All Forum Posts by: Chris Dittrick

Absolutely. Once you reno to have two units, the numbers can absolutely work - they do on mine and will cashflow quite well. I think many see that as risky as there is a bit of a process to go through to legally suite it out, however if you can do it, it will definitely work. I have a good idea on how it will appraise, but that is the big wildcard if any. There are simply not a lot of comparables for legal suites here in Calgary, the legalization process still being pretty young.

I grew up in Riverbend actually, funny that. For work I do IT consulting downtown, so if you were ever in the core during the day I'd be free. Otherwise, sure I'd be happy to grab a coffee. Or, you could also swing by my place to see my project in action. Would be happy to share lessons learned about the suiting process. This weekend I'll be doing flooring, you're more than welcome to pop in. I'll send you a pm too. :)

Hey Spencer! Sounds like you are going to live in while you reno and suite out the basement? Similar to what I'm doing now. Braeside is a good spot. Pretty good transit access, nice mature neighborhood and good lot sizes. My neighborhood is similar in age (Silver Springs), I'm currently completing my basement suite as well while I live upstairs. From that perspective of buying a SFH and converting it to 2-units, I think the numbers can work. It's tougher without that value-add though. I'd be happy to chat more about my experiences if you'd like.

For now I've got this one in Calgary and plan to repeat once more as I've learned a bunch in the process. Later this year I'd like to add one more property - have not decided on where quite yet. 

For your project, I'd really recommend going the legal route with the city, rezoning if required, and meeting the additional code requirements of a legal suite as tough as some of them are. I believe that's the best way to get the value and equity out afterward. 

Darn, missed this one! Definitely interested in future events. :)

I've attended the 3 day conference, quite a few years back now, but I'm assuming the content hasn't changed drastically. It is not Canadian specific no, and yes there is a lot of sales pitching. In my opinion you will get 1000x more info from the Bigger Pockets podcast, forums, blogs and books. One of my faves for the Canadian market is Julie Broad's "More than Cashflow" - Canada specific and very relatable. 

 https://www.amazon.ca/More-Than-Cashflow-Profitabl...

She's also blogged in the past, although I don't believe she's doing that any more: https://www.biggerpockets.com/renewsblog/author/ja... and https://revnyou.com/

I'm in Calgary btw. Happy there are others here near by.  :)

Hi @Vincent A., another Calgarian here! I'm new to RE investing as well, but mid-way through my first foray into it all with a house-hack of my personal home, conversion to include a legal basement suite. Plan is to finish this project, refinance out and invest in the next one and get into MFH's. I agree to stay out of the condos if you can, but whatever you choose, starting is the most important thing for sure. :)

How strict are the bylaws in Ontario for basement suites? I'm in Alberta, quite a lot of extras that have to be considered if going for a legal vs. non-conforming suite (currently midway through my own basement suite reno). With that said, many choose the latter...just curious what the situation is like in other parts of the country.