Is $45,000 cash enough to make the move to LA? (HOA fees, condos)

[thelopez2]

$45,000 in savings is what some people will make in a year after taxes. If you have a significant time gap in employment or change in industry it will be very difficult to get a mortgage.

[seain dublin]

Originally Posted by stizz44

Thinking about moving to LA from New England. I have $45,000 cash in savings and a masters degree in Adult Education.

Is $45,000 enough to move to LA with no job secured, find a job, and then buy a condo within a 1 year time perioid? Or would PHX/Bakersfield/Fresno be a better option?

Single guy no wife or kids...

Yes, and it's refreshing to see someone who is smart enough to move with a large sum of cash, normally on here it is "I don't have a car and have almost $3,000 saved up should I move to LA?". Than they get an attitude when you don't tell them yes.

You're going about it the right way.

[Say99]

Your money would go further in another city. So unless you plan on starting some kind of business that will take advantage of LA's population density i wouldn't move there. I mean unless you find a good job offer or something there would be no point. Nothing there for you that you couldn't find in a cheaper city. Especially if you're not even sure that you can find a job.

If i was you i would start investing that 45k into something that will show you a fast return. Thats basically all i do.

[jamills21]

Originally Posted by Say99

Your money would go further in another city. So unless you plan on starting some kind of business that will take advantage of LA's population density i wouldn't move there. I mean unless you find a good job offer or something there would be no point. Nothing there for you that you couldn't find in a cheaper city. Especially if you're not even sure that you can find a job.

If i was you i would start investing that 45k into something that will show you a fast return. Thats basically all i do.

What? I think you have that backwards.

[Tex?Il?]

Originally Posted by infinitekid

moving from New England to Fresno...totes

New England:
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Fresno:
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Isn't it a little more fair to show a pic of the Sequoias for Fresno??

[unspeakable]

5k is enough to make the move. If your a financially responsible person 45k is overkill. People move cross country all the time with very little and end up fine. That being said, if your job market is small then do plan to possibly be out of work for a year.

[seain dublin]

Originally Posted by Say99

Your money would go further in another city. So unless you plan on starting some kind of business that will take advantage of LA's population density i wouldn't move there. I mean unless you find a good job offer or something there would be no point. Nothing there for you that you couldn't find in a cheaper city. Especially if you're not even sure that you can find a job.

If i was you i would start investing that 45k into something that will show you a fast return. Thats basically all i do.

Yes, maybe the OP should move to Orlando where you don't want to be outside 7 months of the year due to the stifling heat and humidity, because the money will go farther.

That's not what they were asking.

[stizz44]

Originally Posted by Say99

Your money would go further in another city. So unless you plan on starting some kind of business that will take advantage of LA's population density i wouldn't move there. I mean unless you find a good job offer or something there would be no point. Nothing there for you that you couldn't find in a cheaper city. Especially if you're not even sure that you can find a job.

If i was you i would start investing that 45k into something that will show you a fast return. Thats basically all i do.

Actually I was thinking about taking advantage of LA's real estate appreciation. Buy a condo for $200,000 and sell it for $250,000 in two years. Either that or buy two single families in PHX with the same goal in mind of selling for a $50,000 profit in two years.
Think I'm better off in LA or PhX?

I'm pretty sure I can find a job. It might not be the best job in the world, but I'm motivated enough to even work at the mall until I can find a real professional position.

[Snowball7]

Absolutely not. $45k is nothing and you will starve in a cardboard box.

[bpeeps]

Good lord, you people are doing the absolute MOST. 45K is plenty, not sure why anyone is telling you otherwise. Rent, get a job, buy your condo.