Hi BP community,
I am looking to invest in my first buy and hold property within the year. If you get a second, can you let me know what trends you notice in your property acquisition timing? Is there a better time of year to invest, in your opinion? Does the time of the year matter to you? Why or why not?
I believe anytime can be a good time to buy if you are prepared and make the numbers work in your market. Prepared meaning you have your funding ready, team in place, business processes figured out, and complete your due diligence. Once you figure those things out I think finding a property that meets your cashflow and ROI requirements is the final piece of the puzzle. I could be missing something, if that's the case, can you let me know your thoughts?
I personally don't have much of a preference in timing. Most of it, for me, comes down to when I have enough equity built up that I can use. As long as I'm ok with the amount of risk I'm taking - I go ahead with the acquisition.
Although living and investing in the south I have found I am not a fan of doing anything in the summer. It's too hot to be fooling around looking at properties (if you do it yourself that is). Unless it's a good deal I tend to wait till the cooler months :)
Hi Nikki, congratulations on taking the jump and deciding to get into real estate! It's ALWAYS the right time to buy. I'm an agent and although yes, there are times the market is moving and other times when it's slower, THERE ARE ALWAYS GREAT DEALS TO BE FOUND. Each seller is in a different situation, and there are always sellers who are in a pinch one way or another and need to sell fast. These are the ones you need to hunt for because you have a greater chance of getting a low offer accepted. There are also other sellers in different situations that work in your favor. Either way, never stop hunting!