All Forum Posts by: Bryan Waller

If you look for this sort of property anywhere in Canada one way to find out quickly how viable it is would be to talk to a land surveyor registered in the province.  They usually know the zoning and what is required from the survey side, but will also have lots of experience with how long it takes to get a zoning change. A consulting planner will know the details and likelihood of success. That large at that price, that close to a major centre is lowish, especially if it can be subdivided into acreage properties (large lot/estate homes) or a neighbourhood of SF homes.

Depending on the location the price can be low because it is in agricultural land which may be reserved and difficult or time consuming to have excepted out and made available for development.

Also some areas will not allow for piecemeal development. Meaning you must put in all the utilities, roads, etc. before you can begin to build. There may be rules about phased developments, so you would need to do a subdivision of say 25 ac, fully develop then be allowed to do the next 25 ac (just examples) where other areas may say 'all or none'.  It is really variable across the country and within provinces.

If you look out west I'd be interested in helping out. My background is in consulting for land development (mostly industrial now, but residential in the past).

Good luck.

Bryan

Hi Ajay, i recently reno'd my 1967 residence and we had asbestos in the stucco on one external wall, drywall mud compound, and popcorn ceiling.  We had the external stucco removed and about 20' of interior wall removed and the cost ended up close to $10,000. For the interior we put a new layer of drywall over the ceiling rather than remove the popcorn to reduce costs. Losing 1/2" of headroom is imperceptible. From what I've heard from others, this is common in Calgary.

Bryan

Hello Folks,

I wonder if there is anyone in the forums that can share their experiences purchasing a condo property in Maui for short term rentals?

How did you evaluate the deal?

Did you use AirDNA or similar to gauge revenue potential?

Was it able to cash flow after mortgage, on island property management, HOA fees, etc.?

Did you purchase a property with future bookings in place and take them over and how did that go?

Are you holding it in a US corporation or just as personal property?

Bryan

Great question, Russell. I've been wondering the same thing for western Canada (AB/BC/SK).  In many northern parts of the prairies there is significant depopulation and aggregation of farmland into larger blocks, or leasing opportunities with larger operators looking to increase their acreage. I don't think there is much private land woodlot ownership in the prairies except by forestry companies, but I could be wrong.

@Mike Singh

I’d vote for Knightsbridge too. Great FX rate and very easy to do. You call them, they send a confirmation email, you e-transfer and it’s done.

@Kris H.

Flips can work in flat markets if you find the right neighbourhoods that are changing over. Especially if you can find the property off market. Calgary overall is basically flat or down depending on the housing type but flips are still profitable in lots of neighbourhoods.

Down markets are a disaster for a flip.

@Owen Langis

The quality of the new construction going on in Albert Park is interesting too. Some very nice replacement houses. small bungalows replaced with 2+ Storey houses that get a view of the mountains plus the well done apartment condos on the site of the old school. And it’s framed on the north by the LRT and south by the BRT makes it a great commuter location.

Hi Taylor, I live in Calgary. Housing is expensive, but compared to other cities in Western Canada, not so much. Edmonton is probably a bit lower, but anything west to the coast is A LOT more expensive in a city.

If you're looking in Calgary and your house hack is about renting out a room or a suite, then I would recommend getting something near the LRT routes, or one of the 2 universities or SAIT.  But not too close to the schools as the cost is significantly higher because of the rental market nearby.

Happy to help if you have other Calgary specific questions.

@Ayyub Omer

The flip market seems hot but also profitable. In my neighbourhood Willow Park the houses have been selling quickly for double the purchase price with good, but not excellent renovations. Most unrenovated houses around $500,000 are selling in this area (Willow Park, Acadia, Lake Bonavista) are selling at price with multiple offers, then 4-8 month / $100-200,000 reno, then selling for $800,000 - $1M.

I’m not a realtor, but this is what I hear from the sellers and the neighbours. Could be smoke but there are a lot of flips happening so it seems to be legitimate.