Need Realtor Advice: Feeling Discouraged Before I Start

Member since 2021 · 63 posts · 37 votes

I'm buying my first investment property this summer and I've been watching everything in real estate pretty closely (through Bigger Pockets and social media)....

When I'm ready to buy this summer, I'll have 20-30k saved up, that still won't leave room for having 50-100k liquid on the side to pay over asking price, like so many people are doing.

*Do you guys (realtors?) out there think I even have a chance? I'm open to buying anywhere.

*Will realtors even want to work with me if they find out I don't have tons of cash on the side to pay over asking? How bad is it really out there?

(If crypto goes on another run, I will have a lot of $$$- but that's no guarantee)

Thanks for any honesty or encouragement. Trying to mentally prepare.

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Jonathan GreeneBusiness Member

Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes

I would say you aren't ready if you are saying you are open to buying anywhere. You shouldn't be. You should be deciding where your money is best spent and also where it will benefit you the most. Do you want to be able to touch and see your first investment so you can learn more? You definitely have more than a chance, you just need to figure out what you want and what you can get for your money and if you want that now. Think of it this way, if you rush to get a first investment, but then find out if you just saved for another year, you could have gotten one with higher cash flow and more appreciation, would you wait?

You will most likely need to pay over asking, but you don't need cash on the side unless you are waiving appraisal.

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Amy Shutes
Specialist · Charlotte, NC · Member since 2021 · 185 posts · 106 votes
4y
@Misti DelMar
Hi Misti,
The market is still hot but not as hot as it was. There are still plenty of deals to be had out there and you don’t always have to pay over asking price. Although there are a lot of situations where people are. The market in Charlotte NC where I’m at is still very reasonable. I’m happy to help answer any questions you have.
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Troy GandeeBusiness Member
Real Estate Broker · Charleston, SC · Member since 2013 · 794 posts · 454 votes
4y
@Misti DelMar There are still deals to be had, but it's extremely challenging right now. At the moment, we have 650 single family homes on market in the tri-county area. About 1/2 of them are new construction, so many aren't even completed yet. We should have like 4,000 available homes. Probably more to balance the market. It's a strange time. You just have to be patient and keep plugging along. We're expecting it to try to recover later this year as rates increase. You may have to make concessions on locations. The most desirable areas are obviously the ones that are being picked over the fastest. 20-30k is plenty to put down if you're using a low down payment loan. I would suggest trying to find an agent that is familiar with off-market deals (like us) because you're more likely to have less competition.
You should also come to our monthly meetup, REI Central, if you're in the area. We usually have about 100 investors there. Many are newer folks.
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