Newbie in Winnipeg needs help!

[Little1]

Hi there everyone!


I am really excited to have found the forums and have been soaking up as much information as I possibly can. I have read as many of Don's and Peter's books as I could get my hands on and am really in encouraged that even I could get my financial future in order, even if I am a 9-5' er earning a 'alright' salary.


I am a bit confused with some parts...The part where you actually start, how you do due diligence, how you build your team etc.


I live in Winnipeg Manitoba and was hoping that I would be able to invest here in Winnipeg to start with but not sure if that's possible or how to do my Due Diligence on a specific area. I was wondering if there were any REIN members in Winnipeg that would like to help me with figuring out where to begin. I read in past forum posts that there was a group that met once in a while around the 'Inkster/ Shepard area and wondered if that still happened.

If anyone has any information or guidance, in Winnipeg or not, that would be greatly appreciated!

My email address is [email protected] and any help would be of an assistance

Thank you so much in advance

Layce

 

[Little1]

No one has any advice?

 

[Thomas Beyer]

Winnipeg is a great market to buy if you avoid the very rough parts of town. Look for Asa of above average improvements due to infrastructure investments (train, bus, school, parks, ..) and become an area and property type specialist. Get your finances in order. More on my blog or other folks blogs that post here quite a bit (Gary McCowan, Joe Ragona, Wade McGraham, Mark Loeffler, .. To name a few)

 

[2ndstory]

Hi Layce,



Sorry. I never saw your post until today. Of course you can invest in Winnipeg, and if you live there, that's where you should be investing. There is a group in Winnipeg that meets, and you might want to come and check it out. We have a Facebook group that was started up a while back that you can join and connect with people that way too. Link below.



http://www.facebook.com/#!/groups/171857266161167/



Feel free to email me with questions. [email protected] If I can't answer them, I'll try to steer you towards some people that can.



Nik

 

[Little1]

[quote user=ThomasBeyer]Winnipeg is a great market to buy if you avoid the very rough parts of town. Look for Asa of above average improvements due to infrastructure investments (train, bus, school, parks, ..) and become an area and property type specialist. Get your finances in order. More on my blog or other folks blogs that post here quite a bit (Gary McCowan, Joe Ragona, Wade McGraham, Mark Loeffler, .. To name a few)
[quote user=2ndstory]Hi Layce,


Thank you Thomas, I need to find a list of acronyms so that I can keep things straight! To become an area or property type specialist I will have to do some reasarch on how to start that. I know bits and pieces about different areas of the city but not near enough to feel comfortable buying yet. I need to figure out where I would start?
My finances are strong, or at least I feel they are pretty strong. I have owned my personal residence for about 3 years now, have it half paid off as well as I have no other loans/ debts and have a large sum of money in the bank....I am pretty good at saving :s would I start finding my 'team' at this point or would I continue to do research on my target area first?


Sorry. I never saw your post until today. Of course you can invest in Winnipeg, and if you live there, that`s where you should be investing. There is a group in Winnipeg that meets, and you might want to come and check it out. We have a Facebook group that was started up a while back that you can join and connect with people that way too. Link below.



http://www.facebook.com/#!/groups/171857266161167/



Feel free to email me with questions. [email protected] If I can`t answer them, I`ll try to steer you towards some people that can.



Nik


Thanks Nir, I asked to join the face book group and have written the next meeting into my daytimer and am looking forward to doing that for a good start, I am not afraid of being a land lord, I managed an apartment complex for 5 years through university, the part that worries me is figuring out how to do the research on areas and markets and places with a future, not a past...

 

[2ndstory]

I can tell you right now that there are some very affordable houses in areas like Fort Rouge and the West End. Both of these places have great potential for the future. Fort Rouge near Jubilee has the new under construction rapid transit system going to it and connecting it with downtown. Many new Canadians are looking to the West End because of its affordability. Stay west of Arlington if you can.



What area of the city do you live in? That makes a big difference. I don't invest in areas like Tranrscona because it is far from my residence and that makes it tough to manage. I also know very little about the area, but there probably are good opportunities there if you know what you are looking for.



Nik

 

[Little1]

[quote user=2ndstory] I can tell you right now that there are some very affordable houses in areas like Fort Rouge and the West End. Both of these places have great potential for the future. Fort Rouge near Jubilee has the new under construction rapid transit system going to it and connecting it with downtown. Many new Canadians are looking to the West End because of its affordability. Stay west of Arlington if you can.



What area of the city do you live in? That makes a big difference. I don't invest in areas like Tranrscona because it is far from my residence and that makes it tough to manage. I also know very little about the area, but there probably are good opportunities there if you know what you are looking for.



Nik



I currently live in the west end, a few streets west of Arlington and actually really like the area. Prices seem to have gone up significantly since I bought my place though thats happened everywhere in Winnipeg in the past few years.



How do you find investing taking into account the RTB and its rules and regulations?

 

[2ndstory]

[quote user=Little1]I currently live in the west end, a few streets west of Arlington and actually really like the area. Prices seem to have gone up significantly since I bought my place though thats happened everywhere in Winnipeg in the past few years.



How do you find investing taking into account the RTB and its rules and regulations?






RTB isn't much of an issue when it comes to renting out single family homes. If you are looking to buy a 4 plex or apartment block you will end up dealing with them and their strict rules about rent control. The issue I am having is that my 4 plex has been reassessed by the city and my property taxes are doubling. I cannnot just hike up the rent to cover my expenses. I will have to appeal to RTB to see if there is anything I can do.



Having said that, if you do own a multi-family property, as I do, you need to know the RTB regulations better than your tenants. If you need to evict someone, you follow the rules, and you are ok. If you stray off their guidelines and you have a tenant that makes it their business to know the rules, you will lose.



If you know the West End pretty well, I would suggest starting to look around there for houses. You probably already have a good feel for the area and which blocks or streets to avoid. You are right; property values have gone up in the area but you can still find some undervalued gems and the property taxes are low, as you will know. I have one on Simcoe actually that I purchased for $105 000, put about $5000 in renos into it, and now rent out for $1100 a month plus all utilities. The cash flow is great, and less than a year later I am sure I could sell it for $150k to $170k.



Do you have a real estate agent to work with? I work with one exclusively and he knows what types of properties I am looking for. Let me know and I can give you his contact info.



Nik