75K in LA, how will I be doing? (Santa Clarita, Santa Monica: sale, for rent)

[shannon94]

Originally Posted by Sorcerer68

I'm going to give you some valuable advice...the kind I earn the big bucks for:

(regarding real estate/starting out/student loans): There are programs to help you get into cheap, starter properties in disadvantaged areas for no fico qualify and very, very low interest. Get a lite fixer, do a little work on the weekends, refi in a year or so and you are now paying half as much a month for your student loans but the debt has the advantages of home ownership.

Regarding your question, you'll do fine.

Bad advice buddy!!

[linck]

You will be fine earning $75,000/year, even with your debt. I earn about the same and pay $950/month for rent. Although I curse Sallie Mae every month, I can make my payments and you will manage yours.

Also, LA, except for the potholes, is great for scooters. Just make sure that you get your bike titled and tagged within 10 days after moving here. Also, you will have to take the written exams for both your class C and class M licenses. I don't know if they will make you take the driving exam for your scooter--probably; the CA DMV is there to make you wish you hadn't moved. But, when you are whizzing around in the sun on your bike, you will be glad you did. Congratulations on your job.

[Evlevo]

Originally Posted by Sorcerer68

I'm going to give you some valuable advice...the kind I earn the big bucks for:

(regarding real estate/starting out/student loans): There are programs to help you get into cheap, starter properties in disadvantaged areas for no fico qualify and very, very low interest. Get a lite fixer, do a little work on the weekends, refi in a year or so and you are now paying half as much a month for your student loans but the debt has the advantages of home ownership.

Regarding your question, you'll do fine.

I make good money flipping homes, and I can say that "do a little work on the weekends" is not possible for the average person who doesn't have previous experience to fix a place up beyond some simple painting and yardwork, and I've met more than a few people (like my sister) who can't even handle that. It isn't a matter of aptitude, it just takes too much time for the average joe to learn plumbing, flooring, electrical, drywall, etc with any sort of acceptable results. Also, I have about $8K in tools, a truck, and a $4K cargo trailer to haul it all to jobsites. You can rent tools, but that'll run you $50 - $150 a day (and hope you don't break them!) and you are talking a minimum of 20-50 days of full time work (and that's if you know what you are doing and have the tools) to fix up even a 1,000 sq ft place.

Sure, you can hire a lot of the work out, but that chips away alot at the savings, and it has it's own risks. I occasionally hire contractors for some bigger jobs (wood floors, electrical, etc) and I can say that if you don't know what you are doing, many contractors will do substandard work, overcharge, etc.

Your best bet is to focus on what you are good at and make a lot of cash doing it, keep your expenses low, and make debt elimination a priority. In a past career I was a Financial Planner, and I can say that jumping from a $1,000/ mo rent into a $2000+/ mo mortage (cuz you gotta include taxes and utilities) for the same living space only to own vs rent only makes sense only on a 4+ year window, or in a huge market upswing (and I think the gas has just about run out of that tank). If the bubble pops after you buy, you'll have a huge underwater mortage so big that it'll certainly take your mind off those student loans

[NewToCA]

I agree with the above posting, no need to take unnecessary financial risks in trying to play real estate, especially before you take the time to understand the complex market.

I have two sons living in LA, on about a similar income. They have been able to afford nice apartments in the North Hollywood, West LA and Brentwood areas. You also should probably consider buying a used car, a 5 year old Honda or Toyota which should be independently checked by a mechanic working for you.

The start up cost are a little steep, and the expenses a little higher than the rest of the country, but the pay is higher too.

By the way, my wife and I just moved to California a few months ago after spending our lives on the east coast and midwest. If you want to do the move, you can!

[ibarrio]

75K is a good Salary. Budget your self around $1700-$2000 for a better area/apartment.

Forget the scooter...People do drive crazy but if you want to visit the Area you will have to drive. L.A. Metro is super huge and cannot be accessed by Scooter. For example, you cannot get to any of the beaches from Noho by scooter. So unless you want to be stuck in the area you live in you have no choice but to get a car.

[Dir Drill 1]

[quote=wanderingwaldo;573469]

With regard to the dude who called my scooter a toy you can suck it hard as it is not a go-ped or some 50cc POS. It's perfect for side-streets/ sub 55mph zones, is a blast to ride, gets great gas mileage, repair costs are minimal, and will cost nothing to transport across the country.

LOL !!!!!!

You have the right attitude for L.A. !!! Don't take any crap from people who try to down you for doing what you want... You will be fine on your scooter, and when traffic is backed up for miles, you will be splitting traffic and they will be pissed because they don't have one... Get out, enjoy as much of the good areas as you can, and if you want to go to the beach you can always catch a ride with your new friends, or for about $20-30 rent a car for the day every once in a while... We will always have bills, but we will not always have the time/health to live life to it's fullest..Your opportunities are only limited by you, and you sound like that will not be a problem !!!! HAVE FUN !!!...

[artichoke63]

I'd love to know where you can rent a car for one-day only for $30? Do you think this place is near where he lives, or will he need to take a cab?

[ibarrio]

LOL. Do you seriously think he can get from North Hollywood to, lets say Magic Mountain, on a scooter. Do you want him to get killed? He cannot take that thing on the 5 Freeway. I would not even reccomend driving the scooter on SF Blvd. or any other major street.

I love his attitude but this is LA. City of Freeways and cars.

Also to consider is Speed limits on surfaces streets are higher then what others are used to.

[artichoke63]

I have a car but I almost never drive it. I hate driving in Los Angeles. I walk to as many places I can. You can get by without a car in Los Angeles. People do it. But it's not convenient. I could get by on a scooter if I had to. Let him try it and see how it goes. His girlfriend his moving out soon and she'll probably have a car. He'll have to pay off that student loan before she marries him though.

Artie

[Dir Drill 1]

Originally Posted by artichoke63

I'd love to know where you can rent a car for one-day only for $30? Do you think this place is near where he lives, or will he need to take a cab?

Well.... I think $30 a day is somewhat high end, since you can go on hotwire and get them for $13-$20 any day of the week... I will post just one link here that you can see the prices on, it's at Enterprise, which is a full rate for the person who doesn't know better, or doesn't want to deal with negotiating a better rate... It takes only a little checking and talking, to get a much better rate.. And as far as where you can do this ???? Wherever there are cars that are sitting unrented...The rental agencies would rather have the cars at least pay for themselves than have them sitting on the lots..
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