When to purchase first investment property?

[Joe Matthews]

Hi Everyone,

I am committed to getting into the rental investment game and I am starting to grow my down payment funds for my first 1 or 2 properties.

I am on track to have $20,000 by April and $40,000 15 months from now. I have a 10 year plan laid out which I am obsessed over executing!

My big question now is “when”?

When do I buy?

I bought my primary residence in 2012 and now in the midst of the pandemic I realize foreclosures might be our reality in 2021 & 2022. I’m looking to get that perfect timing again!

So if anyone has any insight to when they think the best time to start putting offers on property is please share!

[Carl C.]

Your chance of correctly timing the market is extremely small. If the numbers work on a property, buy it. Don't wait. The longer you wait, the longer it will take to achieve your goal. We just bought a 4 unit in the middle of the pandemic. Why? because it works. Could we get a better deal in a year or two if the market sinks? Maybe, but I can't predict the future. Turns out if we had waited, the price would have been higher because of people trying to get out of urban areas 4 months ago. Who knew. Take action, there is no right or wrong time. The deal just has to make sense.