Help with setting criteria for my rental strategy.
Hey BP! So I just added my introduction of myself on the site for anyone interested to check it out.
I'm trying to build my strategies and criteria for long term rental properties. I live in Goodview, VA which is just outside of Roanoke. We (fiancé and myself) are currently looking in the Lynchburg, VA market however which is only 45 minutes or so from our house.
I got some of the basics down so here is what I have so far:
I would like a 8%-10% return on investment for my initial property. I really just need to get this first deal done so I can stop being so scared to move forward!
After that any future properties I would like to be near the 12% mark.
Currently looking at single family, and multi, though we would love multi if the opportunity arises. Single family must cashflow $200, multi must be $100/door
Single family properties I would like to be able to create instant equity with properties that need some repairs, or something I can take from a 2br 1ba to say a 3br 1ba.
Would like any property near some amenities like walking distance to bus stop and or grocery store, train station, etc.
Willing to invest about 20k total, financing the rest, may be fortunate since only my fiancé is listed on our current home mortgage so hopefully that’ll help us out immensely on rates and everything else!
Hiring management company as well for all properties.
I would love any feedback as to any of the criteria I have set and more importantly, what are some things I am missing? I know I’m missing a bunch so I’m trying to get everything organized as best as I can. I’m a freak with having things organized and easily accessible to refer to. Any insight on areas of Lynchburg to avoid, where people want to be, and anything else to expect with the are would be immensfully helpful.
Really any and all feedback would be great at this point. I know I’m just a beginner here so I clearly don’t have it all together. Really appreciate this site and everyone behind it!