New Investor looking to start in the Barrie, Ont area

[Kyle Albert]

Hi All, I'm a new investor and looking to begin the journey in the Barrie,Ont area. I'm from Newmarket but have lots of family in Barrie and know the area quite well. My goal is to buy & hold and start with small duplexes or SFH with a basement apartment. The question I have is how much time, money and effort does it take to 'legalize' a basement apartment. I've found multiple deals with basements but most are not approved by the town. My agent is telling me to stay away and wait for one that has all coding and permits already approved by the city. What would it take to do this? And is it worth it seeing as how the market in Barrie is quite appealing. Thanks, Kyle Albert

[Debbie Gilbert]

Hi Kyle.  I'm Debbie.  I was born and raised in Barrie, except for the usual 'away for education', I've been here most of my life.  What a  happy fortune for a real estate entrepreneur to LIVE in one of the hottest markets in Canada -- Barrie!  I have 2 SFRs and a duplex that closes next week.

My advice to you, Kyle is to join some local Real Estate Investment Groups -- you can find them on Meet-up.  The people there are investors of all ages and stages, and the meetings are alive with opportunity for learning and networking.

Regarding second suites / basement apartments...  Just google "city of barrie second suites" and the first 5-10 hits are ALL valuable information.  Barrie has a vacancy rate of 1.7% and is in desperate need of affordable housing.  The City is supporting the creation of second suites and their criteria and specs are clear and user-friendly.

Best of luck to you, Kyle!  Stay in touch!

Cheers, Debbie.