23. Preapproved for a multi family. Whats next?

[Andrew Foley]

I am 23 years old. Currently working full time running a cleaning business for an awesome gentlemen. I am preapproved to buy a multifamily. I want to and know to buy a multifamily. The market is a sellers market, and my area (Springfield MA) isn’t the greatest. I know everyone says the best time to get into real estate was yesterday, or the time is now, etc.. I’ve been preapproved for about 3 weeks. I’ve attended a few open houses, met a few realtors, and each house I’ve had any interest in has had 2+ offers and at or above asking. I’m just not sure if I should hold tight, wait for the market to cool ( and miss out on the low rates) or buy now, on-market. Does anyone have any advice for buying in Lower income areas? Section 8 tenants? Buying multifamily in low income cities?

Thank you housing providers!

[James Wise]

Originally posted by @Andrew Foley:

I am 23 years old. Currently working full time running a cleaning business for an awesome gentlemen. I am preapproved to buy a multifamily. I want to and know to buy a multifamily. The market is a sellers market, and my area (Springfield MA) isn’t the greatest. I know everyone says the best time to get into real estate was yesterday, or the time is now, etc.. I’ve been preapproved for about 3 weeks. I’ve attended a few open houses, met a few realtors, and each house I’ve had any interest in has had 2+ offers and at or above asking. I’m just not sure if I should hold tight, wait for the market to cool ( and miss out on the low rates) or buy now, on-market. Does anyone have any advice for buying in Lower income areas? Section 8 tenants? Buying multifamily in low income cities?

Thank you housing providers!

 If you're going to invest in low income areas I recommend placing Section 8 tenants in your properties. Lost rent and vacancy are what kill returns in these kinds of areas. Section 8 mitigates a lot of that stuff.