All Forum Posts by: Randall Priebe

@Tchaka Owen

At this point all subjects have been removed already. It was subject to financing and inspection but I have removed those.

I didn’t find an issue with the 60 amp until I started calling around for insurance. So that’s why I removed the subject.

Hey all, I come here for help and maybe someone to tell me not to panic, or to panic.  

I have purchased a house in Winnipeg, Manitoba Canada. The deal is all done and subject removed. Final closing date is Feb 15th.

The issue is I have no learned that since the house has 60 amp electrical insurance companies will not insure the house. 

Next issue without insurance I cant get a property manager to manage it. I cant manage it myself as I live on the other side of the country.  The reason I bought so far way is that its the only market I could afford in. Everyone else was just to expensive and not good rents. 

House is a great deal other then these issues. I bought it for $127,000 and it rents out for $1650. 

So what are my options. 

I can update to 100 amp but not 100% on the cost of this. Im worried once they look at one electrical thing it could snowball and end up cost $20,000.

Could I still back out of the deal and loose my deposit $5,000 and walk away from it all?

What other options do I have. This is my first deal I have actually bought and am in a bit of a bad state right now. I was super excited to get some renters in there and start making the cash flow but then boom, nop we cant insure it. 

Any feedback is helpful, please and thanks.

@Frankie Betancourt just Incase you didn’t get enough negative feed back.

This is a very stupid idea. Like yup you could do it. Yes it’s running the Grey line of fraud. Also the money break down is stupid.

$18,000 x say 18% interest = $3240 a year

So unless you know you got $18,000 coming in next month or something this would be a very big mistake.

Hey everyone from Winnipeg.

My question is would you buy in the “bad part” of town. From what I see basically anything listed in the 4a,b,c,d zone.

Prices are so cheap and rent still looks good. Why are people not buying these up?

@Dave Allen hey Dave just saw your post and see your looking into buying in the Winnipeg market. Have you got a house yet. I’m looking at Winnipeg right now and most of the cash flow properties rent to be in the north end. What’s your thought on that area. Would u buy there to rent out.

I’m from Vancouver area. Just interested in Winnipeg for the rental market.

@Jeff Stott hey I know this post is old but if you are still on here would love to hear what you ended up doing. I’m looking into Winnipeg right now and would like to buy in the next few months.

@Frank Patalano the biggest thing holding me back is the fact I live in Vancouver and prices here are insane.

I want to buy in Winnipeg market as it’s something I could afford. I’m nervous about buying that far away as I just don’t know how all the details will fall into place.

If I could buy a place in Vancouver for $100,000 and rent it for $1,000 I would have done it years ago.

Planning to buy a place in the next 3-6 months and just hoping I pull the trigger and get it done.

Hey bigger pockets world.

I live in Vancouver and our market is well expensive. I already own a house here but want to get a rental unit under my belt.

There is no cash flow properties here anymore.

I have started to look else where. Places like terrace or kitimat both about 17 hours away from me. Also Winnipeg, super far from me.

How do you make the job from not having a rental unit to buying something 2000 km away.

The numbers all add up buying a place for $100,000 in winnipeg and it pays rent of $1,200.

How did you get your first? Was it a leap of faith holding your breath or did you have someone walk you through it?

Looking for any thought or help. Been wanting to buy a rental for years and I got the down payment to do it. Just worried about the unknowns.