Buying a house
I live in the LA area. How the fuck does anyone afford to buy a house. unfortunately I don't have the luxury of having my parents help me out with a down payment. Grew up poor so no inheritance for me. I did the math and even for someone making 6 figs that's still pulling teeth. I mean cmon wtf am I suppose to do. And no, not trying to be the first wave of gentrification in a low income neighborhood.
Try the bay area.
That's even more expensive?
But everyone’s on well over ‘six figs’.
Don’t even dream of buying a house in LA, San Diego, OC, or Bay Area with your tc. If you really want to own a house, consider San Bernardino area or inland empire.
I know I'm gonna sound like I wanna have my cake and eat it, but that commute would be brutal. I work in Silicon beach
There are really only about 5 other options here, you have to pick one if you want a house 1) get a better job 2) get a second job 3) marry someone who works 4) buy a crappy house, fix it up 5) take on a long commute for a good house This is what we all do - those of us without cake from wealthy parents.
Once your house is bought you ride the appreciation wave and gain serious net worth. That's how I was able to move up to a more expensive home.
Assuming tech doesn’t crash. I think a high amount of the housing prices in those areas are correlated with tech workers getting highly paid
Are you saying the LA market is at a all time high and will never go higher? Crashes are temporary, they rebound eventually. Just dont sell.
Wait until end of 2019. The housing market will come down.
TC or gtfo
Everyone is pulling 6 figs these days. You're going to want 300 or plus for anything basically middle class.
Marry rich :) or go to Compton, or the valley
Get a Tropical MBA, and learn about The End Of Jobs from Taylor Pearson. The old opportunities are over - everyone keeps reminding us about that - but there are so many new opportunities. Seek them, find them, enjoy them.
You have to start small with a property you can actually afford and work up from there. Ideally you want something like a small condo that needs some cosmetic upgrades. Fix it up and let normal land value appreciation + savings/budgeting take you to a place where you can sell it and buy something nicer and bigger. Rinse and repeat. This is a very doable, well trod, path but it requires work and time. You can’t expect something nice in a highly in-demand area to be easily obtainable, but with hard work and conscious budgeting its absolutely doable. My parents (a teacher and a carpenter) managed to do this is in LA.
Leetcode