Is Now a Bad Time to Start Out?
My wife and I are certain future real estate investors (Minneapolis-St. Paul greater area) who would love to enter the market sometime within the next 1-4 years and acquire our first rental property. We both are drawn to either single family long term rentals, or STR's in the right locations.
Right now we have $20k cash available for immediate investment, with the ability to increase that to $60-70k in the next 3 years through savings and bonuses at our day jobs. We also have approx. $140 equity in our primary residence that we'd be open to getting a HELOC on (would love feedback on if people recommend this or not).
Given our limited available resources for down payment, high home prices, and higher interest rates, is now a bad time for first time investors to enter the market? Is there a chance that rates and prices decrease in the next 1-4 years as our cash reserves increase, thus creating a better scenario for us first time investors?
We would GREATLY appreciate feedback from experienced investors on how best to start out on our REI journey.