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?

[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.