Source: John Fulford: On a Roll
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2006 Pico-Union :
I was making $8 an hr. All i wanted to do was make enough money to buy a house in Los Angeles. I walked across Hoover St. into the Food 4 Less parking lot, passed the abandoned shopping carts in favor of the 25 cent-a-gallon water refill station. I remember thinking to myself I’d at least $200,000 as a down payment for a decent home in Los Angeles. I felt defeated.
2013 San Fernando Valley
In a pool in the valley when someone asked me my plans. Mentioned I was in the process of saving $120,000 so i can rent a mansion for one year at $10,000 a month. I was interrupted by a gentleman who explained what a horrible idea that was. I’d be “throwing money away”, because for just three times my hypothetical $120,000 war chest I’d have a downpayment on a decent home in the hills with a view. In addition, i could sell the home in the future for a profit!
Horseshit. I asked this knucklehead what he did for a living. Turns out he was a Realtor. The water in the pool was also wet in case you’re wondering. I asked this guy if he could, in writing, personally guarantee a profitable sale in the future. He clammed up clammier than a clam.
2017 Los Angeles
I find myself cruising Zillow.com looking for homes, until I snap myself back to reality. Lets see some numbers..
If i want to have a TOTAL mortgage (including taxes and insurance) that of my current rent, I’d have to put down $100,000 in cold hard CASH.
I can think of much better uses for $100,000.
After thinking of follow up points, raw data, tax info, earthquake repair estimates etc.. I realized those don’t matter…because i can think of much better uses for $100,000.