Buying in this current market
Hey BP crew! 👋🏻
Im looking to invest in a property to start building my portfolio. To start, we’d purchase a home (preferably a multi unit) so we could make it our primary for the first year, then move on and use it as a rental. The question I have is regarding the current rates… they are either hovering high 6s or low 7s right now. As the saying goes, the best time to buy real estate was 20 years ago, and the next best time is now… but with these interests rates I’m curious if it makes sense buying and then if they drop later refinancing to the lower rate, or just hold off purchasing until the rates (hopefully) come down a bit. However, I feel this won’t be for another few years and I want to start building my portfolio sooner rather than later. Is it ok to be bullish in this bear market? Or would it be better to wait for the rates to level out?
just trying to avoid making a bad decision that would hurt me later.