Today I want to talk your criteria. Know your criteria. What is it you are looking for? Five bedroom homes? Two bedroom homes? Three thousand square feet? One thousand square feet? Write down what you are looking for so you don’t waste time sifting through deals you don’t want.
For new investors especially, it’s very important to know what you’re looking for and know what to ask realtors or wholesalers to look out for. Know what you can flip or rent effectively in your target market. Is there something that would make a property impossible to flip? Be aware of that so you don’t waste time looking at those properties. For example, in my market houses need to have a basement, and if they don’t I know I won’t be able to make money from them. Be aware of the requirements in your market and don’t waste your time looking at leads that don’t meet those requirements. Once you’ve done that initial sifting and sorting, you can do the harder work of calculating the numbers only on the properties that meet your initial criteria.