Buying in the winter in Boston/Massachusetts

[Darryl Jennings]

I am looking to get out there and buy my FIRST property. I currently need to get qualified for a loan, but I understand that pre approvals only last a couple of months. If that is the case, how do you go about looking for deals headed into winter time when it is snowing? Should I wait until it gets closer to spring? I feel that even if I do lock down a deal in the winter the chances of finding tenants quickly are slim due to the season. I'm pretty sure savvy investors can work with this, how do you go about it? 

[Michael Wallimann]

Congrats on getting started on your first property @Darryl Jennings! I personally love shopping in the winter. Things slow down, there's not nearly as much competition, a lot of the inventory starts to get a higher number of days on market going into this time of year and it seems like sellers become more motivated. I bought two properties last winter. One of them was up in your area (in the North Shore). It is true that pre approvals have a little bit of a shelf life but from what I've run across you just need to update the lender with bank statements and pay stubs. No big deal. As far as the tenant scene goes, yes obviously there are less people looking but there are still plenty out there. Even if you have to overcome a month or two of holding costs just factor that into your numbers before hand. There is a high demand in the Boston area and I think you'll be just fine. I would suggest to keep hunting. It takes time to find a deal, make an offer, negotiate, get it under contract, do due diligence, inspection, secure financing, close etc. I'd say just get started. You might not even wind up closing until Spring anyways. Nonetheless, if you buy right it won't matter and a little while down the line you'll be very glad you pulled the trigger when you did. Just get the ball rolling. Best of luck to you in your future endeavors!