Everything in the world seemed to be falling apart, but my plans for my long term goals were falling into place.
As the economy was crashing, so were mortgage interest rates, they were hitting historic lows. I knew now was the time to pull the trigger on a purchase. You might be thinking, this doesn’t sound very logical, buying your first house during a pandemic and economic recession, but I’ve been preparing for this exact moment!
For the last five years, I’ve lived in a fairly expensive area in California. A one bedroom apartment starts at $2,000 for just the rent. So, I began renting out the spare room in the house I was renting. To clarify, I was subletting the extra room in my rental, with my landlord's approval. Finding someone to rent out the extra room significantly cut down on my fixed expenses, i.e. rent, and utilities.
Then I decided to get my Real Estate license. Even though I had my real estate license, I continued to work my normal 9–5 office job as a legal assistant. I used my regular paychecks for my bills, and the real estate commissions went into savings. I had just hit my 3rd year in real estate when I made my purchase.
Two weeks into our first Shelter in Place Order I started thinking about making my purchase and took step one: I went and got pre-qualified for a…
