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Old 03-05-2016, 06:48 PM
 
1,099 posts, read 898,406 times
Reputation: 734

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Quote:
Originally Posted by WithDisp View Post
No. You really can't make the point without that info.

It's like a realtor asking what your budget is, and saying "don't worry- with determination and time we can afford anything". Maybe it's a true statement, but it isn't going to help narrow down the house search at the time.


Could it be done on 67K without a spouse? Probably not if housing prices continue to rise.
If you lived frugally, you could bank 39K a year or so, assuming some mild raises each year.

However, if housing prices have plateaued. He could likely afford a small 2BR 1BA in a good enough neighborhood.
I'm sorry, but a response like that has me hitting my head against the wall. Yes, a point can be made without that information (which is why I just threw out a random age and salary). How about this...my son is 17. What's your point now? Did you even read the list (or perhaps the revised one by Ruth)? Once again, for the upteenth time....The list gave parameters on what it would take...nothing more, nothing less. Did I ever say it could be done on that alone. Uh, no (in fact, quite the opposite...all you're doing is regurgitating what I've already said). Please try to follow what's been said. And if you have an issue with anything on the list, by all means, say which one it is and elaborate with some facts on why you think that's not the case. Same goes with any additions that others have said they would add (many of which were excellent). I think most of us are trying to actually educate people on how this can be done. I happen to think it's a constructive thing to do.

Last edited by bodyforlife99; 03-05-2016 at 07:09 PM..
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Old 03-05-2016, 08:24 PM
 
Location: So Ca
26,659 posts, read 26,633,915 times
Reputation: 24712
Quote:
Originally Posted by Ruth4Truth View Post
I'm going to reframe the OP's statement to make it less controversial....Home purchasing in the Bay Area is impossible UNLESS you....
Well said, Ruth. And you got your point across without utilizing hyperbole, derision or sarcasm.
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Old 03-06-2016, 01:08 AM
 
Location: America's Expensive Toilet
1,516 posts, read 1,244,259 times
Reputation: 3190
Quote:
Originally Posted by Ruth4Truth View Post
I'm going to reframe the OP's statement to make it less controversial and more understandable to some, without sacrificing accuracy of what he wanted to say (feel free to correct me if I goof, OP):

Home purchasing in the Bay Area is impossible UNLESS you:

1. Can live at home with parents [or have some other very low-cost rental opportunity] to save for a downpayment;

2. Have a working partner with whom to live at home and contribute to the savings;

3. Are willing to give up luxuries and frills, including eating out for lunch or dinner, except as a rare treat;

4. Have little or no college debt, having strategized your college education wisely, perhaps with parental help;

5. Are willing to take an extra part-time job, to beef up your savings capacity.

6. Are brutally realistic, and accept that you won't be able to buy a house for perhaps 8-10 years, while you save. Amt of time needed to save depends on whether you have a partner to contribute, how much you make, whether you have any debt to pay off.
Well said, Ruth!
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Old 03-06-2016, 05:14 AM
 
Location: So Ca
26,659 posts, read 26,633,915 times
Reputation: 24712
Quote:
Originally Posted by bodyforlife99 View Post
Yes, a point can be made without that information (which is why I just threw out a random age and salary).

How about this...my son is 17. What's your point now?
Well, now this thread makes sense.

You have a very limited view of what it costs to send a kid to college today, nor what it entails to purchase a first home in today’s market. It’s remarkable that you’ve spent all this time telling those of us who've disagreed with you--some of whom have actually paid tuition and listened to our kids and most of their friends talk about home ownership in the most expensive cities in California—how misinformed we are.

Last edited by CA4Now; 03-06-2016 at 05:35 AM.. Reason: typo
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Old 03-06-2016, 07:03 AM
 
958 posts, read 1,142,993 times
Reputation: 1795
Quote:
Originally Posted by CA4Now View Post
Well, now this thread makes sense.

You have a very limited view of what it costs to send a kid to college today, nor what it entails to purchase a first home in today’s market. It’s remarkable that you’ve spent all this time telling those of us who've disagreed with you--some of whom have actually paid tuition and listened to our kids and most of their friends talk about home ownership in the most expensive cities in California—how misinformed we are.
Thank you for putting that so politely. It is what ive been incapable of saying in a polite enough manner to avoid getting deleted.
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Old 03-06-2016, 07:05 AM
 
958 posts, read 1,142,993 times
Reputation: 1795
Quote:
Originally Posted by WithDisp View Post
the good advice for a parent would be to get them far far away from the Bay Area.
.
exactly. There is your correct answer.
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Old 03-06-2016, 07:53 AM
 
1,099 posts, read 898,406 times
Reputation: 734
Quote:
Originally Posted by CA4Now View Post
Well, now this thread makes sense.

You have a very limited view of what it costs to send a kid to college today, nor what it entails to purchase a first home in today’s market. It’s remarkable that you’ve spent all this time telling those of us who've disagreed with you--some of whom have actually paid tuition and listened to our kids and most of their friends talk about home ownership in the most expensive cities in California—how misinformed we are.


It was a hypothetical comment. I was explaining to the poster that the information was irrelevant and unnecessary to make a point (he was insisting he needed that information to make his point). The purpose of the original list was to set parameters on what it would take to purchase a house (my son's personal information is none of his business and was never given). I threw out the two scenarios to show him whatever answer he gave wouldn't change...because it's about PARAMETERS to accomplish a goal. He proved I was right by simply regurgitating the exact information from my original post. Sorry if that confused you. And anyone can use math to determine the practicality of a financial situation like this. It's no different than my wife and I planning our retirement. If someone is living at home and knows he needs $9800 to cover one year of school, you can simply divide by a rate of pay to see how many hours you'd need to work so you wouldn't go into debt. Using my best Jerry Seinfeld voice.....You don't actually have to experience it to know what it would take to afford the experience. Is that confusing? If so, I can give the mathematical equation. Let me know if that would help.

The fact of the matter is, the list isn't going to change. If someone tells me they want to live here, I can say "hey, I think you might be better off going somewhere else". But if they follow up with...."I really like it here and want to see what it would take to purchase a home here". Then I'm going to direct them to everything on that list (mine or Ruth's, your choice), add to it all the excellent additions given by Ultrarunner and others, and say these are the scenarios that make it possible. They'll have to figure out if those scenarios are feasible for them.

"Buying in the Bay Area takes a plan, dedication, desire, sacrifice, being realistic... etc. Whether it is worth it is a question only the individual can answer"...Ultrarunner (such a wise man)

Last edited by bodyforlife99; 03-06-2016 at 09:06 AM..
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Old 03-06-2016, 12:36 PM
 
3,943 posts, read 5,056,550 times
Reputation: 4146
Quote:
Originally Posted by bodyforlife99 View Post
The fact of the matter is, the list isn't going to change. If someone tells me they want to live here, I can say "hey, I think you might be better off going somewhere else". But if they follow up with...."I really like it here and want to see what it would take to purchase a home here". Then I'm going to direct them to everything on that list (mine or Ruth's, your choice), add to it all the excellent additions given by Ultrarunner and others, and say these are the scenarios that make it possible. They'll have to figure out if those scenarios are feasible for them.

"Buying in the Bay Area takes a plan, dedication, desire, sacrifice, being realistic... etc. Whether it is worth it is a question only the individual can answer"...Ultrarunner (such a wise man)
and time and time again it's going to come back to-

Do you EARN enough to live there?

Direct them to your list all you want, but if they're earning 40K. They're not going to be able to ever bank cash or qualify for a mortgage.

If they're earning 150K, the advice is moot. They've got it down.

Income is more important than spending habits when qualifying for a mortgage, so long as your spending habits don't carry debt.
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Old 03-06-2016, 12:46 PM
 
964 posts, read 990,849 times
Reputation: 1280
Quote:
Originally Posted by WithDisp View Post
and time and time again it's going to come back to-

Do you EARN enough to live there?

Direct them to your list all you want, but if they're earning 40K. They're not going to be able to ever bank cash or qualify for a mortgage.

If they're earning 150K, the advice is moot. They've got it down.

Income is more important than spending habits when qualifying for a mortgage, so long as your spending habits don't carry debt.
If they're earning 40K and their spouse is making the same, they'll be able to bank 40K annually, if not more (no rent is part of the formula, remember, along with employed spouse). The plan depends on meeting all or most of the conditions of the plan, which includes the suggestion to get a part-time job on the side, if necessary. So the couple could be banking 40-50K annually. Boom--200K in 4-5 years. That's a nice down-payment on a 600 or 800K place. Student loans to pay off, first? Fine, so it takes them closer to 6-8 years. If they graduate at 22, they'll be in a home by the time they're 30, even with student loans to pay off. Sounds pretty sweet. If they marry at 25 and start the plan then, they'll be in a home by 33. Still a dream come true at a young age.
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Old 03-06-2016, 01:32 PM
 
Location: America's Expensive Toilet
1,516 posts, read 1,244,259 times
Reputation: 3190
Quote:
Originally Posted by MountainHi View Post
If they're earning 40K and their spouse is making the same, they'll be able to bank 40K annually, if not more (no rent is part of the formula, remember, along with employed spouse).
I think the main issue is that the OP is spouting this belief that anyone can save for a house here if they are diligent enough. No. If you're living at home and can bank half of your salary or more that is not a common scenario for many people living here.

To buy here you need exorbitant amount of money or family roots that will allow you to save an exorbitant amont of money. That's what anyone whose been disagreeing with the OP has been trying to say. If you can't save for a house when paying no rent, then you have serious money issues, period.
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