All Forum Posts by: Ashley Watkins

My pre approval is for $325k with a 10% down payment, or only $300k with 5%. Since I can do 10%, it gives me more options. I've seen hardly anything under 300k. But there are quite a few 2/1 and 3/1 places between the 300 and 325 range. 

Thanks everyone. I am pretty against getting a condo. I don't like HOA dues. I have found quite a few single family properties in my price range that do not need a lot of work. My main concern is what work I should avoid getting myself into. Cosmetics seem fine, but are there any big ticket items that typically cause more of a headache than necessary?

Good afternoon Bigger Pockets Community!

I am looking to buy my first property. For now, it will be used as a primary residence, but I have plans to rent it out in the future.

I am 22, and I just moved to the San Francisco Bay Area. I have been working with a realtor and a loan officer to get 1. Pre Approved and 2. Start searching!

My boyfriend and I aren't planning on putting in any offers till the Summer. We are currently in a 1 year lease that ends in late September.

Does anyone have any advice or tips they would like to share? Im open to general and Bay Area Specific comments!

My pre approval is for $325,000; 10% down. Anyone who knows the bay area knows that that isn't a lot to work with. I am heavily considering something that needs work, but don't want to get in too over my head with repairs. I want to be able to add value but not break the bank. Any suggestions on what things to avoid, and what repairs are worth the value add??? What kinds of repairs might need permits?

I have $50,000 cash to work with for the down payment, closing costs, and repairs..before going into credit card world, where I have 0% interest on a $7000 limit.

Much appreciated!
Ashley Watkins 

First time buyer :)

Thank you for the replies. 

@Sam Shueh, I definitely understand where you're coming from.  As a prior Oregon resident, I agree that the Oregon market is more suited for rentals and appreciation.  I've kept my eye on a few markets, and have been seeing inventory sit much longer than previous times.  Maybe the market may be turning?

@Noah Hoffman, I heard about the Richmond rent control at a recent REIA meeting. It definitely does make things difficult for future rental opportunities. I also heard somewhere that the rent control only applied to multifamily units, or am I mistaken? If I go with that area, I was going to go with a single family for that reason.

After speaking with local agents and lenders, I know what my short term steps will be.  I am going to be getting out of the renter's market next Fall, and have the financing to do so.  Only need to narrow down the area I'll be looking in.

Thank you for all of the response!  This really helped me make some huge steps forward!

Thank you for your responses Scott & Ryan. 

For the entire Bay, I am mostly having difficulties picturing the process. For as many podcasts I listen to, and forums I read, I have no real world applications to refer to. 

I find myself in a cycle of looking at the mls, and going through the BP calculators, but still not feeling confident enough in what the market looks like to know if any of the numbers I input aren't complete garbage. 

I'm not sure I would know a good deal if it was on my lap.  

I am looking for any opportunity to talk with a local investor to see what their experience has been, and if there is anything you might need that I could help with. 

I will PM each of you. 

Once again, thank you!
Ashley

Hello Bay Area BP members,

I moved to Walnut Creek this past September from Oregon, and am eager to get to know the Bay better.  I don't really know the market, or the specific neighborhoods well, and was hoping to bounce ideas off local investors and do a little tangible driving for dollars work together to get the creative juices flowing. 

I've never visited Oakland, but am becoming increasingly interested in that area, as I've heard some positive speculation for that market.

It seems like there aren't a lot of investor opportunities in Walnut Creek, but I'd be curious to see if any could be found.  

If you're in the East Bay markets, I'd love to ask questions and see if there is any way I can help you.  I don't know what I don't know, and I would love to be a resource in any way I can!

Happy Holidays,

Ashley

Hi Tom,

I took my salary at my current job, accounted for inflation, and promotions, then applied current tax rates (even though I know they would probably change).  Looking at what that base income looked like, I thought about what I wanted to do that would cost more than that.  I took into account that when I'm "retired" from investing in RE, I will still probably want to keep my job, because I like what I do.  I took into account that when I'm 55, any kids I have will be probably be in college, I want to travel the world, etc.  The $20,000 would essentially be extra disposable income to cover those costs. 

Hello Bigger Pockets community,

I joined BP this summer after I graduated college, and have been pretty silent on the forums as I have been studying for the CPA exam, listening to BP podcasts, and moving to the ever expensive, SF Bay Area.  Now that the dust is settling, I feel like it Is time to do more than just book educate myself, or I fear I will be lost to analysis paralysis, as Brandon Turner puts it.

I have signed up for my first local REIA meeting on December 1st.  My first real step towards reaching my Real Estate Investing goals!  I would love to also connect with those who do not attend or cannot attend meetings, to share ideas, and get creative juices flowing! Please, message me and we can go out to coffee one day.  I’d love to chat about strategy, goals, and open new opportunities.

Speaking of goals, I have thought for quite a while about what my RE goals are.  (Sorry for the long post, but I feel as though a full picture will help with getting valuable feedback.)

I am almost 23, which means I have time on my side for long term buy and hold investing.  I would like to ideally “retire” my investing efforts by the time I am 55.When I retire, I want a portfolio that is completely paid off, cash flowing $20,000 monthly.  (That would be around $8,000 a month in today’s dollars using a steady 3% inflation rate for 30 years.)  I can’t see myself getting here using the stock market, alone.

Depending on where I invest, I will need a different number of properties.  I have considered staying local, and investing in the Bay Area, and Central / Northern California.  I have also considered investing in out of state markets, specifically Oregon, where I grew up.(I know Portland is hot right now, but so is the rest of the state, too.)I would love to hear opinions from people investing in these markets, to see what others are finding to be effective, and ineffective strategies.

I would like to stay in the duplex to fourplex market to start out.  I plan on purchasing my first property within the next two years, maybe sooner if I can find a partnership that works well.  I wouldn’t mind upgrading to an apartment complex once I have experience, but I feel as though that would be too overwhelming to start out with.

I love the BRRRR process that is talked about on BP frequently. I am interested in learning more about Probate sales, as well as pre-foreclosures and foreclosures. Especially in the Bay, the MLS isn't very useful for finding deals. I would be interested in working with a local wholesaler, as well. I do work full time, at a large accounting firm, nonetheless, so my hustle game after work isn't very strong, if I am to be honest with myself.

I plan on purchasing properties using BRRRR, and holding them until I have enough equity in all of them combined to sustain the $20,000 monthly cash flow (after considering CapEx, and other maintenance expenses).I will then sell the excess properties, hopefully passing them down to new investors, effectively using the equity from the sale to pay off the remaining portfolio.

As stated above, I have not solidified my market yet.  I really want to speak with other investors on what they see as the pros and cons of each market, from a real life point of view.  From there, I can make my decision, and proceed with further criteria for my future investments.

Thank you so much to everyone who is on here helping new investors find their wings.

Best,

Ashley Watkins

Welcome to the BP forums, Tim! I understand the "hard to save" aspect in the Bay Area. If you haven't checked out Bigger Pockets / meet, you definitely should! There are many investors in the area, and with that provides a lot of opportunity to meetup.  As for the podcasts, more recent shows have featured Real estate sponsors, such as Realty Shares, that can help your creative financing juices get flowing. Speaking of newer shows, I love show 200. It is such a great roadmap for those of us getting started. I can say that after listening to that one, I know where I am in the process (step 3 or 4 for me, right now), and have been able to impliment daily steps to moving forward. 

Once again, welcome to BP!