Local laws may also include protections based on other factors such as source of income or eviction history.Disclosure Requirements: If you are using third-party screening services like SmartMove or another credit reporting agency, you must provide the applicant with an "adverse action" notice if you deny them based on the results.

I downloaded a few Excel BRRRR calculators but created my own because I wanted to understand every calculation, factor and lever to maximize my investment.If you are going to buy from a wholesaler, it helps to have a relationship with a few in the area you are looking for. 

What factors were most important? 

Ask how they handle routine maintenance and emergencies and whether they have established relationships with cost-effective and reliable vendors.By focusing on these critical factors, you’ll be in a solid position to hire a property manager who can take the stress out of managing your rental property while helping you maximize your investment.If anyone has more specific questions, feel free to ask—I am happy to share more detailed advice!

Good morning, BiggerPockets Family.I recently submitted a Residental Purchase Agreement (RPA) with a pre-qual letter from my credit union and FICO scores.

Just make sure to factor the taxes into your cash flow analysis.

I would say the biggest factor though would be scalability.

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.

Real estate investing can be a great idea for several reasons:Potential for Appreciation: Over time, properties often increase in value, allowing investors to build wealth through appreciation.Passive Income: Rental properties can provide a steady stream of passive income, helping to cover expenses and generate cash flow.Tax Benefits: Real estate investors may benefit from various tax deductions, such as mortgage interest, property taxes, and depreciation.Inflation Hedge: Real estate tends to keep pace with or outpace inflation, making it a good hedge against rising costs.Leverage Opportunities: Investors can use financing to purchase properties, allowing them to control larger assets with less capital upfront.Portfolio Diversification: Real estate adds diversification to an investment portfolio, potentially reducing overall risk.Tangible Asset: Unlike stocks or bonds, real estate is a physical asset that you can see and manage, providing a sense of security.Control Over Investment: Investors can influence property value and income through renovations, management decisions, and property improvements.Building Equity: As you pay down a mortgage, you build equity in the property, which can be accessed later through refinancing or selling.Community Impact: Investing in real estate can contribute to community development and improvement, positively impacting neighborhoods.These factors make real estate investing an appealing option for many people looking to grow their wealth and secure their financial future.It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

Hard to know exactly for you depends on a number of factors.