All Forum Posts by: Travis Hewlett

Hey @Adam McInnes,

I live in Calgary and have looked at a few fourplex's set up as student rentals. Personally I would stay away. Typically these units have been set up for international students, who aren't likely to complain to the city, but if you received complaints, these units would never pass city inspections. 

The city is starting to crack down on illegal suites, so if you ever had anyone complain due to parking, noise, the amount of people in and out, etc. it wouldn't likely meet the city's standards. Make sure the numbers still work as a fourplex and not a student rental, so you have a backup plan. You will also have a lot of turnover, that as a new investor may burn you out and turn you off from real estate investing altogether. This is just my experience looking at a few student rental 4Plex's in Calgary, and I've only looked at a few, so if you find a gem it may work. The units I looked at were quite rough, and there's no way I would feel comfortable renting them to anyone. I found that the living conditions were absolutely terrible and the landlords seemed to be taking advantage of international students. Make sure you're thinking long term, it fits within your investing and morality criteria, and you have a backup plan if you ever ran into trouble with the city. Good luck!

Welcome to BP @Dale Barber!

I'm also in the Calgary market as well as in Oil and Gas (now transitioning to Energy Storage). Feel free to reach out regarding local neighborhoods and dialing in your criteria. 

Welcome to BP Jeffrey!

Great to hear you're working on Net-Zero housing. Have you noticed an increase in flow through of  Net Zero products in your supply store?

Welcome to BP @Andrew Brown! 

Good luck on your fourplex! 

Hi @Peter Daley,

Welcome to BP! Are you a contracter in Calgary? I'm making an offer on a property today and need a couple quotes asap. Please let me know, I'd like to hear about your deal as well. Thanks and have a great day,

Travis

Hi @Bobby Mailloux,

Thanks for the comments, I'd definitely be up for a call or coffee sometime. Shoot me a dm and we can line up a time to connect. Thanks and have a great day,

Travis

Hi @Muriya Bosch,

It was a really fun deal, and we learned a ton in the process! To have a legal suite, I believe you need at least four parking spaces. Right now the city is offering free development permits for legal suites, so it's a great time to add a suite. I would definitely look up the regulations for basement suites, because they have been changing regularly over the past few years. The city is trying to make things easier, and make the process easier. They will also start cracking down on illegal suites over the next few years. Good luck!

Travis

Hey @Paul Williams,

Welcome to BP! It looks like @Anthony Therrien-Bernard, @Ryan Brocklebank, yourself and I are all sick of the oil and gas industry and diversifying into real estate. Are you gents all up for lining up a time to get together for a coffee or beer downtown in the next couple of weeks? 

Hey @Patrick Archer,

In Calgary Kijiji, Rentfaster, and Facebook work well. Rentfaster will come and take professional photo's which is nice. Facebook marketplace leads to a lot of tire kickers, but it is also nice being able to check out their profiles to see what type of person they may be and if they fit your tenant profile. Good luck!

Hey @Pierre Daigle,

You could consider buying a house in Edmonton that you can renovate and add a legal basement suite, using a short term 1-2yrs 5% down CMHC loan. If you bought a fixer upper for 250-350k and put in 80-120k, if done well, you could have an ARV of around 400-500k. At the end of your term you can re-finance with a standard mortgage, pull the profits and do it all over again. You'll fully renovated cashflowing rental that you shouldn't need to touch for years. With tight cashflow we are trying to pick up properties with large rentable garages or have built a custom garage with the sole purpose of renting.

With any excess funds there are private lending options or enter a deal as a financial JV partner. By the time your done your project and are ready to re-fi, you should have employment history and be lendable. We are using a similar strategy in Calgary. I'm always available for a chat if you want to discuss the local ab market! Good luck!