All Forum Posts by: Spencer Riche

Yes, I invest in Manitoba, starting with residential properties in Winnipeg. However, after encountering the skewed tenant/landlord laws and a political climate that often vilifies landlords, I found the conditions unfavorable. Consequently, I've shifted my focus and will no longer invest in residential properties in Manitoba. From now on, my investments will solely be in commercial properties within that province.

Could you specify which type of property you are referring to?

This post was seven years in the making. My intention is not to boast but to inspire and share the significant impact that BiggerPockets, especially Joshua Dorkin and Brandon Turner, have had on my life.

I first encountered BiggerPockets at 23 while enduring long 14+ hour days as a pipe fitter on hydroelectric dams in northern Manitoba, working 21 days on and 5 days off shift schedules.

Although I was earning well for my age and educational background (I barely graduated high school), the job was unfulfilling and almost toxic, mainly because of the dynamics with the associates in the industry. A common trait among my superiors was you either had a drug and alcohol program, criminal record or atleast one diverse. Looking at this as my senior leadership, I knew the future here was not for me.

I always believed I could achieve more, but I didn't know how until I stumbled upon a Tim Ferriss podcast featuring Mr. Money Mustache (MMM), a fellow Canadian who retired at 30, supporting his family through his investments.

This introduced me to the concept of financial independence. It had never occurred to me that one could be self-sustaining through one's own resources, mainly because I had never made an effort to understand money management, retirement, or finances in general.

An MMM blog post led me to BiggerPockets, a forum where the members, sophisticated investors, referred to their properties as "doors."

I became completely engrossed, devouring every resource available to me. I attended seminars, joined meetup groups, and regularly invited local professionals for coffee to learn from their experiences. I continuously read and listened to podcasts, even during commutes and at work, using custom headphones designed like construction earplugs to facilitate my learning. I vividly remember the countless hours spent driving to and from remote locations in rural Manitoba, alternating between early BP podcasts and Jim Rohn recordings.

Over the next two years, I adopted an extremely frugal lifestyle, enabling me to achieve a 75% savings rate, sold my custom truck for a used Toyota, traded my new home in the burbs for a duplex (house-hack) in a challenging neighbourhood of Winnipeg where attempted break-ins were commonplace. I began biking instead of driving. My diet went from dining out to consistent beans and lentils. I even turned off the hot water tank to save money (until my then-girlfriend, now wife, convinced me to turn it back on)—all to use these savings as my launching pad of capital to get into buying income-producing real estate and starting a business.

Fast forward to today, the foundational skills and inspiring stories I absorbed from the BP podcast have given me the confidence to take action and believe in myself, significantly advancing my investment career. I've progressed from owning fixer upper duplexes in the north end of Winnipeg where I would do the renos myself late into the night; to purchasing large apartment buildings to acquiring properties in 13 different cities across Canada and the United States. to now buying office buildings and institutional-grade grocery-anchored retail centers leased to national tenants and publicly traded companies like Walmart, Safeway, and Loblaws.

Before 27, I achieved lean FIRE, all thanks to the inspiration and fundamental concepts from the BP podcast and the incredible people I've met along the way in this entrepreneurial journey by betting on myself, committing to lifelong learning, and nurturing an insatiable curiosity.

If someone like me, who barely made it through high school and would be considered "unlikely to succeed" by my peers, can do it, so can anyone reading this. Never give up, never back down, never take no for an answer, and keep dreaming. You only fail if you quit.

I'm excited to contribute to this community and share the insights I've gained. Please feel free to contact me privately or follow my journey on social media, where I've been actively documenting my experiences since 2019. Now that I believe I have value to offer, I plan to become more active in the forums, aiming to assist those who helped me and support newcomers who are embarking on similar paths.

Cheers BP!

Interested, do you have photos available? Please DM me. 

"Date the rate, marry the property." Don't let high interest rates or another news headlines stop you from capitalizing on a great opportunity. If a property ticks all your boxes, has potential for added value, and yields the return you want after accounting for the cost of capital, why overlook it just because the rates are considered "high"? In my view, now is a prime time to make a move in the market when others are reluctant "waiting it out" and keeping their capital on the sidelines. I've landed some of the best deals of my career this past year. Plus, if rates drop later on, your position will only improve.

Hi Samuel,

I've been investing in short-term rentals (STRs) since 2019 and currently own over 50 units across 13 different markets in Canada and the United States. Additionally, I have over 30 rental arbitrage units and founded/operate a vaction rental property management company that oversees everything. Over the years, I've gained extensive experience with STRs, navigating regulations, building teams remotely in various markets and countries, and testing nearly every piece of relevant software. I’m happy to share any insights I have—feel free to send me a direct message!

Overpriced and pain to deal with, especially with a large portfolio of properties. I previously used Proper but switched due to their high rates, lack of portfolio coverage, and demanding annual underwriting review processes.

I recommend Lux-Str.com, particularly for their blanket portfolio options, which are more cost-effective and feature a much smoother onboarding and annual review process.

"Date the rate, marry the property." Don't let high interest rates stop you from capitalizing on a great opportunity. If a property ticks all your boxes, has potential for added value, and yields the return you want after accounting for the cost of capital, why overlook it just because the rates are considered "high"? In my view, now is a prime time to make a move in the market when others are reluctant "waiting it out" and keeping their capital on the sidelines. I've landed some of the best deals of my career this past year. Plus, if rates drop later on, your position will only improve.

The most reliable method to discover local regulations is by visiting county websites and calling their offices for confirmation. For a quicker overview when examining mutliple markets quickly, I recommend checking out hostscouts.com/cities. Then verify via the local county office. 

I strongly suggest adopting multiple investment strategies as a safety net in case a single short-term rental (STR) approach doesn't work out. Each STR property I acquire must meet two financial benchmarks: a gross rent multiplier (GRM) of 5 or less [Property value divided by projected income must equal 5 of less], and compliance with the 1% rule as LTR, which serves as a backup if regulations shift or if there's a decline in STR income. I've observed too many new investors suffer severe losses in recent years by solely relying on the STR model, paying too much for properties, and then being forced to sell them at a loss when economic conditions tighten.

The past two years, I purchased over 30 houses in 6 different States, and my strategy of diversifying investment plans has been crucial. I've focused on less popular markets in middle America near hospitals, universities, and major employers that attract work-related travel. This approach puts me in competition with smaller, local investors rather than in oversaturated tourist-heavy markets, offering a better ROI.

My team also developed software that scans national MLS listings to identify the most profitable STR properties which may be of some value for your search. I'd greatly appreciate feedback on it at strfinder.co!

Steve, how does the geographical location affect the calculator outputs? What about the calculator do you need adjusted to analyze Canadian properties?