Updated almost 6 years ago on . Most recent reply
Eyeing my First Deal in Canada...
The properties I'm looking at right now are located in a place called Prince Rupert, in BC, Canada, which has a small population but has several key projects going on which keeps jobs and people flowing through the city. I'll be purchasing it remotely, heading up to do what I can, and then managing it remotely as well (I've built up a pretty solid team and know someone who lives there and is willing to help keep an eye on things for me).
In my four months analyzing sales of single family homes in this city, I've seen most 2bed/1bath places (Built in ~1940's) going for around $125,000 which is what I'm hoping to get. Essentially, I'm hoping to get a fixer upper that has an unfinished basement or something so I can turn the 2bed into a 3bed if possible. With current rental prices in the city, I shouldn't have too much of a problem hitting the 1% rule.
Where I'm struggling right now is understanding how much to offer on these properties. I have a few spreadsheets analyzing deals but aside from the 1% rule and how to estimate CapEx and repair costs, I'm never sure what price I should think about pulling the trigger on a property. Should I just get near what I'm looking for and then start writing offers?