All Forum Posts by: Bolawa Fadoju

@Sunny D.I'm in Manitoba, Canada.

@Brent Coombs, thanks for the insight. I guess I was looking at it from an emotional standpoint (cardinal sin #1). You're definitely correct in your response on the deal. The property is actually listed at 79900, but I'm getting beat by bidders who are in my opinion overpaying for these properties or see something I'm not seeing. Thanks for the response and I'll continue my search for the right deal.

@Crystal Dundas, thanks for your response.

Hey BP Family,

Newbie here putting in an offer on a Buy and Hold SFH (2BD, 1B, Half Basement). I'm looking to offer $90k for this property, rehab costs in the region of $45k. I envision using cash for 20% down payment and closing costs which would equate to about $20k. Rehab costs to be covered with a line of credit I have access to. ARV will be $140k, home can rent for between $900 - $1000 (tenant to pay utilities) Once my expenses are covered I cash flow at $236/month with Cash on Cash ROI of 14%, NOI of $6300 (if rented at $975)

Is this a deal worth shooting for and is there anything wrong in leveraging a LOC on rehab costs.

Thanks.

Congrats James...

Hey All,

I just moved to Winnipeg mid - September, so relatively new to the area. 

A local REI group in Winnipeg - Everyday Investors United Manitoba (you can find them on Facebook), holds a monthly networking meeting. I've attended only one so far and they seem to have a good network of folks who are established in the area. The meetings are free to attend. They do offer training at a price though...

They actually have a bus tour this weekend, where they plan to visit a couple of properties that currently been rehabbed. If you're interested heres the link to register - https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=WVETJKRMH3G3W#m . I'll be there.

Cheers.

All -

Just moved to Winnipeg, MB and looking to kick start my RE Investing journey out here. So  I'm looking for other investors in the area who are up for a sit down to just share some knowledge of the area and who knows possibly partner on deals with. I'm also looking for recommendations on any local RE investor group meetings that take place in the area.

Looking forward to your responses.

Bolawa Fadoju.