is my criteria too broad or is it fine?
i look for SFR, Condos, Multis in the 250k range but i will go higher or lower as long as the profit is there.
and i need to get the property at a good discount. non REO
is that too broad to tell an agent or should i set my criteria more specific
You don't state the definition of "Good Discount"...
Do you not care about location?
Do you not care about the size of the unit?
Do you not care about its ability to cash flow and at what return?
Do you not care about property condition?
In addition to what J asked, why would you not want to go after REO deals? They are often the ones that have the most meat on the bone!
Your criteria is not specific enough in my opinion. You should have a minimum square footage of home (and possibly a max), minimum bed/bath count, location specifics (can be multiple locations), type of properties (standard sale, REO, short sale, probate, etc - I go after them all), and your price point of $250k should have a specific range, for example $100k - $300k. Lastly, if it were me, i would be asking the agent to look for properties requiring some heavier repairs/upgrades needed, just doing paint and carpet (lipstick fixes) these days do not have enough spread in them to make money.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!