Need help with Criteria

[Corey McNabb]

So I am in the process of coming up with my Business Plan, but I am getting stuck on figuring out my criteria, I know its likely to change once I have a little experience. I am wanting to use the BRRRR strategy and currently the area type I am looking into is metro Atlanta to mountain rural areas? (Im unsure of what else to call it... Basically little towns in the mountains.)

What I am asking is for anyone who is willing to please share their criteria that a deal must pass before they move on it.

Thank you!

[Account Closed]

@Corey McNabb hi Corey, in my business plan I have a section on property analysis which may give you some ideas. Best of luck!

https://www.biggerpockets.com/files/user/JustinS374

[Justin Blackwell]

Hey corey, I see that you have broken down a location. Can I ask how you arrived at the city of Atlanta? And like I mentioned to someone previously, I think the BRRRR strategy is great however you seem to be starting at the middle a little bit. What is YOUR goal? Cash flow? Appreciation? Both? What are your capital limitations? Maybe by working backward from the goal you can develop the criteria. Because the criteria for a cash flowing property vs one strictly for appreciation or one that may achieve both will bring you to different neighborhoods and towns in your market. Then you can start to dive into the real estate and use some of the tools here like the BRRRR calculator and/or rental calculator on bigger pockets. And start to dial in what criteria matters to you.

[Corey McNabb]

@Justin Schreibeis

Thank you, that was very helpful.

Having never seen a business plan before, the link you shared gave me a clearer picture overall for my business plan.

[Corey McNabb]

@Justin Blackwell

As far as goals, I want to get to having $5000 coming in each month in passive income and at least obtaining 3 properties a year.

I’m focused on Cash flow to be honest and I don’t really know my capital limitations. My wife and I are kinda just diving in to this. We do know that we will have to use OPM to obtain our first deal, maybe our second as well but then we hope to be able to use our own money after.

[Corey McNabb]

@Justin Blackwell

And I chose metro-Atlanta because it’s within an hour or two driving distance from where I live.

[Demarcus Crump]

Heyyyy @Corey McNabb are you looking to rent or flip in ATL I'd definitely love to enlighten you on the areas. 

[Corey McNabb]

I'm looking to rent using the BRRRR method.