New investor here in MN and I just kind of wanted to try and get a discussion going from a number of investors regarding your view points on investing in a fairly hot market and economy. From a variety of podcasts I've listened to I hear about people always buying regardless of whether the market is "hot" or "not" but I'm under this impression that a majority of buyers are simply over paying.
With that being said, I think this is a great lesson as a new investor to learn the value of staying patient and waiting for the right time. Now I'm not referring to trying to time the market because very few, if anyone can do that but just learning the value of staying patient as my goals are to buy and hold rental properties.
Overall, my new game plan is to continue to learn and practice running analysis on properties and to work my but off at my job to have enough cash for when the market does cool off a bit to purchase 1-2 properties. Just wanted to hear what other people do during hot market cycles like the one we are currently in. I know there are a lot of pieces to a topic like this but just wanted to get a discussion going. Thanks!
