All Forum Posts by: Joel Arndt

Other than the furnace, everything you mention here is a matter of taste. So the people you should really be asking are potential renters. Renovate to the standards of they type of tenant you want in your units.

As for the furnace, it seems to me like you have an opportunity to replace it now: everything is being torn up anyway, you already have a budget for larger expenses.

In my mind, why tear up and pay for a big, disruptive project later when you have the space, time and budget now.

Just my opinion though.

Who here has converted an SFH into a triplex before? What was that process like, specifically compared to a duplex conversion?

I don't have any STRs, so it would be better to hear from someone who uses it, but I know many investors with AirBnb's in Ontario and all of them rely on AirDNA.

Check AirDNA to make sure your area of Calgary has a viable STR market.

Maybe rent it out by the room? Are you close to hospitals, universities, office parks, or places with high professional traffic? You could rent to professors, nurses, engineers, etc. 

Is the layout easy for seniors to navigate without assistance? There's a growing need for senior co-living that isn't assisted living. You'd look for folks who are downsizing, who may have lost spouses, but are still able bodied.

Can I ask why not Hamilton?

Some people are comfortable paying into a rental property because they see it as a forced savings plan. They're counting on appreciation and mortgage paydown.

However, I don't think you have to be in a negative cash flow situation. You're real estate investment shouldn't just be a savings plan, it should be making you more money. And there are plenty of markets outside of the GTA that will cash flow positively.

The question is, how much equity do you have in your house? Could you sell now (or in September when prices are a little better) and make enough to reinvest in a cheaper market (like Hamilton, St. Catherines, Kitchener, Guelph...)?

If you can make 50k - 100k on the sale, i would go for it. Invest that cash in one or two properties that will actually generate income for you month over month.

@Vish Walia

Hey Vish. Have you found a property yet? Where did you end up investing?

@Dale Barber @Zack Tremere

Mandy Branham has something over 60 properties under her belt, done with JVs. She provides a ton of practical info at her presentations.

Here's her website.

https://www.mandybranham.com/

@Carolyn Q.

Congrats! What kind of property? Single, duplex, student rental?

@Tim Atha

You bet.

A word on finding a realtor, they need to be investors too. Many realtors know how to sell you a house (even if they are your "buyer" representation), but few know how to invest. 

General realtors hate shoppers. They don't like people who are picky about details. They like buyers. They expect you to make an emotional decision. But that's not investors.

Realtors who also invest know that you have to be a shopper (pretty sure Gary Keller coined that idea). You are looking for the right numbers, not the right feeling. Fellow investors will understand that. General realtors won't. 

If your friend's parents are good at selling homes to families, they likely won't understand what you're looking for. They may say they understand (because in their eyes, buying a house is always the same process), but when you start turning down properties they show you because they don't match your criteria, they'll get frustrated.

The quickest way to know if a realtor will understand your needs as an investor is if they hold investment properties as well. Even then, if your investment attitudes don't line up, it can cause frustration, but it's a good place to start.