Planning a move to California in 2-3 years, how's my plan? (apartment complexes, rentals)

[Ceece]

Originally Posted by mlb

Just an aside.... with interest rates so low - wouldn't it be a better idea to buy a place now and share it with others? Gosh - with that amount of money saved up and housing prices going up - I would think getting into the market now would be a good idea.

I think buying rather than flushing your money down the toilet would be a better option.

In places around the university communities? Like USC, UCLA, Cal State Northridge, etc.?

If you have to depend on roommates to make rent you won't qualify a loan anyway. Roommates flake. $20k is NOT "lets buy a house" money, it's "I can survive for 6 months while I look for a job" money. If you can handle a mortgage on your own you just have to decide if there are better things to do with your money or not, and how long you will want to live it that one particular house in a college community. Houses cost $$, especially older, cheaper ones that are rented to college students. And buying/selling cost $$. It's never as simple as "rent vs mortgage".

OP, you are too far out to get specific info you are looking for. THe world changes in 3 years, by A LOT.

[jm1982]

That's true about not being able to qualify w roommate rent money.

He could look into buying a two to four unit property and live in one of the units . In that situation you can have the tenants rent used to qualify for mortgage . It really depends on what the market rents are though....it's a bit harder to do in la but some people use this method to live practically mortgage free while owning a property .

FHA also would like you get in with I believe 5percent down .

Lots of people don't realize one can do this .

[Joe Van Fossen]

So here it is:

I'll be graduating high school in 2014, but while I'm still in school. I'll be working, in total I'll have about 20-30k in savings; realistically more like 21-22k, my cousins and brother that are in Atlanta are putting me through to some pretty good jobs (they have great connections; banks and airports).

I've heard many from people that you would need a car and traffic is pretty horrible; especially in the area I'm moving to. Southern California; Los Angeles County, I'll have that done and off my check list pretty soon. (Infiniti G35)

By having $22k+ by the time you finish high school, you'll be very ahead of the game. Just to check, are you saying you'll have $22K after purchasing the Infiniti, or will some of that go towards the down payment?

Before I even think about moving I would have a job and a home secured. Those are essential, moving anywhere without those is stupid IMO.

My field will (hopefully) be in computers, programming, developing, 3D modeling, business, or some type of creative job. But, we'll see what's available and what the job market is like in 2015 shooting for the best thought .

Are you programming now? I'm not sure if high school computer classes are going to train you well enough to land a job in programming right away. Most people I know who are in programming/development either did 2 years of technical school, have a 4 year college degree, or coded some really impressive and commercially viable apps, websites, etc before they found professional work.

I also have a few questions:

Where is it best to live in Los Angeles County for young guys? I was looking at Orange County, but I've here a lot of horror stories. So far, I've narrow down to a few places; Santa Monica, Encino, Woodland Hills, Calabasas, or Sherman Oaks. I was considering Pasadena, but I've heard it's full of gangs. I'm trying to stay clear of that type of community.

I'm looking for a place that's around my age, 19 by the time I move, that's not in the "ghetto", kinda quiet, safe, and presentable and alive (although "alive" isn't something I'd stress about). I'm aware that prices are pretty steep, $1,000 and up. I'm prepared for that.

Places that will have people around your age will generally be close to colleges. Most people around your age will probably still be living with their parents too. $1000 won't go very far in the places you mentioned.

By the way, I'm not looking to rent, although is nothing comes about, I'll get use to it until I can get better, but I really don't want to waste my time or money. Whereas at the same time I could to financing a home.

Owning can definitely be a better investment than renting, but at your age you will not have enough established credit to finance a home in California. Nor will you have a large enough down payment.

So, how does my plan sound guys, any pointers or anything else are obviously welcomed. Thanks.

Pics, things to do, and other stuff would be much appreciated.

You're on the right track. You're thinking big and you've thought a lot of this through. The best advice I'd have to offer you, as someone who also saved well when he was young... get over the G35. I understand that image is important to a degree, but if you want to make the right financial decisions to get you into a home faster, you'd be better off getting a more affordable car and paying it off (this is a great way to boost your credit). I would also recommend going to college or trade school for programming/development. That's a job sector that will only grow and you can easily earn a very good salary right out of school.

[Joe Van Fossen]

Originally Posted by jm1982

That's true about not being able to qualify w roommate rent money.

He could look into buying a two to four unit property and live in one of the units . In that situation you can have the tenants rent used to qualify for mortgage . It really depends on what the market rents are though....it's a bit harder to do in la but some people use this method to live practically mortgage free while owning a property .

FHA also would like you get in with I believe 5percent down .

Lots of people don't realize one can do this .

FHA can get you in with 3.5%, California Home Buyers Down Payment Assistance Program can get first time buyers in with only .5% down. There are a lot of different loan products available to assist would-be homeowners. However, you have to pay for mortgage insurance for anything less than 20% down--which can be costly.

[DevonHardy]

Originally Posted by Joe Van Fossen

By having $22k+ by the time you finish high school, you'll be very ahead of the game. Just to check, are you saying you'll have $22K after purchasing the Infiniti, or will some of that go towards the down payment?




Are you programming now? I'm not sure if high school computer classes are going to train you well enough to land a job in programming right away. Most people I know who are in programming/development either did 2 years of technical school, have a 4 year college degree, or coded some really impressive and commercially viable apps, websites, etc before they found professional work.



Places that will have people around your age will generally be close to colleges. Most people around your age will probably still be living with their parents too. $1000 won't go very far in the places you mentioned.



Owning can definitely be a better investment than renting, but at your age you will not have enough established credit to finance a home in California. Nor will you have a large enough down payment.



You're on the right track. You're thinking big and you've thought a lot of this through. The best advice I'd have to offer you, as someone who also saved well when he was young... get over the G35. I understand that image is important to a degree, but if you want to make the right financial decisions to get you into a home faster, you'd be better off getting a more affordable car and paying it off (this is a great way to boost your credit). I would also recommend going to college or trade school for programming/development. That's a job sector that will only grow and you can easily earn a very good salary right out of school.

Just to check, are you saying you'll have $22K after purchasing the Infiniti, or will some of that go towards the down payment? I'm planning on buying it in full. It's not too pricey and won't put me in a
hole. The total would be around 7-13k.

Are you programming now? Yes, I'm currently working on a portfolio and a site to showcase my work.

[bpeeps]

Everyone's said everything that needed to be said, so I'll reiterate.

Lose the car.
Go to college.
Rent an apartment.
Visit before you sign a lease.

With that said, where do you live currently? And what are you trying to get away from?

[SunnyTXsmile]

Originally Posted by DevonHardy

So here it is:

I'll be graduating high school in 2014, but while I'm still in school. I'll be working, in total I'll have about 20-30k in savings; realistically more like 21-22k, my cousins and brother that are in Atlanta are putting me through to some pretty good jobs (they have great connections; banks and airports).

I've heard many from people that you would need a car and traffic is pretty horrible; especially in the area I'm moving to. Southern California; Los Angeles County, I'll have that done and off my check list pretty soon. (Infiniti G35)

Before I even think about moving I would have a job and a home secured. Those are essential, moving anywhere without those is stupid IMO.

My field will (hopefully) be in computers, programming, developing, 3D modeling, business, or some type of creative job. But, we'll see what's available and what the job market is like in 2015 shooting for the best thought .

I also have a few questions:

Where is it best to live in Los Angeles County for young guys? I was looking at Orange County, but I've here a lot of horror stories. So far, I've narrow down to a few places; Santa Monica, Encino, Woodland Hills, Calabasas, or Sherman Oaks. I was considering Pasadena, but I've heard it's full of gangs. I'm trying to stay clear of that type of community.

I'm looking for a place that's around my age, 19 by the time I move, that's not in the "ghetto", kinda quiet, safe, and presentable and alive (although "alive" isn't something I'd stress about). I'm aware that prices are pretty steep, $1,000 and up. I'm prepared for that.

By the way, I'm not looking to rent, although is nothing comes about, I'll get use to it until I can get better, but I really don't want to waste my time or money. Whereas at the same time I could to financing a home.

So, how does my plan sound guys, any pointers or anything else are obviously welcomed. Thanks.

Pics, things to do, and other stuff would be much appreciated.

Well thought out, but first go to college and get the job, the rest will follow.

I don't know your financial situation, but you might possibly want to consider a more economical car.

Also, I wouldn't be so quick to turn up your nose to renting. You're very young, and will likely need the flexibility and cost savings of a rental, especially in a new area. Learn the area first, save a hefty down payment, then consider buying. One step at a time. Good luck.

[SunnyTXsmile]

Originally Posted by bpeeps

Everyone's said everything that needed to be said, so I'll reiterate.

Lose the car.
Go to college.
Rent an apartment.
Visit before you sign a lease.

With that said, where do you live currently? And what are you trying to get away from?

Good post/advice, but why do you think the OP is trying to get away from something? I wasn't trying to get away from anything when I moved (countless times). Rather, I was going to something (a job, family, college, weather, etc).

[PDF]

Originally Posted by SunnyTXsmile

Good post/advice, but why do you think the OP is trying to get away from something? I wasn't trying to get away from anything when I moved (countless times). Rather, I was going to something (a job, family, college, weather, etc).

Most of us who make a move like this are trying to get away from something, I know I am when I move to LA shortly. However, to try to secure a relocation job fresh out of high school and setting your limits on not renting? Not really a good idea.

[bpeeps]

Originally Posted by SunnyTXsmile

Good post/advice, but why do you think the OP is trying to get away from something? I wasn't trying to get away from anything when I moved (countless times). Rather, I was going to something (a job, family, college, weather, etc).

His age mostly. I thought about rephrasing the question to ask why he was moving, but I just hit submit instead. Add to the fact that he has such big goals, owning a house, a grown up car, obtaining a good job with no higher education, etc. Just feels like he is running and trying to setup something good for himself so there's no possibility of having to go back.

I could be wrong though.