Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago on . Most recent reply

User Stats

90
Posts
40
Votes
Jonathan Yeh
40
Votes |
90
Posts

Rental Property in Calgary?

Jonathan Yeh
Posted

I am having a dilemma here and in need to have different perspectives on this so I can make a better judgement call. I am planning purchasing a Single family rental property in Calgary (more specifically, Airdrie). Here's the dilemma:

In Calgary, there are a lot of illegal 2nd suite units (basements), but that's not something I want to do. Not only it costs about 30k to complete the basement, the illegality of it risks the chance of being reported by the neighbors ($$ fine). However, by doing so, I can increase my rent/total value from about 0.5% to 0.7-8% (which is not bad in the area). I also think by renting it to one family is better in terms of living quality, hence a better market. But again...I'll be losing at least $500 monthly cash flow if I rent it to one family.

What do you think/know? Thanks in advance :)!

Most Popular Reply

User Stats

90
Posts
40
Votes
Jonathan Yeh
40
Votes |
90
Posts
Jonathan Yeh
Replied
Originally posted by @Theresa Harris:

@Jonathan Yeh  Once you find out the costs to have the basement suite licenced, it will give you a better idea.  Biggest things are separation and having smoke alarms connected between the units.  As for the garage, have it included with the main floor unit and tell them the single bay (guessing there is a single door and a double door) can't be used for a vehicle as the area outside the single bay is for the basement tenant to park.  The main floor unit would still have the 2 bays in the garage plus the driveway in front of those bays which is more than enough parking space.  They can use the single bay inside for storage or a work area.

Have you thought about looking at duplexes if you want two units?

Your idea is brilliant! Thanks for sharing that, it'll definitely minimize the parking dispute. 

In Calgary, unfortunately they sell duplexes as individual housing units. So I'll be paying for the price of 2 SFH for a duplex. They usually split them into upper floors and basement to make a SFH into a duplex.

Although pricing on the duplex is lower than a detached SFH, but to buy both together it'll cost about 1.5 - 1.75 times more than a detached SFH.

Loading replies...