Investor · calgary, alberta · Member since 2015 · 129 posts · 51 votes
Hi I contacted four of the local " we buy houses " type companies in the Calgary area all by email over the past few weeks. These are all businesses with websites and they advertise regularly. Not one response. Very peculiar. This leads me to think perhaps wholesaling doesn't work in this market because it is currently overpriced for the style of property I buy or motivated sellers aren't responsive to their advertising. So, my challenge (if you Calgary based wholesalers actually are for real) is to find me land.
I am looking for inner city sw property zoned for multifamily. R2 isn't really my focus and there is lots of it out there on mls right now. I don't want or need realtors. I want at least mcg zoned land to be purchased from a motivated private seller. I want a great location and a good size plot. There is my list of wants. Go find it and maybe we can make a deal. Thanks
I was born in Edmonton, have invested my whole life 30 plus years in the U.S. I would assume that wholesaling works anywhere where you can find an undervalued property. I only buy and sell land either build-able or spec but always buy undervalue. I see by your bio that you have building experience so that answers why you look for a certain product.
Real Estate Agent · Kitchener-Waterloo-Cambridge, Ontario · Member since 2013 · 408 posts · 90 votes
10y
@Sean Kollee Hey Sean, I have met wholesalers from Calgary so I do know there is a market there for it. Although I would say from personal experience, I have never met a land wholesaler.
The way you make money on wholesaler, the system just doesn't make sense for land. It is not generally in high enough demand and would be very risky to put under contract, specifically in a depreciating unstable market like Calgary.
Your best bet would be to network with investment focused realtors, as well as through local REI groups. Ask for pocket listings before they hit MLS or leads on absentee owners. I wouldn't rely on wholesalers unless you have no immediate plans and don't mind on waiting.
Calgary, Alberta · Member since 2016 · 56 posts · 15 votes
10y
Hi Sean,
Coincidentally, for the last 2 weeks I've been marketing the property we live on to builders and developers. Unfortunately, we aren't motivated sellers yet, as we've just started to work on this sale, and we're not in a hurry. But I thought I'd let you know because I'm trying to get the word out. It's over a 1/4 acre of land in Killarney on an R2 lot that is also sub-dividable. It's a giant pie-shaped lot at the end of a quiet cul-de-sac. Just thought I'd let you know in case you want to file that away for later. A couple of years ago, a developer took the mirror-image lot across the street, subdivided it, and built 2 stand-alone homes, both with detached 3 car garages off the alley, and back yard to spare - just to give you an idea of size.
Investor · calgary, alberta · Member since 2015 · 129 posts · 51 votes
10y
HI what is the dimension of the property? odd shaped lots are quite tricky to deal with regarding subdivision. Infill construction really does not work well with triangle shaped land. I have completed five homes in killarney in the last few years, and the market now is worse than I have seen it since 2009. The duplex market is particularly unattractive so I am only working with townhouse product (market equally poor but much more attractive to buyers due to lower cost).