Is now not a good time to start investing?

[Todd Sullivan]

Hello BPer's!

I am a new investor, trying to score my first deal.  I used the downtime of COVID to get my RE license last year (why not save some money doing my own deals, do my own research and a good way to learn the industry and market) and after doing a ton of studying and listening to a ton of podcasts, I decided to get the ball rolling.  I can't be an investor without TAKING ACTION! and I have been analyzing properties and making bids but I keep getting outbid (people have too much money in this market, lol).

My current plan is to flip houses to build up money so I can get into BRRRRing on my own.  I am currently cash poor, so I have syndicated a few private lenders and have a hard money lender for purchase and construction costs.  Being a first time investor, I don't have a track record so hard money is pretty expensive, which also gets factored into purchase costs and makes finding a deal in this market all that much more difficult.  Plus, I live in the Hudson Valley, NY area, so houses are pretty expensive to begin with.

My question is: Is my plan flawed?  Is now not a good time to start investing?  Wait to see if the market corrects?  Wait for foreclosures to start trickling down?  Of course I can save up more capital, but more time sitting on the sidelines is less time spent DOING.

I look for any and all input as to how to get the ball rolling....
 

[Cameron Tope]

Hey Todd,

The crash has been coming since 2015. 

Stick to your numbers and buy the deals that make sense for you and your goals. It's natural for there to be less deals in booming markets. 

As long as your numbers are realistic, you'll eventually find a deal.