Should I Buy A Used Car & Commute From NOVA or Rent a Shared Apartment in DC? (apartments, leasing)
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Hi! I'm a new member and I am in a bit of a pickle.
I'm a 22 year old recent college graduate who recently got a job working for the federal government.
Unfortunately, I don't have a car. I'm from the NJ/NYC area, so I just relied on the train to get around since I went to college in NYC.
Also, due to some rash and inexperienced financial decisions, my credit score took quite a dip after I graduated. Large credit card payments in conjunction with student loan bills have caused two credit cards to go into collections. So my credit score is around 500...
My commute requires me to travel all the way from Loudoun County using the bus. However, my parents have to drive and pick me up from the bus stop; a privilege that won't last beyond mid-June due to other obligations they will have. I also live at home with my parents on the condition that I pay rent.
My bi-weekly take home pay is just over a thousand dollars.
I've tried desperately to find a shared apartment in DC or a basement room but the high demand and tremendous competition is shutting me out. Also my sketchy credit history locks me out of simply leasing a studio. I've been doing roommate interviews for nearly two months with little to no success. The last apartment I looked at had over 60 applicants. INSANE.
So with severe time constraints, I really have only two options:
1) Continue looking for a shared apartment in DC with the hopes that I will find something by mid-June. My job pays for my Metro so I won't need a car.
2) Buy a cheap used car using a federal credit union car loan (I work for the Department of Defense) and commute from NOVA. Continue living with parents while paying rent.
I was once one of those folks with an extra room in the house looking for a roommate, and yeah, competition can be fierce. I was in Adams Morgan and I got 50 responses in about 24 hours after posting for a $750 bedroom in my house. The people who ended up getting rooms in my house were people who were persistent and didn't seem like average joe's, you know?
Also, you might be looking at places in DC that are really great deals for the areas they're in. You might want to look at some places that are still at your price range but in less desirable parts of the city that still aren't terribly unsafe like H street, Brookland, parts of Petworth, ETC. You'd probably experience less competition in those areas.
It really depends on if you want to live the city life or the suburban life, because I've known people who have wanted one and gotten the other and they've been miserable. I'd certainly be miserable if I had to drive in to DC for work, but that's me.
I was once one of those folks with an extra room in the house looking for a roommate, and yeah, competition can be fierce. I was in Adams Morgan and I got 50 responses in about 24 hours after posting for a $750 bedroom in my house. The people who ended up getting rooms in my house were people who were persistent and didn't seem like average joe's, you know?
Also, you might be looking at places in DC that are really great deals for the areas they're in. You might want to look at some places that are still at your price range but in less desirable parts of the city that still aren't terribly unsafe like H street, Brookland, parts of Petworth, ETC. You'd probably experience less competition in those areas.
It really depends on if you want to live the city life or the suburban life, because I've known people who have wanted one and gotten the other and they've been miserable. I'd certainly be miserable if I had to drive in to DC for work, but that's me.
I'm going to co-sign on this advice. Yeah decide on what you want. suburban living or city life. Honestly I was meant for the suburbs but this was when I was in a small southern city. In Northern VA it means living in your car which won't do for me. I'm not a city person but I am a bar hopping hookup person and after a year of trying to do with hit or miss success in the burbs, I find Arlington a good mix. I can cross the Potomac in 8 minutes on a Friday night, party to my hearts content, and no more than 15 minutes later I'm curled up in bed.
I had the same problems looking for rooms for rent as well. I mainly started out in North Arlington and the competition was indeed fierce particularly in Clarendon. When I started looking in South Arlington the competition was a lot less fierce and I never got the vibe that I was the wrong color when I walked in the door (I never disclosed my race when responding to ads). For the most part you do have to be persistent and stay on top of the person with the room for rent while they are making their decision.
I would say if I had to choose between living in Petworth without a car or living with my parents with a car I'd choose Petworth sans car.
Location: Huntersville/Charlotte, NC and Washington, DC
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Quote:
Originally Posted by FinalHeaven
Hi! I'm a new member and I am in a bit of a pickle.
I'm a 22 year old recent college graduate who recently got a job working for the federal government.
Unfortunately, I don't have a car. I'm from the NJ/NYC area, so I just relied on the train to get around since I went to college in NYC.
Also, due to some rash and inexperienced financial decisions, my credit score took quite a dip after I graduated. Large credit card payments in conjunction with student loan bills have caused two credit cards to go into collections. So my credit score is around 500...
My commute requires me to travel all the way from Loudoun County using the bus. However, my parents have to drive and pick me up from the bus stop; a privilege that won't last beyond mid-June due to other obligations they will have. I also live at home with my parents on the condition that I pay rent.
My bi-weekly take home pay is just over a thousand dollars.
I've tried desperately to find a shared apartment in DC or a basement room but the high demand and tremendous competition is shutting me out. Also my sketchy credit history locks me out of simply leasing a studio. I've been doing roommate interviews for nearly two months with little to no success. The last apartment I looked at had over 60 applicants. INSANE.
So with severe time constraints, I really have only two options:
1) Continue looking for a shared apartment in DC with the hopes that I will find something by mid-June. My job pays for my Metro so I won't need a car.
2) Buy a cheap used car using a federal credit union car loan (I work for the Department of Defense) and commute from NOVA. Continue living with parents while paying rent.
What do you guys think I should do?
On the car idea, with your credit being at 500 and your income not being much, you won't have an easy time getting a car loan. I worked for a federal govt based credit union before I left the DC area 2 weeks ago and I helped to process loans and the way the economy is now with credit being air-tight I can't remember anyone with a credit score sub-550 getting approved for any loan. The only chance you'd have is if your income was higher (talking at least $70k).
I'd hold out for a shared apt or look into renting for a private owner who will work with your credit. The latter option would probably involve moving into a bad area to stay affordable.
If you are in debt (but paying it off) and your credit score is bad, DON'T buy a car.
A car is just a money pit when it comes down to it even if it is used.
I would suggest you still keep option one open, but stay with your folks until you can get your loans more paid off and you get some more years under your belt with the Feds.
If you are with the Feds that's a very stable job, so just concentrate on it and save and pay rent with the folks while you're score gets better and you can save some more money.
Also looking for shared housing sucks (yes been there) especially in August when all the college students are coming back. Since you already have a roof over your head my opinion is you stay put and save, while keeping option 1 open to go when you get a chance...
oh by the way, you can look for shared housing in NOVA, it does exist... try to find a shared housing that works for your commute if you can (near metro).
2 years ago I was your age and made close to what you did and I had a studio for about 800/mo. I moved into a studio at 19 temping making less than 500 a week. I suggest you do that. It's better to have your own and with your salary you can do that. AND I did it with debt
You were looking in the wrong places. You can rent something near a metro station that is farther away from downtown, rent will be much cheaper than DC, Clarendon, Ballston, Courthouse etc.
For example Grosvenor, Eisenhower Ave and such. There are apartments in a walking distance. I don't know what specific metro stations you should look at for cheaper rent, you have to search. Also look at a bus + metro commute, for example from South Arlington, some areas in Alexandria etc.
Low credit score may not be a problem when you rent from a private person or if you pay a deposit or get a cosigner (like your parents for example).
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