All Forum Posts by: Colten Bishop

Welcome aboard Ryan. I wish you best of luck in your ventures and maybe we can work together in the future.  

A quick question for you though - have you gotten approval to put a secondary suites in your duplex? I thought in Edmonton you could only have a secondary suite on a single detached home.

Thanks!

Hey @Mitchell Mueller ,

Glad to hear that you and your family are shaking things up a bit and letting a tenant cover most, if not all of your costs.  

To be honest, I am still very green when it comes to house hacking or investing in general.  I just took possession just under 2 weeks ago and boy I have learned a lot in that short amount of time (I actually am going to be starting a blog here shortly to share what I have learned so keep an eye out).  

One of the difficulties that I experienced is finding decent places with a secondary suite in my price range (under $350,000).  It seems that decent places would not even be listed for a day and they would already be sold.  Also, when I was making offers, it was just over a week before the government changed their lending rules so I either had to purchase a place or wait and save up even more of a down payment otherwise I would have been priced out of the market.  Since the new lending rules have taken effect, I have heard that my price range has cooled down a bit.  

Like I said, I am still new into this whole process so I don't even have a tenant yet.  I will be making updates and I hope to hear how your adventures pan out.

Talk to you soon!

Hey All!

Just curious if any of you have used Naborly (www.naborly.co) to screen your tenants.  How was the process and do you find the service is worth the price of the membership?

Thanks!!!

Thanks @Chris Chang and @Jeff Lewis!  It is a very exciting time.  How are you finding the Edmonton market?

I am currently in the process of taking the plunge into real estate investing.  My offer on a single family home with a legal secondary suite was accepted and now we are just going through the process of removing conditions.  

My plan is to live in the secondary suite and rent out the main living space to get more revenue.  Even though I am excited, I am extremely nervous at the same time.  Thanks for all the invaluable information that I have gathered from BP and excited to see where this journey goes.

Cheers!

Colten