First time home Buyer Discouraged

[Valentin Diaz]

Hello Everyone,

just here to vent 😮‍💨. I'm feeling really disappointed today. I've been a fan of biggerpockets for some time now with the aspirations of acquiring a FHA loan to buy a multi-family. Me and my siblings are tight and have always had eachothers backs and they rent right now for some not so good tenants. I had the old-school idea of buying a property and having them rent from me. It would save me money and allow me to save fir the next property while also keeping me close to my family. I recently wanted to see if I could be pre approved for a loan because I had a reasonable amount of money saved and just wanted to see. I got pre-approved and started looking for properties in my area. I even made some offers. I quickly realized there isn't enough inventory in my market and it's been highly competitive and now I'm feeling discouraged. It seems that at this time in the market people with not some much money like me are being priced out and it's got me down in the dumps so I ended my search and just figured I'd try my best to save more 😅 which is pretty hard right now woth the price of commodities constantly increasing. Is there any advice anyone could give me? Or some type of insight to instill some hope for the future?

[Adam Martin]

Most of us on here have been out of before but this is a numbers game in more way than 1.  There will always be more houses on the market so don’t let your discouragement lead you to over bid just to get something when you get in the market.  I’ve been outbid more than I have been successful but the more offers you make that fit your guidelines the more likely you will eventually get one accepted.  

[Kristen L Garner]

Keep looking, researching, and making offers! I know the feeling but you will get an offer accepted sooner or later. Did your lender give you DU report. Having this on hand can make your offers more attractive because it lets the sellers know you are a step above a pre approval - your file has passed an underwriting review. Best of luck!

[Esta Ryder]

I feel for you.  So many first time hoem buyers feel the same way.  Keep looking, keep saving, and keep making offers.  Also, make sure that you have one good Realtor.  They will be actively looking and can give you great advice to make your offers competitive.  You will find a house, don't give up.

[Scott E.]

It's a tough time to buy. I have a few friends going through similar struggles. A year ago they weren't able to buy their first house because prices were too high and there were bidding wars on everything. Nowadays they can't buy their first house because interest rates are too high and inventory is still overpriced.

Stay patient. Don't rush into a deal. It might take you a year before you find a property that is a good fit, and that is ok. You've got a long life ahead of you.

[Paul De Luca]

Quote from @Valentin Diaz:

Hello Everyone,

just here to vent 😮‍💨. I'm feeling really disappointed today. I've been a fan of biggerpockets for some time now with the aspirations of acquiring a FHA loan to buy a multi-family. Me and my siblings are tight and have always had eachothers backs and they rent right now for some not so good tenants. I had the old-school idea of buying a property and having them rent from me. It would save me money and allow me to save fir the next property while also keeping me close to my family. I recently wanted to see if I could be pre approved for a loan because I had a reasonable amount of money saved and just wanted to see. I got pre-approved and started looking for properties in my area. I even made some offers. I quickly realized there isn't enough inventory in my market and it's been highly competitive and now I'm feeling discouraged. It seems that at this time in the market people with not some much money like me are being priced out and it's got me down in the dumps so I ended my search and just figured I'd try my best to save more 😅 which is pretty hard right now woth the price of commodities constantly increasing. Is there any advice anyone could give me? Or some type of insight to instill some hope for the future?

 How long have you been searching? Don't quit just because things get hard. Reevaluate & tweak your strategy to see if you can get some better results and ask your agent how you can make more competitive offers.

No matter your experience level in real estate, you're going to take some Ls. If you absorb the lessons from each failure, you will eventually see results.

You can't afford to not invest.

[Bruce Woodruff]

This is a tough time as others have said. Prices have not gone down enough to offset the high(er) interest rates.

But there are always deals out there, nowadays you just have to look harder and use every trick in the book.

[Rey Soto]

Hi Valentin,

I think you're doing a lot of great things! Don't let that get to you. I'm a licensed realtor in CT if you would like to connect. Would love to help you close the next deal!

Rey/Jin

[Edward Zachary Samperio]

I understand how frustrating it can be to feel like you're not making progress towards your goals, especially when it comes to real estate investing. However, there are a few things you can do to help you stay motivated and on track:

1. Keep saving: Even if you're not finding the right property right now, continue to save as much money as you can. This will help you when you do find the right property and need to come up with a down payment.
2. Network with other investors: Join local real estate investing groups or attend events to connect with other investors in your area. They may have insight into properties that are not yet listed or know of off-market deals that could be a good fit for you.
3. Consider other markets: If you're having trouble finding properties in your local market, consider expanding your search to other markets. Look for areas with growing populations, good job prospects, and affordable housing.
4. Be patient: Real estate investing is a long-term game, and it's important to stay patient and persistent. Keep educating yourself on the market, continue to save, and be ready to act quickly when the right opportunity presents itself.

Remember, the real estate market is constantly changing, and just because things may be challenging now doesn't mean they will always be that way. Stay focused on your goals, continue to educate yourself, and keep pushing forward. Good luck!

[Jeni Nikolova]

Most of us have been there.

It sounds like a break could do you some good but after that, go back to it.

If your offers are not high enough, would buying the property under some joint entity with your siblings be an option?

Are there properties that are not as attractive/may need fixing but would fit your budget?

Don’t get discouraged, sometimes it takes time to get the property you want.

[Anita Chu]

hang in there, the market is in a delicate place, but the market can shift from sellers to buyers too. it's been tough for buyers in this market, and depending on which towns you're focus on, the low inventory can make it almost impossible, but don't lose hope! there are ways to increase your chances by making sure you work with a good lender and realtor. you can even join facebook groups for off market deals or neighborhood groups to find a property that's for sale by owner and not on zillow. 

[Bill Brandt]

It’s super simple for your realto to send you a list of properties that match your requirements/preferences that have been on the market over 20 days. These sellers aren’t looking for the fastest closers. I guarantee there are people with less money and worse credit than you buying homes right now. You have a huge advantage over investors. You don’t need a great return, or cashflow. You’re saving them rent today and more in the future. Building a future. So choose wisely.