New member from Winnipeg, MB. Any others here in Wpg?

Question

Hi my name is Courtney.

I live and work in Winnipeg, Manitoba. I’m originally from Ottawa, Ontario.  I’m currently working full time for the Government of Canada.

Im a trained Architectural Technologist.  While I’m currently working at the GOC, I’m interested in combining my past training and passion in architecture with real estate investment.

I’m interested in making investments in rental properties here in Winnipeg. As a new Winnipegger and new to investing, I’m still in the planning and research stage.

The reason I’m interested in real estate investing is I’m ready to make a real breakthrough and take charge of my personal finance.

Courtney Loney · Answer

@Mike Langin  that’s actually a great idea! Really smart to create that secondary suite. Are you thinking an addition? Or like a “duplex style” - just converting an existing house into two. The possibilities are interesting once you decide to move in time. An addition could even be great for an in-law suite.

Yes definitely helps having your construction experience. Build that sweat equity!

I’m also still saving for the down payment with a bit of cushion. I’m looking for a single family home under $200k. I’ve kept my eye on the Scotia Heights area. I feel like there’s room there for appreciation. Also considering Transcona.

Oh! You should check out some of the GST rebates available for residential rental properties (possibly one for additions). I’m not sure if Manitoba has them. I work for CRA so I’m always on the look out for tax breaks haha.

Michael Morrison · Answer

@Mike Langin @Courtney Loney @Nicholas Watt @Joe Paletta

Greetings neighbor’s!

I’m looking to rehab anywhere from Fort Richmond/Garry/Rouge to West end. I’ve picked these because I’ve either lived in area or gone to school there.

Any metrics about these areas that comes to mind? Good or bad.

Anyone have a referral for a good GC that you’ve worked with?

I’ve got financing,  but budgeting rehab costs is not an area of confidence for me today, and a trustworthy GC priced accordingly is said to be invaluable. I’m ready to give up a bit of time for job completion if budgeting estimate, and quality is there.

Thank you for any reply

Tarik Tokar · Answer

Hey,

@Mike Langin @Courtney Loney @Nicholas Watt @Joe PalettaLook at the Winnipeg crew growing!

I'll touch on what was said regarding areas;

I know a lot of investors like the Scotia Heights area but I am not a fan. It is too close to what I would consider some really rough parts of town which limits the kind of tenants willing to live in that area.

I am 100% with @Mike Langin regarding Transcona. I really don't understand why people talk so much doo-doo about it. Great option for rentals there in my opinion.

Regards,

Tarik

Dmitriy Fomichenko · Answer

@Courtney Loney

Welcome to the BP family! Good to have you here!

Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Wishing you the best!

Mike Langin · Answer

@Courtney Loney At this point I'm going to wait until probably 4th quarter this year. Spring is coming up, parade of homes is on so everyone will be in the buying frenzy. Just wait until it dies down a bit and get the deals in the colder months. There were quite a few multi-family units that I saw on the mls that were listed for months.

Transcona gets a lot of flak in the city but there is absolutely nothing wrong with it, solid B/C area of town. And I totally understand with the north end, I'm torn on it because there are good pockets in the area. But definitely stay away from the murder zone of mountain/salter up to downtown. Once you get towards McPhillips it's good again. I had a friend live off of Mountain, few blocks from McPhillips and there was absolutely nothing wrong with the area. Safe, quiet, solid homes, close to amenities, close to school (although I have no idea how good they are).

Courtney Loney · Answer

@Mike Langin good to know thanks.  I live out in Lorette so for my first rental I am looking in that area and possibly Transcona, since it would be close to my work.

No I haven’t, I will definitely check that out on YouTube. I have a basic understanding of the BRRRR concept, definitely the direction I want to go in.

I’ve also considered the idea of a place in the North End. I have a friend who’s has 2 rentals there with great cash flow. But I’m not particularly interested at going there on my own if you know what I mean.

There’s quite a few duplexes available in Transcona, but they do go fast.

Yeah definitely some good tax breaks. Making negative rental income would reduce you taxable income in the year and depending on your tax bracket, this can mean a decent refund. Then the Capital Cost Allowance of course.

Nicholas Watt · Answer

Welcome, aboard! Always nice to seen another fellow winnipeger on here!

Mike Langin · Answer

@Courtney Loney Scotia heights is good. Anything 2-3 streets south of Inkster and all the way north is great.

If I find a duplex in my price range with the proper egress I'll make it 3 suites, single family I'll make 2 suites, or at least that's the plan. So kind of what Brandon does with 2br, 1 bath and 1000sqft, I'd looking for that and dividing the house in two and having separate suites which I good to go with city planning, and you can add that into the figures for refinancing. And the amount of tax benefits are staggering. Even if you happen to lose money on the year due to repairs or vacancies, you can carry forward the loses for years the property is cash flow positive. It blew my mind when I found that out.

In the meantime, have you checked out Matt McKeever on YouTube, or the original BRRRR master Scott McGillvery?

Mike Langin · Answer

@Courtney Loney

No properties yet, saving the downpayment and planning to live in flip by building a secondary suite for myself in a single family. I have a pile of construction experience and am a apprentice electrician right now so I definitely want to force some appreciation in the property while I live there.

I can definitely give you the neighborhood rating if you like, I grew up here.

Courtney Loney · Answer

@Mike Langin Hi Mike, thanks for the welcome. Awesome to hear there’s others from Winnipeg on here as well. Have you made any purchases yet, or still in the planning phase? I’m trying to get to know Winnipeg, and learn which areas are good options. Can be a bit hard since I’m not originally from here. So still getting a sense of the city. Hope it’s going well for you! Let me know how things go.

New member from Winnipeg, MB. Any others here in Wpg?

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