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Topic	Invest in stocks, or try to get a condo?
Zachnorn 03/29/21 1:43:50 PM #24:	CaptainOfCrush posted... 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. Yeah, 250-300k. If I can get something cheaper, I will. It would definitely stretch me thin though. My logic is that I'd have to pay something like that for the rent once I inherit this house anyway and that just goes to the landlord. A mortgage would hurt, but at least I'd keep some of the money I put in. CaptainOfCrush posted... 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). In all honesty, my plan last year was to spend my summer looking for jobs and visiting other cities. COVID put a stop to that, and then I suddenly had a doubling (and now tripling) of savings which gave me hope for LA. But damn, it's a struggle to actually find anything despite my finances and job history being good enough to buy a house in most parts of the country. LA is so disheartening and I'm shocked it hasn't crashed yet. I guess because of the investors buying it all and renting for ridiculous prices. CaptainOfCrush posted... 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. The price of a whole house in some areas of the Midwest cost as much as a down payment for a condo in LA, it's insane. CaptainOfCrush posted... 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. I'm glad you didn't get into that industry. I've dealt with the owners/reps/managers here and they're all scum. I absolutely despise Frank Rolfe. I don't think he has anything to do with my park, but he's a scumbag that turned mobile homes from a good alternative to traditional housing to a money trap. Bartzyx posted... Because Phoenix is literal hell Certainly felt like it when I went in the summer one time! So does Vegas though. masterplum posted... Long distance landlording is not what you want to do. Source: My spouse and I have a combined 3 houses. Even though they are all within 30 minutes of us driving over to fix a lock or evict someone is a total pain in the ass. Cant imagine trying to do it from hours away Oh I'd definitely hire a property manager and hope I'd make a profit still. azuarc posted... In your situation, though, I don't know if I'd have been able to justify. I don't live in the cheapest part of the country, but it's peanuts compared to where you are. I also had no real change to my commute. All that changed was that I didn't have Mom making dinner and doing my laundry. Well, and I had to pay a bunch of rent, whereas living at home was free. Honestly, the best part of staying at home is that my mom wants to cook for me and such. For a time, she wasn't home much because he job had her all over the country and I gained weight from eating out and eating frozen food so much. She was happy her cooking made me lose weight. I've lived on my own before (temporary job 400 miles away), but still, she doesn't seem to think I'm capable of it. I don't feel like I'm 31, but I do get homemade food and cheap rent, so I guess that's okay. When I moved before, she was very sad and I think she missed doing some of the mom stuff. We're also pretty close because she's a single mom and I'm her only child. --- <D <cite>Zachnorn posted [p:952244243] in Invest in ... [t:79375157]...</cite> <quote>CaptainOfCrush posted... </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.</quote>Yeah, 250-300k. If I can get something cheaper, I will. It would definitely stretch me thin though. My logic is that I'd have to pay something like that for the rent once I inherit this house anyway and that just goes to the landlord. A mortgage would hurt, but at least I'd keep some of the money I put in. CaptainOfCrush posted... </cite> <quote>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).</quote>In all honesty, my plan last year was to spend my summer looking for jobs and visiting other cities. COVID put a stop to that, and then I suddenly had a doubling (and now tripling) of savings which gave me hope for LA. But damn, it's a struggle to actually find anything despite my finances and job history being good enough to buy a house in most parts of the country. LA is so disheartening and I'm shocked it hasn't crashed yet. I guess because of the investors buying it all and renting for ridiculous prices. CaptainOfCrush posted... </cite> <quote>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.</quote>The price of a whole house in some areas of the Midwest cost as much as a down payment for a condo in LA, it's insane. CaptainOfCrush posted... </cite> <quote>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.</quote>I'm glad you didn't get into that industry. I've dealt with the owners/reps/managers here and they're all scum. I absolutely despise Frank Rolfe. I don't think he has anything to do with my park, but he's a scumbag that turned mobile homes from a good alternative to traditional housing to a money trap. Bartzyx posted... </cite> <quote>Because Phoenix is literal hell</quote>Certainly felt like it when I went in the summer one time! So does Vegas though. masterplum posted... </cite> <quote>Long distance landlording is not what you want to do. Source: My spouse and I have a combined 3 houses. Even though they are all within 30 minutes of us driving over to fix a lock or evict someone is a total pain in the ass. Cant imagine trying to do it from hours away</quote>Oh I'd definitely hire a property manager and hope I'd make a profit still. azuarc posted... </cite> <quote>In your situation, though, I don't know if I'd have been able to justify. I don't live in the cheapest part of the country, but it's peanuts compared to where you are. I also had no real change to my commute. All that changed was that I didn't have Mom making dinner and doing my laundry. Well, and I had to pay a bunch of rent, whereas living at home was free.</quote>Honestly, the best part of staying at home is that my mom wants to cook for me and such. For a time, she wasn't home much because he job had her all over the country and I gained weight from eating out and eating frozen food so much. She was happy her cooking made me lose weight. I've lived on my own before (temporary job 400 miles away), but still, she doesn't seem to think I'm capable of it. I don't feel like I'm 31, but I do get homemade food and cheap rent, so I guess that's okay. When I moved before, she was very sad and I think she missed doing some of the mom stuff. We're also pretty close because she's a single mom and I'm her only child. --- <D</quote> ... Copied to Clipboard!
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