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Your “buy box” is your list of criteria that a property must meet to qualify for purchase. It determines what you're telling someone (usually a broker) to look for on your behalf.
So, who is your buy box for? It’s usually for a broker, maybe a wholesaler, or maybe you also want to share your buy box with a specific group of investors who are likely to come across deals that they could send your way.
If you tell a broker, "I'm looking anywhere and everywhere with no budget," they won't remember you, and it will be very difficult to send deals your way. It's not specific enough. The more specific you are, the better your chances are that the broker will send you a deal.
For example, if you say, "I'm looking only in the Sun Belt, 35,000 square feet or more, with room for expansion," that's a clear buy box. Or, "I'm looking only in New Mexico, Utah, and Nevada for properties 50,000 square feet and up," or "I'm looking in California, only for development opportunities," these are very specific criteria.
Your buy box should include the following:
Asset Types - e.g., self-storage, including boat and RV parking.
Location - e.g., only in the Sun Belt, the northwest, or mainly in the south
Population - e.g., areas with a population of over 100,000 people
Price Range
Other relevant info - e.g., Are you doing development, conversion, value add, etc.?
The chances of you locating a commercial broker who will work hard for you are much better if you provide your buy box - the more specific, the better.
Consider also providing them with your investment strategy: flip, new build, vacant, distressed, super distressed. Or, "I'm looking for something where I can only buy with cash," or, "I'm looking for an older mom-and-pop seller willing to do seller finance." Be very specific. Details like these are optional, but the more specifics you provide to brokers, wholesalers, or others who can find you deals, the better results you’ll receive.
Here’s a great example of a buy box template a friend of mine put together. She did a great job - her buy box template includes a picture, email, and Instagram handle.
If this is going to a broker, you wouldn’t include investor goals or your targeted cash on cash return, because they're not going to pay attention to that. Less is more – Focus on the basics: location, population, and facility size (total square feet).
This is a great example, and if you send this to a hungry commercial broker, they will remember you and use it! Hope this helps!