New Member soon to be living in the San Francisco Bay Area

[Ashley Watkins]

Hello BP community,

I apologize if my post goes on and on. My name is Ashley. My hopes in joining BP is to get a network going of real estate investors who can help  me as I begin my path in real estate investing (on the side.) 

I recently graduated college with a degree in accounting, finance and economics. I am moving to San Francisco Fall of 2016 to begin my day job as a new corporate accountant with Crowe Horvath LLP.

I know that my salary alone will mean small living quarters, and about 50% of my after tax income will go to rents that could increase out of my control. That's not how I want to live. 

I've been interested in the potential of real estate since I was little. I love projects that make a difference, whether that's fixing up the neighborhood eyesore to just rearranging my living room for a better energy flow. 

What I don't have, is experience, or a network of people I can go to. I'd love for BP to be that online resource for my questions, and eventually I'll be able to give answers. 

I'd also love to connect, in person, with anyone who wants to get a coffee and chat about resources for real estate success (especially in the area of financing...) 

That's me. I'm pretty open and honest, and I'm still young, naive, and optimistic. 

Best,

Ashley

[J. Martin]

Originally posted by @Ashley Watkins:

Thank you so much, everyone! This is something I've always been curious about, and I'm still terrified of. There are so many exciting opportunities ahead, but due to my sheer lack of real world experience, I really just don't know how to start. I've been peppering BP webinars with my CPA studies, and I'm finding some great correlations! 

Beyond that, I'd say my biggest fear and ignorance lies in real world financing. While I have a good credit score, promising future job income in the Bay, and an intense desire to succeed, I don't know that I have or will have the 20% (or even 5%) down payment that conventional or FHA loans want.. considering the market in the Bay Area. I plan on keeping myself immersed in the various literatures out there on this topic. But how will I know what kinds of loans I could qualify for?

 To find out what kind of loans you qualify for, you need to speak with a mortgage broker or banker. I have a broker I use that shops my loan around to different banks. Guys like @Chris Mason on BP know their stuff well. But you really need to provide your documentation to fully know what you will qualify for. Regarding downpayment, fortunately, SF Credit Union is also doing high-balance 0% down loans for homeowners in SF!! So never fear!!! lol

And if you will have a high-paying job, you should be able to save up $50K (or borrow from someone and backfill it..) Then rent out some bedrooms in your place, and you're set to go!! ;) Where there's a will, there's a way :)  Hope to see you out at the Summit in August also! :)