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25973769 No.25973769 [Reply] [Original]

I am 25 years old and managed to save up $80,000 in 2020. I live in the Bay Area, California and make about $60k/yr after taxes. I wanted to move out of my parents house, because I feel like I've lived here for so long and need something new in my life and want to take on more responsibilities.

I see that interest rates are really low right now on loans, and I can also use a VA loan for my down payment for a condo somewhere.

I also have seen a YouTube video about how my first property should be a rental investment property and not my own home if I want to be financially successful. How true is this? Should I just keep saving money, make a down payment on a condominium, then rent it out before I save more money and buy another one as my own home?

I am single so I am financially independent, and a lot of income that I make is from the stock market. I know I am young, but I really want to leave my parents house, I can at most wait another year but I really want to start my own independent life, but at the same time I don't want to be living paycheck to paycheck-- I want some type of investment plan that will help me be financially successful.

Also is now a good time to purchase property ? Or will prices of housing drop soon?

>> No.25973814

No physical structure can rise in value by 500% year on year, but crypto can

>> No.25974084

>>25973814
I'm also not looking to lose %500 year over year, everyone needs a home to live in and I'm trying to evaluate my options.

>> No.25974239

>>25973769
>condo
Most retarded thing you could do. Why would anyone want to buy an apartment?

Buy a house, build a house, or stay with your parents.

>> No.25974296

>>25973769
>I live in the Bay Area, California and make about $60k/yr after taxes.
AHAHAHAHAHAHAAHA are you a fucking chimneysweep???

>> No.25974479

>>25974084
Absolutely, but make a little more first. Buy a 3-4 family. You can still get a residential loan so you don't have to put 20% down, you can live in one of the apartments, and the other 2-3 apartments will pay the mortgage/bills so you're free and clear. 4 family apartments also make vacancies less painful, because frequently you can pay the bills with only two of the rent checks, so vacancies aren't as stressful. That fact will also let you get a better rate with lenders. Talk to a few real estate agents, geta good one. Although I've heard California has a shit housing and rent market with price controls, so be careful.

>> No.25974532

>>25973769
You should increase your salary to live independently in the Bay Area, or move to a low CoL area. Try to hit 7k or 8k per month after taxes

>> No.25974617

>>25974084
Retard how you gonna lose 500%, most assets stop after 100%

>> No.25974817

>>25973769

Buy a home using the tools you just said, only if you have good job security or have in demand skills to cover mortgage payment.

80,000 should be enough for a down payment but the highest price based on your budget i would say is 550k

>> No.25975031

>>25974239
Condo prices are going down, once the vaccine goes out prices will go back up. Yes, it's risky as you said but at least I'll have my own place and it's a potential investment.

>> No.25975078

>>25974817
What. Are you high? Why would his down payment by 80k. That's upwards of a million dollars

>> No.25975094

>>25974296
Well I probably make more than your sorry little NEET ass while I'm branching out and making my own life.

>> No.25975785

>>25974479
Thanks man, been working my real estate agent and we're scouting some properties.

>>25974617
It's called leverage.

>> No.25975845

I'm also wondering about this. Buddy of mine keeps telling me to get a quadplex to rent out after living in it on a VA loan. But I have a family and the hassle my mother goes through renting out her rental property seems like a lot of stress for a few hundred dollars a month at most.

>> No.25975932

>>25974084
>I'm also not looking to lose %500 year over year
Someone should just put you down now for being too stupid to live. I'm ashamed they would let you vote in my country.

>> No.25976261

>>25975785
It's going to be rough the first year, but don't give up. Get 3-5 small multifamily apartments and then you can jump in the pool with the big dogs and start buying 5 and up with commercial properties. I'm about to close on my first 30 unit, and nothing feels better. Stick with it man, you're building an empire, and one you can pass down to your children