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gzz.
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March 25, 2015 at 4:46 PM #21454March 25, 2015 at 4:59 PM #784178
spdrun
ParticipantSave the money, buy a 2/2 condo for cash, maybe with a small loan. You’ll have $500-800/mo of expenses and be able to rent it for $1400/mo if you decide to leave Dodge for a few months. As close to responsibility-free ownership of property as you can get.
March 25, 2015 at 7:08 PM #784186
svelteParticipantGiven your current situation, you could get a loan to buy a home in those areas and that price range right now with 20% down and still have $$ left – I’m sure you know that.
And you’ve done your homework pretty thoroughly – my sentence above isn’t telling you anything new.
The basic question then is should you buy now or wait 2 years? I don’t think any of us can answer that – it really depends on what you’re comfortable with and what you think is going to happen in San Diego real estate in the next 24 months.
None of us have a crystal ball. Ye make ye bets and ye takes ye chances.
And in your shoes there is no way in hell I would buy a 2/2 condo. SFR all the way baby.
March 25, 2015 at 7:10 PM #784187ParticipantWhy not on the condo? If you’re young, better to have some other schmuck maintain the outside, pool, roof, etc than have to deal with it yourself. Paying a $250-300/mo HOA is actually a bargain unless your time is worthless.
March 25, 2015 at 8:12 PM #784188Bitter Renter
ParticipantJust wondering how a 26 y/o has $110,000 savings, zero debt, excellent credit, secure $100,000+ job, fully funding 401k? If this is true, I’d say save your money and let the market go stagnant or down a bit. In a few years you may find a significant other with similar economic situation, then you’d have the option of having a $1,000,000+ home in a location of San Diego like Carmel Valley, etc. Even if you want to do this all on your own, with your income and a few years savings you could set your sights on a location such as Scripps Ranch.
March 25, 2015 at 9:51 PM #784189moneymaker
ParticipantOP doesn’t say what s/he is paying for rent now. If paying a lot in rent then buy now or wait for the parents to kick the bucket and inherit theirs, the options are many and I would say follow your gut instincts rather than rely on “expert advice”.
March 25, 2015 at 11:59 PM #784181FlyerInHi
Guest[quote=spdrun]Save the money, buy a 2/2 condo for cash, maybe with a small loan. You’ll have $500-800/mo of expenses and be able to rent it for $1400/mo if you decide to leave Dodge for a few months. As close to responsibility-free ownership of property as you can get.[/quote]
I agree with you. If he knows how to remodel well, the place can be quite nice, at least on the inside.
But I don’t think that’s what the OP wants. He wants a house. I gave the same advice to a friend who retired. But he bought a big house with all the trappings. He told me recently that’s because when he dies he wants to have owned it even if it’s not paid off.
Like you, I value financial freedom more. With your advice, once the OP pays off the first condo he can keep on investing on income producing stuff rather that feeding the house.
March 26, 2015 at 9:33 PM #784219zk
Participant[quote=spdrun] As close to responsibility-free ownership of property as you can get.[/quote]
Maybe. But the op doesn’t sound, to me, like he’s looking for responsibility-free anything. He sounds like he’d gladly take a more responsibility-requiring approach, if that’s what it takes to get what he wants.
Kristopher, I think your plan sounds quite reasonable. Something to consider: your plans may change. I bought my first house when I was 25. It wasn’t in an area I wanted to stay in forever, so I didn’t plan on staying. My second house (I was 28) was in an area I really liked, and I thought I’d stay in that house forever. I bought/moved to other primary residences at 30, 35, 41, and 49. Each I thought was my last. You just never know.
March 27, 2015 at 2:09 PM #784236poorgradstudent
ParticipantI didn’t see you mention a wife, OP. If you’re presently single and unattached, good for you, BUT…
I wouldn’t buy a house now assuming that three years from now you’ll meet the girl of your dreams and she’ll gladly move into the home you built for yourself, to your needs. She’s going to have her own ideas and desires.
If you’re a sworn bachelor for life by all means execute your plan.
I would definitely approach this more as an investment than “I’m gonna buy a house and never move again”. Since you’re prepared to put in sweat equity your plan is far from crazy. Just understand you may end up selling down the road.
March 28, 2015 at 6:38 AM #784256scaredyclassic
Participant[quote=poorgradstudent]I didn’t see you mention a wife, OP. If you’re presently single and unattached, good for you, BUT…
I wouldn’t buy a house now assuming that three years from now you’ll meet the girl of your dreams and she’ll gladly move into the home you built for yourself, to your needs. She’s going to have her own ideas and desires.
If you’re a sworn bachelor for life by all means execute your plan.
I would definitely approach this more as an investment than “I’m gonna buy a house and never move again”. Since you’re prepared to put in sweat equity your plan is far from crazy. Just understand you ma4y end up selling down the road.[/quote]
those desires will lead inexorably toward more desires. More cravings. An endless inability to ever truly be conscious of the moment with ceaseless back of the envelope calculations on income future returns and plannning.
man plans.
G-d laughs.proverbs 19:21. See also Buddhism.
however according to my calculations your scheme might just actually work
March 28, 2015 at 8:19 AM #784257fun4vnay2
ParticipantPer my experience, san diego is not the best place to call this as permanent base job keeping in mind the flight of jobs to cheaper cost places along with difficult to do business in CA.
This is at-least what I see from anecdotal evidences.If san diego is like LA or SFO, I understand but..
March 28, 2015 at 8:56 AM #784258ParticipantSan Diego will always have tourism and the wealthier people who actually want to live in a beautiful place with good climate. If you own a restaurant, shop catering to tourists (bikes, surfboards, etc), or are a tradesman like an electrician or plumber, your job should be very secure. Don’t discount the blue-collar opportunities.
March 28, 2015 at 10:47 AM #784269an
Participant[quote=spdrun]San Diego will always have tourism and the wealthier people who actually want to live in a beautiful place with good climate. If you own a restaurant, shop catering to tourists (bikes, surfboards, etc), or are a tradesman like an electrician or plumber, your job should be very secure. Don’t discount the blue-collar opportunities.[/quote]Exactly!!!
March 28, 2015 at 6:45 PM #784277Participant[quote=rockingtime]Per my experience, san diego is not the best place to call this as permanent base job keeping in mind the flight of jobs to cheaper cost places along with difficult to do business in CA.
This is at-least what I see from anecdotal evidences.[/quote]
A perfect example of why anecdotal evidence should not be used to make decisions (if more comprehensive data exist(s)).
The parenthetical “s” is for you, Rich.
March 28, 2015 at 7:35 PM #784278Anonymous
GuestHi, Kris:
I have a duplex in Vist that is perfectly match what you need, check your message.
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