Purchasing First House Hack and Compromise

[Nick McGregor]

Hi everyone, first post here!

I've been listening to the podcast for several years but have never felt like it was the right time to make a purchase. I'm now ready to make a purchase and I feel like I'm having to make some large compromises due to low inventory and high demand in my market. 

What I want:

• Side-by-side duplex with a garage in one of my preferred neighborhoods

What I keep finding:

• Single family homes with garages that break even or lose money when I move out after a year and begin to rent
• OR 
• Multifamily homes with no garage, no cash flow, or not in neighborhoods I want to live in 

Should I continue to wait til inventory is a bit better or should I compromise to go ahead and get into the market to start putting some money into equity? My goal is to purchase low effort rentals every 1-2 years until I cash flow ~5k a month. 

I feel like I'm not being creative enough, but when I do get creative on what I could do with a property, it turns into a higher effort endeavor. 

[Jeffrey Donis]

Welcome to Bigger Pockets @Nick McGregor. Everyone is on their own journey, and the fact that you came on here and made a post is a great step. I've heard many investors say that those who wait on the sidelines end up waiting forever and regretting it. Therefore, be careful not to wait too long, because next thing you'll know, it'll be years down the road and you won't have anything to show for it. Also, savvy investors can make the most of the real estate market regardless of the stage in the cycle we're in. With that being said, seeing as how you are new, I'd advise you to do your due diligence before buying a property. Try writing down all of the properties in your preferred neighborhood that meet your criteria. Then, see if any of them are listed. For the ones that are not, try cold calling the owners. These tend to be mom-and-pop owners who might be open to an offer on their property. This is where I would start! And don't be afraid to hop on a call. The worst they can say is no. Even if they do, ask permission to follow up. THE MONEY IS IN THE FOLLOW UP. Being patient and building a relationship with these people overtime might result in you gaining their trust and they might just want to sell to you sometime down the road. If you're looking for a more "present-day" solution, then yes, consider tweaking your criteria while keeping cash flow in mind. Just some thoughts off the top of my head, hope that helps.