{"id":128132,"date":"2020-07-29T05:00:07","date_gmt":"2020-07-29T11:00:07","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=128132"},"modified":"2021-03-16T17:01:41","modified_gmt":"2021-03-16T23:01:41","slug":"achieving-success-real-estate-investing-3-cs","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/achieving-success-real-estate-investing-3-cs","title":{"rendered":"The 3 Cs to Achieving Success as an Investor"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/rRcHlipEA1g\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Let&#8217;s talk about establishing crystal clear criteria\u2014CCC. This is something I think everyone needs to do. Start now, and you can adjust it as you go.<\/p>\n<p>In real estate investing, as you analyze deals over time, you are going to find out what you like. It does change; it will change. But you&#8217;ve got to get specific.<\/p>\n<p>There are 5 parts to CCC. Here they are.<\/p>\n<h2>5 Components of Crystal Clear Criteria<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-121450 size-main-slider\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2020\/01\/number-5-with-hand-702x336.jpg\" alt=\"Close up photo beautiful amazed she her dark skin lady glad arms hands five fingers raised show countable uncountable things lesson wearing casual white t-shirt isolated yellow bright background.\" width=\"702\" height=\"336\" title=\"\"><\/p>\n<h3>1. Property type<\/h3>\n<p>Are you going to buy a single-family, or are you going to buy a 20-unit? Now, obviously, if you say 20, you can go 25 and go 15\u2014whatever. But pick that property type.<\/p>\n<p><strong><em>Related:<\/em><\/strong> <em><a href=\"https:\/\/www.biggerpockets.com\/blog\/buying-criteria-rental-property-deal\" target=\"_blank\" rel=\"noopener noreferrer\">4 Buying Criteria for Rental Property (&amp; How I Determine a Good Deal)<\/a><\/em><\/p>\n<h3>2. Location<\/h3>\n<p>Where are you buying? Every location is different. You have to learn all new stuff no matter where you buy.<\/p>\n<p>And once you get really good at it, you know it, then fine. Go ahead and expand somewhere else. But in the beginning, pick your location. What zip code are you going to invest in?<\/p>\n<h3>3. Condition<\/h3>\n<p>Do you want fixer-uppers? Or do you want them already fixed up? Pick your condition. Maybe you want somewhere in between.<\/p>\n<p><strong><em>Related:<\/em><\/strong> <em><a href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-investing-rules-of-thumb\" target=\"_blank\" rel=\"noopener noreferrer\">How to Analyze Real Estate Deals in 3 Easy Steps<\/a><\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-115893\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/06\/Depositphotos_50812187_original.jpg\" alt=\"Small house exterior. View of entrance porch with stairs and walkway\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/06\/Depositphotos_50812187_original.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/06\/Depositphotos_50812187_original-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<h3>4. Price range<\/h3>\n<p>Are you going to buy a million-dollar property? A $100,000 property? A $10 million dollar property?<\/p>\n<h3>5. Profitability<\/h3>\n<p>What makes it a good deal? Decide right now\u2014get very clear on what defines a good deal for you. Is that a 15% IRR? Think about it for you, or if you&#8217;re doing multifamily, think about what would define a good deal for you and for your investors. Because if you don&#8217;t know what a good deal looks like, then what are you analyzing for?<\/p>\n<p>You have to know those five things up front. Then, you can become an expert. Now you can be like, &#8220;OK, well, I know that I&#8217;m trying to buy duplexes in Cincinnati that are fixer-uppers under $200,000, and I want to make at least $200 per unit so I&#8217;ll make $400 in cash flow.&#8221;<\/p>\n<p>That&#8217;s some clarity, right?! That&#8217;s like showing up to the gym and having an exact outline of what you&#8217;re going to work out that day. And you can go and do exactly those moves and get the exact muscles you want to get, because now you&#8217;ve got crystal clear criteria.<\/p>\n<p><a href=\"http:\/\/https:\/\/www.youtube.com\/biggerpockets?utm_source=blog\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-114268\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6.jpg\" alt=\"ad-youtube-channel\" width=\"706\" height=\"125\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6.jpg 706w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6-300x53.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6-702x125.jpg 702w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\" \/><\/a><\/p>\n<p><em>Questions? Comments? Advice?<\/em><\/p>\n<p><strong>Join the discussion in the comment section below!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let&#8217;s talk about establishing crystal clear criteria. This is something every real estate investor needs to do. Start now, and you can adjust it over time.\u00a0<\/p>\n","protected":false},"author":710,"featured_media":114751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5524],"tags":[],"class_list":["post-128132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-for-beginners"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/128132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/710"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=128132"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/128132\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/114751"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=128132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=128132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=128132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}