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All Forum Posts by: Dylan Bergum

Dylan Bergum has started 6 posts and replied 10 times.

Post: Different ideas for property income streams besides rent

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8

I live in Ontario (GTA region) and have been considering buying a single family home in a more country/rural area and making income through other avenues besides long-term tenants. 

So far, I have come up with the following ideas:


- airbnb

- bed and breakfast

- car storage

- boat storage

 - trailer/motor home storage

- shared workspace/office space rental

- general long-term storage

Does anyone have any other suggestions?  


I would also welcome input regarding using a property for renting out long-term storage, car storage etc., if anyone has an experience or comments regarding this (by-law/zoning issues).

Also, are there any resources that someone can direct me to regarding by-laws for storage facilities? I suppose I would have to research municipal by-laws dregarding this?

Thanks!

Post: Where do you see the Alberta housing market going in the future?

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8

I am curious to hear from other Canadian investors where they see the Alberta market going in the future.  Do you see it being prosperous despite the move away from oil and economic conditions?  Edmonton and Calgary seem very enticing to invest in due to the combined effects of covid + oil, but I am also cautious in regards to their future economy.

Do any members have thoughts/opinions on if the Alberta market will be strong in the future?

Post: Best Toronto-area Cities for Real Estate Appreciation

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8

Hi there,

I am looking to purchase a single family home in the Toronto/Southern Ontario area to live in for the foreseeable future.

I currently live in Toronto and am looking at several Toronto-area cities to purchase in. These include:

  • Barrie
  • Innisfil
  • Hamilton
  • Brantford
  • Kitchener
  • Cambridge
  • Guelph

Does anyone have any opinions on which city is most poised for future appreciation?  I know Brantford is the most affordable and was listed as one of the top cities for Canadian real estate in 2019, but i am hesitant because of the crime rate. 

Barrie/Innisfil also seems like a good option as it is quite affordable and north of Toronto, which puts it in a good position as Toronto keeps growing. 

Any opinions? Feel free to let me know of any other cities I might have missed.  I am not looking to go east of Toronto which is why I left out the eastern cities. 

Signed- Here in Ontario, Canada, our laws are very tenant friendly and I routinely hear horror stories about tenants not paying rent for months and months on end and landlords being able to do little to nothing in terms of getting them out within a reasonable time.  I support!

Ken McElroy's video on this gave me all the reason I need to wait. 

https://www.youtube.com/watch?v=N-SG-n-C5IE

Post: Getting first BRRRR property through a wholesaler or alone?

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8

What do members recommend for a first-time investor obtaining their first BRRRR? Is it recommended to go through a wholesaler, or is it encouraged to source your first property out on your own?

Thank you!

Post: Hamilton or KWC/Guelph area?

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8
Originally posted by @Jacob Perez:

@Dylan Bergum Both great markets Hamilton is an awesome city, majority of my portfolio is Hamilton. Send a DM & we can set up a call, happy to go over details with you about where to invest.

Jacob

Sounds great buddy! I will hit you up..Recognize you from Matt McKeever's channel  

Post: Hamilton or KWC/Guelph area?

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8

Hi everyone, 

Just looking for some advice on which city people would recommend for what I am looking to do:

So, I currently live in Toronto but am looking to move out of the city and buy a property in the next year. 

My Goal:  To buy an outdated property/moderate fixer upper in the 250-400k range that I can put 20-30k in renovations.  I then plan to have it re-appraised next year and refinance to purchase a rental property. 

Please note that I plan on living in this property long-term. 

My question:  What city would you recommend between the Hamilton area and the KWC area?  

I am thinking that KWC might be difficult to find in my price range as it seems to have risen considerably in price...Hamilton seems more affordable but I also hear a lot more negative things about the city. 


I noticed Cambridge seems to be the most affordable in the KWC area- anyone have any opinions?  

In terms of Hamilton- do people here have a favourable look on the city? What about outlying cities such as Stoney Creek?


Thank you!

Post: Renovating and then Refinancing (Canada)

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8

Hi everyone,

I am new to the real estate game so I have some  questions.

I am going to be purchasing my first live-in property this coming year and am considering one of the below two options:

Option A) Taking out a large mortgage for a nice duplex house with a legal basement unit that will help pay the mortgage; or

Option B) Taking out a small mortgage on a fixer-upper house, and putting in 30k worth of reno's and then refinancing afterwards.  After refinancing I would then use that extra $ to put a down payment on a modest investment/rental property.


Any opinions on what the better strategy would be are welcome as well.


However my main question is in regards to refinancing. I am somewhat familiar with the BRRRR startegy but just want to clarify.

Question: After I put 30k worth of reno's into my live-in property, I then simply get it re-appraised by the bank and then can pull out that value-add in cash to purchase my investment property?  Is this how it would work? Or what would be the best method to go about this?  

Please note that I am in Canada (Ontario).

Thank you!

Post: Investing in Windsor Ontario

Dylan BergumPosted
  • New to Real Estate
  • Toronto
  • Posts 11
  • Votes 8

Question- I have been speaking to a real estate agent about investing in Windsor (I live in Toronto).  I mentioned that I am looking for houses in the 130-180k range and he suggested not to go for anything below 220k because of the neighborhoods...Is this true? I have seen many houses at 180k that look beautiful.