Creative Problem Solving for First Time Investors
My husband and I are just starting out on our real estate investing journey. We are located in Sioux Falls, SD, and are looking to buy a small multi-family property to use as an owner-occupied first deal. Unfortunately, Sioux Falls is a seller's market and has been for years. All of the properties we have looked at (through our broker/realtor) are priced anywhere from $30,000-$50,000 above what would financially make sense in our current market (we go by the 1% rule in this area).
We're looking for long term cash flow, as our goal is for my husband to be able to work just part time in the next 5 years in order to have more time to spend with our growing family (#2 is on the way!). Is it ever worth paying more than what makes financial sense just to get into the market? If not, what are some tactics we could employ in order to search out some great deals? Thanks in advance!