Is this good time to purchase first rental? (First time buyer)
Hello guys! I'm looking to purchase my first rental property near Harrisburg, PA, sounds exciting, but I would love some guidance.
The good news are:
- The interest rate is an all-time low; I can get pre-approval between 2.25-2.50% (15/30yrs loan)
- The property I'm looking at being on the market since late June with only 2 offers.
- I ran the number. It makes sense to me.
My concerns are:
- Current laws do not allow eviction or foreclosures until December 31, 2020. But data shows the housing prices might drop 10-20% in Q1 or Q2. Just like the 2008 housing market crash
- The unemployment rate is still at an all-time high.
My questions are:
- I don't know if I should be more patient and wait until next year when the price drops and then buy when the property price drops.
- Or maybe wait until foreclosure houses on the market next year and buy at a discounted price.
- I am aware that every state/area is different, but some opinion and guidance would be beneficial!
Also, what websites do you use for data/facts on house inventory and price treat over the past few years?