Help me achieve my dream

[Ava]

My dream is to move to Miami, Florida.
I live in the Northeast. I recently graduated with a Bachelor in Accounting, and I'm the proud employee of a regional bank .
The transition from being a cashier to working an office job was very tough for me (I still struggle with it). I posted a thread here when I made the move three months ago and you guys helped me so much with your support and encouragement.
That's why I keep coming back for more advice; because this community has helped me a lot, and also because it's free
This is the situation; I live alone, no family in this country. I don't have any dependents.
Moving far from where I live is a challenge. I only have a couple of acquaintances in Miami, but nobody I can call for help. I have $8,000 in an emergency fund.
I own my condo here in the Northeast (I have a mortgage). The idea is to rent it out when I move, for two reasons; the condo is underwater, and I plan to keep it long-term as an investment.
The bank I work for is regional, doesn't operate in Florida. If it did I would ask for a transfer.
My plan is to do a Master's Degree next year, and move to Florida in January 2014.
I plan to become a CPA, but to do that I need the Master's Degree, pass the CPA exam, and work during two years under a CPA. If I pass the CPA here, it would make moving to Miami a very distant dream because then I would have to stay 2 more years to gain experience and get my license. Then I would have to do all the paperwork to make my license valid in Florida.
I just went to the Florida website for CPA, and it says I need to pass the exam, have the 150 hours I can achieve with the Master Degree, and have one year of experience under a CPA. So maybe I could do the Master here, pass the exam, and get the experience in Florida.
So, that's the plan. What do you think?
What frightens me most is moving without having a job waiting for me, especially because I'm on my own. But I figure if I have a couple of years experience at a bank, and a Master Degree, I should be fine.
Input and ideas welcome.

[Rocky Mtn Saver]

How long have you been with your current employer? I think that generally, a 2 year minimum is what looks decent on a resume, and doesn't look like job-hopping.

Also, how many months of your expenses does your $8k EF represent? How much SL debt do you have? How much can you sock away for a period of potential unemployment?

Could you comfortably cover the expenses for both house and a rental in Florida without a renter?

Does your current employer have any type of tuition reimbursement benefits?

[movingforward]

Why Miami? Did you visit there and love it? Just wondering...

[Phoenix84]

Well, I'd reccomend staying at your employer for at least 1 year, 2 is better. While job hopping isn't out of the ordinary, if you have short employment history it will raise future employer's eyebrows and make them wonder why you left so quickly.

I can't comment on the specifics of accounting, as I'm an accounting layman. I don't see why you couldn't do your masters degree and then get experience in Florida, but maybe Archiethedragon can give you advice or someone else.

You can line up a job before you move down to Florida. Thanks to the power of the internet, it's easy to look for and apply for jobs online. If a company is really interested in you, they'll do a phone interview or maybe even fly you down there for an in person interview.

Maybe I'm toally off base here, but have you considered government employment? The government employs a lot of "bean counters." If you're interested, you can check out usajobs.gov to see if there's anything available in the area you want to live. Though if you're a forign national, that may not work. You could also consider the state of Florida. I mention the government because it's extremely common for the government to hire out of state candidates. WVUGURL can probably tell you more about doing accounting for uncle sam.

There's also the "big 4" accounting firms. I'm not sure what they are, but Earnst & Young is one of them. I'm sure at least one of them must be in Miami. THat would be a good place to start looking for jobs.

Definitely look into tuition reimbursement programs from your employer.

I don't know what the market is like where you live. However you may not be able to rent out your Condo for what you pay in Mortage. Also, you'll probably have to hire a property manager to manage the property since you'll be out of state. Just make sure if you go that route you can cover the mortgage AND your rent where you're moving.

[Rocky Mtn Saver]

Sept 12, 2012 17:37:15 GMT -5 Phoenix84 said:

I don't know what the market is like where you live. However you may not be able to rent out your Condo for what you pay in Mortage. Also, you'll probably have to hire a property manager to manage the property since you'll be out of state. Just make sure if you go that route you can cover the mortgage AND your rent where you're moving.

This is a good point. I'd poke around the rental market in your city, looking for similar properties, and see what kind of prices they're getting. Right now, the rental market can be quite over-priced but that probably won't change until people start buying houses en masse again.

[tskeeter]

Ava, remember that each state makes it's own rules for certification and licensure. The FL experience requirement is very different from the NY requirement, for example (FL appears much more flexible about what experience is acceptable). Check www.nasba.org (National Association of State Boards of Accountancy) for a summary of the requirements for each state.

And, you don't need a Masters Degree to get a CPA certificate and license. What you need is to meet the appropriate educational requirements. You can meet those educational requirements without earning a Masters Degree. It's probably faster and cheaper just to take the courses you need to meet the education requirement than it is to follow a Masters curriculum.

Creativity and analytical skills are valued by employers. One of the ways to set yourself apart is to meet the requirements by not following the crowd that accepts the conventional answer and goes to grad school. To explain that you got your certificate in less time and at a lower cost by not following the conventional path shows employers that you can analyze situations and are creative in solving problems. In my book, that's much better than a textbook approach.

[Ava]

To answer all the questions; the $8,000 cover approx. 5 months of my current living expenses.
I've been with my current employer for the last 3 months, but I plan to stay until December 2013, so that would be 18 months. I worked six years for my previous employer.
I have $25,000 in student loan debt, but that amount will increase when I go for my Master.
I could sock away a considerable amount of money until I move, I'm thinking another $5,000 or $6,000.
I wouldn't be able to support both a rental in Florida and this condo, but I could pay for both if I rent the condo to cover some expenses.
My current employer offers good benefits, but the tuition reimbursement is a joke. They give you about $2,000 a year if you study full-time. Better than nothing, I guess.

"Why Miami? Did you visit there and love it? Just wondering..."
Because of the weather, because there's a huge community of people from my country there, and they also have shops with the food I eat, and they have activities in the community.
My mother would move to live with me if I move to Florida, also because of the weather, and because she loves going to the beach. My country of origin is in the southernmost part of South America, so the trip wouldn't take as long as it does now (it takes me 24 hours to travel there), Also because I cannot get used to the cold and the snow.

Phoenix; thanks for the ideas but I don't think any employer would go out of their way to interview me. It's not that I am a bad employee, but on paper I look like thousands of other recent graduates with just a little experience. Why bother with someone who's out of state? Not that I won't try applying when I get closer to the date, but I don't think it will be easy to get hired while being so far away.
As for Government jobs, they hire a lot of people regardless of where they live, but the Government has a ton of requisites and generally you have to pass an exam, to be taken on site. I've applied to Local and Federal jobs in the past, and I have been turned down. Again, doesn't mean I won't try.

[Ava]

Tskeeter; you are right. You don't need the Master, you need the hours.
And it's true that just the hours would be cheaper. I don't have the hours because I didn't do a minor while getting my Bachelor. I didn't even know I needed one, and none of my school advisors ever mentioned it until the last semester
I could just go for a few more classes and get the hours, but going for a Master's Degree is my personal choice. I really want to have one.

[Deleted]

Sell the condo. Free yourself of that. Then rent a cheap studio until you have enough money to move and then go for it.

[Phoenix84]

"Phoenix; thanks for the ideas but I don't think any employer would go out of their way to interview me. It's not that I am a bad employee, but on paper I look like thousands of other recent graduates with just a little experience. Why bother with someone who's out of state? Not that I won't try applying when I get closer to the date, but I don't think it will be easy to get hired while being so far away."

You're being negative again, a common theme in your posts. you seem to lack confidence in yourself. I was hired six months out of college with no experience. Lots of grads get jobs with no experience. Don't use being turned down as an excuse not to apply.

"As for Government jobs, they hire a lot of people regardless of where they live, but the Government has a ton of requisites and generally you have to pass an exam, to be taken on site. I've applied to Local and Federal jobs in the past, and I have been turned down. Again, doesn't mean I won't try."

Good, keep trying. I had to apply for at least 100 federal jobs before I got one. Just because one or a dozen turn you down doesn't mean another won't hire you. It's all a numbers game.

My advice for applying for federal jobs is to match your resume as much as possible word for word with the job description. This will help you get past the initial screening and get you to the desk of the GS 15 or whatever who will hire you.

[Rocky Mtn Saver]

Sept 12, 2012 18:15:04 GMT -5 Ava said:

To answer all the questions; the $8,000 cover approx. 5 months of my current living expenses.
I've been with my current employer for the last 3 months, but I plan to stay until December 2013, so that would be 18 months. I worked six years for my previous employer.
I have $25,000 in student loan debt, but that amount will increase when I go for my Master.
I could sock away a considerable amount of money until I move, I'm thinking another $5,000 or $6,000.
I wouldn't be able to support both a rental in Florida and this condo, but I could pay for both if I rent the condo to cover some expenses.

Again, I'd shoot for 2 years minimum with an employer, to keep your resume solid.

Is the 5 months of expenses in your EF including paying for two households?

What if you don't get a renter for the condo? And what about the months when you have turnover and have to make repairs and then pay the mortgage while finding a new renter? There are several landlords around here, and I'd ask them for specifics on being a landlord before jumping into it.

[Ava]

No, I don't have enough to cover two households.
Shooby, I cannot sell because the condo is considerably underwater.
Two years minimum at the bank is doable. No problem there, and is probably a good idea.
If I don't get a renter for the condo, I would lower the price, so I can cover some expenses.
I recently refinanced the condo, and it's not really expensive. I plan to hire a company to be in charge of the condo; I don't plan to become a landlord.

[Rocky Mtn Saver]

You're a landlord whether you manage the property directly or not. You're the owner, which is all a landlord is. And being a landlord comes with some risks. Talk to the people around here who have rentals, to get an accurate picture of what you need going in to owning rental property.

[Ava]

Yes, you are right. I would become a landlord, even if I don't manage the property.
It's a risk I am willing to take. I would put money into the condo when needed as long as I could. I wouldn't let a condo stand in the way of my dreams. Worst case scenario will be loosing the condo.

[Peace77]

Don't just up and quit your job. Wait until you have at least 9-10 months at your current job before you start applying for a new job. Line up some job interviews and take a vacation to go interview.

In the meantime, build up your savings to cover moving costs and a deposit on your Miami apartment.

[Rocky Mtn Saver]

Does anyone know if something like a foreclosure on your credit affects CPA licensure or the associated jobs? I'm thinking that may be a risk as well.

[Peace77]

Many jobs in the financial & government sectors require a good credi report in order to be hired and keep a position.
Don't rsk it.

[Ava]

I didn't know about that. It's worth looking into it. But, anyway, a foreclosure or short sale would be the last resort.

[Deleted]

You want to be a CPA and you don't know that a good credit rating is important? Did you go to the University of Phoenix?

[Deleted]

Sept 12, 2012 18:58:28 GMT -5 Ava said:

No, I don't have enough to cover two households.
Shooby, I cannot sell because the condo is considerably underwater.
Two years minimum at the bank is doable. No problem there, and is probably a good idea.
If I don't get a renter for the condo, I would lower the price, so I can cover some expenses.
I recently refinanced the condo, and it's not really expensive. I plan to hire a company to be in charge of the condo; I don't plan to become a landlord.

If you are underwater with ONE property, how do you think things will improve taking on 2 households? Real estate can be as much a liability as an asset. And, with limited EF funds , i would NEVER want to put myself in that position. Sell it at a loss and move on. There is a time to sell and cut your losses. Throwing good money after bad is a far worse situation than taking some losses. That is what i would do.

[maraqxa]

Ava - what are current responsibilities at your job? Are you doing work in line with your degree? Also, you say you are from southamerica so I take it you know spanish which if you do would help in finding a job.
Why do you want to get a cpa? I ask because I'm accountant and never went the cpa route. Like you I moved to this country from south america, went to college and worked many jobs at that time. I was lucky to find a job with a big company right out of school, they also saw that I was willing to relocate anywhere and they wanted that. Would actually getting a cpa keep you away from your dream? What is it that you want out of your professional life?
Sorry for all the questions, but I just want a better idea of what you want.

[Phoenix84]

"You want to be a CPA and you don't know that a good credit rating is important? Did you go to the University of Phoenix?"

Come on, be nice. Ava isn't from this country so some nuances of life here may not be familiar to her.

I can't speak for private sector financial jobs, but the government does typically do a background check that includes a credit check. However, by the time they invest in a background check, they'll already be in the process of hiring you. Things would have to be pretty bad on your credit report before they wouldn't hire you. There's a common misconception about government employment that you need to be perfect in order to get hired. Really, being honest and truthful is far more important. As long as you don't like and explain anything they bring up, you'll usually be ok.

[Ava]

No, no. I didn't graduate from University of Phoenix
My responsibilities at my current job are in line with my degree. It's a good job for someone who just graduated.
Maraqxa; I am fully bilingual. I hope that helps me land a job in Miami. I know there are accountants out there who never go for the CPA, but I am very ambitious and I strive by having goals and accomplishing them. To me, it's all about improving my chances, and nobody can deny that being a CPA opens many doors. Like you, I worked full-time while attending school at night, and it was a huge sacrifice. Sitting for the CPA is just the natural next step.
I don't think being a CPA would take me away from my dream of moving to Miami. Actually, I have several dreams and becoming a CPA is one of them.
Regarding the condo, about half the condos here have become rentals as homeowners move on to better things, and they are all rented. These are comfortable condos, and they are cheap. The city where I live has cheap rentals and cheap properties for sale. The mortgage on the condo is not huge. Like I said, if I rent it out, even for less than the cost of the mortgage, I could still support it. Short sale or foreclosure would be the last option. And I cannot put it for sale at a loss, it's considerably underwater. I don't have enough to pay for the difference out of pocket. I'm sure eventually it will go up again.
Of course I would like to have excellent credit, but life is not perfect and you cannot plan for everything.
Right now, my credit score is medium-low and I got hired at the bank. They did a background check with fingerprints and everything.

[Deleted]

Well, in my opinion, keeping the property is throwing good money after plan and i think will put you further in the hole. I think property is a liability in many instances and a very expensive one at that. I personally would be extremely uncomfortable with that situation. But, i wish you luck.

[maraqxa]

Not going for a CPA doesn't mean you are not ambitious, for me it just wasnt what I wanted to do and 8 years after graduated I make six figures working for a global company. My opinion is if you feel strong about being a CPA then should look for a job in public acctg so that you can take advantage of it. CPA can open many doors, but I can tell you that it depends where you are looking, I dont need to hire CPAs and the dept where my company does requires people to have the public accounting experience. Just food for thought.

And the reason, why I am saying this is because you will spending more money in education so you have to weigh the pros and cons of it, especially if it gets in between moving to Miami

[Peace77]

If you want to get out from being underwater, you will need to pay extra on the mortgage. You can start with a very small amount by rounding your payment up to the nearest dollar. (If your bank will allow you to combine payments with extra principal payments.)

Your focus should be on increasing your EF and paying off debt if you have any.
If you get an employer match on a retirement plan, take advantage of that.

If you allow your condo to go to short-sale, your credit score will be horrible. A foreclosure will be worse.
One man I met had terrible credit, got a federal job offer, made plans to move and when they checked his credit, the offer was rescinded.
Employers in the finance sector need to know that you can manage your money without being tempted to help yourself to the bank's funds or worse, the client's funds.

[susanb]

Sept 13, 2012 18:08:38 GMT -5 Ava said:

Regarding the condo, about half the condos here have become rentals as homeowners move on to better things, and they are all rented. These are comfortable condos, and they are cheap.

Ava, do you know if your condo has a limit on how many/what percentage of units can be rented out?

A friend of mine bought a condo with the intention of renting it out, but had to stay on a waiting list for a long time due to HOA restrictions on rental/owner ratios.

[Ava]

They wanted to put a restriction on that, but they didn't because it had to be voted by everyone, and more than half the owners rent their units out.

[Deleted]

I would put your current condo out for rent now & move to a small apartment while gaining experience in your new job.

How many hours of education are you short? Depending on size of that task, I might do the extra hours first and then Masters when you move to your state of choice.

[Peace77]

Do you know what the market rent is for your condo? In other words, what is the rent for other the same size condos in your complex?

Is that enough to cover your mortgage, insurance, taxes, and condo fees?