I currently live in southern California and am working with a realtor and lender in Florida to purchase a rental property out of state. I've also partnered with my best friend who is a local. This will be our first investment property and we've found some promising leads which we're excited to pursue. However, I'm now wondering if it's getting too late in the year to pull the trigger on buying. Let's just say we find a property within the next week and it takes us 30 days to close and 30 days to rehab. That has us finding tenants in the November timeframe at the earliest. All my research has told me that November-January are the hardest times to find tenants. If that's the case, is it still smart to buy this late in the year? Or is this just another one of my excuses to stay in my analysis/paralysis stage?
Yes winter is slower for renting. But people are always looking for whatever needs at that time. Buying prices may be better too as the markets slows for winter.
I would not let the time of year dissuade you. I have rented properties in many different months.
@Jacqueline Carrington I have definitely noticed that buying prices are getting better. Also notice that the inventory going onto the market is going down as well. My partner and I are sending out mailers to a bunch of properties to see if we can get some bites and maybe get lower prices.
@Scott Weaner Good to hear and thanks for the encouragement. Will keep on keeping on!
winter is a great time to buy...sellers are flexible. I did rent a home I closed on in november 2016,rented in December.The tenant is still current. Usually tenants are reluctant to move during winter, which could be good for landlords.
@Douglas Pollock Thanks for the feedback. I definitely will not be doing month to month leases. So are you saying sign a 6-8 month initial lease to have it end in the spring/summer? Is that a standard practice and are tenants usually ok with that?
@Isaac Agbolosoo Thanks for the response. Your experience in renting in December is good to know. We are still pushing ahead with our realtor and looking at properties and making offers.
Ive always heard that you can find the best deals in December. Maybe buy this one and see if you cant pick something else up then?
Im hoping to be able to find our first deal by the end of this year, but im also looking for a value add so it probably would need a few months to be rent ready.