Is now the time to get started?

Question

Hello Everyone,

This is my first post, and I'm looking to get some advice. I'm currently looking to get into real estate investing, but I'm not sure if now is the time to get started. Currently, I have 30k in cash and make between 70-90k a year. Additionally, all my expenses are about $850-1000 a month. Should I wait till I have more cash or is now good time to get started? If now's the time what's the next step?

Jules Aton · Answer

As non-owner occupied property it could be difficult obtaining financing without more cash but a house hack might be a good first step like a a live in rehab, roommate situation or duplex.

Matt F. · Answer

In addition, find your local credit unions. Ask them what sorts of loans they offer for two, three, four unit buildings. in that search, you will find something that is low down payment. Maybe 3%, 5%, 10% etc. That will help you get started with the amount of money you have.

Drago Stanimirovic · Answer

Jacob, you're in a solid position to start now. With $30k saved, steady income, and low expenses, you have room to make a smart move. The key is to get clear on your goal—cash flow, equity, or experience, and start small. Waiting might grow your savings, but you could miss opportunities.

If you're ready, explore your market and talk to a lender to understand your buying power. Happy to chat more if you need help planning next steps.

Justin Dalton · Answer

Good afternoon, Jacob

The best time to start is now honestly . I read a few comments and they are right with reading and podcasts only go so far.

After just a few months on here I was able to build a team and get my first duplex and started renovations on it. All from networking here.

I see your in Albany I'm in the Fort Edward area. Feel free to reach out and I'll help to the best of my ability.

Make sure to network here mostly everyone here is willing to help you if you ask.

goodluck

Mackaylee Beach · Answer

There’s no ideal moment to enter the real estate market. Consider what you want to achieve, whether it's generating passive income, building equity, or diversifying your investment portfolio. Once you have a clear vision, you can tailor your search for properties that align with your objectives.

Additionally, research the local market trends and economic indicators to make informed decisions. Understanding the area's growth potential, average property values, and rental yields will give you an edge in making strategic investments.

It's also beneficial to consult with a real estate professional who can provide insights into the best opportunities available and offer guidance through the buying process. Finally, always conduct thorough due diligence before committing to any purchase to ensure it meets your criteria and long-term goals.

Elealeh Fulmaran · Answer

Now’s a fine time to start if you focus on cash flow and keep it simple. With your income, low expenses, and 30k saved, get preapproved and set a clear buy box. Look in solid cash-flow markets (out of state if needed) where a small SFR or duplex can rent day one. Line up an investor-friendly agent and PM, analyze 50–100 deals to learn your numbers, and make offers when one fits. If the down stretches you, pair with a partner, private lender, or use a purchase-rehab loan. First step: pick a market, get preapproved, and send your buy box to your agent this week.

Mike Paolucci · Answer

There's no such thing as good or bad time to get started. It's all subjective on your own situation as well as the deal you go after. I do prefer acting now / when there isn't as much competition rather than trying to find the "right time" to buy.

If it's the right time for you financially, then:

1. Go to networking events and start talking to lenders, realtors and contractors to help you get started at looking.

2. Start analyzing deals. I'd recommend looking at house hacking for your first deal. 2-4 units are imo the ideal way to get started.

3. Once you find a good deal, in an area you like, go after it.

4. Do your due diligence and make sure it's still a solid opportunity with nothing too crazy in terms of maintenance or capex but understand that maintenance and capex repairs/replacements is part of owning property.

5. Get ready to learn a lot and roll with the punches of owning property.

Happy to answer any additional questions.

Aaron Zimmerman · Answer

Depending on how much you need for a down payment plus reserves, this could definitely be enough to get started. I'd recommend connecting with local agents and lenders. See how much you can get preapproved for and proceed from there.

Is now the time to get started?

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