All Forum Posts by: Dave Allen

I am an experienced contractor with a top notch crew. We've completed many projects for investors in our local area and I just recently jumped into the game and bought my first personal flip. A few days after conditions were lifted, my lender calls me and tells me he has to back out of the deal. WHAT? I know. 

We are in Winnipeg, Manitoba but would love to work with anyone at terms that make the deal attractive to you! If you have any questions you can, of course, reply here or email/call directly.
[email protected]; 204-996-4685

The deal:

147 Edgemont 
Fix and Flip or BRRR
3bed, 3 bath > 5bed, 3 bath

Ideal investment: $308,000               Ideal terms: 15% preferred rate of return, annualized (open to other terms)

Purchase price: $215,000
Renovation budget: $85,000
Closing and Holding costs: $8,000
Current city assessment: $369,000
ARV: $425,000++
Gross Profit: $112,000
Estimated project length: 4 months
Exit plan: sell or refinance and hold as personal

Hi Randall,

Honestly, as a winnipegger, I avoid the north end like the plague. Not to say there isn’t potential for making money, but these are definitely D class neighbourhoods. Local investors here have defined what’s called a ‘red zone’ where many property management companies won’t deal in. Surrounding that red zone is probably where the best opportunity lies.

If you’re looking for more information, I’m happy to help. 

@J Scott I live in Winnipeg, Canada. Do you think your estimations work up here or will I have to adapt them to fit my market?

@Jordan Houde - hi Jordan, were you successful in finding any locals? I’m going to the truly invested meetup this week but I’m eager for more networking

Starting out up here in Winnipeg, Manitoba. 

Any locals on the forums? Looking to network