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Updated over 4 years ago on . Most recent reply

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6
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How much lead time is appropriate before getting started?

Manzell Blakeley
Posted

I'll be leaving my job in January and I've decided to get involved in real estate investing subsequent to that. Long story short, I'm looking to buy a BRRRR-able 4-plex and live in one of the units. While I'm eager to get as many ducks in a row lined up in preparation for that, it strikes me that it may be too soon to start making connections with agents.

To cut to the point: If I wanted to walk into a unit in Mid-February 2021, as a first-time homebuyer, when should I start getting with an agent? 

Most Popular Reply

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873
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350
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Michael Henry
  • Real Estate Consultant
  • Brookfield, WI
350
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873
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Michael Henry
  • Real Estate Consultant
  • Brookfield, WI
Replied

@Manzell Blakeley I would not advise you to leave your job being a beginner real estate investor. The problem is everything takes longer then you think and is more expensive. I would tell you to double every expectation you have.   The second-biggest point is your W-2 income is an asset starting out in real estate. It is much easier to get a loan if you have a W-2 income. As sole proprietor (self-employed) it will take you two years to qualify for a loan. 

In terms of lead time, you need to start looking for a property, purchase it, and complete whatever strategy you are doing while you are working. 

I hope this helps and adds value. 

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