Advantages and Disadvantages of being a long life renter in California? (HOA, insurance)

[iExtrapolate]

I proposed this theory in a different thread: it's not that millennials are far poorer than previous generations, it's that the wealth is less evenly distributed. There are two Engineers/Doctors/Lawyers & FANG/crypto investor millenials that are killing it for every twenty working retail and/or living with their parents.


No data, just a gut feeling....

[Tominftl]

Buy an RV and then you can live wherever you want. Get bored with the place? Move.

[Ruth4Truth]

Originally Posted by Tominftl

Buy an RV and then you can live wherever you want. Get bored with the place? Move.

Serious petroleum dependence!

[iExtrapolate]

Originally Posted by Mr5150

$240k and you can’t save for a down payment? Party much? How do you like the 2018 BMW 7 series you just bought?

My guess with a little effort you could put $60K aside per year for a down payment.

The millennials are buying Teslas not BMWs

[Ruth4Truth]

Originally Posted by iExtrapolate

The millennials are buying Teslas not BMWs

OP says he's car-free. Way to go, OP!

[MtnSurfer]

While you are young, invest, invest, invest. For some people their home equity is the only the thing that saves their bacon during retirement. But it certainly isn't the only way to invest well during your working years. You might find other low-maintenance, lucrative business opportunities. I would say you should be able to easily save ~ 50% of your income. Now imagine that over 10 years with some kind of decent ROI. Within 10 years you'll have $1m+ saved. Eventually you can then 'decide' how long you want to continue working before retiring 'early' or not. It will be totally up to you.

Regrading RE investment in Oceanside, yes, a condo is a great place to look and start. But it doesn't have to be. You could, as someone else stated, invest in a decent home inland a bit and lease it out. Have them pay for the bulk of your mortgage. It doesn't have to be LA or some place you don't like.

Derek

[MtnSurfer]

Here's a few you could most likely afford:

https://www.zillow.com/homes/for_sal...42_rect/14_zm/

https://www.zillow.com/homes/for_sal...42_rect/14_zm/

https://www.zillow.com/homes/for_sal...84_rect/14_zm/

Here's a house a bit inland:
https://www.zillow.com/homes/for_sal...91_rect/14_zm/

Derek

[aslowdodge]

Originally Posted by Ruth4Truth

You're car free? So save 1/2 your paycheck annually, & in about 3 years, you'll be able to pay cash, too. Or find a condo that doesn't have cash buyers; there can't be THAT many foreigners buying up all the condos. Where did you say you live, again?

OP, you're oddly helpless in this realm, for a pro anesthesiologist making bank. You could call a RE agent to ask all your questions...


Oh, wait, I get it people; the OP is trying to pay off mongo student loans ASAP, that's what must be going on. That's smart, OP. Still, you could be (and probably are, I hope??) stashing some of your great paycheck, away for the future.

Is he car free? He says he likes being close to the freeway to escape to other places.
Student loans.,. Good call Ruth.
Op might be a bit disingenuous about his situation based on what seems obvious to all of us .

[TacoSoup]

Originally Posted by aslowdodge

Is he car free? He says he likes being close to the freeway to escape to other places.
Student loans.,. Good call Ruth.
Op might be a bit disingenuous about his situation based on what seems obvious to all of us .

That was my first thought. Anyone making $240K a year knows they can easily qualify for well over $1M, more like $1.2-1.3M, more than enough to afford something in Oceanside. Even if there’s high student loan debt, that can be restructured to lower payments over a longer term to help qualify high. A minimum down payment of 5% should easily be met in under a year, especially if renting in Oceanside.

Most high earners I know, even at his age, had a better grasp on reality than this kid. Sorry, but something ain’t jiving. If I am wrong, and he’s being honest and really looking for advice, I do apologize.

[Tulemutt]

Originally Posted by TacoSoup

That was my first thought. Anyone making $240K a year knows they can easily qualify for well over $1M, more like $1.2-1.3M, more than enough to afford something in Oceanside. Even if there’s high student loan debt, that can be restructured to lower payments over a longer term to help qualify high. A minimum down payment of 5% should easily be met in under a year, especially if renting in Oceanside.

Most high earners I know, even at his age, had a better grasp on reality than this kid. Sorry, but something ain’t jiving. If I am wrong, and he’s being honest and really looking for advice, I do apologize.

I didn’t want to say what you just did. So, now you have: anyone smart enough to attain the education, credentials, and starting salary stated at such a young age - doesn’t seem a likely prospect for such basic personal economics naiveté. But, who knows?