first-time homebuyer blues.

[chrizow]

i am graduating from law school in may.  i do not have a job lined up yet, but i do have a pretty good idea of the salary range i am looking at.  given my absolute refusal to pay rent, i want to buy something. 

sadly, i will not be making enough to buy in the urban neighborhoods i so love.  Crossroads?  forget about it.  River Market?  better, but still out of my league.  Plaza?  sheeeit.  old fixer-upper in Old NE or east of Troost?  i am not hardcore/handy enough.

thus, i will either have to buy in a suburban area, suck it up and rent for a while, or pull a miracle from betwixt my arsecheeks and somehow land a desirable unit in a downtown/xroads condo. 

what would you do? 

here are some hypotheticals:
* i buy a small home in mission or roeland park.
* i buy a condo in an undesirable 1970s South or West Plaza apartment building that looks like the college slum apartment building i live in now.
* i live with my parents for six months and try to save up for a low-low-low end unit in a downtown or river market building. 
* jump into the ribba an' drown.

thoughts, comments, concerns?

[Tosspot]

Live with your parents for awhile. There's no shame in it. Just as long as you can tolerate your parents.

[chrizow]

Live with your parents for awhile. There's no shame in it. Just as long as you can tolerate your parents.

i love my parents, but i cannot tolerate them.  so that is an issue.  plus they smoke, which makes my lungs feel like they are going to collapse. 

[kard]

If you can live with the parentals for some time and save cash, then I'd do it.  They'd probably love having you back and spoil you with free dinners as well.  It may not be fun, but it's definitely the cheapest and most flexable (ie - no lease, or death like opt. 4) alternative.

[KCMax]

I say live with your parents. If you can save enough money to get a place you really like in under a year, then its probably worth it.

If not, I highly recommend Mission/Roeland Park. I just wish it was a bit more pedestrian friendly - that's my biggest complaint.

[LenexatoKCMO]

I wouldn't want to be locked into anything more binding than a lease until I had a steady income lined up. 

Offtopic question - what are you hoping to do with your J.D.? 

[beautyfromashes]

Married? Kids? I'd buy a house and get some friends to rent rooms from you.  You get the fun of living with people and they pay the mortgage.

[chrizow]

Married? Kids? I'd buy a house and get some friends to rent rooms from you.  You get the fun of living with people and they pay the mortgage.

this is a really good idea.  i didn't think of this. 

[lock+load]

There is nothing wrong with renting for a while.

[chrizow]

I wouldn't want to be locked into anything more binding than a lease until I had a steady income lined up. 

Offtopic question - what are you hoping to do with your J.D.? 

i have a few applications/interviews i am waiting to hear back on: judicial clerkships (though this is seeming less and less likely each day)...govt work...i am getting resumes/letters to send to mid-sized private firms, but ideally i want to work in govt initially.  

[Thaine]

Govt. work is a good place to start.  You get tons of decent matters right away that it would take years of experience to work on in a firm, for the most part.

I'm 5 years out and working against and with Partners who are having my classmates carry their briefcases.

Downside- not as much cake.

[aknowledgeableperson]

Depending on loan requirements you may not be qualified for a home loan since you will just be getting out of school.  Rent for awhile, check out different areas.

[dangerboy]

Married? Kids? I'd buy a house and get some friends to rent rooms from you.  You get the fun of living with people and they pay the mortgage.

There are some really good deals available in Waldo for something like this.  LOTS of people in your age bracket are buying first homes in Waldo these days.  Granted, you'll likely get a 1950-70s ranch house, but there is still a range of walkable eating and drinking.  And the property values are rising fast enough to make this a good 3-5 year investment. 

Don't overlook the Old Northeast.  Depending on the block, you can get a fully renovated 3-story shirtwaist for $100k or less. 

[chrizow]

you may not be qualified for a home loan since you will just be getting out of school. 

sadly, i think that you are correct. 

[Sportster]

So does that mean since your a lawyer, you can't get a home loan? 

I toured a great home in the 4300 block of St. John today. Wow! Mediteranean (sp) Craftsman styling. Two story, 1.5 bath, basement garage, fenced yard, upgraded plumbing, elec. Turnkey to the new owner. About $155,000. Reece & Nichols Tony Termini has it listed.
Killer interior, tons of woodwork, re-finished hardwoods. Very nice place. It'll be featured in next week's Northeast News. (www.northeastnews.net)

Not that I'm advertising for Tony, we've got a ton of viable properties over here in Historic Northeast you may want to take a gander at. KC Realtor lives in the area and is extremely knowledgable about available homes in the neighborhood that don't require a ton of handi-work to get into.

Given present interest rates, a $130-$150-k house should run about $950-$1100/mo, P.I.T.I. included.

Feel free to call the paper too. (The Northeast News) we can give you a rundown on agents who serve the area as well as areas of the neighborhood that may be more acceptable to you.

Sportster
...cats outa da bag now! 

[KCLofts]

Take a look at Union Hill.  There have been some realtively inexpensive properties for sale there recently.  There's a 1 bed/1 bath townhouse for about $115k on 29th ST.  At about 30th & Walnut there was a nice 2 bed/1 bath house.  It was originally listed at $168k and dropped to $159k.  I think it may be under contract now, though.

There are some options downtown aside from the new condos that aren't terribly outdated or need tons of work.  Possibly also something on the westside.  Do a search in zip code 64108.

As for a loan, if you've got at least some sembalance of a down payment and proof of work, I don't think you'll have any problem.

[rxlexi]

  Waldo would be probably be a decent bet.  More suburban in nature than the city but still very close to all the action, food, drink and grocery/convenience nearby, the trolley track trail, a MAX stop right in the heart of things, a decent brewery (75th st.) and even a great little bike shop.  There are some nice tight blocks of small bungalows on to the east of wornall, just north of 75th, not sure what they run but if you get a chance I would drive through and check that area out (around St. E's school).

  Also, North Hyde Park, not sure if home values there have jumped a up a lot lately but across Armour in Hyde Park I remember seeing some decent deals on great old homes, right in the heart of the city, without a terrible need for rehab.  I had a friend that graduated from Mizzou about 3-4 years ago who picked up a great little bungalow right across the street from Gillham Park around 45th for like $80k, painted the interior and put up a fence and had a fantastic little home that didn't need much (if any) work, looked great in and out and had a porch and park for the front yard, could walk to the Nelson/Plaza.  He recently moved back to StL, not sure what he sold it for....

  Any good luck, I'll be in the same boat soon, can't wait...

[beautyfromashes]

I probably would do the Waldo or Hyde Park options.  Union Hill is resurrecting as well.  That area east of Gillham and the NE still have a ways to go but people are vigilant and they will revive, NE probably faster than east of Gillham.  If you can find something good I would look west of SW Trafficway as well.  For the money, I think that might be the safest bet. 

[voltopt]

look on clark ave. off 39th street... there is a 4 bedroom house for sale over there for i think 120k...
also on 41st st, between wyoming and genesse, there is a house for sale for 120k... one you could rent bedrooms out to people...

[beautyfromashes]

I saw that one on Clark as well.  I believe it was until 120K.  I would think that area stable and could appreciate fairly well with prices going up more to the west and north.  At that price you couldn't really go wrong. Personally, I'm surprised that Valentine and Old Hyde Park hasn't appreciated more with Coleman Highlands being so close.