How to Buy a House in Bay Area (Interview with a New Grad Software Engineer)
ฝัง
- เผยแพร่เมื่อ 7 ม.ค. 2024
- Are you looking to buy a home in the bustling Bay Area? Navigating the housing market here can be a challenge, but with the right information and tools, it's entirely possible to find your dream home! In this interview with a Big Tech Data and Software Engineer, we dive deep into the steps you need to take to become a homeowner in one of the most competitive markets in the world.
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Spencer Hsu is a Bay Area Real Estate Agent, a Residential, New Home Construction and Relocations specialist with eXp Realty LLC. Serving the entire Bay Area. He aims to help busy professionals in the Bay Area find their dream homes by leveraging tech, data and local insights.
CONTACT ME:
Call / Text: (408) 547- 4590
DRE 02077253
Email: spencer@spencerhsu.com
www.homesbyspencerhsu.com
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→ Instagram: / spencerhsure
→ LinkedIn: / spencerhsu
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I had a blast making the interview with you. Hope to create more content together in the future!
Richard, did you do extensive research while you saved or did the knowledge and the purchase come relatively close to the same time?
Love this interview!
Thanks for tuning in!
Thank you for the great interview.
Glad you enjoyed!
My neighbor who is Chinese and studying at university of pacific in Stockton, his parents bought him two houses in a gated community and paid cash for it. And his only 22 years old.
That's wonderful for them! Having supportive parents is amazing.
At 6:47 - I think the word he is looking for is "...priced efficiently..". This theory comes from the the stock market and won a Nobel Prize (shared) by Eugene Fama in 2013. I think most real estate agents understand that not every house is priced correctly, which is why flipping is a thing. Side note - In my 40s with a family of 5, we accidentally followed a similar path as this new grad, except we purchased a 5/3 single family fixer and rented out 4 bedrooms. Yes, we lived crammed up like 5 goats sleeping in 1 bedroom (it was the master though), but it's OK to suffer for 2.5 years as long as there is an appropriate reward at the end. Funny enough we no longer have a financial reason to rent rooms but we still rent a spare for non-financial reasons. An unexpected benefit is that my 3 kids think this is perfectly normal and each plans to buy their first home after college, that they realistically can't afford, and rent rooms for 2-3 years.
Yup. it's generally an efficient market place. Flipping is less than 0.1% of the homes on the market and has their own acquisition approach/cost to play that game. If it was that easy to get arbitrage, the margins would be narrowed out. Renting out rooms is a combination of both finance and social. Multifamily allows much clearer separation than what you did but it's not widely available in all areas to buy it so if that's not an option, nothing wrong with a condo/townhome/SFH to rent out other bedrooms. Also as he has illustrated, nothing wrong to rent any of those bedrooms as a tenant either to save significant amount on rent that can be 2-3x more to get your "own" place.
Yes! That's the word I was looking for, brain farted haha, should have rehearsed a bit!
Very smart kid!
Very financially literate
Money?
You got it?
Let’s be real… his Asian parents gifted him the downpayment and maybe even backed his loan. There no way a new grad qualifies for a 9.7k payment. But still impressive
Let's do some quick math. Debt to income for loans is 43% gross income. An AI engineer salary + RSUs total comp package would need to be $270,697.67 a year to accomplish this. Certainly not easy but not impossible to hit as many clients/people I know make well over $300k-$400k in a matter of their first few years especially if their RSUs perform well.
Down payment is a different matter that I didn't get to but that's a different story or video for next time :)
Hi, I'm the guy in the interview, I bought this property after working for 4 years. Tech total compensation grows pretty exponentially over time! I know some of my friends are making 7 figures now.
@Richardlizhu thank you for chiming in! It is great to see people unveil finances and investments
Video is a bit misleading, new grad in tech means you just joined the job with 0 yr experience.
Newer grad ;)