All Forum Posts by: Account Closed

@Tyion Bridgeman Hey guys thanks for the replies. You guys are right about the low COC and CR. putting $200k down on this wouldn't make sense when I could spread the 200k down over a few smaller properties that yield 10%+ cap and 30%+ COC which is what my typical criteria are. Guess I will be passing on this deal!

@bob bowling yes absolutely I will get an appraisal done on it when the time comes.  I dont have an accepted offer yet, wanted to get some opinions on it first as I am quite torn on it.

@Sam C. Thanks for the reply.  I forgot to mention that it was appraised last year at $880k.  Currently it has 4 vacant units, which justifies the lower offer price of $748k.  

It is in a good long term stable geographical area.  The tenants in this area are decent, lower middle income working class, and the demographics in the area are a lot of rentals with only few home owners.  

The structure itself looks sound at first glance, I have not conducted a 3rd party building inspection yet but is in store for the near future if the offer pans out.  

You're right about the low COC and cap rate and I totally agree. My main concern was should I tie up that $200k in this property and is it worth it?

Is there a better creative exit strategy to get my initial capital back out sooner rather than later that anyone could think of?  

Hey everyone,

So I was brought this deal by my realtor.  It's an 11 unit building, and I've analyzed the numbers that I have for it so far. 

I'm just looking for some feedback from the group here, as I haven't looked and analyzed much 10+ unit buildings.  My experience is mostly from duplex - 4plex, and the numbers are so much different for these bigger buildings.  Is this normal?  What do you guys think of the numbers for this particular deal?

(I have attached the analysis I have in this post)

Thanks,

Nico

 I use my realtors.  You can also knock on doors, talk to the neighbors.  Usually start at that and figure it out from there.  Bryan are you currently investing here in Winnipeg and part of any local clubs that have in-person meet up and networking events?

Welcome.  I'm in Winnipeg as well.  If you're ever looking to meet up, would be awesome to network with other like-minded peeps.

Hey Yousef, I'm from Winnipeg.  Would be interested in connecting. Let me know when's good or send me a private message.

Nico

Count me in!

@bolawa fadoju may be interested as well, him and i have already met.

Cheers,

Nico

Welcome to BP!  I'm from Winnipeg as well, and have recently connected with a couple other BP members from Winnipeg.  Welcome to join us in our next gatherings!

Nico

 Hi welcome to Winnipeg!

There was actually a RichDad seminar about real estate last night that I attended at the 4 points hotel by the airport.  It was a promotional seminar and I had registered for the real workshop coming up in Oct 23, 24, 25 plus got a free tablet with all kinds of useful real estate resources and tools pre-loaded into it.  

There is another one tonight somewhere downtown around 6:30pm though I'm not sure the exact location or if you'd be interested in that.  

You're welcome to private message me if you'd like to meet up sometime as well, I'm also interested in meeting up with like minded individuals in the city.

Nico