First property

[Scott Goulet]

A little background on myself first: I live in Boca Raton, FL and I am looking to purchase my first property. My budget is <$200K, there isn't much down here that is in reasonable condition.  I don't want to continue to rent because all that money is going to complete waste.  My end goal for this first property is to rent out the second or third bedroom to a tenant. 

I would just like your opinion on the market. I want to buy but I have heard that the market is getting very compressed and interest rates are soon going to rise. Do i buy now or sit on it another year and see what the market does?

Any opinions would be much appreciated.

Scott