Should I wait to purchase my home or invest in a rental property

[Alicia Harrington]

I'm at a cross road right now.  My area is way to expensive for me to purchase a duplex for a house hack, so I was thinking of waiting and just invest in another area.  Should I consider going ahead and just purchase an investment property now, and just wait another year? Duplexes in my area have skyrocketed and I would rather buy right instead of over paying should I just wait to see if the market will calm down in my area?  Has anyone been in this situation before, that could offer any suggestions?

[Joe Funari]

@Alicia Harrington If you were in the Dallas/Ft. Worth area I would recommend you buy a SFR first. Not all markets are the same. But here I have been helping several clients looking to BRRR a multifamily here for several months. They are getting out bid on offers. And quite frankly they are over priced, too old, and/or in need of repairs that is too much for beginners. You will get frustrated and give up your REI dreams. I have seen it happen many times. However a 3 bed, 2 bath, 2 car garage SFR is ideal for a beginners investment property. It is also the most common build too. So there are plenty to pick from to submit offers on. I would also recommend you work with a fellow investor that is also a Realtor in your area. They know how to run both sold and rent comps. Plus, their knowledge in that market from investor friendly lenders, property management companies, landlord insurance providers, etc are well worth reaching out to one. Most REI's are minimalists. Don't reinvent the wheel. A good investor will share good contacts to help you on your REI journey.