All Forum Posts by: Joey Critch

Hello All!!

I am wondering on if there will be anyone willing to meet over the weekend on the 24th-26th to talk about the Edmonton market I'm new and would love to buy you a coffee to chat!

If there are any local meetings going on at that time id love to attend as well!

Hello!

Looking for a local Fort McMurray investor to meet and connect with & talk real estate!!

Thanks!!

Investment Info:

Mobile home buy & hold investment.

Purchase price: $201,500
Cash invested: $10,075

This property was listed on the MLS and we have caught this before it was listed but as it was a foreclosure we had to wait 1 week before putting in an offer. we ended up going back and forth 3 times before settling on a price. This property was distressed and needed roughly $10,000 in repairs (mostly cosmetic) and we will be upgrading parts of the home to upgrade the value.
$201,500 purchase price
$10,000 estimated repairs
$10,075 Down payment
$310,000 ARV

What made you interested in investing in this type of deal?

The property was extremely under values as it was a foreclosure and distressed.

How did you find this deal and how did you negotiate it?

MLS, We went back and forth 3 times with the negotiation process

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Upgrade Bathroom, Kitchen, Flooring, Roof.

What was the outcome?

In Process

Investment Info:

Mobile home buy & hold investment.

Purchase price: $201,500
Cash invested: $10,075

This property was listed on the MLS and we have caught this before it was listed but as it was a foreclosure we had to wait 1 week before putting in an offer. we ended up going back and forth 3 times before settling on a price. This property was distressed and needed roughly $10,000 in repairs (mostly cosmetic) and we will be upgrading parts of the home to upgrade the value.
$201,500 purchase price
$10,000 estimated repairs
$10,075 Down payment
$310,000 ARV
$2400 Projected rent
$500 cashflow.

What made you interested in investing in this type of deal?

it was extremely under values as it was a foreclosure and distressed.

How did you find this deal and how did you negotiate it?

we went back and forth 3 times with the negotiation process

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Upgrade Bathroom, Kitchen, Flooring, Roof.

What was the outcome?

In Process

@Katie Han

My personal thoughts about this are to buy a affordable home rent out a room or basement (depending on the home and how much you are willing to give up)

(Multi units are also great in some areas!)

My reson for my thought is because I'm trying to play a long term game here and this being my first home I want to bring in some cash flow and sacrifice my pleasure now of owning a home to myself that I will eventually have enough cash flow and enough equity built into my property/properties so I can be set financially free.

But it all does depend on your situation and your goals of course