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Old 06-02-2013, 10:21 PM
 
Location: Las Vegas
168 posts, read 191,448 times
Reputation: 275

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I'm a 25/ male and live with my parents rent-free. (Awesome, I know)

However I'm up in the air with ideas.
I've been at my current job/career for a little over a year. I bring home about 2,200 each month. My job is pretty much set in stone unless I can do the same thing, but for more money elsewhere. I have benefits and solid retirement. (about $650/month out of my checks)
I built up about 7k in credit card debt, but have dropped it down to 2.5k in a year.
I have a vehicle I bought in 2006 brand new and it is paid off with only 68k miles.
I also had a personal loan that was 7.5k that is now paid off.
I have good credit. Never been late with any payments on anything. Always paid over the minimum on my credit card bills.
I'm not sure what my FICO is, but according to Credit Karma my vantage score is 755.

Here is what I'm debating.
First option:
I wanted to pay off all my CC debt by August. Then pursue to look for a house.
The problem is I don't have 2 years employment at my current job(Like 13 months) and my savings is pretty weak (only a couple hundred) considering I've been slamming my CC bills. (I do have retirement through my job that is not touchable.)
Do you think I can get a house? I figured I need to try and do it ASAP considering how hard I hear it is and demand/prices rising again.
I was going to try and get a First time home buyer credit through the Wells Fargo Neighborhood LIFT program that I should qualify for. (Up to 15k downpayment; Forgiveable after 5 years)
However, I would rely on that for assistance.

2nd option:
Stay at home rent free.
Pay off CC debt and build a solid 6-8 month savings before looking and still try to get the down payment assistance.
This seems like the most logical option, but I am getting tired.
My parents are cool, but I'm not really interested in bringing females here and that hinders that aspect of my life.
I've been on the grind paying off bills and etc that I haven't had any real fun the past year.
I'm 25 and don't want to sit here for another year before I feel like I can start my life.
Where I live now is FAR from anything fun...at least to my standards. The Sunrise Manor is at least 20-30 mins away from activities for my type of crowd.

3rd option:
Pay off credit card by Aug.
Get an apartment in the Southwest.
I never wanted to rent. However, I can live a nice social life and have fun.
It would take me longer to save up, but I can probably still build a quality savings.
I can wait til my 2 years employment mark and will make a little bit more money by then.
This option has been enticing me more and more as I think about it.
Like I said I am 25. I don't want to be a 30 year old single guy macking on the fresh 21 year olds. I'd like to have my fun now so that I can settle down in a few years.
I'm not depressed, I just feel trapped in a little funk and never want to do much. Which I'm positive is because of my repetitive lifestyle.

So should I just wait it out and grind for another year even though I feel like groundhog day and have become fairly unmotivated?

Go ahead and shoot for the house now because by the time I land one it will be 2014 anyway?

Grab an apartment, get a little confidence boost and try for a house next summer?

Any advice would be amazing to hear! Thanks..
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Old 06-02-2013, 10:25 PM
 
Location: Kingman AZ
15,370 posts, read 36,802,918 times
Reputation: 9131
hmmmmm TLTR

[too long to read]
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Old 06-02-2013, 10:33 PM
 
Location: Las Vegas
168 posts, read 191,448 times
Reputation: 275
Quote:
Originally Posted by dynimagelv View Post
hmmmmm TLTR

[too long to read]
Gotta keep that post count up somehow.
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Old 06-02-2013, 10:44 PM
 
249 posts, read 371,562 times
Reputation: 235
I say live with your parents as long as possible and save up as much as you can now-- home ownership have its rewards, but also many hidden costs. Build a little nest egg-- I think in a year, the market won't change drastically, so you should be fine waiting until then
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Old 06-02-2013, 10:48 PM
 
Location: Las Vegas
168 posts, read 191,448 times
Reputation: 275
Quote:
Originally Posted by Girlesq View Post
I say live with your parents as long as possible and save up as much as you can now-- home ownership have its rewards, but also many hidden costs. Build a little nest egg-- I think in a year, the market won't change drastically, so you should be fine waiting until then
Yeah, it definitely seems the most logical anyway. Just lots of pros/cons to all 3 options.
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Old 06-02-2013, 11:12 PM
 
Location: Giethoorn, Netherlands
629 posts, read 1,097,636 times
Reputation: 738
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.
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Old 06-02-2013, 11:25 PM
 
2,928 posts, read 3,077,329 times
Reputation: 1882
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.
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Old 06-03-2013, 12:12 AM
 
Location: Las Vegas
24 posts, read 41,988 times
Reputation: 28
Default answer ......to your prayers

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)
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Old 06-03-2013, 12:36 AM
 
Location: Las Vegas
52 posts, read 92,494 times
Reputation: 48
Stay at home and save up, or rent an apt/condo (which I can help you with).. Whatever you do, DONT buy a house now.. If you were lucky enough to qualify for an FHA loan, you'll never be able to buy a house in this crazy market..

You've got nothing but time.. Wait for a pullback in the market, which is bound to happen at some point in the next few years..
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Old 06-03-2013, 12:57 AM
 
3,588 posts, read 4,565,202 times
Reputation: 3140
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.
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