First Purchase, is this the right time?

Question

I will be living in Albany, NY for another 3 years for family reasons, and then will be moving to a warmer and more landlord/tax friendly state. I'm looking to buy, rent, and hold single family homes in B neighborhoods in linear markets, and my eventual goal is to own properties in 3-5 locations nationwide. Should I wait to buy my first unit until I move, or buy now and manage from a distance/sell when it comes time to move? Thank you for your help!

Andy

Steven Luttman · Answer

By waiting until you relocate not only are you forgoing 3 years of appreciation but 3 years experience, which I would argue is even more important. If you can master being a landlord in upstate NY you'll be well prepared for the next market you elect to invest.

Dan L. · Answer

@Cole Britting Exactly... Sometimes you just have to roll the dice and go for it.  And in reality, as long as you start slow (not a gut job!) and you do the math (as @Brandon Turner discusses in the 4 square video), it's really really hard to lose money in real estate in the long term.

Cole Britting · Answer

I'm also wondering if now is a good time to buy or if it is best to wait.

The conclusion I have came to is similar to those above. The sooner you start, the better for things like loan paydown, appreciation, etc. Also, if I can make excuses now, then I probably will do the same in the future!

Nate Monson · Answer

Account Closed I would echo the statements of the others here. The sooner you are able to do it the more you will be able to reap the benefits your purchases. Also by beginning now you will gain a better understanding of how to manage your business. You also, open up your options if you are able to acquire two or three houses upstate before you move. Assuming the market continues to appreciate you may even have the option to sell them if you don't want the headache of long distance management.

Robert Tippins · Answer

I think in general, the sooner you begin, the better.

Dan L. · Answer

Buy early and often, and enjoy all the benefits of appreciation, loan paydown, etc.

First Purchase, is this the right time?

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