All Forum Posts by: Account Closed

 Hey Nick, thanks for the great tips.  There are definitely some pros and cons, and definitely seems more return and cashflow from detached homes or duplexes.  I have been researching the market, trends, laws since beginning of this year when I decided to make the move into real estate investing.  My initial plan was for plexes, but seems I am out of luck with what is available at the moment.  However I am keeping my eyes open for plex opportunities there in the west end like you found.  

As for the condos, I am not totally ruling it out for now, but we'll see what the future holds :)

Will keep you guys posted when I make a move.  

 Hi Nick thanks for the feedback!  Duplexes were my initial option before I was thinking about condos.  I was just worried that at my current price range (under 200k) that I would not be able to get a decent one in a decent area.  I was initially looking in the north end, but I'm just not so sure about that area anymore.  I'm glad you guys seemed to have gotten a great deal on one there in the west end.  

What did your mortgage broker say in a nutshell about the condo market and risks here in winnipeg south end?  Would love to hear more.

Hhi everyone. Its Nico from Winnipeg, Canada.  Been a couple months since my first introductory post.  I am ready and about to look for my first deal.  I just wanted to get some opinions from you guys out there about the idea.  Please feel welcome to share any of your opinions, knowledge and expertise!

For my first deal I am thinking about a condo near our city's university.  My city right now is in a "buyer's market" and a lot of the condos are going for between 150 to 200k in the area of interest.   I figure this is due to quite a bit of new condo buildings that have popped up over the past couple of years and he prices on he older (1970 to 1990s) condos fell a little lower than before.  That made  me feel like it is a good time to get one for a great deal.  I have seen some go from 170 listed to selling below list value at 155ish.  

I have not narrowed it down yet to any specific properties.   I have about 50k for down and was planning to put 25% as suggested  by my mortgage broker to make e deal as smooth as possible. Therefore puts my range for about 200k or lower.  

What do you guys think? Are these condos  going to be a decent buy? I have analyzed a few financial info and they will net about $100 of positive cashflow a month.  I'm looking at buy and hold.  I don't want to invest in just a hope of appreciation,  but at the same time I'd like to have the cashflow make sense and be positive.  

Are one of these condos the right choice for my first investment? Or should I look at some older duplexes in "not so good areas" for that price range for the cashflow? 

Please, any thoughts opinions or feedback would be appreciated and if you guys need more info from me before u can give opinion, just ask and I'd be happy to explain more detail.

Thanks!

Nico

Are you talking about the property on Silverstone? I looked at it a couple months ago.  I think it is overpriced,  I offered on it but owner would not negotiate.

Everyone above is right, I think it would be a lot of work, but I think it may be a good buy for you for the right price.  

My 2 cents is do not let your emotions guide you on this one since you are friends.  Make sure to treat it as  business, do your due diligence as if buying from a stranger.  Get a home inspector as well if you are concerned about that leak and maybe other issues.  Don't just trust info he tells you because you are friends.