i am in Orange County CA where a 60k house is as real as a unicorn. last house i looked at was 475k with 1bd 1 ba 1 car garage.
Since asking total strangers for advice, I figure, what the hell. I would take the cash and move out of California. Then you could buy you a 4 bedroom house, an SS, an HD, a jet ski, a snow mobile, a swimming pool and have gas money left over compared to what you are looking to spend on a house. And divorces are much cheaper elsewhere. You think I'm kidding but if you were one of my sons, I'd tell you the same thing.
Your income may be twice the national average but if your cost of living is four times the national average, what's the point? Admittedly, California is probably the most beautiful state in the union...but when you look at it through the lens of the political atmosphere, taxes, debt, regulation, BS, it isn't so attractive...and down right ugly...unfortunately...and can't see it getting better any time soon and probably worse. The juice just isn't worth the squeeze. When you say "if I don't buy one now"...it sounds like you are signing your own death warrant for a house. Trust me, you don't want to work day in and day out just to get by and have a "box" with a rack in it. There's more to life than just that.
I voted no...the reason you have so many yes votes is because there is nothing a drunk likes better than another drunk.
Whether you know it or not...you are at a major fork in your road...and sounds like you still have the freedom to make a choice...if you can consider dropping $475K on a 1BR 1BA house...you ought to be able to drop $30K on a bar room floor and never miss it. I don't know you from Adam but I hate to see anyone inadvertently find themselves roped into a tough situation...especially that tough for that long...and just walk into it voluntarily. My oldest son graduated 2.5 years ago with a Mech. Eng. degree...he just bought and paid for a house (9 years old) on 4 acres of land...3 acres of that behind a privacy fence with a matching 40'x60' shop with 12' ceilings for $120K. For comparison, his house cost roughly 1.6 times his annual income as a young engineer. Granted, it's not in Orange County...but he has no debt, a nice, paid for Avalanche and a 3LT C7 on order. He just got back from a two week screw-off trip to Bangkok with a couple of his buddies he graduated with...the reason for the trip was based on the "Hangover" movie...so not cramping his style. They are planning on Amsterdam or Indonesia next. Can't speak for California, but it's a buyer's market on this end of the country as it pertains to houses. Then, what do you do when you meet Miss Right and then Jr. comes along?
Unless you have really, really deep roots in OC or your career is based on something so specialized to that area that you can't find employment anywhere else, you owe it to yourself to look around the country. I own a business (a corporation) and work in 30+ states, including California recently. The jobs were in El Centro...east of San Diego. The work was taxed similar to other states but at a much higher rate which was charged back to the customer...then, I got a bill taxing my personal income based on money I personally made in California??? (again, not an LLC) which was a shocker...I was beginning to wonder if my employees that built the equipment here in our shop were going to be taxed personally by California for making money off a job based in that state. When gasoline was $3.00 a gallon here, it was over $5.00 a gallon there. I've decided if I get the opportunity to work in California again, I'm going to take a pass on it...I don't need work that bad as to put up with all that BS. Felt like I was doing business in a foreign, third-world, banana republic where a crack whore stumbled on my credit card information.
Nobody likes their toys more than I do...but if you ever want another toy after the SS, there is a better way. I barely escaped high school and have survived 3 divorces...so far. The secret to living a long life is to try not to shorten it...the secret to a fun life is set it up where it can be.
19 motorcycles, 6 motorcycle trailers, a Morgan reverse three wheeler...a titanium SS due any minute, day, week, month....hell, who knows...but I am going to wait.
3 C7's
Couple of trailers...
Do California SlingShots come standard with a LoJack or two?
If you want to get out and see this quadrant of the country...PM me...I've got a vacant "bunkhouse" apartment that you are welcome to stay in and I'll show you what $475K will get you in this part of the world. If you moved out of California, they'll still let you come back and visit.
Z
