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spdrun
ParticipantConstruction finished on the first master planned community in what, ’89? Three years doesn’t seem to be enough time to effect a total change in buying habits for something as illiquid and conservative as real estate. I’m assuming that there were still some people, especially of good blue-collar upbringing, who bought one of the smaller houses in the early 90s in their early 20s.
The “900-1400 sf = bad” thing is funny to me. I currently own a home and a rental. Total square footage, added together, is about 900 🙂 My sister’s first place is a bit bigger, at about 1200 sf.
We both bought what we could afford in our late 20s.
Lastly, I’d be interested to know what demographic things like 2/2 condos in the mid to high $100k range are going to. First time buyers, mainly landlords, or older empty-nesters?
ParticipantCool, thx.
Participant47 years old. Born 1965. Graduated college in 1986 at age 21. Bought first home in 1992 at age 27. Unheard of? Seems quite normal to me for the time period.
ParticipantBearishgurl –
Assume a married couple. Two people working. One kid. Bought house in early 90ies. I could easily see saving $10-15k per year or more, plus having positive equity in the home. I’m guessing that not all people in SD County got burnt by the housing correction, right?
Office space isn’t expensive if you do it right. What a lot of small lawyers do here is quietly sublet space from a bigger firm with extra floor space. Worker’s comp isn’t needed if you’re self-employed or a single-person LLP in most states.
ParticipantMost of the ones whom I know that did strike out on their own are doing better and are happier than before. Yeah, yeah, local differences. If you go to an ABA-accredited school, staying in CA isn’t mandatory.
Furthermore, establishing residency in a state that has a cheap public/accredited law school, then going to school there is another good option. Graduate with under $100k in debt, and you have a lot more options.
As far as age: a 45-47 year old will probably have a lot more connections that can be used to drum up business. Possibly even enough money saved to go to law school for cash, and kids out of the house. 40-something might actually be a good time to go to grad school and start a second career.
Participantthat’s my primary argument against going too far away. it increases the chances that you never come back…
That’s his damn choice, no? Some people (including myself) are much happier in NYC, Boston, or Europe than they’d be in SoCal full-time. Let him explore the world.
Besides, if he’s pulling down $100-150k/yr, a $350 plane ticket 10x per year isn’t a big deal.
ParticipantOuch. The other public law school nearby – Rutgers, is something like $34k (ex housing) for out-of-state and $20k for citizens of NJ.
As b0rked as people say that our local economies and government funding situation are, sounds like CA has it a lot worse in that respect.
Participanthttp://www.centralnewyorkinjurylawyer.com/2011/10/new-york-legal-malpractice-ins.html
About a grand a month for people I know. Interestingly, not required in NY nor CA if one wants to live dangerously 🙂
What does a specialist whose skills are needed by multiple firms, but are a small enough niche not to fill 40hr/wk in one firm do in CA? Or is that a trick question – “starve or move to the East Coast…”
I really want to like CA. It’s beautiful, has lots of outdoor stuff to do, some amazing people. The more I read this forum and talk to people out there, I more I feel that the small/freelance business climate is much more hostile (by custom, not necessarily by overt law) than in NYC.
Participantbearishgurl – what’s the term for a specialist attorney that works closely with several firms as well on niche matters?
Two examples:
(1) A patent lawyer with engineering and math degrees from MIT, who also happens to speak six languages and advises firms on international intellectual property disputes.
(2) A 40-something lady who has a disabled kid and primarily stays home to take care of her family. But she also used to have a disability law firm when the child was younger, and still advises other firms on her area of expertise.jwizzle – California has nothing like the City University of NY/Queens, where law school is something like $13k/yr if you’re a resident of NYC? Quite a few respected attorneys have come through there.
ParticipantHopefully, your kid doesn’t want to go to a school in NYC or SF.
I can’t speak to SF, but regarding NYC…
If you look hard enough, you can find a 3-bedroom apartment near Columbia for $300k. Same dealio with parts of Bklyn that are commutable to NYU, or even a 2-bedroom in parts of the East Village.
Taxes and maintenance $500-700/mo combined, no utilities other than electricity which may be included as well. Generally with income restrictions, but those can be in the mid-100s, and if the kid is officially buying it (perhaps via private mortgage), it’s doable.
NYC isn’t nearly as unaffordable as its reputation goes.
ParticipantIf you can graduate with little/no debt and have attorney recs, what’s wrong with going of-counsel for a small firm or two, as well as soliciting clients of your own soon after passing the bar?
ParticipantMe, me, me ! My studies show that students in AZ wear 50% less clothing than students anywhere else.
That’s fine until most Zonies open the maws below their nostrils. Then you just want to kick them out of a moving car, and appreciate the lack of clothing for its road-rash potential.
Participantflu, if you tell that plan to other tiger parents, they will think you are super low class…
Smart, rather. Law-school/passing the bar is just an entryway into a professional guild. If one can graduate with low debt and hang out a shingle within 2-3 years, then they’re much better off than the average stupid tethered goat working for biglaw.
ParticipantF— reciprocity — that’s a Band-Aid solution, and who wants to attend school in a desert hellhole like Zonieland anyway? In-state should for sure have priority over foreigners and out of state. At the very least, overt discrimination against CA residents should be prohibited. That’s the way it works in my former home state of NJ.
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