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Living life with the family

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posted on Mar, 28 2012 @ 02:59 AM
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Hello fellow ATS members, I came here after a long discussion at work with another fellow co-worker. We talked about life and what to do with our future. I'm a young 24 year old man. You know, getting prepared and ready to step out and see what it's like living in the real world. In other words living out on your own. Taking care of myself and doing the things that I want to do with my life.

I mentioned to my co worker Craig that the job that pays $25 an hour. I feel that I couldn't settle comfortably with a 350,000 dollar house working at the hourly rate that I make. I would need a 2nd job or better yet a higher paying job. Or I would need a room mate that can support the cost of the mortgage that I would get. If I ask one of my friends to move in with me. I don't know how we'll get along. I don't wanna lose any friends over any silly arguments. I would like someone with whom I really trust, and be able to give each other some space and room to breathe.

This is a bit off topic, but when my parents divorced a year ago they were seperated for 2 years so 3 years they have been apart for. I had 4 options live out on my own, live with my brother and sister in law, my mom, or with my dad.

At first I chose to live with my brother and my sister in law because I figure it was best to learn of how to live independent without relying on my parents, to cook, clean and etc. Well I lived there for about a year paying 500 a month (not including food) with my brother and sister in law. I didn't get along very well with the sister in law. So then I moved out and then decided to move in dad (that's who I'm currently living with.) Paying 500 a month (food included) I cook my own food and lunch, clean my part of the house. And I love and trust my dad a lot and I feel comfortable and settled down. I don't feel any need or rush to go anywhere. I'm happy where I am. With my mom I love her just as equally with my dad, but she lives further out of town than my dad, which I would travel further to and from work.

My friend's are urging me to move out, almost wanting to yank me out of the house. Why are my friends rushing me to move out? I got no plans to go any where. I do have plenty of money to put a down payment on a mortgage. But why get stuck with a mortgage that you have to pay interest on? I hate getting loans or anything that'll nail you with fees or interest. If I can afford it I'll buy it straight up with cash. I like paying things off right away. There's no IOU's or promises. I don't like lending people money. I'm pretty conservative and watchful of what I spend. This is probably why buying a house is the last thing on my mind. It's a risk to take. I would like to know the outcome before I decide to move on forward.

So hearing my co workers' opinon of what he would do. Is that he would live with his dad as long as he could. The 500 bucks rent would help pay the mortgage, and cover the food costs. It would help save me a lot of money too and it would help him out too. I don't have a girlfriend, nor do I feel the need for one, unless if she's rich lol.

But yeah I feel that in this economy everything is just plain expensive. In a world where a lot of jobs are paying 10-15 dollars an hour. Teens just can't afford to live out on their own unless if they share the cost of the rent between 4 of their friends. Almost feel like the only way to survive is to live with a group of friends or with family in whom you trust. Almost feel like an immigrant to be more precise.

In this generation, there's more older teens and adults nowadays living with their parents. Is this how life should be? www.guardian.co.uk...
adultchildrenlivingathome.com...









edit on 28-3-2012 by Shrukin89 because: (no reason given)




posted on Mar, 28 2012 @ 03:09 AM
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Think outside the box.

Move if you have to or want to.

I'm 31 I am on the cusp of buying my own house and land cash, no mortgage...

How am I doing this you ask?

I am trying to buy in another state, southern ca is ridiculously expensive, so low and behold 1400 miles from me I can find land, w housing on it for what would be simply a down payment here in ca, But some where else its a paid off home.

With a home paid off I won't have that 2400 a month mortgage on the 500k I have now, sure there will be problems and luckily wife can transfer jobs, and even If I have to work min wage scrubbing toilets, with the savings on rent or mortgage it's still like a raise.

My advice your young take the crazy risk, this will be the one time in your life you can do this type of thing the easiest.


Oh and my brother s about ur age and I'll tell you whati told him, he's 25 btw and similar situation.

Your a grown man, not a kid, not a teen, figure it out it's what grown men do.
edit on 28-3-2012 by benrl because: (no reason given)

edit on 28-3-2012 by benrl because: (no reason given)



posted on Mar, 28 2012 @ 04:24 AM
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The real estate market is tanking and may go down.....instead of swirling around the bowl.

Dont buy jack.



posted on Mar, 28 2012 @ 09:04 AM
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reply to post by Shrukin89
 


Why the heck are you looking at a $350,000 house? A bit excessive, don't you think?

Still though, if you are making $52,000 a year ($25/hr), then you could afford this with a 30 year mortgage (which would be just over $1000 a month depending on interest rate). I'm just eye-ballin' the math, but that sounds about right.



posted on Mar, 28 2012 @ 01:30 PM
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Originally posted by benrl
Think outside the box.

Move if you have to or want to.

I'm 31 I am on the cusp of buying my own house and land cash, no mortgage...

How am I doing this you ask?

I am trying to buy in another state, southern ca is ridiculously expensive, so low and behold 1400 miles from me I can find land, w housing on it for what would be simply a down payment here in ca, But some where else its a paid off home.

With a home paid off I won't have that 2400 a month mortgage on the 500k I have now, sure there will be problems and luckily wife can transfer jobs, and even If I have to work min wage scrubbing toilets, with the savings on rent or mortgage it's still like a raise.

My advice your young take the crazy risk, this will be the one time in your life you can do this type of thing the easiest.


Oh and my brother s about ur age and I'll tell you whati told him, he's 25 btw and similar situation.

Your a grown man, not a kid, not a teen, figure it out it's what grown men do.
edit on 28-3-2012 by benrl because: (no reason given)

edit on 28-3-2012 by benrl because: (no reason given)


I lol'd at the your young and take the crazy risk part. But investing in land was a very good idea over here before the housing boom had hit here in the early 2000's. Right now I wouldn't even think of buying land here, that it's too expensive right now. You're better off getting a house that's already built on the land for the same cost.

I looked at condos / townhouses starting in the 250's just south of the city from where I live, fairly new, 1200 sq ft and low condo fees and etc. Just that it probably best to start small and work my way up if I ever want to live in a house. That's how my parents apparently did it.



posted on Mar, 28 2012 @ 01:34 PM
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Originally posted by Shadowalker
The real estate market is tanking and may go down.....instead of swirling around the bowl.

Dont buy jack.


Lol I may just end up having to wait a bit longer then. Till I'm ready and ripe, saving is all what I've been doing cause I know this day would eventually come. Just that my friends are picking the fruit from the tree too early.


Gazrok- I checked up on the mortgage rate for the bank that I'm at, I'll check up on other mortgage rates at other banks too to see what they have to offer. Right now I'm looking at ranges between 4 and 5% interest. I calculated the 10 year closed fixed rate at 4.49% which I would later have to re new assumming that the rate is the same 15 years from now, over the 300 month period. I would be paying $1935.27 if I paid monthly. If I pay bi weekly I would save 155.59 per a month if I paid it off bi weekly that turns out to be 1779.68 a month.


Now for the fun part I make about on average a net worth of $2,800 a month.

So my deductions:
Mortgage- 1779.68
Car insurance- 200.00
Gas- 150.00
Cell Phone- 50.00
Food- 200.00
Utilities (Cable, Water, heating, electricity, garbage removal) - 500.00
Property Tax- 300.00

add all of those numbers together and I get $3179.68 that I would have to pay per month :O which I wouldn't have enough for. I would need to lengthen out the mortgage to a 30 year. Or knock down the mortgage a bit. Have a room mate to help me pay off the mortgage would help me a great deal! Or second job or higher paying job. Anyway I'm not in a rush I'll more likely buy into a condo more than anything else. Average home here sells for 400,000.

edit on 28-3-2012 by Shrukin89 because: (no reason given)

edit on 28-3-2012 by Shrukin89 because: (no reason given)



posted on Apr, 5 2012 @ 09:51 AM
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reply to post by Shrukin89
 


You need to move to a cheaper area... With the housing market the way it is, what area still has an average price of $400,000? You'd be better off commuting a bit.

Just seems you'd be upside down for about the next 5 years, or as long as it takes the market to recover. Don't get me wrong, it's still a decent time to buy, but maybe not in your area, as that seems way overpriced for the current market. Now, maybe you're just a bit more high-fallootin' than my tastes, hehe...but yikes.

Still wish you the best of luck and in all your future success. At least you are doing your homework, and thinking about the future. I still feel we really won't see a SHTF scenario in our lifetime...indeed, I certainly don't WANT one...but I do believe in my old boy scout motto (Be Prepared), so it is what it is...



posted on May, 14 2012 @ 09:28 PM
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reply to post by Shrukin89
 



So my deductions:
Mortgage- 1779.68
Car insurance- 200.00
Gas- 150.00
Cell Phone- 50.00
Food- 200.00
Utilities (Cable, Water, heating, electricity, garbage removal) - 500.00
Property Tax- 300.00


Your numbers on food and gas are awfully low, unless I'm too used to Cdn prices

If they're not low for the area you live in, I would still add some to prepare for the prices going up in the future.
Also, clothing, unexpected medical or dental bills, entertainment money....house insurance

Prepare for the unexpected



posted on May, 14 2012 @ 09:37 PM
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I see a lot of people doubling up - and people bringing disabled relatives BACK from homes to take care of. (So they get the social security and/or disabillty/va benefits, ect.)

Just do what you have to in order to survive. I certainly would not ever buy more house than I needed.

We bought this place and they tried to sell us more expensive homes. If we'd been stupid enough to buy for our salary THEN, we'd have already lost the place. As it is, w/ DH unemployed, and me with an autoimmune disease from hades, we are hanging in there.

The mistake so many of us made were thinking it gets better. It always gets better. I make 25 an hour now, next year I'll make 27. Nah, not anymore. My husband was making 27/hr and now he can't find a job period - was offered one, it was part time for 9.00 an hour. WTH He's highly skilled.



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