[skugelstadt]

I would not feel comfortable making house payments on your income , plus the credit card debt. I would stay with folks or rent a room from a friend. I imagine your credit card debt is at least 15% or so. Pay it off ASAP then see if you can save what you estimate a house payment with related expenses for a year, to see if you could deal with that much of an expense. House payments, HOA fees, insurance, repairs and maintenance can really ad up.

[von949]

Just keep grinding it out. If there is a "companion" in the picture, a hotel room will take care of that. You know we have plenty of those.

What will be the major difference for you in living life on your own or while living with your parents?


(╯°□°）╯ ︵ ┻━┻

[BBMW]

Stay in parent's home, grind it out, pay off the debt, build up some savings. Then move out and get a cheapish apartment for a year or two. Establish the fact that you can cover that expense base, and still save money. The biggest think you should be doing through this period is building a career, and a savings base. Owning a house at this point could be more of a ball and chain than an investment, especially at current prices, and with an iffy economy.

You want money, marketability, and mobility.

[monstersizin]

Originally Posted by topaz420

Whoa, there are still LIFT funds available?

My wife and I were the very first LIFT closing in Las Vegas - it's an awesome program

That said, I know it sucks to feel like you're waiting for your life to start, but that's what happens when you rack up nearly 20k in debt - it takes a while to get back in the positive.

I was in the same boat as you, and in some ways worse because I had to stay with my *wife's* parents for 1 year to save up the money for our house.

You want to go in with a minimum of 10k, and preferably closer to 20. Your savings has to be "seasoned" (held steadily in a bank for over 3 months), and you really do want the 2 years of employment history or financing will be difficult.

Also, Vegas just isn't the great deal it was even 1 year ago. With the 40-50% increase in prices, there are now much better deals to be had throughout the country in better towns than Vegas.

As far as their website states...yes.

Closer to 33k+ debt (Auto loan, personal loan, credit card debt) since I was 18. Only 2.5k left!
Thanks for the advice. I will be staying in Vegas. I have no desire to leave at this point and I'm surrounded by supporting/loving family here.

Originally Posted by ddrhazy

If this question was posted 2 years ago I would've said buy. Right now you should probably save and pay off the last of your debt.

I wouldn't even had to ask this question if it was 2-3 years ago! Many of my friends took advantage of that First time home buyer tax credit. I couldn't afford at the time.

Originally Posted by Steve Darrow

Dear friend,

nobody can answer you better than yourself. Believe me!
With this question you simply want to escape from taking responsibility for your actions and your life.
No offense!
My advise is : always and I mean always rely on your inner feeling about the situation. Take a deep breath and free yourself from the outer thoughts. Then concentrate and the first word that comes into your head is the right one ! It is that simple.
Our perceptions for the world around us are based on our present level of awareness. In other words your level of understanding of the world is in connection with the life you have been through for the past 25 years. You simply can not jump over your vision of life. The more you learn about life and the more you are educated the level of your perception is getting higher. Remember that!

So don't be afraid to take actions ....even if you are wrong it's better, than to use some other people's advise. They don't know you and your feelings. Only you know yourself, even if does not appear to be true sometimes)))
Steve)

I get what you're saying besides the part of me wanting to escape and not take responsibility for my actions.
I just want other opinions. I felt like I have taken great responsibility the last 18 months. Paying off mass debt is hard to do.

Originally Posted by logline

Still have Credit Card debt?
Only a couple hundred saved up for a deposit?

Wait it out.

You'll be SO GLAD you waited when you move into your own home next year. I don't think prices are going to go much higher from here anyway, so you won't miss out. And the women will be breaking the door down when they see a mid-20's guy with a stable job that bought his own home.

Any of this would be after I pay off my CC debt...in about 2 months.
Deposit for an apartment? That would be saved up after CC debt.

I have feeling this is what I will do...just wanted reassurance really.
The women part will be a bonus, but this is more so of me getting out of a little funk. Being more motivated and outgoing.

Originally Posted by skugelstadt

I would not feel comfortable making house payments on your income , plus the credit card debt. I would stay with folks or rent a room from a friend. I imagine your credit card debt is at least 15% or so. Pay it off ASAP then see if you can save what you estimate a house payment with related expenses for a year, to see if you could deal with that much of an expense. House payments, HOA fees, insurance, repairs and maintenance can really ad up.

CC debt would be paid off prior to any of this.
By August 1st my status will be:
I will be debt free. Own a vehicle ('06 Silverado, 68k miles, Like new shape).
Bills will be $200. (Auto Insurance, Gym and phone)
After Gas, food and leisure money I expect to have around at least $1500/ month left.

Never wanted a roommate. Only time I ever will have one is if I want someone to help pay half my mortgage. I like my friends, but I hear too much drama about people living together.

Originally Posted by von949

Just keep grinding it out. If there is a "companion" in the picture, a hotel room will take care of that. You know we have plenty of those.

What will be the major difference for you in living life on your own or while living with your parents?


(╯°□°）╯ ︵ ┻━┻

I feel that.
There is no companion right now, but if I actually put any effort whatsoever then there could be. Like I said before I've been pretty much Going to work, working out and not spending any money but on debt.
Pretty boring lifestyle at this point.

Major difference would be a more active and social lifestyle. Better area of town. $100+ savings in gas/month.
I reside on the east side of town near the mormon temple. Most of my friends/coworkers are out West, GVR/SLVRANCH. If I want to go anywhere I need to drive a good distance. DUI would ruin my life/career. It'd be nice to hang out just around the corner at a nice bar (that plays english music ) with buddies or carpooling with friends to town square, etc.
^ I basically use this and the fact of me paying off debt as a personal reason on not to do anything right now.

Originally Posted by BBMW

Stay in parent's home, grind it out, pay off the debt, build up some savings. Then move out and get a cheapish apartment for a year or two. Establish the fact that you can cover that expense base, and still save money. The biggest think you should be doing through this period is building a career, and a savings base. Owning a house at this point could be more of a ball and chain than an investment, especially at current prices, and with an iffy economy.

You want money, marketability, and mobility.

My main thing is that an apartment would be around the same as a mortgage payment according to what I think I'd get approved for. (obviously there is more bills to a home than just mortgage, though.)
So if I grind it out at home for a year I should easily be set for a house rather than just settle for renting.
Savings base is the first thing I'm working in August when my debt is gone. Right now I only put away about $100 in savings each month.


By the way my $2,500 CC debt is a balance transfer on a 0% credit card until March 2014. This is the reason why I haven't been building savings until recently. I was basically paying a mortgage type amount towards my CC's and loan debts that all carried interest until recently. I should be debt free by August.

[logline]

Originally Posted by monstersizin

Never wanted a roommate. Only time I ever will have one is if I want someone to help pay half my mortgage. I like my friends, but I hear too much drama about people living together.

I like the way this kid thinks. Smart.

Your next "roommate" should be the one you plan on marrying for life. Otherwise, too much drama and problems.

You're on the right track. Just keep doing what you're doing and you're going to be fine. I'd say "Good luck" but you don't need it. You have a plan which is so much more valuable.

[monstersizin]

Originally Posted by logline

I like the way this kid thinks. Smart.

Your next "roommate" should be the one you plan on marrying for life. Otherwise, too much drama and problems.

You're on the right track. Just keep doing what you're doing and you're going to be fine. I'd say "Good luck" but you don't need it. You have a plan which is so much more valuable.

Thanks, This means a lot!
I definitely agree.
My next "roommate" will be someone I am very serious about. I've actually had a girlfriend live with me here at my parents before. (She really had no choice financially/family wise. We were both around 19 and I didn't mind her invading my room.) The lesson I learned is that I will live with the girl I am interested in marrying for at least 6-9 months before I can actually confirm she is the one.
Being together and living together is a whole new ball park!

[Everdeen]

Option 2.

Just my opinion.

[manisobsolete]

I personally would only buy a house under the following conditions:

• the loan is no more than about 3x your yearly gross income
• you have 20% down
• you have little to no consumer debt
• you already have 6 months emergency fund that you won't touch
• a home is not an investment
• you understand that home ownership/maintenance is likely a lot more expensive than you think
• you spend a few days googling "why to not buy a house" and "renting vs buying," and you still want to do it

I met all of these requirements when I bought my first house a year ago. I researched all this stuff for years before I jumped in, and still was shocked at the expenses involved and how much a house can be a pain in the butt.

I bought a 1989 house in great shape, and have still spend lots of time and money dealing with all kinds of little things that I never would have expected. Irrigation system problems, trimming tall palm trees, dealing with idiot neighbors, trying to get my summer power bill under $300, realizing that 3 of my windows get condensation between the panels in the summer, realizing that my attic reaches approximately 300 degrees in the summer, realizing that my insufficient attic insulation lets all of that heat into my second story ceiling which makes the second floor too hot at night, fixing a roof leak, learning that when it rains buckets my back yard becomes a kiddie pool, etc etc etc etc etc etc. It's a grand old time!

A source: Dave Ramsey article.

[owelles]

First off, congratulations on paying down your credit card debt. The next step, as it appears you know, is to eliminate your credit card debt. The next step after that is to keep your credit card debt at zero. In other words, do everything possible to pay off your balance in full every month, without fail. Sacrifice other things to make that happen consistently.

The absence of debt in your life can open all kinds of doors and make possible purchases (such as a house) that you might not have thought were possible.

Go for it.

[ScoopLV]

The easiest way to eliminate credit card debt (and become wealthy, for that matter) is to minimize monthly expenses.

Car payments? Not a chance. Buy a decent used car and pay cash. Financing a car is one of the dumbest financial moves a person can make. Why pay interest on something that depreciates? Let other people pay the depreciation. Buy used.

Cell phone data plan? Ridiculous. May as well toss a lot of money in a hole, pour gasoline on it and light it on fire. I have the cheapest plan available -- $35/mo for three phones. One for my wife (who demands to have a phone in case she gets stranded on the highway or similar). One for my mother-in-law (who uses up all our minutes talking with her relatives) and one for me (which I use once a day to check in with my wife).

Gym membership? Stupid. Go for a walk. Ride a bicycle. Take the stairs instead of the elevator.

Starbucks? Insane. Buy a thermos and make your own damned coffee. And pack a lunch, while you're at it.


Ridding yourself of monthly expenses makes the rest of your life easy.