Find a new job first or find investment property first?

Question

Hey everyone,

Finding an investment property is one of my top priorities right now but I’m concerned I might not have the proper time to dedicate to finding a deal because of my current job. I’m looking to find another job that is in the same field, is also W-2 and salaried so I can still get qualified for a loan but a part of me feels like even if I am very short of time that maybe I should just try my hardest to get the property first.

I work for an LA based company but I moved back in with my parents in Philly last November during covid. I’m still in Philly but work expects me back in the office in January. Additionally, my parents are moving out of their suburban home into a smaller apartment closer to center city to be near my brother’s family. I’m more than welcome to stay in their new apartment for a few months until I figure out where I want to stay. Ideally, i’d like to find an investment property to house hack in philly but my job is so demanding that it’s really hard to find the time.

Should I not let my parents situation rush me into getting an investment property? Or should I just make the commitment now to find a property, move in, and then find another job?

Would appreciate some advice in this situation.

Thank you 🙏🏾

Bill Burke · Answer

@Eric Samuels I would say don't make any decisions during this period, and maybe even give yourself a 20-30 day research-only period where you just get to know your market and don't make any purchases. It really does only take 10-15 mins a day, and after you get good at it you can do it in 5 mins or less (depending on your market). I invest in a specific city and there are only a few new houses a day on the MLS, so it doesn't take much work. After a while you won't even need a tracker or a spreadsheet to be able to identify whether it's a good or bad deal just from scrolling through the Zillow/Realtor stats.More importantly, find and get to know an agent in the area you want to invest, and make it clear to them that you plan to purchase multiple houses and want to develop a long-term trusting relationship with them.

Eric Samuels · Answer

@Bill Burke @Brandon Rush thanks for both of your responses. Had a feeling I’d get these types of responses and you guys are right. I essentially do have the time to make it happen. My concern is that regardless of making the time for this, I will most definitely feel rushed and I tend to make some pretty big mistakes in that scenario. Maybe this really just is a complaining post and I should suck it up and go all in. Thanks for your feedback.

Bill Burke · Answer

You can find a deal with 10-15 mins a day of work... get up a little earlier than normal, have some coffee, check Zillow/Realtor/whatever you use for MLS searches and keep a spreadsheet with home data on it to monitor trends until you find something you want to make an offer on.

Brandon Rush · Answer

Hey Eric,

Great to hear you want to house hack, you are on the right track. I would recommend your look at how your time is used throughout the day. Many people say they are too busy but if you track what you are doing from the time you wake up to the time you go to sleep, lots of it may be wasted time. A while ago I used to complain that I had no time and someone recommended that I wake up earlier in the morning to take care of real estate tasks such as looking for property. Voila! that recommendation changed my life. I am now up 4am every morning and make sure I use that time for things I need to get done before work distracts me and I come home exhausted.

Find a way to get this property, you can do it. If you have to stay with your parents for a little longer, then just do it, no big deal. Start finding a way to consistently put offers in on properties. If you can only look at a few properties a week due to your schedule, then look at what you can. Just make sure you are not someone who is sitting at home, watching TV and saying you do not have time.

Good luck on your journey and picking up your first property!