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Old 07-23-2017, 08:41 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479

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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?
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Old 07-23-2017, 08:49 PM
 
Location: The Triad
34,090 posts, read 82,975,811 times
Reputation: 43666
Quote:
Originally Posted by Perma Bear View Post
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 ~40k as a down payment to MORTGAGE a multifamily unit
Yes. The key is the reliability of that $60,000 earned income vs your net obligations.

If you could do the same work other than in the bay area for the same income...
then pack up and move out this month. Plan to rent a small place for a while as you
learn your way around and find an appropriate property to buy.
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Old 07-23-2017, 08:51 PM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by MrRational View Post
Yes. The key is the reliability of that $60,000 earned income vs your net obligations.

If you could do the same work other than in the bay area for the same income...
then pack up and move out this month. Plan to rent a small place for a while as you
learn your way around and find an appropriate property to buy.
Well no, id still live at home and just rent it out.
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Old 07-23-2017, 10:45 PM
 
Location: Winston-Salem
4,218 posts, read 8,530,941 times
Reputation: 4494
Why are you posting in the North Carolina forum?
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Old 07-24-2017, 05:34 AM
 
Location: The Triad
34,090 posts, read 82,975,811 times
Reputation: 43666
Quote:
Originally Posted by Perma Bear View Post
Well no, id still live at home and just rent it out.
Nope... if you want to "get off the bottom" you'll need to leave the Bay Area.

As regards owning rental properties as a means of... you need to be nearby.
Even an hours drive away gets very complicated.
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Old 07-29-2017, 08:22 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
Reputation: 16698
Quote:
Originally Posted by MrRational View Post
Nope... if you want to "get off the bottom" you'll need to leave the Bay Area.

As regards owning rental properties as a means of... you need to be nearby.
Even an hours drive away gets very complicated.
Sorry folks, the op is just trolling from the California forums. He is an adult living at home with his mother for free and has thus saved some money. Likes to brag he is in the top 5% of his generation. Always complaining he can't afford a house, but in fact he can. It would be a cheaper house, but he has no desire to move out on his own. People have told him to move to a cheaper part of the country, but if you follow his threads and posts he mostly regards people in the south and Midwest as inferior to Californians. I advised him to move to Atlanta and he replied he wouldn't want to live in a trailer park and kept making mention of darkies. Likes to refer to other states residents as rednecks etc. please don't waste your time replying.
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Old 07-29-2017, 01:31 PM
 
Location: In the hot spot!
3,941 posts, read 6,726,483 times
Reputation: 4091
Quote:
Originally Posted by aslowdodge View Post
Sorry folks, the op is just trolling from the California forums. He is an adult living at home with his mother for free and has thus saved some money. Likes to brag he is in the top 5% of his generation. Always complaining he can't afford a house, but in fact he can. It would be a cheaper house, but he has no desire to move out on his own. People have told him to move to a cheaper part of the country, but if you follow his threads and posts he mostly regards people in the south and Midwest as inferior to Californians. I advised him to move to Atlanta and he replied he wouldn't want to live in a trailer park and kept making mention of darkies. Likes to refer to other states residents as rednecks etc. please don't waste your time replying.
Thanks for this information.
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Old 07-29-2017, 01:34 PM
 
Location: Northern California
130,290 posts, read 12,105,905 times
Reputation: 39037
Quote:
Originally Posted by aslowdodge View Post
Sorry folks, the op is just trolling from the California forums. He is an adult living at home with his mother for free and has thus saved some money. Likes to brag he is in the top 5% of his generation. Always complaining he can't afford a house, but in fact he can. It would be a cheaper house, but he has no desire to move out on his own. People have told him to move to a cheaper part of the country, but if you follow his threads and posts he mostly regards people in the south and Midwest as inferior to Californians. I advised him to move to Atlanta and he replied he wouldn't want to live in a trailer park and kept making mention of darkies. Likes to refer to other states residents as rednecks etc. please don't waste your time replying.
Well California has its share of rednecks too lol I see them every day
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Old 08-09-2017, 05:28 PM
 
173 posts, read 170,666 times
Reputation: 424
The OP is an embarrassment even to Californians. We, on the California forum, are tired of him.
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Old 08-09-2017, 05:36 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
Reputation: 16698
Quote:
Originally Posted by MinervaPallasAthena View Post
The OP is an embarrassment even to Californians. We, on the California forum, are tired of him.
shhh, don't say anything. maybe we can pawn him off here!
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