All Forum Posts by: Randall Priebe

@Scott Burnett well ya I’ll take late over never haha.

Well I ended up buying at 256 beacon street. As a first time investor this has been a wild ride so far haha. Would not recommend buying out of province and in low income part of town as your first investment. Haha.

But anyway I own it now. At the start it was bad. Real bad lost lots of money. But now it’s fully rented out and bringing great cash flow if I don’t could the money I’ve lost. Renters don’t tend to pay on time but they have still always paid.

Hey just writing on this thread as it people from Winnipeg. Looking to see who you guys are using for a property management there. I’ve own a place now for 10 months and been using pillar property but they have not been able to get one of the units rented out. In 10 months !!!!! Also they have not really provided much feedback. I’m from Vancouver so I depend on them pretty heavy.

So I’ll take any recommendations you guys got on PM.

@Andrew De Leon

Well I didn’t know about the strip club. I did know it was in a rougher part of town but was told buy the realator that it still would be pretty easy to rent.

From what I saw when looking in the area it seemed like a good deal. Was listed for around 149,000. Also total rents of $1650 if it’s all rented out. I new to avoid the north end. My realator did seem pretty honest. Went over a good amount of properties and even told me not to buy a few after seeing them.

But at this point sadly it is what it is and I own it now not much I can do a out that one. I’ve owned it for just about 6 months now.

The pm company is posting it on Kijiji and they charge another fee to post on other sites. So I posted it on fb myself and have had 250 people message me so I the. Tell them in a pre made message to contact pillar management. Another reason I’m very confused like there is lots of interest.

PM charges 10% of rents. When I was looking at their pricing also said only $50 for tenant placement. What I learned is that is true but I also am paying now monthly for them to advertise the unit and do showings. So paying them about $200 a month right now.

@Andrew De Leon

Currently I’m using pillar property management. So far the only person I like there is the maintenance guy. Other then that it’s hard to get good info out of them.

Do you have and recommendation. Also you being from Winnipeg what do you think about the area around 256 beacon street. Like will people rent there. I know it’s not the nicest area but at this point really hoping someone would still want to rent there.

Also what do most people use in Winnipeg to find rentals. Just want to make sure it’s getting posted on the right sites.

@Steven Silman hey thanks for the comment.

You situation you had there sounds pretty wild. Got to love it when the Mexican cartel gets involved haha.

My duplex is in the west Alexander area. A few minutes from the health science Center.

Six months does really seems like a very long time to find a renter in a market with 3.5% vacancy rate. The long distance thing has been pretty difficult. If I just lived there I’m pretty sure I could have got it rented. But when you don’t have $100,000 for a down payment you do what you got to.

Well I guess the hunt for a better property manager will start then. Sucks that so many of them really do suck at getting back to me.

@Matthew Irish-Jones ok ya that’s fair. I am definitely not getting weekly updates. I have to basically ask them for anything when I need info from them.

@Matthew Irish-Jones vacancy rate for the area sits around 3.5. Granted my house is not the best house in the area but still in good condition for the area. Really I think not having laundry has hurt me. But that is being put in now so really hope that’s helps.

Any advise on how to put fire under the pm company to get a renter in there. Like I understand my house is not the only house they need to rent so I’m afraid when people call them about my house they can really try to rent out any of their houses to them.

So I finally did it. I bought got the money together and bought my first renal property.

Sadly so far it has been a struggle. Even with all the math there are things you can not know.

Quick back story. I live in Vancouver Canada area so could not afford to buy in my local area as a down payment would be over $100,000 for even a condo.

I ended up buying in Winnipeg. Much cheaper prices and still good rents. Low vacancy and a population for 700,000.

Duplex price $127,000

Now that issues started. Had to pay to get electrical work done that was not foresee. That cost $8,000. Other repairs were another $3,000 that I new would be coming.

After 2 months one unit rents out for $650. So that’s good.

The second unit is a 3 bedroom that should rent for $925. It’s been six months still not rented. Determined it’s prob bc it does not have laundry in it. So I’ve now put in laundry. Ended up costing $6,000 to get plumbing, electrical and new machines put in.

Now the issues. I’m stressed haha. I’ve put tons of money into the house and still don’t have it fully rented out.

Since I’m 5000 km always from the property is all being run by a pm company. They seem like a good company but hard to tell as I’m this is my first go. How do I pressure them more to get a person renting the unit.

Has anyone been here before. What did you do. Do you sometimes just have to wait it out. At the moment with the one renter I’m loosing $150 a month. So once the second renter comes this will be nice. But if I don’t get one in a few months I’m going to be pretty stressed.

Thanks for reading my vent needed to type my thoughts out. Any thoughts, ideas or encouragement is very helpful.

@Theresa Harris ya in a state of panic today I contact lots of insurance companies in Winnipeg so now just waiting on hearing back and really hoping one of them will still insure it. That would be my best solution but trying to plan ahead so I’m not stuck day of possession.

@Tchaka Owen ya the bank already said they will provide a mortgage. They had an appraiser attend the house and said there was no issues on their end.