown of firms that reimburse vs direct bill, so it's wise to be prepared to cover your brokers fee and get it reimbursed.

There are some good 0% credit cards available, i'd suggest picking one up the summer following 3L and start moving all of your expenses that can be paid with a credit card to that in lieu of taking out an interest bearing loan, assuming you can get the thing paid off in the 12-15 month 0% period.

Thanks; that's helpful.

Can the average balance include the money owed to the landlord at singing? I'm just trying to figure out if I need to have 3x rent + 5x rent (so about $16,000) in liquid funds arranged for in my personal account by the summer.

Yep absolutely, part of it will likely be money that is earmarked for the landlord.

[MillerTime15]

There are some good 0% credit cards available, i'd suggest picking one up the summer following 3L and start moving all of your expenses that can be paid with a credit card to that in lieu of taking out an interest bearing loan, assuming you can get the thing paid off in the 12-15 month 0% period.

He of course means non-renting expenses. No landlord will allow you to pay rent/security deposit with a credit card. Sorry if this was obvious.

I think rent would quite clearly fall outside of the basket of things that can be paid with a credit card as v5junior mentioned above

My experience tells a different story. I've lived in two apartments in two different cities (both managed by large companies), and I was always able to pay my rent with a credit card. They just tacked on a 5% fee or something ridiculous like that. I suspect this is landlord-dependent, and probably often hinges on whether the landlord is one guy or a large company.