I want to buy a house (Los Angeles: real estate, apartment, rent)

[Forshaw]

I am a 25 years old female and want to get out of my parents home, I don’t want to waste money on rent but right now I have only $10,000, So here I am looking for your suggestion that where should I go for this? Hope you will help me.
Thanks in advance!

[Charles]

Originally Posted by Forshaw

I am a 25 years old female and want to get out of my parents home, I don’t want to waste money on rent but right now I have only $10,000, So here I am looking for your suggestion that where should I go for this? Hope you will help me.
Thanks in advance!

What line of work are you in?
What is your housing budget?
Where do you work?
Would you consider living outside of Los Angeles? Outside of California? Why or why not?

[greggd]

Originally Posted by Forshaw

I am a 25 years old female and want to get out of my parents home, I don’t want to waste money on rent but right now I have only $10,000, So here I am looking for your suggestion that where should I go for this? Hope you will help me.
Thanks in advance!

Renting isnt wasting money. Its a time period where you save up to afford your own real estate and all the responsibilities and risks that comes with it.

Rent an apartment with a reliable roomate in a decent area with secure parking and entry. That will save you the full cost of rent.

Then save your money over the next 2 years like a frugal old lady, including the $10,000 you already have and re-post your question.

Save enough to put 20%+ down, have $$ in an savings account to cover a good six months of mortgage plus some extra savings for personal, retirement etc. If you also have a stable job that will afford a pre-determined mortgage payment plus all your expenses, and % for savings, then you will be set to purchase a small condominium.

[JackSparrow]

You wont be able to afford anything in Los Angeles with $10,000

I hate to be the bearer of bad news, but due to the mortgage collapse, you're going to need 10% or more at the very minimum for a down payment.

Consider saving some money, or working with a family member if you wish to buy.

[JTGJR]

Jack's right. Heard on the radio today that the median price in LA County is now just a smidgen under $500K. Given the mortgage meltdown, and the assumption that you haven't established a strong credit rating, you would need roughly $110K down, including closing costs to get into a reasonable place. And only a tad lower if you went the condo route. It's a painful fact of life in SoCal.

Renting is not a waste of money. Renting helps build your credit rating and helps you come to the realization of what it will cost to live on your own. In the meantime, set some aggressive savings goals to get you into the housing market sooner, rather than later.

[junkman18]

Originally Posted by Forshaw

I am a 25 years old female and want to get out of my parents home, I don’t want to waste money on rent but right now I have only $10,000, So here I am looking for your suggestion that where should I go for this? Hope you will help me.
Thanks in advance!

If at all possible move out of california that $10,000 will go allot further..

[N-Dawggy]

Originally Posted by JackSparrow

You wont be able to afford anything in Los Angeles with $10,000

I hate to be the bearer of bad news, but due to the mortgage collapse, you're going to need 10% or more at the very minimum for a down payment.

Consider saving some money, or working with a family member if you wish to buy.

Exactly, I recently pulled out of a real estate deal. I was buying a condo as an investment. I came in with 5% down, but just this Friday I rec'd a call from my investment partner saying the bank wanted at least 10%. I pulled out because this is a very bad sign that home prices are yet to even touch the bottom. The majority of people do not have 10% yet alone 15 or 20% to put down on a house. This will make house prices go even further down the drain. Be smart and don't invest in real estate right now.

[EscapeCalifornia]

Closing costs and a trip to Ikea will kill that $10k. Good luck.

[motoman]

OP, if you make $100,000 per year and save 15% of your gross income, outside of your 401k (so you would be saving 30% of your gross income), in six years you will have enough for a 20% downpayment on a median priced home.

I don't know what your income level is, but if you only have $10,000 saved up, I can imagine you aren't making $100,000 per year. So you'll need to look further down the road before thinking of buying a place. An unfortunate reality.

[Charles]

Originally Posted by lollipopluv

I may be able to help you.

Are you going to give her $100K?