Buying first investment property Challenges - Can’t find the perfect property.

Buying first investment property Challenges - Can’t find the perfect property.

Purchasing the very first investment property can be very challenging. And one of the challenges, or rather, I say excuse can come in mind , are there not enough deals in the market?

Welcome to Wealthy Wednesday. Now, if you are thinking or if you are not finding a good deal in the market, yes, that can demotivate you to find the right property or buy your first investment property. Because hey, you don't want to buy something overpriced or at the market value. At the end of the day, this is an investment.

Now, two things I have to tell you about it. If you are buying a property for rental. It's called buy and hold. It's okay to buy a property at the market value. Why? Because on a rental property, your goal is to make some residual income from the rent and build-up the equity down the road slowly.

Now, if it's a fix and flip, that's a different story. Yeah, definitely you need a deal. Of course, the condition will not be the fair market condition.

So, you really don't need a deal right now to buy a rental property. You got to see the rental income and you got to check the rental market for your expenses. If the number makes sense, you buy it because sometimes some properties are not deals today and can be a deal tomorrow. So if you seal it right now, if you buy it, it will be a deal tomorrow.

And the other thing is if you are buying a fix and flip property or immediate flip. Yes, you need a deal, but the deals are not in the market. You go to the MLS, on the market properties, you don't see any deal because they go like this, in a snap. So, you need to get hold of some investors, some experienced Realtors, some Realtors who can work for you out of the box and get you those deals.

So, if you just think that there is not enough deal out there and get demotivated, that's not going to help. Trust me, there are enough deals always out there. But you need an experienced realtor or investor to guide you to get those deals. Give me a call. I'll be happy to sit down with you and discuss. See you next week in another episode of  Wealthy Wednesday.