Hey, I was hoping for some perspective.
So here's where I am. I live in Los Angeles, make 60k a year and through some inheritance + my savings I have in excess of 400k. I was thinking I'd buy a house.
Currently I live in an apartment paying 700 a month for my room. I like it there, it's nice enough. Frankly, I don't even feel like I need to move, but I have all this money sitting around, and buying a house seems like a smart thing to do. Right?
The houses that I'd want to live in in LA are all well over 550k and probably closer to 800k, so if I was going to get a house, I'd need to rack up some debt. How expensive a house should someone in my position buy? Is this even a smart move? Should I just keep the money invested in the markets? It seems like if I buy a house my monthly expenses will be going up quite a bit. I could rent out extra rooms to friends to deal with that though. I could even buy a house, and just rent out the whole thing to make extra money, although I'm not sure I'd like the responsibility that comes with that on top of my day job.
I would be very grateful to hear the crowd's thoughts on this. Thanks!