All Forum Posts by: Marco Vigueras

How would you amend the layout for a duplex?  Would the second floor be its own "apartment" and main floor another?

Sounds like the basement wouldn't work as is, it might just serve as storage.  Even if you dug it deeper to raise the ceiling height, I think 400 sq-ft is too small to rent out as a unit.

Could the back garage be converted to a garden suite?

Sounds like a great opportunity for you!  

I started out a lot like you.  Basically, from the point you are right now, I would listen to as many bigger pocket podcasts as possible.  From each pod cast, I'd make a note of anything I wanted to follow up on, then continue my research until I felt like I could explain it to someone else.  There are so many nuggets of gold on the podcast and it will give you the confidence to talk the talk.  From there, start getting used to tools like the rental property calculator.  It might be hard to find a property that cashflows straight from the mls listing (or however you look up properties for sale) so you'll have to use your graphic design creative mind to see how you can add value to a property to bring up the rental price.  At this point, you might like to start walking properties with a realtor who preferably is an investor themselves, keep a keen eye open to opportunities to increase the value of the house like adding a bathroom or updating the house to more appealing finishes etc.  Practice your inputs that you used in the rental property calculator and don't overpay.  

After listening to a few podcasts, you may find out other strategies that work better for you as well like the BRRRR method or something else. So, educate yourself as much as possible. Feel confident you can talk with realtors and know what questions to ask. And don't get discouraged, it's hard to find a property that works, but keep at it, and keep running the calculator and when you find a place that does work, you'll have the confidence to pull the trigger.

If building, would you be the general contractor?  A GC would likely charge 15-20% to build for you.  Also, make sure you're buying the lot for lot value.  If you buy it for lot value and GC the project yourself and do a good job and not overbuild for the neighbourhood, you could likely have some instant equity in it when it is complete.  Even if you used a GC, you'll likely come out under what you could sell it for on the market.  Just consider if that is worth it because it will take +/- a year before it is complete and will take a lot more effort than buying something you are happy with already complete.  Also, I agree with the above on the developed cost per sq-ft estimate.  If it's a high end neighbourhood figure on $300/sq-ft to build.

Hope that helps!

Try Del Suites.  They have a few options downtown.

I would ask your Realtor to pass on the comps they used to the person doing the appraisal.