Advice on Getting Started

[Benjamin Sulka]

Hey BP!

I am currently a college student set to graduate in May of 2023 and I really need some advice.

My girlfriend and I want to do a house hack in the Cleveland area after we graduate. Currently, interest rates are high and it has been challenging to find an affordable property in an "A" or "B" neighborhood like Shaker Heights, University Heights, Cleveland Heights, etc. Plus these areas have high taxes and point-of-sale inspections that may require a decent amount of $$$ out of pocket.

I have close to about $17k saved up from working during college but I also have some outstanding student loan debt to contend with. We will be making over $100k combined post-graduation but our current lease ends in July of 2023 so we would have to quickly find a new place before we really have a chance to save any money or pay down any debt.

Do you think it would make sense to wait a year, pay down some of my debt, wait for interest rates to ease a bit, and then get into the game? I hate to have to stay in an apartment for a year and throw money down a rat hole but it doesn't seem affordable at the moment to invest in a property that may require a large sum out of pocket.

We want to get started on the right foot but I am pretty stuck at the moment.

Any help would be greatly appreciated.

Ben Sulka, aspiring real estate investor

[Garrett Christensen]

I don't think many people would suggest waiting on interest rates because no one really knows what will happen. I would suggest starting to look at and analyze deals more seriously over the next few months to get a realistic idea of whether you can make the payments each month. Everyone has a different risk tolerance, especially when you have some other debt obligations. I always tell people to buy when you can buy and don't try to time anything. It's never really a perfect time to buy real estate until a few years after to bought it, haha. Good luck man, I'm sure you'll make a great decision.