REI has historically been very competitive.Cash is not king in real estate investing...deal flow is (lots of it).If you don't start now, you will have no experience or relationships if a correction occurs.If a correction occurs, lending/capital sources can dry up.Investors over-estimate their ability to pull the trigger when prices are crashing and there is no end in sight.If you can generate even a small positive IRR from real estate during an economic recession, idle cash is the risky choice (and is very costly over long periods).All properties and markets will not loose significant value in the next down cycle (real estate is local and good locations will always perform well).Investors can add as much or more value to a property than the potential loss of value in a downturn.If we have capital that we have to put to work, prudent real estate can be the flight to safety.I don't like investing into a hot market but sitting on the sidelines for years is not a viable strategy...just have to be really careful.If you are a market appreciation only investor, ignore this post...that can require some market timing.Interested in everyone thoughts.

I need it dry down there so the air and won't be rough on appliances and allow mold growth. 

You lose your job, your wife loses her job, the city you invest in gets crushed, the banks you deal with start tightening the reigns, your contractors go under, your funding dries up, etc.

Go to seminars, take courses, buy books (and read them), join a local REIA group, study real estate, spend your weekends with your little guy going out and inspecting properties; but most important of all, KEEP YOUR POWDER DRY until you know what you are doing."

Since you are an agent I will assume it is not as cut and dry in NJ as in TX but even if an offer is accepted, the clock doesn't start ticking until earnest money has been deposited with the 3rd party (title company). 

I would appreciate it if someone can recommend a good electrician, HVAC & dry wall contractors.

I had a similar situation (oddly with a dry waller).

Hi @Fred SenaYou won't get a cut and dry answer to this question, but hopefully my response can provide you some insight as to why.

Also, I’ve heard that tax delinquent inventory is starting to dry up.

These properties, in Queens, has since doubled selling between $1 million or more.So take the money and keep the powder dry.