Options… Our time is running out.

[Alexis Smith]

Cameron and I have been looking specifically for duplexes and small multi family homes for several months now. There have been a handful properties we had showings at. Nothing has turned out for us… yet.. 

We have never purchased a home or rental property. Our current place of residence is in an apartment where we have been since 05/13/21 our lease will end 05/13/23. Believe me when I say we are ready to move to bigger better things! We have been saving up and preparing ourselves for the transition from being a renter to an owner. 

I would love to see us making a purchase in the next couple months. 

But what do we do?

We have not had any success in locating a multi family residence. Due to time limitations we have started looking into single family homes. 

Do we continue to pursue multi family homes? 
Do we purchase a single family home instead? 

I am looking for your feedback! Please let me know what your thoughts are! 

[Jaron Walling]

@Alexis Smith If I were in your shoes I'd "reframe" my mindset. SFH, duplex, tri, it doesn't really matter if you're not following a strategy and sticking to your NUMBERS> This is way more important than what if's, higher rates, Fed policy, what anyone is doing, etc.

If you want to find/buy/create a deal (winter is a good time) and be successful I'd start quantifying the actions you're taking. How many properties have you walked? How many competitive offers are you making? If you like distressed value add opportunities can you calculate rehab costs? Anything is possible if you buy right and do your market research. Just keep moving the hockey puck forward and something will stick! When I started the journey in 2017 I also wanted a duplex except duplexes have and will always be competitive! In my targeted neighborhoods it's always in short supply so I pivoted to distressed SFH. Less buyers, less competition, more opportunities.