Buying a property during a cold winter season

[Adam Juodis]

I live in the Chicagoland area, and our winters get very cold! Now, i have yet to buy my first investment property, but I am nearing that stage of readiness. My plan has been, lately, to pull the trigger on my first property early next year, when the weather starts to warm up(March/April). 

Throughout all the reading and podcasts I have listened to, somewhere(I do not recall) I remember hearing/reading that buying properties in areas that have harsh winters is not the best idea. Reasons being less tenants searching for a new place to live, tougher conditions to rehab, etc.

As a new investor, am i psyching myself out and halting my investing for no sufficient reason? I would like my first investment to be a success story, and I believe it will be. But as a first timer, I do not want to put extra bottlenecks on myself and make something new even more challenging, to start out. I am thinking come new year 2017, I will be educated enough to make my first purchase, but would it be in my best interest to wait a few more months before taking action? I'd like to hear your thoughts!

[Steven J.]

Think of it as an opportunity that others ignore for your very reasoning. Winter means that the people lookling for new homes are likely seriously looking to move. It will be a bit tougher on average to find those tenants but it also means that other investors aren't necessarily looking as hard. 

For you, it means you one of the few serious buyers looking to buy in the colder months as well so keep that in mind. You'll also have an advantage in most cases with finding cheaper labor in the winter months when the bigger construction jobs dwindle down. Those workers still need work and the demand for work is likely not as high during the summer.