Can I make it in Los Angeles?
Question:
I am single and I dont have any children. I'm willing to sacrafice, even if I have to live in a studio apartment (as long as it's in a decent neighborhood--which will still probably cost me about $900 p/m) for a few years. But part of me is afraid. Should I go for it? Any success stories? Anyone live out there? How are you making it?
Answer:
If you really like it there and you can fall back on something just in case, then go for it. I wonder the same thing since I am about to graduate from college with a bachelor's and move to L.A. or San Fran from the South. However, I do worry about the cost and standard of living in those big cities. Anyway, good luck.
You are a college graduate, you are single, no children.
If not now, when would be a better time to try?
Life is challenges, and you are the right age for a challenge like this...Go for it, because if you don't, you will always regret it.
Very tough. All big cities are, but CA has so many great places to live.
Recommend that you find a job first. Human Resources is not a job that is in high demand. But you are young, so what the heck. Save 6 months income. Find a cheap place to roommate on craigslist.org and give it a shot. Hope you like traffic.
You can make it if you stay off the road the heard rambles down. WHY DON'T YOU BUY A FIXER UPPER WITH SOMEONE and split the profits. If you go looking for tax sales, foreclosures, or handiman specials - I am sure you can cut your housing cost by 30%. If you are paying $600 per month and your partner is paying $600 per month, you will both be putting money into your pockets in the long run.
Two of you with jobs will find it easy to get a mortgage. Arrangements can be made so that if you work on the house you are paid in Equity. Just have your partner sign off on the amount prior to work. The same for your partner.
An example of what I am suggesting. Buy a property for $100,000 - These properties sell for $200,000 to $300,000. The monthly mortgage is $750 including escrow. You and Partner is paying $600 per month each $1,200 - Use $400 per month to do a project. Save the other $50 per month in the rainy day account.
If you paint a room the paint money comes from the $400 monthly allowance. You are paid for the labor and the value of the property is increased by your labor charge. By the time you and your partner have the place fixed up and ready to sell, property value to you and your partner may be $100,000 plus $50,000. If sold, after 1 year you have to pay "longterm capital gains", on the difference of the sales price and your half of the original $100,000. THIS TACTIC CAN PUT $40,000 to $80,000 in your pocket so that you can buy a property by yourself
I would be happy to share my business opportunity with you, its against the rules to post anything here so you will have to e-mail me if you would like more information.
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