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Hello guys my name is adeony and i'm considering buying my first property this year. i'm would appreciate the communities perspective and input on the following question below.
Property Criteria;
House hacking duplex or triplex
Purchase price: 260k - 310k
Equity or Cashflow deal ? Ideally Equity
State: Somewhere Southern which is in close proximity to my home country Jamaica (Florida, Georgia, Texas)
1 . Purchase property at today's current rates and relatively lower property prices then Refinance when rates drop.
or
2. Wait on rates to return to 3-5% range the buy property at a premium.
1. As long as you can get positive cash flow at today's rate purchase now.
2. There's no guarantee that rates will ever return to 3-5%. It could take many years, don't be like the "investors" I know who have been sitting on the sidelines since 2016 waiting for a market crash that never came.
Rates were low because of 2008 crash and the pandemic, two once a century shocks. Don’t bank on them getting lower. Aim for some cash flow, or a market where appreciation is likely (pop & job growth, etc.). But do you own underwriting assuming they won’t change - and be happy when they do!!!
Quote from @Nick C.:
1. As long as you can get positive cash flow at today's rate purchase now.
2. There's no guarantee that rates will ever return to 3-5%. It could take many years, don't be like the "investors" I know who have been sitting on the sidelines since 2016 waiting for a market crash that never came.
Great advice ! Thanks @Nick C.
Quote from @Neil Ginty:
Rates were low because of 2008 crash and the pandemic, two once a century shocks. Don’t bank on them getting lower. Aim for some cash flow, or a market where appreciation is likely (pop & job growth, etc.). But do you own underwriting assuming they won’t change - and be happy when they do!!!
Never thought of it from this perspective. Thanks much ! @Neil Ginty