25yrs old, making $30,000......

[RaistlinZ]

I need ATOT's help.

I'm a 25yr old guy making about $30,000/yr. I've been living with my folks for the past year but I really feel like it's time to get my own place.

The problem is that here in Souther California new homes are WAY out of my price range ($400,000+). The other problem is that rental units are also very expensive now, about $900/mo. for a single residence. Condos are also high priced in this area, and they just don't look like a good long-term investment for me. I've also considered sharing a duplex or something to pay a smaller rent, but I really want to have a place to call my own.

Does anyone know of any programs that could help people in my situation get a new somewhat decent new home? (I've never owned a home before, my credit is mediocre, I still have about $21,000 in total loans loans to pay off). It seem like I'm stuck between a rock and a hard place right now and I just don't know what I should do.

What I really want to do eventually is get some investment properties for myself and rent them out, but it seems like a long ways away at this point.


Cliffs:
1. 25 yrs old, $30,000/yr, living with my parents
2. Too expensive to buy a home, too expensive to rent an apartment
3. My credit is meh, I have $21,000 in loans to pay off
4. What should I do?

 

[mercanucaribe]

Stay with your parents for a year or two and pay off your debt.

 

[JLGatsby]

Pay off your loans first, then buy a house. I would actually recommend moving elsewhere where housing is cheaper.

 

[buzzsaw13]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

 

[Cooler]

Originally posted by: buzzsaw13

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

 

[JDrake]

Originally posted by: JLGatsby
Pay off your loans first, then buy a house. I would actually recommend moving elsewhere where housing is cheaper.

:thumbsup:

 

[JDrake]

edit: double post

 

[RaistlinZ]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

I forgot to mention, staying at home with parents is not an option. My stepmom "subtley" left an Apartments For Rent magazine on the desk in my room while I was out the other day. She obviously wants me out.

 

[ponyo]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

 

[illusion88]

Why not get an apartment and a roomate? Live with that guy for a year while you can slowly save up some cash and move out when you can afford it?

 

[AnonymouseUser]

Originally posted by: Cooler

Originally posted by: buzzsaw13

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

QFT

 

[AnonymouseUser]

Suggestion: Pay off your debt as if it were a (relatively cheap) house payment.

$21k debt / $1000/month = ~23 months (with interest)

 

[IHateMyJob2004]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

Correction:
Stay with your parents for a year or two and after the buble pops, buy a home.

PS: I've read articles that show things are happening that are precursors to the last pop in the 80s.

 

[tjaisv]

Just stay with your parents till they die so they can give u the house. In the meantime, simply kick them down with some rent and splurge the rest on yourself.

 

[Mday]

i'm your age, make a little more, but in nyc so that's just yeah.
live with parents
i have 24k to pay off

 

[spidey07]

you are 25, you should not be living with your parents no matter what.

time to grow up.

 

[classy]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

Yea that would be the right move.

 

[Ricochet]

Move to a different city. $30K in SoCal is not good.

 

[EmperorIQ]

what is your occupation?

 

[ChuckN0rris]

Your first purchase should be a Total Gym 1700

 

[Skunkwourk]

Originally posted by: ChuckN0rris
Your first purchase should be a Total Gym 1700

I hope you aren't Masterandcommander...

As for the OP. If you can't live with parents, you may have to consider sharing, whether thats as a housemate, or even roommates. Where exactly do you want to move to?

 

[mugs]

Originally posted by: JLGatsby
Pay off your loans first, then buy a house. I would actually recommend moving elsewhere where housing is cheaper.

I agree with the asshole. What do you do that pays $30,000? It probably would pay about the same elsewhere. If you live in SoCal on that income you're going to be living paycheck to paycheck for the rest of your life.

The $21,000 - is that student loans? Car loan? Both?

 

[Injury]

Originally posted by: spidey07
you are 25, you should not be living with your parents no matter what.

time to grow up.

I disagree.

Unless you parents insist you leave, you're smart for staying with them as long as you can. At this age, he's in the right crowd for marraige to be in the near future... so he should either look into a house that can support a small family, or find a very cheap temporary solution.

Getting rid of current debts is priority #1. The main reason people have financial problems is because they load debt on top of debt thinking that it will be paid off soon enough or they can handle it. One bad things happens and you're screwed.

I know enough about California to know that $30,000/yr isn't enough to be a home owner. Have a chat with your parents about staying there for another year or so and paying them a bit for the extra you're using and work on that debt while you're there.

When you get down to an amount you could pay in less than a year with no troubles (say around sub $5000) then you start looking at places to move to.

 

[0roo0roo]

find 10 roomates

 

[Cal166]

If living with your parent is not an option then living with couple of roomates.