Tag Archives: Winnipeg real estate

I Sold My Winnipeg Duplex

Well, finally one of my properties in Winnipeg has been sold, the duplex that was fire damaged has been sold for $28,000. Am I happy to sell it , yes. Am I happy about the price, yes and no. I am just glad to be rid of that place. I originally bought the duplex for $52,000 and I would have made a small profit but then arson ruined any hope of that ever happening. Yeah, I lost money it sucks but it’s time to move on to other things. I lost about $20,000 but nothing I can do about it. You live and learn. Ask Donald Trump how much he lost in the early 1990s, it’s all part of the game. smily face

Now I need to get rid of the 4plex, so  I can purchase a condo property here in Vancouver, that I will manage so no more bullshit problems. On to the next deal, bada boom!

When Real Estate Investments Turn Into NightMares

[ad#ad-1] I wasn’t really sure if I was going to write about my Winnipeg real estate because they have basically gone sour, and I realy hate to dwell on the bad decisions that I have made. That being said I am not ashamed as what has happened with my rental properties in Winnipeg, more than I am dissappointed at the outcome.

 I have both properties I own in Winnipeg for sale (duplex & fourplex). As I have blogged about in the past I have numerous problems with my properties, from tenants skipping on the rent to full arson fire in my duplex while the duplex was listed on the market for sale.

Well, after the arson fire it took over 1 month to hear back from the insurance adjustor regarding the extent of the damage, etc.  He finally got back to me about 10 days ago and stated it was $18,000 in damages to the duplex. I have no intention of fixing up the property because for that to happen it will take another 5-6 months, and by then it will be getting cold in Winnipeg and all the real estate buyers will be hibernating. And even if I could get it fixed in a 2 month time frame it still wouldn’t work, why? It seems like the shitbags in Winnipeg have nothing better to do than start arson fires in abandoned homes, break into houses or shoot each other on the damn streets.

My decision is to take a check for the $18,000 in damages and sell the duplex property for cheaper than what I was selling it for $64,000. Here is the problem, if you take a check instead of repairing the property you only get 50% of the value, so 50% of $18,000 gives me $9,000. But wait that’s not the best part, then I have to pay the deductible of $2,500, which leaves me with $6,500.

I bought the Winnipeg duplex for $52,000 and now I am asking for $35,000, because it is half burnt. I will probably get about $32,000, plus the $6,500 check gives me $38,500. So I will loose about $13,500 before lawyer fees, paying the real estate agent his cut and a few other surprises. So I will end up loosing about $16,000 on this deal.

Am I pissed about, yes and no. I am just happy to get rid of the place and get rid of the thought of dealing with this nightmare. Besides, I made huge gains in the places I own here in Vancouver, so if I loose even $30,00 between the duplex and the fourplex then so be it.  Loosing money is all part of the game, ask Donald Trump he lost millions and got it all back and then some.

 Once both places are sold in Winnipeg I plan on buying a condo or 2 here in the next few months and manage them myself (someone I can always trust).

I thought I was doing the right move buying in Winnipeg (cheap prices, low vacancy etc.), but if you have shitty property managers, along with a bad social environment the outcome is what you have just read. Bottom line, I can only really blame myself, and a bunch of random events that I have no control over.

I will chalk this up to experience and move on, I am still going to buy more real estate in Vancouver, NOT Winnipeg. If I didnt buy the places I have here, I would be a couple million less wealthy so who fucking cares if I loose $30,000? Not me, on to the next deal and that’s it. Bada Bing!

PS: My goal is to have $20,000 in rental income per month, right now I’m at $5,000 a month. I am 25% of the way there, not bad if you ask me. Another 10 condos and that will get me right to $20,000 per month in rental income.

Think big, get big results….

Ozzie Jurock Recommends Winnipeg Now

[ad]Pretty funny, local Vancouver real estate Guru Ozzie Jurock is now recommending Winnipeg in his last newsletter. Just as I’m ready to sell, he writes a few paragraphs why it is a good place to invest in Canada.


Here are excerpts from Ozzie Jurock’s email:

192 Homes Under $125,000 and a 1% Rental Vacancy Rate Make It Hard Not To Look At Winnipeg
It has been difficult to make a case for investing in Winnipeg. The Manitoba capital, after all, has the same population now as it did 20 years ago, despite high immigration numbers recently. The weather (Winnipeg is the coldest city in the western hemisphere), the crime rate (tied for worst in the country), and the summer humidity and mosquitoes (terrible) don’t help.

Yet, for those who want to park real estate investment dollars while they wait out the current shakeout in B.C. (we noted last week it may be time to sit on the sidelines in B.C. because of the irrational nature of the current market) and possibly Alberta (too many listings, too much speculation), Winnipeg offers a remarkably stable market with some positive signs.

First of all are the house prices. This week Winnipeg has 193 homes priced under $125,000 on MLS, including scores under $100,000. At the $150,000 level you get newer condominiums and nice family houses. (The average MLS detached house price is $189,000; the average new house price is $300,000.)

Second is the city’s apartment rental vacancy rate. According to CMHC it is 1.2%, while the average rental rate for a two-bedroom apartment shot up by 7.2% last year and is forecast to rise another 5.3% this year, to $800 per month. Provincial tenant legislation caps rental rates increase at 2% per annum for 2008, but there are a number of exceptions, including apartments that rent for more than $1070 per month; approved rehabilitated rental units; and most new apartments. (See www.gov.mb.ca/finance/cca/rtb/ for rental information, listing guidelines and rules and downloadable forms.)

Third is an apparently serious attempt to improve the rundown downtown. In the past couple of years, CentreVenture Development Corp., a civic government arm, has bought up all the derelict old buildings along North Main Street. It is now spending $43 million to fix up the area over the next two years. To pay for it, the City has pledged that all taxes collected in the area will be reinvested in the neighbourhood for 10 years. As well, the downtown now has a new sports arena (though no professional hockey).

Fourth is a spike in immigration – 4,000 last year and 3,500 this year – due to a generous federal/provincial immigration program.

Major Point: No guarantees, but Winnipeg, with a population of 630,000 has rentals that should cash flow easier than anywhere else in Western Canada. Due to restrictive rent controls, virtually no new rentals have been built in years, so there is little competition.

Here is my problem with Winnipeg, I have a shitty property manager and the aboriginals seem to love to burn and break windows on the properties that I own. The properties I bought should be great deals but they’re not! Why, because I keep having all these fucked up problems.

  1. Arson fire
  2. vandalism (broken windows, kicked in drywall, kicked in doors, broken water meters)
  3. tenants skipping on rent
  4. hard to get hold of property manager


If…. I lived in Winnipeg things would be different and I would probably have 5 houses there, but I can’t control what happens 1000s of miles away. Relying on other people sucks and property managing is not an exception. All I can do is suck up Winnipeg real estate investing to experience, live and learn and on to the next deal.

I bought in the North End Of Winnipeg, which is an area of high crime now. At one time the North End was an area for new Canadian immigrants. Back in the 1920s, nearly 14,000 Jews called the North End home.

It is Canada’s largest urban concentration of Aboriginals as well as Filipinos and the largest Ukrainian center outside of Ukraine itself.

Now the Winnipeg North End is a shit hole, low income means ghetto and that’s what you have in Winnipeg. It sucks but that’s life and you move on.

I do agree that Winnipeg is a good buy, but I don’t recommend buying in the North End from my experience. I do respect Ozzie Jurock very much and I have a subscription to his “Facts By Email” real estate news service. I am in no way slamming Ozzie, I consider it my own fault for the mistakes that have happened.


update January 3, 2010

I want to thank Ozzie Jurock for his  “facts by email” newsletter that I subscribe to every week. Ozzie Jurock is without a doubt the reason I invested in real estate. Thanks to his advice I have over 8 properties. I followed his advice and bought 3 condos (2 in Burnaby and one in Port Coquitlam), under $200,000 last year and in 2008. They cash flow and have increased at least 15-20%  since I bought them r when we had our housing “slump”. And also his advice on investing south of the border has worked out well, I bought a 3 bedroom condo in Las Vegas for $100,000. 1/2 of what it was worth 2 years ago.

Thanks Ozzie!

Winnipeg 4plex Rental Property For Sale

Any real estate investors out there? I have 2 rental properties for sale in Winnipeg. One rental property is a 4plex and the other is a duplex. Here are 2 photos of the 4plex, it is selling for $119,900. The 4-plex, bi-level style, frame construction with u/d-f/b units lay-out. The 2 bedroom units rent at $600 x 4, $2400 per month gross rent. The investment property is professionally managed, which should be maintained after possession. Each unit has a fridge and stove. Some of the windows have been replaced and protected with plywood.

Contact my realtor:

Don Watson
Telephone: 204-784-3828
REALTOR® Website

Powell Property Group
79 Southbridge Drive
Winnipeg, Manitoba R2J 4A4
Telephone: 204-784-3828
Fax: 204-257-7331




Find more photos on MLS.ca