When is it time.

[Account Closed]

I have read the majority of the books recommended on BP I have a lot of family that are in real estate that give me advice on what to do and not to. But my question is when is the time to buy something I understand that the learning aspect is endless. But when did you make the leap and when did you know it was the right time.

[Hattie Dizmond]

From your question it sounds like your primary strategy is buy and hold. Is that correct?  If it is, then the right time is when you've found a deal that meets your criteria. 

You will likely need to be prepared to act quickly, so be sure you have a solid handle on deal analysis. And, make sure you know the answers to the following questions...

1.  Do you know and have you written down your non-negotiable criteria. (I.e.  max purchase price, min net cash flow, max rehab budget, target prop and neighborhood specifics, etc)

2.  Have you decided how your prop will be managed?  If the answer is you will self manage, do you know the applicable laws and requirements and do you have everything in place?  If you will use a PM, have you interviewed and selected one?

3.  Do you have a "purchase team" identified?  (Think realtor, property inspector, contractor, etc)  

Aside from those questions, I would encourage you to develop an acquisition sttategy, because cash flow deals may be hard to find. 

Good luck!!