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Moving out on my own. Looking for advice.

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Moving out on my own. Looking for advice.

Postby Baseballer02 » Tue Apr 05, 2005 11:54 pm

Well me and my parents have really been at each other's throats the past few months, and I think it may be about time to move out on my own. I've been looking at apartments close to where I work, 1 or 2 bedrooms range anywhere from $490 to $750. I'm wondering what to expect as far as stress from sudden increase in expenses, roommates, etc. What would be the best path to take here, rent a 2BR or bigger apartment and have roommates to split the rent and utilities?

Financially currently make approximately $800 a month from my job and $1200-2000 a month playing poker. I'm on track to be promoted at my job as soon I take the initiative in completing requirements, to which then I'll be making about $20k a year with that, and will immediately be in line for another promotion. Should I be okay financially to move out on my own?

Any help/advice is greatly appreciated. This has been a difficult time for me the past few months, and I'm really hoping I can move onto a better life.
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Postby Madison » Wed Apr 06, 2005 12:02 am

I'd say get you the cheapest apartment you can and sign a 6 month lease. Once you've been there 6 months, you'll have a better idea of what you can afford and then move (or stay) accordingly.

I made the mistake of getting too big of a place with my first apartment. Kicked me in the butt and put me in a hole quick. Made it a little tough to dig my way out of. I should have started small. Ah well, that was a long, long time ago. Don't make the mistake I made. ;-)
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Postby Amazinz » Wed Apr 06, 2005 12:04 am

If you are guaranteed to make $1200 at least playing poker so that you have a guaranteed $2000/month income you'll be fine. The rule of thumb is that your rent/mortgage should be no more than 35% of your income. If you budget (hardest thing to learn when you're young, I know it was for me!) than you'll be fine.
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Postby slomo007 » Wed Apr 06, 2005 12:07 am

Amazinz wrote:If you are guaranteed to make $1200 at least playing poker so that you have a guaranteed $2000/month income you'll be fine. The rule of thumb is that your rent/mortgage should be no more than 35% of your income. If you budget (hardest thing to learn when you're young, I know it was for me!) than you'll be fine.


I thought it was something like 28%. 35% sounds pretty high, but I guess for a kid his age (and not having kids of his own) that might be about right. For a 35 year old father of 2, I would certainly hope that 35% of his income isn't going towards rent/mortgage. :-°
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Postby Baseballer02 » Wed Apr 06, 2005 12:09 am

Amazinz wrote:If you are guaranteed to make $1200 at least playing poker so that you have a guaranteed $2000/month income you'll be fine. The rule of thumb is that your rent/mortgage should be no more than 35% of your income. If you budget (hardest thing to learn when you're young, I know it was for me!) than you'll be fine.


The $1200 isn't guaranteed, but with bonuses and rakeback and such, it's as close to guaranteed as possible. I'm sure I'll keep some money to fall back on should I have a bad poker month or something.
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Postby slomo007 » Wed Apr 06, 2005 12:11 am

Madison wrote:I'd say get you the cheapest apartment you can and sign a 6 month lease. Once you've been there 6 months, you'll have a better idea of what you can afford and then move (or stay) accordingly.

I made the mistake of getting too big of a place with my first apartment. Kicked me in the butt and put me in a hole quick. Made it a little tough to dig my way out of. I should have started small. Ah well, that was a long, long time ago. Don't make the mistake I made. ;-)


This is really good advice. This is the definite route I would take, unless you can find a roommate.

To give you some more help, I currently live in a 2 BR apartment with a roommate and after paying phone/internet/cable/electricity, my share of the rent is $380. That would mean you're looking at about $800 a month with a 2 BR, which is too much for you at this point in your life IMO. If you can find a roommate to split it though, it could work out. It would be cheaper to get a 2 BR with roommate than to have a 1 BR on your own...but living on your own has its advantages too.
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Postby Absolutely Adequate » Wed Apr 06, 2005 12:12 am

You're in Athens, right? You should be able to find a cheaper apartment than what you've listed. And if you get a cheaper apartment, your parents will feel sorry for you and buy you groceries or whatever.

Also, I'd def. suggest getting a roommate. He/She will help defray costs and you won't be able to afford everything you want on the small amount you make, even in a cheap college town. Personally? I'd move into a house with 2-3 roommates.

But Madison is right in that you should try and sign a shorter lease if you can. It will help you to know what you're looking for.

Finally - find a place with a dishwasher. My current place doesn't have one (it's a very old home with lots of great stuff, but no dishwasher) and it's killing me. I'd also try and make sure you have a guaranteed parking place. Nothing sucks more than trying to find a place close to your house on the street.

If you are in Athens, I'd suggest the neighborhoods just north of the Grit - they aren't too expensive, they're filled with hot chicks, and they're close enough that you can ride your bike downtown. If you aren't in Athens, why do I think you are? Who is in Athens?
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Postby Amazinz » Wed Apr 06, 2005 12:14 am

slomo007 wrote:
Amazinz wrote:If you are guaranteed to make $1200 at least playing poker so that you have a guaranteed $2000/month income you'll be fine. The rule of thumb is that your rent/mortgage should be no more than 35% of your income. If you budget (hardest thing to learn when you're young, I know it was for me!) than you'll be fine.


I thought it was something like 28%. 35% sounds pretty high.

It may be. I know it's somewhere around 35%, it may be as low as 25%. I can't remember. Finances are not my strong suit. ;-)
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Postby slomo007 » Wed Apr 06, 2005 12:17 am

Amazinz wrote:
slomo007 wrote:
Amazinz wrote:If you are guaranteed to make $1200 at least playing poker so that you have a guaranteed $2000/month income you'll be fine. The rule of thumb is that your rent/mortgage should be no more than 35% of your income. If you budget (hardest thing to learn when you're young, I know it was for me!) than you'll be fine.


I thought it was something like 28%. 35% sounds pretty high.

It may be. I know it's somewhere around 35%, it may be as low as 25%. I can't remember. Finances are not my strong suit. ;-)


What's really ironic is that I am in a financial planning class, and have a test tomorrow, and we learned that realtors will tell you 28% when you're house hunting, and our professor said that even that's high (they want their commissions). He recommended 25%. Just kind of funny that this was brought up....I'm sure I won't miss this question on the test tomorrow. :-D
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Postby Baseballer02 » Wed Apr 06, 2005 12:17 am

Not in Athens, I'm in Douglasville. The apartments I lived in when I was younger are $490 for a 1BR, $589 for a 2BR, and $779 for a 3BR. I also plan on looking on the AJC classifieds to see if there's any decent houses for rent.

BTW, the apartments I'm most interested in right now are http://www.lenoxarborplace.com/. They're only about 5 minutes from where I work, come with washer/dryer, nice neighborhoood, and most importantly, are high-speed internet ready so that I should be able to hook it up the day I move in, which is very important since I need the internet to play poker.
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