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All Forum Posts by: Spencer Ross Hewlett

Spencer Ross Hewlett has started 1 posts and replied 10 times.

Post: Hola from Calgary, Alberta

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hello!

Does anyone have any experience investing in Leduc? I have a rental property there and I am curious if anyone has any leads on information regarding basement suite development in Leduc. The city's website is not as good as Calgarys and I am having a hard time finding the requirements to qualify for a secondary suite. If anyone can point me in the right direction it would be appreciated!

Post: Rental Properties in Calgary and Surrounding Area

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey Kevin,

Thanks for reaching out! I'm always down for a good real estate convo, or any investing for that matter, over a beer. I've also look at Lethbridge. Way more affordable homes compared to Calgary. Have not looked to deep on what the rental prices are like but I do like the fact that it has a booming University. Let me know if your in the Calgary area. We get our possession at the end of March. Then its demo day! Super pumped!

Post: Rental Properties in Calgary and Surrounding Area

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey Gord,

Multiplexs are definitely something to keep an eye out for.  I think in our market here in Calgary you are better to find the properties in the nicer areas that have a better potential for capital appreciation, and take that into consideration more so than high positive cashflow. I know in some places in Ontario guys are getting into places for $100,000 and renting them out for good rental numbers. Properties are cashflowing well and you are paying down your principle but I wonder what kind of neighborhoods and potential capital appreciation are realistic for properties like that? In my opinion, if the property is cash flow positive or even cashflow neutral in Calgary but in a really nice neighborhood with high comps and high potential for the property to increase in value its not a terrible deal. My real estate investment strategy is long long term though... Im curious where you invest in the US. Is it that challenging to get a deal together their or is it the same as everything else - know the right people and its seamless. Curious to hear your take on why you are investing in the US! 

Post: Rental Properties in Calgary and Surrounding Area

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey Chris,

This is awesome. You are currently doing exactly what I plan to do! Suiting the basement is the only way I can make the numbers work to cashflow the property once we eventually move out. I would definitely appreciate some insight into your experience so far.  What do you do for work? If you have time it would be awesome to get a coffee or something in the future. I own and operate a rigging & industrial moving company in the SE - takes up the majority of my time. Currently living in Riverbend until we can get this deal closed. There was some issues with the sewer line going out to the city main so we are investigating but it is taking awhile. Fingers crossed its all good.

Post: Rental Properties in Calgary and Surrounding Area

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey Brianne,

Thanks for the response. The place that we are just waiting to remove subjects on is in Braiside.  The house needs some work, but we intend to live in it for a little while so I am gong to pick away at it once the basement suite is in. The comps in the area are really good for a renovated place so i like the future potential for capital appreciation on this property. As far as rentals go, I also have a place in Leduc that has some wonderful long term tenants. The property itself has gone down in value over the last few years as Leduc was really affected by the economic downturn. That being said, I am just going to hold onto it and continue to build equity on the property. 

Im interested in your plan to buy in the US. Do you have any places currently down their? I watch and follow a lot of Youtube and podcast where young people are doing the purchase, renovate and rent tactic. The places that they are buying are insanely cheap though, and the rents they are getting are comparable to what we would get out here. They talk about the 1% rule and how you should be renting your property out for roughly 1% of your purchase price. I have not seen a single place yet in the Calgary and surrounding area in which that rule of thumb would apply.

Post: New investor from Calgary, Canada

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey man,

Yeah we’re looking to suite the basement in this unit. I agree. Prices are high here. This particular house is located in a nice neighbourhood so I’m more interested in capitals appreciation but the house should cash flow if I rented the top and bottom out. Please let me know when the next meet up is. I’d love to go!

Post: Calgary, Alberta BP Get Together

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey guys, let me know when the next meet up is!!

Post: New investor from Calgary, Canada

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey Ian,

I am new to BP as well. Im looking to expand my real estate portfolio and would be happy to chit chat. What kind of property are you looking for?

Post: Hola from Calgary, Alberta

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hey guys, I would be interested in meeting up in the future as well.  Let me know if you guys plan to meet up, or meet up again. Thanks.

Post: Rental Properties in Calgary and Surrounding Area

Spencer Ross HewlettPosted
  • Calgary, Alberta
  • Posts 10
  • Votes 0

Hello Investing Community,

I am just in the process of closing a deal in Calgary for a older property in a nice neighborhood. We plan to suite the basement to help supplement the mortgage and expenses. We are looking to begin building out and adding to our rental property portfolio in the future. Just wanted to reach out to anyone in my area that I can network with, learn from and share my experiences. What are some areas that people are focusing on for rental properties in this area? Are you staying in Calgary or are you venturing out to smaller towns where the prices are more affordable? Look forward to the responses, thank you!!