What criteria do you provide realtors when looking for a deal?
I'm currently networking with realtors in my area in hopes of finding a solid deal.
I'm looking for rentals and/or flips in Palm Beach County, Florida.
Here's an example of what I'm planning to send them:
- Single family or 2-4 unit multi-family properties in Palm Beach County
- Should ideally have a way to force immediate appreciation through rehab, value add, etc.
- If rehab is required I must be able to buy below 70% of the fixed up value including my rehab or value add costs
- If it does not require rehab I must be able to buy it at 70% or less of it's current market value
- Rent must equal at least 1% of my total cost (purchase price + rehab)
- B or better areas - no war zones, lower class, section 8, etc.
- Purchase price up to $XXX for all cash deals and $XXX for financed deals
From what I've seen, most agents are not investor savvy and they are not familiar with BRRRR, 70% rule, 1% rule, etc.
Will a typical agent understand my criteria or is this too specific and I need to take a more simple approach?
What criteria are you providing realtors to help them vet deals and understand exactly what you're looking for?