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Come on people! Theres lots of smart people here! 30 Views no replies! Gimme some advice.

Hi, i'm new to REI. I'm ACTUALLY going in on my first deal very shortly. I'll give you guys a quick rundown on the property, then something i'm trying to figre out as well.

The property is a 700sqft bungalow w/ full height, unfinished basement. It's in a central area of the city, close to downtown, with bus access a block away, close to all levels of school. Its a 2bdrm 1bth with an open kitchen/living/dining room setup.

The building itself is structurally in pretty good shape, its a standard two sided roof structure (i'm not good with the names yet) which a fairly simple layout inside. No water damage in the basement, no cracks in the foundation.

The area can support rents (in a comparable property) of 850-1000$/mo + utils. I spoke to two familys renting on the same street and my realtor has a rental six houses down. All the other houses are within 100sqft of this one.

It needs paint, new appliances (low end stainless) in the kitchen, a tile counter top (diy) and to have the hardwoods refinished (diy also).

I put a conservative estimate of $10,000 into repair/renos and the current list price is $112,900. Comps in the area come up from $139,900 to $154,900 depending on the level of upgrades.

Our market (Winnipeg, MB, CANADA!) went from hot hot hot, to not so much. It should pick up in the spring again. The house was listed at 112,900 and has been on the market for almost 40 days now. I want to get the price as low as I can.

Any advice on how to aggresively but properly offer on this property so i can get the best possible price on it? Thanks in advance.

Thanks for the replies. I have been reading the side-bar articles as often as I can. This site is gold. Thanks. I just received Carlton Sheets No Money Down, and bouth Find It, Fix It, Flip It, at a local bookstore. Two books i hope will help me learn the business. I plan on being sure I know what I'm doing before I begin.

Thanks for the warm welcome and quick replies.

As far as the second post; I've always had the entrepreneurial spirit, and have tried to apply it through different outlets but have changed my mind when I realized I would be working for myself, for someone else. This business is the first where it looks like I could actually be my owm boss, in charge of my own income, and future.

9-5 pains me.

I'm new to the game, but i'm determined to make it, i feel an indescribable connection to the process. I'm awaiting a Carlton Sheets cd-compilation to give me a knowledgeable out-of-the-gate, but I noticed alot of people saying one of the big mistakes is waiting. I can't wait so I have some questions to any and all who will answer. :D

I've been tirelessly browsing the forums soaking up all the information I can get my hands on; but I have some unanswered questions. So here goes, my questions focus mainly on wholesaling, as I beleive that is the way I will begin this venture;

Regardless of the type of deal I theoretically come upon; a house in dis-repair at lower (ie, 70%ARV of market value) or pre-foreclosure, etc, what i'm basically looking to do is have someone sign an assignment, whereby I am entitled to purchase the house at said price in said amount of time.

Then during said amount of time I need to find a suitable purchaser who agrees to pay x amount more than I've paid for the property so that I can make a profit. I live in Canada, does anyone know what the actual document I am trying to have signed is referred to as?

Or basically can anyone give me a layman's terms run through what the wholesaling process covers, I have what I think is a fair idea, but no one (haven't been to a meeting yet, hard to find) to pick their brains and confirm what I beleive.

Thanks alot, love the forum. Onward and upward. :superman:

My name's Adam, i'm from winnipeg, manitoba, Canada. Two years of school for automotive mechanics, worked it, job stinks. A year as a roofer, and a couple years working the oil patch in Alberta (GET ER DONE!!!!) and I'm now working as a nailer in a pallet factory ( about a month). I have never been happy with my work no matter who or where it's for and it's because I hate working for other people. :protest:

I'm new to REI, have little to invest out of my pocket, but I will learn this business and succeed at it. It has been subtlely pushed against me many times without my realizing it, and now the time has come.

Lots of great information here, and lots of good knowledgeable people, so thanks in advance, and get used to me, i'll be here alot.

Thanks. :superman: