What the HECK?! But...but...how?!

NEW -> Contingent Buyer Assistance Program
Two 25 year old making 130K per year? Sounds like you are doing pretty good for yourself. Be patient. Pay off any student loan debt you may have. Save. Invest. You cannot possible compete with the volume of people that have been landowners for the last 5-7 years, or the ocean of "flippers"... they are all largely waiting for people like yourself to take your heard earned $$$ and turn their paper profit into hard cash. Wait them out with a healthy disdain for the fact that they have attempted to live beyond their means by engaging in a ponzi scheme that was intended for you to be the sucker.
 
[quote author="GrewUpInIrvine" date=1215396413]Two 25 year old making 130K per year? Sounds like you are doing pretty good for yourself. Be patient. Pay off any student loan debt you may have. Save. Invest. You cannot possible compete with the volume of people that have been landowners for the last 5-7 years, or the ocean of "flippers"... they are all largely waiting for people like yourself to take your heard earned $$$ and turn their paper profit into hard cash. Wait them out with a healthy disdain for the fact that they have attempted to live beyond their means by engaging in a ponzi scheme that was intended for you to be the sucker.</blockquote>


Yep, just relax take it easy and save. I cannot tell you how many times I see people who worry about their lifestyles now that their homes are gone. Sitting on investment that are still ok and not depreciating can do WONDERS for your mental state.



Good luck, take it easy and don't work too hard.

-bix
 
Don't be patient, buy a home using mom and dad's equity and have them bail you out when you figure out after month one that you forgot to include mello roos, taxes, hoa, utilities, maintenance, and that lease payment on the 3 series bmw and your 45K a year won't cover it
 
@ jcaraway: Why so negative? Believe it or not not all 25 years olds are into just partying and uhmm...whatever other stuff 25 year olds are known for. We happen to be one of the weird ones that actually think ahead and have future goals/plans for ourselves. :)





@GrewUpInIrvine: We are pretty much free and clear after this car payment...no student loans. We both saw college as a big waste of our times...not saying that it is a big waste for everyone by the way! Just that for some it is great, for others not so great. So far not doing too bad...most of my friends and family are still in school. We are waiting...I had told Stepping_up earlier...I think it is mostly pressure from my dad to get a home that is on my nerves and finding out about all these crazy real estate stories.



PS: You mentioned investments...I always have an open ear for wise knowledgeable people if you would like to enlighten me! :)





@bix: BTW...this is from another post, but you are the MAN!!! I had always wanted to be a weapons specialist and i think you mentioned in another post you do that for a living. You're like Tony Stark? :D
 
[quote author="kawakonohirukun" date=1215600990]@ jcaraway: Why so negative? Believe it or not not all 25 years olds are into just partying and uhmm...whatever other stuff 25 year olds are known for. We happen to be one of the weird ones that actually think ahead and have future goals/plans for ourselves. :)





@GrewUpInIrvine: We are pretty much free and clear after this car payment...no student loans. We both saw college as a big waste of our times...not saying that it is a big waste for everyone by the way! Just that for some it is great, for others not so great. So far not doing too bad...most of my friends and family are still in school. We are waiting...I had told Stepping_up earlier...I think it is mostly pressure from my dad to get a home that is on my nerves and finding out about all these crazy real estate stories.



PS: You mentioned investments...I always have an open ear for wise knowledgeable people if you would like to enlighten me! :)





@bix: BTW...this is from another post, but you are the MAN!!! I had always wanted to be a weapons specialist and i think you mentioned in another post you do that for a living. You're like Tony Stark? :D</blockquote>


maybe you conspire with Panda to build and drop a bomb in Irvine to accelerate the property value declines :)
 
I have always just wanted to make/build/pilot one of these:

<img src="http://www.norsemeat.com/sdcc/robotech.jpg" alt="" />

But alas...I have only been able to infiltrate the very bottom of the technology field. I guess that is why they are called dreams. :D
 
[quote author="kawakonohirukun" date=1215600990]@ jcaraway: Why so negative? Believe it or not not all 25 years olds are into just partying and uhmm...whatever other stuff 25 year olds are known for. </blockquote>


But some of us are both into 'normal' 25 year old 'stuff' while at the same time trying to become educated on things such as the housing market, tax strategies, and financial responsibility. ;-)
 
@ 25w100k+: Eloquently put. I meant to say that...but then lost my train of thought so kept it short and simple. :)





@ PadreBrian: Two things:



1. What is considered good fico nowadays...back in the crazy loans days I heard pretty ridiculous stuff for what was good credit. Even I as a non lender would not have loaned money out to some of these people that were somehow approved but with obvious issues with money management by looking at their credit scores/spending patterns. So I wonder if my credit will even cut it for me now.



2. I did the calculations and it looked like the max home prices we could afford are more along the max $400,000s. Saying this, I know I can PAY for a mortgage payment maybe in the amount you mentioned...but I don't see how that is possible when all the 'extras' are added in (HOAs, Melloroos, insurance, maintenance fees, etc...whatever extras come in owning your own property)
 
[quote author="kawakonohirukun" date=1215601667]I have always just wanted to make/build/pilot one of these:

<snip>

But alas...I have only been able to infiltrate the very bottom of the technology field. I guess that is why they are called dreams. :D</blockquote>


Feh, my AKD golden mortar headd is bigger and mah fatima copilot is better looking. ;p



<img src="http://www.animatedbliss.com/images/DVD/F/lg_five-star-stories.jpg" alt="" />

<img src="http://www.gearsonline.net/fss/mh/kog/kog-movie-10.jpg" alt="" />





As for your situation, I seriously doubt having a combined annual income of $130k will prevent you from purchasing a home.



Irvine will be more expensive, because of all the attention it draws -- partly from people like us. We're like the best internet ad for the City of Irvine & TIC. :D



When you're ready and able to buy, your choice will probably amount to a smaller place in Irvine, or a bigger place in other South OC cities. For the price of a 3 bed condo in Irvine, you can buy a SFR in RSM -- if you're willing to live that far and commute via toll roads.
 
@kawakonohirukun - you're a noob. Stay out of the housing game and stick with the IT job. $130K will get you a $350K condo in RSM and you'll still be struggling to make payments. Don't think you can make the big bucks your parents and their friends made during the high time because they made you read "rich dad, poor dad". Take a step back, and re-evaluate where those people are at now and why they've become so quiet about how much they are worth.
 
[quote author="jcaraway" date=1216382937]@kawakonohirukun - you're a noob. Stay out of the housing game and stick with the IT job. $130K will get you a $350K condo in RSM and you'll still be struggling to make payments. Don't think you can make the big bucks your parents and their friends made during the high time because they made you read "rich dad, poor dad". Take a step back, and re-evaluate where those people are at now and why they've become so quiet about how much they are worth.</blockquote>


Why so bitter Jcar? Still can't find a job? Maybe if you improve your math skills things would work out better. 130k a year is more then enough to pay for a 350k condo. :-)
 
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