I’m planning on buying a condo and it has to be in Pasadena. That city holds high significance to me and I’ve only grew to love it more over the years. Some of the nicest and sweetest people I’ve ever met were in that city. There’s the saying, “the grass is greener on the other side” and in all respects, this is true for my hometown. It wasn’t until I spent my early college years in Pasadena and new found success that I realized that this has to be my future home and I’ll stop at nothing to reach it.
Costs and a lot of dollar bills
It’s no surprise but buying a condo in this city is really fucking expensive. My money can get me a lot more square footage in Alhambra, San Gabriel, or Monterey Park, but I hate them like the plague. I’ve been over it living here for a long time. Currently, I have 1/10th of the initial down payment. It’s a good chunk of change considering most millennials don’t have even $1000 dollars saved up. It’s funny. I still feel broke everyday…
Give it 5-7 Years
Optimistically, I think I can have the money saved up in 5 years at the earliest. This is assuming my monthly income rises every year and I’m not suddenly out of a job. My credit score is in the 800s right now and I see no reason it to drop in the future. I’ve been only paying with credit cards since 2013 and that was just the first step of the larger plan at the time.
Paying the Mortgage
My mortgage payment per month is about $1500-2000. I plan on renting out the 2nd room to my best friend at huge discount that’s roughly 33% cheaper than the average rate for the city. I want to do the 15 year plan but only time will tell if thats obtainable. It’ll be so satisfying to call it mine afterwards. Maybe I’ll have a drink to celebrate. Just maybe.