Starting with the SMART Investor Search Criteria, the most important of which are generally:
- Price Range
- Down Payment
- Total Amount To Invest
- Return on Investment Goals
- Number of Units
- Owner Occupied
- Self-Manage or Professional Property Management
Check out our complete Step-By-Step Investor Needs Assessment
Things To Be Sure to Review
- Area: Convenience, Appreciation, Safety
- Price Range: It's not really about what you can afford in terms of purchase price; it's really more important to look at Total amount to invest...
- 25% Down or Other: many people think you have to put down 25% on residential income properties. Sometimes you can make more money by looking at a larger investment or putting down more than 25%. We have tools that allow you to help you easily review the options by playing with the numbers; we do all the calculations for you!
- Total Amount To Invest (including Down Payment, Closing Costs, Up Front Repair)
- # Units: typically, about half of the 2-4s are duplexes in any given area
- Owner Occupied:
- Occupy now or later: sometimes a new owner wants to live in one unit right away, and sometimes they want to live in it after a few years
- Different set of calculations; standard Cash Flow considerations don't apply when Owner Occupied
- Property Management: Self-Manage or Professional
- CF or Appreciation, or both; what is your objective?