25 year old living in poverty in the Bay Area. Can I buy an out of state rental here? (St. Louis: condo, loan)

[Perma Bear]

I'm 25 with assets of approximately 155k and an income nearing 60k. Because I live in the Bay area area this relegates me to poverty. Is it possible I could use a small amount of money such as 40k as a downpayment to. It a multifamily unit and get off the bottom of the ownership food chain?

[MOforthewin]

Originally Posted by Perma Bear

I'm 25 with assets of approximately 155k and an income nearing 60k. Because I live in the Bay area area this relegates me to poverty. Is it possible I could use a small amount of money such as 40k as a downpayment to. It a multifamily unit and get off the bottom of the ownership food chain?

You can easily move to Missouri and have a down payment on a small house or a condo in St. Louis county.

You won't make what you make out there though, but with the cash saved up and even making 35k to start you should be fine. You will be saving a ton of cash moving to Missouri.

I can't see how people can live out there with the high taxes and high housing cost.

For being so young and that much in assets, you're off to an excellent start in life.

[Arrby]

$40K will, in theory, get you a conventional loan on a $200K property. You will, of course, have to show sufficient income to qualify for the loan.

Throughout the state you can get a decent duplex or even triplex for that amount of money. The income from such a property varies wildly depending upon location.

You have many issues to consider - do your homework.

[Floorist]

In some rural areas of Missouri, you can buy a 3 br house for $40,000 total.

[RisingAurvandil]

Originally Posted by Perma Bear

I'm 25 with assets of approximately 155k and an income nearing 60k. Because I live in the Bay area area this relegates me to poverty. Is it possible I could use a small amount of money such as 40k as a downpayment to. It a multifamily unit and get off the bottom of the ownership food chain?

If your bank approves, of course you can.

Depending on your occupation, your income may decline substantially if you move to Missouri. Or not. This is the most important issue you face. If you're making 60k driving forklifts in CA, you will probably suffer here. If you're making 60k as a nurse in CA, you will do very well here.

[aslowdodge]

Originally Posted by MOforthewin

You can easily move to Missouri and have a down payment on a small house or a condo in St. Louis county.

You won't make what you make out there though, but with the cash saved up and even making 35k to start you should be fine. You will be saving a ton of cash moving to Missouri.

I can't see how people can live out there with the high taxes and high housing cost.

For being so young and that much in assets, you're off to an excellent start in life.

Lol the bear is loose!
He has no intention of buying in mo. Check out his posts in the California forums where he constantly makes fun of southern and Midwest states like mo as inferior. He made the same exact post in the Alabama forum.
He also has no intention of moving from California, just wants to own a rental property in a cheaper state.
Many of you would be just as rich if you made his income living at home with his mother for free like he does.

[MOforthewin]

Originally Posted by aslowdodge

Lol the bear is loose!
He has no intention of buying in mo. Check out his posts in the California forums where he constantly makes fun of southern and Midwest states like mo as inferior. He made the same exact post in the Alabama forum.
He also has no intention of moving from California, just wants to own a rental property in a cheaper state.
Many of you would be just as rich if you made his income living at home with his mother for free like he does.

How long do you think he'd last somewhere like Sikeston, Branson, West Plains, or Poplar Bluff if he moved there?

[Perma Bear]

Originally Posted by MOforthewin

How long do you think he'd last somewhere like Sikeston, Branson, West Plains, or Poplar Bluff if he moved there?

I reckon I'd get along well partner.

[Sassybluesy]

Well, I live in the St. Louis area, but if I lived in the bay area, I think I'd probably be loath to leave as well.


I'm OVER Missouri winters and summers. LOL

[Perma Bear]

Originally Posted by Sassybluesy

Well, I live in the St. Louis area, but if I lived in the bay area, I think I'd probably be loath to leave as well.


I'm OVER Missouri winters and summers. LOL

Even if you live in poverty with my assets?