New Investor Getting Out Bid

[Sean Peart]

Hey Everyone; I have been saving for some time now to get my first investment property. I am looking for a 2 to 3-family, one unit I can live in and the others I rent out. My goal is to live for free while the other units take up the mortgage.  I started out looking during 2020 and 2021, and every time, I am being outbid or the houses do not meet my goals. After seeing the crazy market, I am wondering if my dream of buying a 2 - 3 fam in Newark for 380k is dead. Any advice would be greatly appreciated. Also, I hear that 2023 should be a better market for a buyer, should I just wait out the market?  

Thanks

[Nathan Gesner]

Quote from @Sean Peart:

It has been a tough market, but it should start slowing in 2023. If predictions are correct, we'll see prices drop 10% - 20% from their peak in June 2022. As prices drop, we'll see fewer people cashing out equity on their primary homes and jumping into investments. We can also expect to see sellers panic and accept lower offers. But nobody can predict the future.

I would continue watching the market and analyzing houses. People can buy and make a profit in any market, but some markets are more conducive than others.