House Hacking in the Bay Area, Ca
Hi all, I am currently saving money from my first job out of school and plan to have about 20k in saving for a downpayment when I move out. Move out date is roughly dec 2020. I am currently looking for a 2/3br - apt/townhome/condo that will be an attractive house hack. I am willing to live in a small space or the living room in order to make the numbers work. I realize that a 20k downpayment doesn't offer great buying power in the bay area, even with an FHA loan. Ideally would need to live in the South bay area, but this probably wont work considering the amount of capital I have. I would be willing to live anywhere in the bay as long as the deal is right. Any suggestions or advice for a first time house hacker in the Bay Area? I am very new to the BP community and just have started listening to podcasts recently. Any general advice will help! Thanks.
@R.J. Mazolewski Congratulations on getting/keeping your job in this tough environment. It sounds like you would benefit most from generating more savings. From a defensive standpoint, take a hard look at your current expenses and decide if they're really more important than the savings you could put towards your property! Offensively, consider a side hustle to generate more income.
@Matthew Forrest
Thanks for the feedback. Really appreciate it. More savings is a great route for this expensive market. Glad you mentioned side hustles. Currently working on one, but it is time for me to ramp it up focus in that area!
Hey @R.J. Mazolewski, you just became a bigger person in real estate investing by signing up on Bigger Pockets! At Bigger Pockets, you can reach out to other real estate investors while completing deals successfully and correctly. Once again, welcome to Bigger Pockets! You are not alone in your real estate ambition.