Real Estate 2023 Beginner's Concern

[Nicholas Otero]

Good Day Everyone!

I hope everyone's having a great week so far! I have a concern I'm hoping to get some insight and advice. You see I'm separating from the US Air Force in just couple of short weeks. I'm looking to use my VA Loan soon to purchase my first property, and grow from there. My concern however, is the Fed, and the fact that interest rates are being raised. When the Fed will pivot I have no idea, but I suppose my questions are, is now a good time to get in the markets? Should I wait? Is there a way to keep track of rising interest rates? Are there ways to get great deals even though rates are rising? Thank you guys!

- Nicholas

[Scott Crowley]

Hey Nicholas!

Long story short, NOW is absolutely a great time to get in the game. Yes, rates have been rising so acquiring that debt is much more expensive than even a year ago. However, I'm more excited about looking for opportunities today than I was this time last year because the competition is much less...which presents us with the buyer's market we are in. There is more opportunity to be found IMO, or rather, creativity to make a deal work with a given seller(seller financing, sub to, etc.).

You could certainly wait, sit on the sidelines, make excuses as to why you're not taking action, and then finally pull the trigger when everybody and their brothers/sisters/cousins/whoever else wants to follow the crowd, decides "things are getting better" and fight that competition, but thinking in opposite will help you seize opportunity most overlook.

Follow the Fed, and all of the market data that is released regularly to get a better grasp of what is happening in the economy. Or, follow Dave Meyer. He releases phenomenal content on the BP YouTube channel and the 'On The Market' podcast.