Don't come to LA unless you have a couple million $$$ in your bank account (Los Angeles: apartment, condo)

[jjcorleon]

Originally Posted by Need_affordable_home

LA is great for movie stars, models and businessmen and anyone rich and/or famous. For the typical middle class person, its no place to be. Most of those people in $500k houses paid significently less a few years ago. Few can afford one today and most dont want this lifestyle either. What would you consider an "entry" level house in a good neighboor that speaks english and doesnt contain illegals?

I only want to reply on your last comment about illegals. Im not an immigrant but immigrants do come to this country to strive and work. If it wasnt for them where would this country be. I know of immigrants who have come here and live and have way more then americans. So keep comment to yourself.

[brian_2]

"California is so expensive and in someways what a relief to be able to go somewhere where absolutely everything does not have to do with money, money, money."

bullseye!

[fastfilm]

Oooh, jjcorleon, in this country we have freedom of speech guaranteed in the Bill of Rights in our U.S. Constitution. Furthermore, this forum, a private enterprise, also allows that selfsame freedom of speech as long as it eschews profanity, insults, incorrect information, and relates to the topic. Therefore posters are insulted when you demand that we keep our comments to ourselves, particularly when we are informed on a subject, and wish to impart our local insiders' information to woud-be relocators. As per the purpose of this forum.

As many have stated in many a thread here, no sane American has any objection whatsoever to legal immigrants. It is the vast numbers of illegal immigrants, particularly in Southern California, that is lowering the quality of life here for everyone- for American citizens and naturalized American citizens alike. Depression of wages by grey market, over-taxation of local citizens to pay for services for illegals that the citizenry itself will never get, closure of hospitals by illegals abusing emergency services, vendetta-driven gangthink, complete disregard for virtually every law here: those are factors compounded by the vast number of illegals here. Insofar as it remains more problematic in this locale, it's a frequently expounded upon topic.

[puffle]

Originally Posted by fairweathergolfer

How frustrating puffle. I know the new move will bring some wonderful new change. Divorces are hard enough and the financial and moving changes that come along with them are just almost too much to bear at such a already very stressful time.

California is so expensive and in someways what a relief to be able to go somewhere where absolutely everything does not have to do with money, money, money. May there be many, many beautiful miracles coming your way!

Thank you for your positive thoughts. Have lived here for over 43 years with two moves out of state, living high and living low. Much harder at this age but life is short and you are right,the people I knew in Massachusetts did not discuss their financial affairs, did not drive stupid cars like Hummers and Escalades etc. so it felt like you were on level ground with everyone, until you stepped into a seemingly modest person's home and discover they are wealthy, old money wealthy. Nice change from the neuvo
riche in my neck of the woods.

[Des_Demona]

Entry level housing in an english speaking neighborhood - well I have a neighbor that just moved out across the street (I live in Simi Valley) which is still a very "english speaking" town and her 2 bedroom condo on a noisy main street just sold for $500,000. I'd say an actual HOUSE would be a great deal more than that. In my city, the houses are going for one million dollars (5 bedroom 3,000 sq ft.). Our city is about 30 miles north of Los Angeles.

[Angel Bear]

I've been shopping for real estate more in Orange County though. It really depends on a few things I've discovered.

I personally don't have a couple of million in my bank account LOL, but I have been smart with my money since I graduated from college. I'm approaching my 35th birthday and I've only owned two different cell phones and I don't run up the bill every month. I also am still driving the car I bought after college. I only recently began to travel. I also don't have cable television. I also live in a small, modest home. I buy my clothes at Old Navy and do other things to save money. Well, along the way, I invested. My hubby works in the tech field, so we've done well And, we don't plan on having any children...so, more money saved We didn't make all of these "sacrifices" 'cause we were poor or anything...We both knew we'd eventually relocate to California--just recently began talking about it.

So...A 1000-1200 sq. foot, 2 bedroom, 1 bath condo would be perfect for us and our lifestyle. Sure, it will cost much more, but we have so much equity. Plus, jobs in my hubby's field pay significantly higher in CA and with his years of experience, he's going to do very well. Also, I have a college degree too and own my own business. We're legal residents LOL, so no 'hate mail' please.

So...We could stay here in Metro Detroit with the bad economy, the sucky weather, and lack of ocean...Most people ask us why we haven't 'upgraded' to some large behemouth home. For $400,000 here you can get a 3000 sq. foot home with pool, hot tub, etc. Sorry, not for me!

It's really all about priorities I believe with any choice, but especially the choice to relocate to California. I think when we do move, it will be great and move us even further along our personal and career paths. And, who knows, maybe we won't always live there. But, it would be a great experience for us while we are still "young." We could see a lot of things and explore the state. It would be fun to meet new people and start over again. We both have lived here all of our lives and need a change.

Okay, I've said my bit

[UB50]

Couldn't the same thing be said about New York City? "Don't come to NYC unless you have $20 million in the bank?" $2 million isn't going to get you anywhere in NYC!

Or how about Washington DC? How many couples can't survive on incomes of $200K+ in DC? (Look at the guy in the Bush administration who was caught shoplifting at Target!)

Big cities are expensive! Even in the cheaper big cities, desireable housing is in expensive areas. You can't live in the best areas in Houston or Dallas or Miami or anywhere unless you have some money!

[Need_affordable_home]

If I had 2 million, I would retire on the spot. That kind of money will last me the rest of my life as long as I dont waste money on extravagancies. Id invest the money and only spend the profits and leave the $2m alone to let it grow. Think of it as growing a tree and only spending a few leaves at a time Id spend no more than $100k on a house or two

Angel, is 1000 square feet of condo big enough? Where will you put all the furniture? What about that nice new 50 inch digital TV? What about enough closet space for your cloth collection? Thats pretty small. Want a dog or some goldfish? Need room for a big fishtank! When I buy a house, I prefer at least 2000 square feet or maybe ill buy two smaller houses!

[fairweathergolfer]

Need_Affordable_Home wrote:

If I had 2 million, I would retire on the spot. That kind of money will last me the rest of my life as long as I don't waste money on extravagances. Id invest the money and only spend the profits and leave the $2m alone to let it grow. Think of it as growing a tree and only spending a few leaves at a time Id spend no more than $100k on a house or two

First I just want to say I enjoy reading your posts. Secondly I have to say . . . It sounds as though you do not plan living long. Which is sad, as--as I said--I really enjoy your posts .

First I want to ask, where are you going to find a place for $100,000 that is livable? Heck even condos these days are going for at least half a million (sure you can find lower, but how much lower then half a million is the question, not how close to $100,000, as few are). Second people overestimate the amount of interest money they can accrue yearly from investments below 5 million.

You say extravagances. What is extravagances? Everything costs money food, taxes, cars, vacations, bills, housing maintenance, gas etc, etc. I know I don't have to tell you this.

There are so many factors that will make it very difficult if not impossible for one to retire on 2 million (depending on their age). I assume you are a middle age to younger person though. If you are 50-60 plus I would have to agree this is possible. But one can also not know how our future will unfold economically. Remember when houses costs $89,000? I do. We could not have imagined what a 2 bedroom ranch style home could cost today. Or also some of the decimation of whole neighborhoods that once used to just be nice middle class homes that eventually forces people to move, if for nothing more then their safety.

One last thought with 2 million dollars invested and you living off that investment, you really don't accrue much because your investments can't be aggressive as you can't risk losing the money and also you will be taking out the money to live off of--both of which will lower the larger profit of the money you have. All I am saying is if you are going to plan on retiring on a certain amount at your younger age, I would suggest increasing the amount to something truly that you can live the rest of your life off with some degree of surety and reality. 2 million dollars gets you a house and something to live off for awhile in Washington State, Oregon, and California. But not enough to retire. Now if you already had the real estate purchased and possibly even paid for I think this would be more a realty as well. But I did not get that this was true in you post.

Either way. I hope one day that money does come your way and you can prove my a-- wrong . Best!

[Need_affordable_home]

Great post! Positive rep. for you! I do plan to live a long healthy life. I wouldnt be able to retire yet if I won a million but two million is enough to set me for life. My dad invests in mutual funds which always go up 10% plus a year. He used to invest in single stocks, some went up, some went down. The losses canceled most of the gains so he only does mutual funds now which always go up. $2 million in mutual funds will go up at least 10% average long term.

Even if someone doesnt believe in mutual funds or for some reason doesnt want to risk it(the only way to lose is if America enters a depression) theres treasury bonds which go up almost 5% a year guaranteed every year. Basically the fed borrows money from you and pays you less interest than the fed rate of 5.25% so they make money off you. That is still higher than the ~3% inflation. If someone buys $2m of treasury bonds, they will make almost $100k the first year. Inflation will account for about $60k. Therefore spend almost $40k and dont touch the principle(and allow it to grow with inflation) only spend the profits beyond the inflation. Youll then have $2.06m the second year(adjusted for inflation, its worth the same as $2m the first year) Again, spend only the "extra" money beyond inflation. That way you could theoratically have money to last indefinitely. $40k a year is enough for most people to live comfortable. Heck my mom only makes about that much a year as a teacher plus a second part time job on sundays and she isnt struggling(their reserve of money in mutual funds barely gets touched if at all but its there to cover their bases)

If I win the lottery(big if!) I will have 3.3m after lump sum and taxes on a $10m jackpot(if its less, I dont even play) That way if I win, im set for life. Even if theres two winners, $1.66m is just enough to be set for life with mutual funds(not quite with treasury bonds) Theres also a "fantasty five" lottery with far, far better odds but the average price is only about $100k and a third million is about as much as anyone ever won. That is still enough for a house or at least a serious downpayment or pay off an existing mortgage. This will let me retire several years earlier. I know I cant put my life on hold hoping to win the lottery. I am self employeed to make money and dont need a lottery to afford a house, the lottery will just be a short cut to retirement.

Condos for half million? You must live in CA(or NYC or perhaps Chicago or some very expensive location) Here in south Florida I can get a nice 5 bedroom upper middle class house for half million. Many areas are considerabily cheaper, the same house can be had for like $200k in Georgia or Texas. If I want $2m to last me for life, I would be looking at spending no more than $100k on a house(due to property taxes and other ownership expenses) A such house can easily be had in most of the 50 states, even in Florida if your willing to live in a tiny 2/1 house on an acre of rural farmland in north Florida or in Okeechobee county. $100k condos can be had almost everywhere in Florida, although they are uncommon in the southern Florida, any that are found tend to be old, tiny and in undesirable locations. Forget CA on $2m. Probably forget FL too unless your willing to live in a 1/1 condo or a tiny rural house. I would be looking at states like OH, WV, PA to name three. In fact this is where im going anyway once I save enough for a $25k to $50k house there. Dont believe me? Go to Realtor com and look up Oil city, Johnstown, Franklin(all in PA) also check Bluefield in WV. Yes those areas are semi-rural and not much at all to do there and no real jobs(doesnt matter for this self employeed guy) and they get cold in the winter, also all the houses are 80-100+ years old. But I arent rich! Any house $100k and over is considered a "fortune" for me!