Is this the right time?

[Shay Nolan]

Hello! I am new to the Real Estate scene and I’m not sure if this is the right time for me to jump in. It seems like houses are going 10%-20% over asking and being able to find the right amount for a down payment can be a struggle. Just want some honest conversation to see if this is something I need to hold off on.

[Alecia Loveless]

@Shay Nolan If you have a down payment and can lock in your mortgage rate and the property still cash flows then it’s a fine time to buy now.

There are plenty of first time home buyer programs for less money down, the FHA program for 3.5% down. Some of these you can use for a 1-4 unit building if you want a small multi family.

Some places even offer help with down payments. Also if you’re flexible there’s some states that offer money to move there for a year or two, Oklahoma City was at one point.

Of course I might also say it depends on your market and if you can get into something for $300,000 vs $1,200,000. I’m sure you get my point. BIGGERPOCKETS also has some great books on out of state investing where you could invest in a less expensive market if you happen to live in an expensive area.