Buying Right: Building Wealth Starts with Defining Your Buy Box
Why Buying Right Matters
In real estate investing, success or failure usually happens the day you buy the property. If you buy wrong - the wrong location, the wrong house, or without clear standards - you set yourself up for headaches and disappointment. But if you buy right, you lay the foundation for a rental that performs well for years to come.
Early in my investing journey, I learned this lesson firsthand. What kept me focused was creating something I call a “buy box” - the non-negotiables that every property had to meet before I’d pull the trigger. Over the years, the buy box has evolved depending on the type of rental we were pursuing, but having one has always been critical to my success.
Creating a Buy Box: My Atlanta Story
When my business partners and I were investing in Section 8 housing in Atlanta, we created a buy box that served us well. It wasn’t complicated, but it kept us disciplined:
Brick homes only (low maintenance and durable)
Off-street parking was a must
Solid bones - no major structural issues
A decent lot, and one of my partners always wanted at least one “pretty tree”
3-4 bedrooms, with a special love for a 3 bed/2 bath
Close to public transportation
The surrounding area had to feel stable and safe
Bonus points for curb appeal
Having this list saved us from wasting time on properties that weren’t a fit. It also gave us clarity when a “deal” popped up that didn’t meet our standards. If it wasn’t in the box, we didn’t buy it.
Standards and Systems Make All the Difference
Once we had a home under contract, we followed a strict system to bring it up to our standards. This went beyond what the Atlanta Housing Authority required - and that reputation helped us immensely in business.
Every property was updated with:
New or upgraded electrical, HVAC, and plumbing fixtures
Fresh appliances
New insulation and roofs when needed
Hardwood floors refinished (we ripped out carpet every time - it just doesn’t last in rentals)
Fresh paint inside, and wood rot repaired and painted outside
Bathrooms refreshed with new vanities, toilets, and tile
These weren’t cosmetic “flips.” They were thoughtful renovations designed to minimize maintenance headaches and give our tenants homes they were proud to live in. When you set standards and stick to them, your business runs smoothly.
A house that fit squarely in our Buy Box.
Checked our Buy Box list.
Another home in the Buy Box and proved to be an amazing rental over time.
The $10,000 Property That Tested Us
Not every purchase was a win from the start. During the Great Recession, we bought a brick house for just $10,000. It looked like a steal. On paper, it fit most of our buy box - but the location was questionable.
That home became one of our toughest challenges:
Theft during renovation
Trouble attracting tenants because of problematic neighbors
More theft after renovation
It felt like one headache after another. But we held on. Fast-forward to today, and that same home has had the same resident for over 10 years. She takes such pride in the property that she treats it as if it were her own. Our returns have been incredible, and the neighborhood has since become a hot spot.
The lesson: some properties take time to become success stories. Patience is part of the business.
How to Define a Buy Box
Your buy box should reflect your investment goals and the type of tenant you want to attract. While the details will vary, the process is the same: decide on your non-negotiables before you start looking.
Here are some examples of criteria investors often include:
Number of bedrooms/bathrooms (families often need 3-4 bedrooms and at least 2 baths)
Strong school districts or proximity to major employers
Safe, stable neighborhoods with good curb appeal
Solid construction and low-maintenance exteriors (brick, hardy board, stone)
Layout and functionality (storage, natural light, open spaces)
Price-to-rent ratio that supports positive cash flow
My own buy box has shifted over time depending on the market and the strategy, but the principle has stayed the same: clarity and discipline. The more precise you are on your buy box, the easier it is to spot a winner - and to pass on a property that doesn’t fit.
Build Your Own Buy Box
If you’re thinking about your first rental property, here are 5 questions to get you started:
Who is my ideal tenant? (Students, families, professionals?)
What type of home would serve them best?
What location supports my strategy?
How much renovation am I prepared to take on?
What are my absolute non-negotiables?
Final Thoughts
Owning rentals can be messy - tenants change, repairs happen, surprises pop up. But when you buy right and stick to your standards, you give yourself the best shot at long-term success.
If you’re ready to define your buy box and start building wealth through rental properties, I’d love to help. At Sarah Lee Living, our mission is to Educate, Empower, and Serve through real estate - and that includes guiding you on your investing journey.
