Wait for market correction for first investment?

[Colten Adams]

I am 21 years old in Omaha, Nebraksa. I have a good credit score and some money saved up for an investment. I also have a few friends who are open to partnering on our first real estate deal. If possible, I would like to skip the SFR phase most investors go through and begin investing in multifamily. However, we are all open to flipping a few houses to generate some capital for future buy-and-hold investments. (I have a pretty good understanding of construction and electrical).

Because the market is very hot in Omaha right now, I have been told it might be smarter to wait about a year for the market to correct itself. I have been analyzing deals and have not found anything that appears to be a good "value-add" opportunity.

What advice do you have for my situation?

[Russell Brazil]

“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” – Peter Lynch