All Forum Posts by: Mj Schindler

@Henry Clark Hey, I appreciate your thought, but it’s missing the point of the question. I own one rental property already and also own/house hack my current residence. 

I am now looking for something very specific, and to find it I need to carefully and accurately make calculations. I am looking for thoughts on how to make those calculations and valuations. 

I’ve been researching different markets and properties using several different tools, from BiggerPockets calculators to DealCheck.io to homemade spreadsheets, to assess deal quality. I have a question that I thought the BiggerPockets community might be able to create a good conversation around.

One thing I’m coming up against is some paralysis analysis trying to figure out how important the different criteria are. For example, if I use DealCheck.io and turn on every single ratio/investment rules possible, almost every deal violates at least one of the “rules” even if they are set to fairly liberal constraints. No deal is 100% perfect, so I’m trying to make an intelligent assessment about which imperfections are most reasonable and safe to allow.

What do you think are the most important investment criteria for a buy-and-hold rental property, BRRRR, or flip, and what would you rate as being unimportant or flexible depending on the situation? What is non-negotiable for you and where do you allow wiggle room?

How do you feel about potential tenants who immediately ask if there’s any wiggle room on the rent amount, or if they can get a discount on the rent? For me that’s a huge red flag. Apparently there are lots of articles out there telling potential tenants to try to negotiate rent, and I feel like it’s a sign that they can’t really afford the property or don’t really value it.