Wholesale Success In Canada
I just picked up a 20,000$ cheque from my Notary here in Montreal. It was a deal for a four-plex that I negotiated an excellent price on that made the owner very happy (he was tired of being a landlord and he got royally screwed by his previous tenants). Québec practices rent control and tenant protection to the point where multi-family owners have to be extremely savvy.
I spoke with @Brian Gibbons from Bigger Pockets who told me I could sell my rights to the contract for 20,000$ (which was a lot more than I was originally planning on selling it for). Thanks to him for the free advice that helped me to make this deal a win/win/win for all parties (and for making me a better $$$ return on this deal).
I called a cash buyer who I met through my networking efforts and he was interested. Everything was set up and we were able to complete the transaction in the time frame that the seller required. I apologize that this success story is not that well written as I don't have a lot of time to write right now.
The main thing that I have learned is that there are 3 actions that are important to do simultaneously when building your business as a wholesaler:
1. Talk to a lot of sellers on the phone to find motivated sellers who don't owe a lot of money on their mortgages
2. Visit their homes and make numerous written offers
3. Regularly network with cash buyers, mortgage brokers, lawyers, notaries and other professionals in the real estate field.