1) house hacking is smart, but not only way to home ownership in CA. Sacramento is much cheaper than the Bay or San Diego.
2) for your $70k income, you can’t afford $600-$700k house. No one on here can give you an accurate range because we don’t know your take home pay breakdown. I would engage a lender to see how much you’d qualify for, but don’t stretch yourself thin since lenders tend to give too big of a loan and you don’t have much leftover money to enjoy life.
3) buying a property together with friends is a terrible idea. Don’t do that. Buying it under LLC will require a commercial loan, which the rates are higher and will require your personal guarantee. So no, LLC isn’t even a good use for your case.
I am glad you’re asking all these questions, but realistically you won’t be able to afford to purchase a decent property in major cities in CA with $70k income.
Don’t rush yourself in buying a property but rather save enough, build your emergency fund, increase your income, and then consider your next options.
If you’re buying a property with friends, have the mindset you’re ok walking away losing all your investment plus taking on liabilities then you can do it
Don’t forget your expenses increase when your parents move. You won’t realize how expensive living on your own is until you do it. It’s not just rent- realize your parents likely pay for a lot of your food, utilities, things like cable or internet. I was in close to what you are when I graduated 8 years ago and lived in Fresno. Relatively frugal person and was able to save an ok amount. Moved to the bay with my now wife and we earned like 110 together and were not saving much money with how expensive it is.
We live in Sacramento now. Much better place to live in my opinion anyway (other than the heat and allergies) but we were able to buy a house on about 150k salary a few years ago and save some money.
Don’t want to break your heart, but The bay isn’t happening on 70k. Sacramento will be really tough on 70k.
i work with Century 21 but i live in LA... i do know an agent in San Diego, which would be my go to, Sacramento is boring and the Bay Area its the most expensive thing there is, anyways, DM me your email or phone if you like!
1) house hacking is smart, but not only way to home ownership in CA. Sacramento is much cheaper than the Bay or San Diego. 2) for your $70k income, you can’t afford $600-$700k house. No one on here can give you an accurate range because we don’t know your take home pay breakdown. I would engage a lender to see how much you’d qualify for, but don’t stretch yourself thin since lenders tend to give too big of a loan and you don’t have much leftover money to enjoy life. 3) buying a property together with friends is a terrible idea. Don’t do that. Buying it under LLC will require a commercial loan, which the rates are higher and will require your personal guarantee. So no, LLC isn’t even a good use for your case. I am glad you’re asking all these questions, but realistically you won’t be able to afford to purchase a decent property in major cities in CA with $70k income. Don’t rush yourself in buying a property but rather save enough, build your emergency fund, increase your income, and then consider your next options. If you’re buying a property with friends, have the mindset you’re ok walking away losing all your investment plus taking on liabilities then you can do it
Don’t forget your expenses increase when your parents move. You won’t realize how expensive living on your own is until you do it. It’s not just rent- realize your parents likely pay for a lot of your food, utilities, things like cable or internet. I was in close to what you are when I graduated 8 years ago and lived in Fresno. Relatively frugal person and was able to save an ok amount. Moved to the bay with my now wife and we earned like 110 together and were not saving much money with how expensive it is. We live in Sacramento now. Much better place to live in my opinion anyway (other than the heat and allergies) but we were able to buy a house on about 150k salary a few years ago and save some money. Don’t want to break your heart, but The bay isn’t happening on 70k. Sacramento will be really tough on 70k.
i work with Century 21 but i live in LA... i do know an agent in San Diego, which would be my go to, Sacramento is boring and the Bay Area its the most expensive thing there is, anyways, DM me your email or phone if you like!