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Any home owners in here? (Serious topic)

post #1 of 17
Thread Starter 
So the way this economy is looking so far, I feel like our generation (generation y) is ******.

- It's nearly impossible to even find an entry level job out of college.
- House prices are increasing, especially in California (where I live) so I'm still living with my parents.
- Our population is increasing too rapidly. It's giving me second thoughts about having kids someday.
- Too many people means not enough jobs for everyone.
- College is seriously a joke and a waste of money if you don't know exactly what you want right from the get go.

So people that own their own homes, how did you do it? What kind of work do yo do? Any job/career? I'm getting getting older and time is stopping for no one. I realized I need to step my **** up or fail at life.

Before I wrote all this drivel I was thinking about what iPhone to get next mean.gif
post #2 of 17
Quote:
Originally Posted by allreds View Post

- It's nearly impossible to even find an entry level job out of college.
- House prices are increasing, especially in California (where I live) so I'm still living with my parents.
- Our population is increasing too rapidly. It's giving me second thoughts about having kids someday.
- Too many people means not enough jobs for everyone.
- College is seriously a joke and a waste of money if you don't know exactly what you want right from the get go.

 

- Well, what are you majoring in? How heavily have you networked? What is your GPA / resume like?

- Agreed.

- Don't get married or have kids. What's wrong with just having a girl?

- What jobs are you even looking for? You're speaking in generalities.

- Correct, so don't wait until junior year to realize what you wanna do career-wise.

post #3 of 17
Don't live in a top 3 most expensive cost of living market in the US is a good start. I guess for college, it might be better for now since out of state tuition gets outrageous, but after you get out start looking at like Texas cities

]
post #4 of 17

i got turned down from a mortgage because they said my gpa was too low...:(

Livin' La Vida Broka
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post #5 of 17
Quote:
Originally Posted by DatZNasty View Post

Don't live in a top 3 most expensive cost of living market in the US is a good start. I guess for college, it might be better for now since out of state tuition gets outrageous, but after you get out start looking at like Texas cities

]


I have to partially disagree that someone should look for a cheaper region in which to live in order to better his lot in life. For the most part, real estate is indeed all about location and places with low housing prices either have a horrible local economy or very high property taxes. In real estate, you really do get what you pay for and there is simply no magical "West" into which a young man can all go and make a good middle class life.

With that said, local governments in the LA metro and Bay Area are particularly in favor of incumbent homeowners and against potential home buyers. I do not have any easy answers but I could just say that moving is not a panacea.

The truth is that most people who own homes, especially millennials who own homes, have some degree of parental help. Your parents buy your home, they pay the down payment or at minimum, they have paid for you college education and/or helped you to get a decent job. If you do not have any of those advantages, the only thing I can say is that it helps to aggressively pay down debt and to marry a spouse who has a good career. That is, of course, easier said than done but being debt free and duel income is the best bet for someone without generational wealth to own a home.

BTW, the game is rigged, vote Bernie 2016!
post #6 of 17
Quote:
Originally Posted by NazDrowie View Post

i got turned down from a mortgage because they said my gpa was too low...frown.gif

What this is, know dont even

Flummoxed. Never heard of this
post #7 of 17
Quote:
Originally Posted by allreds View Post

So people that own their own homes, how did you do it? What kind of work do yo do? Any job/career? I'm getting getting older and time is stopping for no one. I realized I need to step my **** up or fail at life.

You'd be amazed at how easy it is to purchase a house with good credit. My case is by no means the norm, but purchasing a house was actually less than it cost for me move into a nice apartment. My initial down payment for my last apartment was about $1400, which was one month of rent of $1075 + $300 for a damage deposit. In contrast, the mortgage for my house will be $1033 and my downpayment will be less than $1K, thanks to a first time home buyers program available in my state. Qualifications for the program are making less than $70K and attending 8 hours of a class to teach you about the buying process, taking care of your home, etc.

I work in IT, so fortunately I was able to find a job right out of college (actually got my first offer while still in school, like many people I know who did internships,) and I'm in my second year with my current agency. I didn't really view it as a waste of money, but I already knew what I was doing before college, so I had a plan going in - many people don't, and waste a lot of time and money between changing majors and getting all of the partying out of their system.

It's not impossible out here for younger people - I'm 23, pretty much established in my career, and less than a week from closing on my first house without much help from my parents. Shout out to NT, as my credit score (700+) was pretty much the only way I made it happen and those credit card threads helped a youngin' laugh.gif

"...he's the Duncan MacLeod of IT on NT..."

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"...he's the Duncan MacLeod of IT on NT..."

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Ask me for help with any of the programming languages above.
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post #8 of 17
I got my house at 25 and like a 720-750 credit score (varies by reporting agency).

Steady income is most important, credit score is more so important for the intrest rate. If you have a steady job and at least a 630 score you can get a house, your income sill more so determine how much you are approved for.
post #9 of 17

I purchased my home when I was 22. I had multiple internships during school and accepted a full time offer as a software engineer 4 months prior to graduation. 

I lived at home right out of school and started saving up. By the 6th month I put down a deposit on a new construction home and moved into my home by the 9th month. 3.75% FHA loan, I don't think it will be beneficial for me to refi to a conventional loan. I will have to weigh out my options sometime next year.

 

It was much easier process than I thought it was going to be and using the first time home buying program in my state allowed me to get a low interest mortgage and a small down payment. The most stressful part was dealing with my terrible loan officer.


Edited by BeezyGotSole - 10/11/15 at 11:20am
post #10 of 17
I bought mine on my 27th birthday for $165k, new construction. Got 3.5% down payment assistance from the state. I got 4.25% which actually isn't good and I have to pay PMI until my principle reaches the 20% down payment mark so I pay over $1300 a month total, including tax and insurance.
post #11 of 17
Got mine at 27. It's hard af to find a place in so cal (that isn't in the inland empire) for a decent price and where you're not getting overbid by 10-30k.

I lived with my parents until then, just saved up money. Biggest thing is don't ruin your credit, don't try to stunt and put everything on your credit card, and cut back on going out. Going out for dinner/drinks on a weekly basis easily adds up to several hundred dollars a month. It's cool, but is it really worth it that you spent $100 at bww watching the same packers game you could have watched on tv at home?

But some people get into the "I work hard so I gotta enjoy myself ideology" and just blow their money because "they deserve to treat themselves sometimes." Gotta look at the circle you're running around with too, not all your boys have goals to grow up and buy a house. They're cool living with their mom til they're 47, which is why they go out every weekend and blow their whole check. Don't fall into their trap.

I had to cut back a lot of the going out piece and taking trips, but it's well worth it
post #12 of 17
@DatZNasty 4.25% isn't bad we are at historic lows. I believe the average rate is somewhere around 4% now.
post #13 of 17
Take up a trade/manual labor. Those jobs are in demand.
post #14 of 17
27 you Home owner this year in so cal. No help from parents in any shape or form. Have 40k left in student loans. Property is a duplex, live in one and rent out the other. The units are both 2 bedroom 1 bath, so I rent to a friend/roommate. 666 credit score, 4.5% rate (gonna refinance, and get rid of pmi asap). 2500$ in rent from tenants, mortgage with all insurances included (impound account) is just under 3k
I've averaged over 70hr work weeks for the last 2 months. I'm a Registered nurse in dialysis. Place cost 440k. I drive a "beater"
post #15 of 17
Thread Starter 
^ I'm planning on becoming an RN, but right now I don't know which kind: ICU, ER, travel nurse, etc. Are you also in CA by any chance?
Edited by allreds - 10/11/15 at 2:15pm
post #16 of 17

^yeah im in Southern California. LA county. Just get experience, don't worry about which kind, I went from home health to medical surgical to corrections to dialysis (Love it) within 2 years. Tons of versatility and different types of work with different paces. Something for everybody

post #17 of 17
Quote:
Originally Posted by Slighted View Post

- Well, what are you majoring in? How heavily have you networked? What is your GPA / resume like?
- Agreed.
- Don't get married or have kids. What's wrong with just having a girl?
- What jobs are you even looking for? You're speaking in generalities.
- Correct, so don't wait until junior year to realize what you wanna do career-wise.

*Round of applause*
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