LogFAQs > #952237941

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Topic	Invest in stocks, or try to get a condo?
CaptainOfCrush 03/29/21 10:18:40 AM #10:	Based on the numbers you've provided, I'm guessing these condos are going for roughly 300k? If so, are you sure you can afford that on 60k income? Seems like that mortgage might stretch you a little thin. The security of your "permanent" job sounds great, and I feel bad giving you pessimistic advice, but after looking into the LA housing market for a while... Move out of LA. My brother has been trying to buy a house there for years (he can't move because his job keeps him there) and is always priced out. I advised him to save his money over the last 12 months, anticipating a Covid real estate dip, and of course, prices spike. Small homes in Highland Park that were 800k a couple years ago are now running 1m+. The damn city - or at least the hotspots near downtown - is seemingly impervious to market dips because of the unending torrent of foreign buyers, young DINKs using mommy and daddy money, and people sitting on piles of money making cash offers (if you look at this housing market long enough, you start to live in a warped reality where you assume everyone has a million dollars in free cash they can just offload into a home). It may seem like guaranteed equity since, as you said, prices have just continued to climb, but the cost per sq ft is so ridiculous compared to almost anywhere else in the country. Also, if a realtor actually told you that you'd be able to afford anything on 60k, I suspect they might be selling you a bill of goods. Also regarding your mom's trailer: yes, sell that as soon as it's yours. I've seen the industry from the inside (my first boss was a co-owner of several mobile home parks) and it's one of the most ridiculous rackets I've ever seen. It's amazing for the land owners and woeful for the people who actually own/rent the homes. It's so advantageous for the land owner that I used to think about saving up and trying to partner with said boss on a park, but I've given that up because I know it would make me feel like a gross slumlord. --- Yoblazer https://imgur.com/gByqgPg <cite>CaptainOfCrush posted [p:952237941] in Invest in ... [t:79375157]...</cite> <quote>Based on the numbers you've provided, I'm guessing these condos are going for roughly 300k? If so, are you sure you can afford that on 60k income? Seems like that mortgage might stretch you a little thin. The security of your "permanent" job sounds great, and I feel bad giving you pessimistic advice, but after looking into the LA housing market for a while... Move out of LA. My brother has been trying to buy a house there for years (he can't move because his job keeps him there) and is always priced out. I advised him to save his money over the last 12 months, anticipating a Covid real estate dip, and of course, prices spike. Small homes in Highland Park that were 800k a couple years ago are now running 1m+. The damn city - or at least the hotspots near downtown - is seemingly impervious to market dips because of the unending torrent of foreign buyers, young DINKs using mommy and daddy money, and people sitting on piles of money making cash offers (if you look at this housing market long enough, you start to live in a warped reality where you assume everyone has a million dollars in free cash they can just offload into a home). It may seem like guaranteed equity since, as you said, prices have just continued to climb, but the cost per sq ft is so ridiculous compared to almost anywhere else in the country. Also, if a realtor actually told you that you'd be able to afford anything on 60k, I suspect they might be selling you a bill of goods. Also regarding your mom's trailer: yes, sell that as soon as it's yours. I've seen the industry from the inside (my first boss was a co-owner of several mobile home parks) and it's one of the most ridiculous rackets I've ever seen. It's amazing for the land owners and woeful for the people who actually own/rent the homes. It's so advantageous for the land owner that I used to think about saving up and trying to partner with said boss on a park, but I've given that up because I know it would make me feel like a gross slumlord. --- Yoblazer https://imgur.com/gByqgPg</quote> ... Copied to Clipboard!
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