Search criteria too specific?

3 Replies

I am new to BP so I apologize ahead of time if I ask a question that’s already been discussed. My question is at what point do you reevaluate your search criteria or do you stick to your guns and wait for a perfect property and for how long? I have owned my SFR for 14 years so I have equity to play with. I have been watching on market homes on Zillow and spoke a few times to a realtor over the past year. I am looking for a specific house (duplex) that needs a specific amount of work (<50k) in a specific area (around Auburn/Oxford, Mass) among other expectations. I don’t have time to go door to door cold calling to find off market homes so haven’t gone that route. Should I expand my criteria or wait?

I would rather wait for the right deal than to buy something just so I could buy something and make a big mistake. Try networking with other investors through a local investor group. Look around for an agent that works with investors directly since they can often find deals before they hit the market. Direct mail is another option.

@Nathan G. Thanks for the pointers. Sorry it took so long to reply. I expected to get a notification when someone replied then I couldn’t find my thread LOL. I figured it out now. I guess my concern is trying to train myself to think like an investor. I’m in the mindset as if I was buying my own dream home to live in. Just got look at a few properties and run numbers to get the right thought process going.
@Tim Collette it's definitely different than buying your own home. Deals can be harder to find right now. So many are investing because it's hard to lose money right now. Loans are cheap, homes are appreciating, rents are jumping, etc. When the market corrects, and I think it is due any time now, a lot of investors will jump ship and more deals will be available. I could be completely wrong.