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Despite being effectively raised on 4chan since my Freshman year of high school, I recently got into a medical school in California and will be starting in Fall.

I have made my way through life being a man of science, but I'm a fucking retard when it comes to business and financing.

Case in point: I'm 23 and I JUST got my first credit card.

Point is, I will be looking to move into a place in California's SF Bay Area.

How the fuck do I buy a home? Would it even be feasible with student loan money and like $5K in the bank? I would have a roommate (my twin brother who got into the same school).

Please help.
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>>1043903
>How the fuck do I buy a home?
Don't
>would it even be feasible with student loan money and like $5K in the bank?
Not even a little bit.

Rent the cheapest place you can find.
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>>1043903
Are you stupid or something?

A mortgage is like 3% interest rate, a student loan is 9-11%, are you asking to buy a home with student loans?

Rent a shitty apartment in a cheap area (sf Bay area fat chance) and just do school as cheaply as possible. Education is anot investment in itself.
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>>1044139
Listen to this man OP. You are not ready for home ownership
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>doctor
>stupid with money
You'll fit right in, buddy.
>>
>>1043903
Renting is better.

Find a reasonable yet cheap place to rent.
>>
> Moving to San Francisco
> To go to school
kek

That's already make financial mistake #1.
You should've just stayed in your state or if you're from Cali, gone to another state for cheaper school. Literally no one cares where you get your degree from, so you might as well get a cheap one.
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>>1043903
Rent the absolute cheapest studio apartment you are comfortable with living in.
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>>1043903
I live in the bay area and work as a software engineer. I have 70K in cash in the bank and am still in no position to buy a house. Good luck
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>>1044139
>>1044164
>>1044155
>>1044177

Thanks guys, sorry for being so dumb with this stuff. I just thought there was some magical backdoor to all of this shit, like installing gentoo or some shit. I guess not!

>>1044173
Most of the doctors I've met were fairly good with money, they all just had 2-3 ex wives so they had little money to begin with.

>>1044177
>>1044179
I'll probably end up doing this.

>>1044178
My family and friends are all in the Bay Area, so I stayed here for that sole purpose. I was accepted to schools in Nevada (which would probably be a much better financial choice) and New York State but I couldn't be fucked to move.

>>1044181
Good to know. That really puts some perspective on things.
>>
>>1043903

yea you will be renting for the foreseeable future, probably like the next 8 years but once you start making money you are set. Doctors can often get loans other people can't because of their debt ratio they are basically assured extremely high salaries.

Hopefully by then the prices in the bay area will have come back down to Earth so it will be slightly more affordable. Though I'm sure there are doctors in the bay area who can't afford to buy what they would want in the Bay area, which is certainly the case in New York City.
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>>1044187
Buying houses is a fucking meme except for these things:

1) You are very rich and can afford to buy them outright in cash

2) Exceptional opportunity, great deal to buy house(rare nowadays, probably will not be found)

3) You have a rather large family and will be living somewhere for like 10+ years

In any other case it's really not worth it. The downsides far outweight the "ur building equity" meme
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>>1044191
Thank you, Advisor man.

>>1044192
I clearly fell for the meme, thus this post. I'm just surprised I got so much positive info.

You have all been so helpful!
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>>1044192

In some markets it is very much so more affordable to buy rather than rent, and certainly on a time frame less than 10 year. It's not always the right choice, sure, but buying is no meme. And paying cash, even if you have it is dumb right now because rates are so low. When the op will be able to afford it things may be different but for now you'd be silly to pay cash. San Francisco probably does make more sense to rent right now unless money is no object to you.
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>>1043903
>just got a credit card

throw out the credit card, interest will fuck you if u use it
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>>1044225

terrible advice, stores raise prices to account for the fees they pay on accepting credit cards so you would be foolish to forgo the 1-2% and 5% quarterly cash back you can get with many cards. Also it raises your credit score and you are not liable for fraud nearly as much as you are with a debit card. Credit cards are also universally better when travelling. Just don't ever carry a balance.
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>>1044202
>In some markets it is very much so more affordable to buy rather than rent, and certainly on a time frame less than 10 year. It's not always the right choice, sure, but buying is no meme

This is pretty rare especially nowadays though.

Many parts of the world have ridiculously inflated housing prices(Australia, London, Canada, etc) where you have to be either a multi-millionaire or a fucking retard to buy a house.

Anyway that's why I said only in very specific situations does it make sense. You have to consider the housing market in that area, returns, maintenance/interest costs, whether you plan on moving in a few years, etc.

As a general and universal rule though... No buying a home is not a good idea.
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>>1044198
>I clearly fell for the meme, thus this post. I'm just surprised I got so much positive info.

Yeah most average people say stuff like "B-but you're throwing money away!" or "Houses can only increase in price!" But that's only because they can't look far enough to consider all dimensions and only look short term (Houses have risen in the last 5 years quite a bit, that means they will keep rising for ever!".

Those interest fees and maintenance costs are just as much "throwing money away" as renting is.

Houses also can fall in price, obviously everyone knows "Don't put all your eggs in one basket" but yet when it comes to homes they'll be willing to sink money they don't have, future money they will earn into one specific home in one part of the country one of part of the world. Makes no sense.
>>
bay area fag checking in
>>
ok you guys got this anon covered from the looks of it..except the throw away the credit card part thats dumb, just keep the balance low or pay it off every month it will look good on your credit to have a solid history of payments.
protip: look east bay
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>>1044278
Yeah I'm pretty much paying off whatever I use with my credit card so I never have a balance. I just have no credit history so I guess I should build some.

I'm looking Concord, Martinez, Benicia, and Vallejo. I just don't wanna get robbed.
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>>1044289
concord is the outskirt of pleasant hill and walnut creek so nicer but just getting kinda ghetto. martinez isnt bad its def cheaper not sure on benicia, vallejo hell no.
>>
>>1044238
>>1044241

Be honest, are you projecting because you don't make enough to save for a downpayment on a house so you are trying to justify never being able to own a home? That's okay, you are only human, but buying makes more sense that you make it out to be, obviously depending on the market and point in the cycle. Right now in those countries and the popular coastal cities probably not, but in much of the country buying is more affordable, and the markets in the middle of the country are far less susceptible to falling housing prices once the bubble pops.
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>>1043903
A shitty 1 bedroom home in the SF area is literally over a million dollars. I make $150,000/year here as a senior engineer at a startup and I can't even get a house. You can forget about it.
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>>1044508
is the housing situation going to get better? I'm blowing through so much money living here :(
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>>1043903
Auction off your asshole virginity on eBay. That might get you a third of the way to home ownership in the Bay Area
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>>1044617
I don't think so. Progressives (ironically) shoot down every measure which would result in more housing being constructed, and demand keeps going up as more startups and VC money flow into the area while supply remains the same.

I'm paying $2,950/mo for a 1 bedroom, 850 sq ft apartment 10 miles outside the city. It's crazy.
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>>1044632
the ride never ends

I wonder if a stock market crash this year will lower rents substantially
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>>1043903
fuck no, are you trolling? move to walnut creek (not ghetto land) , you'll pay 4.5k for a 2 bedroom if youre lucky (BART into town is 45 minutes though)
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>>1043903

>california
>buying a home

you're never going to do that unless you get lucky in vegas or wall street
Thread replies: 30
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