How to Find Distressed Sellers in Canada

Question

Hello everyone. I'm a new real estate investor in Toronto Canada, and I'm having a hard time finding discounted deals. MLS isn't the solution as properties are posted at market value, and even when they are discounted slightly, they are bid up by other investors. How can I find distressed sellers before they put their properties on MLS?

Luc Boiron · Answer

@Prasad Mahes I have sent you a colleague request.

Also, I host a monthly meetup for RE investors in Toronto on the fourth Wednesday of every month, the next meetup is this Wednesday if you would like to come.

Prasad Mahes · Answer

@Luc Boiron 15 properties in the last 1.5 years in the GTA is incredible. I'm prohibited from adding my email to this message. How can I contact you?

Luc Boiron · Answer

@Prasad Mahes It is difficult, but not impossible to find discounted properties here. I believe I have bought 15 properties in the past 1.5 years in the GTA. Several have been on the MLS, it is still possible to find deals if you are able to move quickly and spend the time to find opportunities (such as offering immediately when a property is listed, and the agent is not local and doesn't understand certain advantages of the property). I also have  couple websites up to generate direct seller leads and I've been getting leads from that.

@Roy N. has a good suggestion about getting to know agents - some may send you a lead on a property before it is listed.

I also occasionally wholesale properties (not often), if you would like to get added to my buyer's list, send me an email.

Roy N. · Answer

@Prasad Mahes

The TO market has been heated for so long that find a "discounted deal" will be a challenge.  You might try looking a little further afield to find places where the numbers make sense ... but not so far afield that you have a poor tenant or buyer market.

Finding off-market deals involves networking and canvassing the neighbourhoods in which you are interested.  Your could also find yourself a real estate agent/broker who is well connected to the community and understands investors - if s/he knows you are a capable and serious buyer, they will be able to funnel things past you before they go to market (though, in a hot market will provide little relief).