Happy New Year, new investor from Burnaby BC Canada
Hello, my name is Albert from Burnaby BC Canada.
Recently, I read many books and video about wholesaling real estate
(assignment of contract and double closing)
Unfortunately, most books are written for US readers, so I want to get more knowledge and action plan for Canadian market
( example: less foreclosure in Canada
double closing in US -> skip transfer in Canada )
Please recommend reading and podcast for 'Canadian' Wholesaler.
I hope I can change my financial destiny this year
Thanks and happy new year!
I'm afraid you are going to find wholesaling a tough row to hoe here in Canada. Certainly in an area with enough population you will be able to find wholesaling opportunities, but I'd be sceptical if you can make a business of it - particularly in a frothy, over priced market such as Vancouver.
If you do a little searching on here you will find several prior threads asking the same question, "How can I wholesale in Canada".
Your first challenge will be the rate of mortgage arrears and defaults which has historically been < 0.5%.
I'm uncertain what you mean by "skip transfer" as a Canadian equivalent for a "double close". Land Transfers in Canada are a specific tool used to convey a property from an estate and would not be available to you for the purpose of wholesaling.
In Canada, as in the U.S.A., if you are unlicensed, your involvement in any real estate transaction must be as a principal (vendor or purchaser) to that transaction. Yes, you may assign a purchase contract - we frequently do this to have a property acquire by a specific holding company - but assignment should not be used as a cover for entering into a contract as a purchaser without the intent to perform.
Hi Jun Won Lee,
I agree with Roy N that wholesaling doesn't make a whole lot of sense - as done in the USA. An acquaintance of mine (met from a Kijiji ad) was trying to wholesale by picking off MLS listings but I didn't see the point - I can do the same thing as an investor. You can try digging for deals (e.g. 'driving for dollars') but a lot of real estate agents do the same thing, so you'd have to come up with a unique angle. Maybe if you can scan for non-traditional sources such as property management companies and build up relationships it might work, but I don't think you can make enough money to do this as a business. It might be better just to get a real estate license and focus on real estate investors as your clients? There's a good firm in Windsor, ON that does exactly that and I'm on their mailing list. I'd certainly like to hear from successful wholesalers in Canada to prove me wrong!
