This post originally appeared at Bigger Pockets.Some would say I’m boring. Predictable.
I order the same meal, every time, at the Mexican restaurant down the street from my office. When I walk into the neighbourhood sushi bar the waitress doesn’t even bother handing me a menu. She knows I’m having the Bento Box B. From microwave popcorn to breakfast cereal to restaurants – it’s always the same.
I know exactly what I want. And when I don’t get it I’m usually disappointed.
This is why buying a vehicle can be such a tedious experience. Have you ever walked into a car dealership and told the salesman exactly what you wanted? You explain the car must be silver with black leather interior, 2-door, convertible, good on gas and low on mileage. Before you know it, he’s showing you everything on the lot but what you just described to him 10 minutes ago.
I can make you a great deal on this minivan he proclaims. Or how about this jacked-up superduty crew cab pickup truck with gigantic offroad tires and tow wench?
It’s easy to say no because it’s not what you want right? Well, if you’re like me maybe it’s not that easy to say no, especially to a big truck.
Establishing Your Buying Criteria
Similarly, I also know exactly what I want when it comes to flipping houses. For starters, I’m not into advanced cosmetic repairs or major structural improvements. I prefer quick, easy-to-fix properties that require the basic stuff – carpet, paint, flooring, appliances, landscaping and minor mechanical repairs. The houses that require major renovations are generally more profitable but require more time and money to sell.
It’s up to you to decide. Do you want to do more light cosmetic rehab deals or fewer big renovation projects? You’ll also need to determine the following:
- Target property
- Target neighbourhood
- Target price point
- Target rehab
Stick to your guns. Don’t be lured into buying a property that doesn’t match your buying criteria. Otherwise, you could end up with a lemon.
- Fixing and Flipping Houses is Sexy
- Fixing and Flipping vs. Buying and Holding
- Successful Investing while Holding a Full Time Job – Key #3: Establishing a Buying Criteria
Got questions about this or other real estate topics? Ask on the BiggerPockets Forums.
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