Rental Property Investor · York, Ontario · Member since 2018 · 2 posts · 4 votes
So guys I'm kinda new to bigger pockets But most of the investors I've networked with say I should be using it as a newbie. Im a Student who has taken a year trying to get into real estate in the GTA region. After going to multiple meet ups and watching a ton videos (mckeever, wybo, real estate rat pack if you know, humble wholesaler, rockstar and others in the us) I decided that I would start trying to venture into wholesaling because of low capital entry and the ability to make money while becoming an investor and networking. I've however reached barriers such as Ontario privacy laws so there' no leads to buy and the GTA market is not cash flow positive friendly and so its a harder market to get started in. Im sure Im not the only beginner with this problem so Im starting a discussion wanting seasoned investors and beginners to give their input on where beginners should
first steps beginners should take after fixing their mindset? start looking to find off market deals in Ontario how to build a cash buyers list
how to network effectively different marketing strategies to find deals
Rental Property Investor · Toronto, Ontario · Member since 2018 · 17 posts · 26 votes
7y
A lot of people "try" the wholesaling business and don't succeed at it. Maybe they realize it's not for them. It's a business and you need to do a lot of marketing and talking to sellers. It's a lot of work.
-get comfortable talking with house sellers.
-figure out how to solve problems and help sellers out of tough situations.
-understand that you can't buy every house, you're only looking to buy profitable houses. And you need to be able to politely explain this to sellers.
To find sellers: You need to do marketing to get sellers to call you. (sending letters is the simplest) I'd recommend starting in neighbourhoods where there is "rental income" potential and also has an older housing stock that's good for fix and flips.
To build a cash buyers list:
-when you have a deal post it on kijiji, craigslist or any other site where you can advertise private deals.
-co-wholesale with an investor who already has a buyers list (like me)
-go to local real estate investor education/networking groups and find out who buys properties regularly.
The marketing strategies are similar to the US and elsewhere: website/SEO/PPC, outdoor signs, letters/flyers, etc
There are many podcasts and youtube videos that teach wholesaling these days. That will give you a good foundation.
Rental Property Investor · Toronto, Ontario · Member since 2018 · 17 posts · 26 votes
7y
A lot of people "try" the wholesaling business and don't succeed at it. Maybe they realize it's not for them. It's a business and you need to do a lot of marketing and talking to sellers. It's a lot of work.
-get comfortable talking with house sellers.
-figure out how to solve problems and help sellers out of tough situations.
-understand that you can't buy every house, you're only looking to buy profitable houses. And you need to be able to politely explain this to sellers.
To find sellers: You need to do marketing to get sellers to call you. (sending letters is the simplest) I'd recommend starting in neighbourhoods where there is "rental income" potential and also has an older housing stock that's good for fix and flips.
To build a cash buyers list:
-when you have a deal post it on kijiji, craigslist or any other site where you can advertise private deals.
-co-wholesale with an investor who already has a buyers list (like me)
-go to local real estate investor education/networking groups and find out who buys properties regularly.
The marketing strategies are similar to the US and elsewhere: website/SEO/PPC, outdoor signs, letters/flyers, etc
There are many podcasts and youtube videos that teach wholesaling these days. That will give you a good foundation.
Hamilton, Canada · Member since 2019 · 3 posts · 2 votes
7y
Hey @Allan George! Thanks for starting this thread, it was really helpful! Did you manage to make any progress in this yet? Any victories? Any struggles?
@Aaron Moore --- thanks for your great advice! I will also start with setting up my Canadian LLC corporation. :)
I am a beginner too --- been reasearching Wholesale Investing for 3 years now, but getting ready to take action to start!
I just registered to BiggerPockets today and about to read the Ultimate Beginners Guide from them now. I'm from the Hamilton, Ontario area and looking for some like-minded people to network and grow with, it's hard when everyone around you says there's no ways to make money in real estate these days!
Hey guys, I just came across wholesaling about a week ago and I've just been watching lots and lots of videos on it from bigger pockets, max Maxwell, kris krohn and more. All the videos seems to be geared towards the US and I've been wondering the same if I could do it here in Canada. I'm from hamilton, I see there is a few folks here from hamilton as well. Where do I find a program in the GTA that teaches more about wholesaling.
Rental Property Investor · Toronto, ON · Member since 2019 · 29 posts · 4 votes
7y
@Crystal Rumble
I saw a post yesterday on the Wincity Investors Club Facebook group that someone was doing an informational session regarding wholesaling. It’s most likely gonna be in Windsor if you want to travel that far.
Real Estate Broker · Laval, Québec · Member since 2014 · 183 posts · 59 votes
6y
Mindset, networking, persistence, grit and tenacity are the way you will get deals. This is a business like any others except the product that you are seeking is exceedingly hard to obtain and not always easy to sell either.
The fact is that out of all of the people interested in wholesaling who have contacted me on bigger pockets I have personally not seen one of them come close to succeeding. As a matter of fact I have only seen one of them even make one offer on a property. If I was talking to a younger version of myself I would strongly advise myself to invest in buy and hold properties after having saved up money and built my credit to get traditional financing. You will get to financial freedom faster, easier on my opinion.
I know this will come across as cynical but if you really want to make money in wholesaling then I would recommend you do what most self professed gurus out there do: copy and paste their courses. Make advertising and tell real estate novices how easy it is to make money at it and take their money.
I am just saying that there are way better ways to make money on real estate than wholesaling.
@William Johnson Thanks for the honest feedback. I will start looking into buy and hold properties. How do you recommend I start investing in buy and hold properties with limited capital? What/who exactly do I need?
Is there another option other then wholesaling that will allow me to build capital quickly with little to no money?
@William Johnson Thanks for the honest feedback. I will start looking into buy and hold properties. How do you recommend I start investing in buy and hold properties with limited capital? What/who exactly do I need?
Is there another option other then wholesaling that will allow me to build capital quickly with little to no money?
I would recommend any job or business for that matter that pays well and responsibly save your money and build your credit until you possess the means to purchase. Outside of that I would recommend connecting with and building deep and strong relationships/friendships with successful investors who share your passion for real estate.
As a side note it is a very fine line between being a humble learner and a kiss *** so it is important to learn that and listen to your instinct if it is telling you to distance yourself from certain people.
There are a huge number of dishonest (and downright criminal) people in real estate and I believe that most of them started down that path by making small, seemingly insignificant compromises at first. These eventually become very significant compromises.
I really believe that there is nothing new under the sun so I recommend seeing this for what it is... a business. A business is built through discipline, long term planning, hard work and a little bit of luck.
So unfortunately no there are no shortcuts or quick wayson my opinion. Essentially you need to find people who will accept your hard work as your equity contribution to a deal. This is essentially what you are doing as a real estate agent.
@Natasha Waters How has your real esate journey been going? Im just getting starting, I have made several offers on houses and had one "under contract" but didnt have a long enough buyers list to sell the contract. How has your experience been going? Any luck with alternative financing for buy and holds?
Edmonton Alberta · Member since 2019 · 55 posts · 9 votes
6y
@Divahd Noel Did you build a website and legitimize a business before you started making offers? I want to do some wholesaling but I’m pretty sure I’d need to do these things first, as well as build a buyers list..
What did you do to avoid having to buy the house when you couldn’t find a buyer? That’s my biggest concern, I know in Alberta you can be forced to buy (not that I’d want to tie up a sale for someone and not buy) so for me I’m waiting till I know I can make the buy if I can’t assign it.
What are you doing to build your buyers list?
@Natasha Waters I think everyone would agree the big money is in buy and hold. People will usually use wholesaling and other creative strategies to help fund long term buy and holds.
There is other ways to start out with no and low money down. There is people out there who are able to learn what they need to learn in order to make some Investors comfortable investing with them wether it be to flip houses, hold for long term buy and hold or set up rent to owns or any number of things. I dunno how they do it, but they do. Seems kind of crazy to me to invest with someone who has no skin in the game or actual hands on experience but somehow they do it.
I would look into finding deals you can buy using seller financing. I know in Alberta here you can get into properties for next to nothing doing things like Agreements for sale where the seller has little to no equity and can’t afford to sell with a relator after fees, maybe even a mortgage early payout penalty as well... it can be a number of things that would make an afs make sense for them... you still have to find these properties using similar marketing strategies you would for wholesaling but “I think” there would be a lot more oppertunity especially now after all this covid bs.
If you got any questions about that feel free to ask, I just purchased an online course on creative strategies in Canada so it’ll help me learn to if I have to look it up.
@Scott Galloway I idid not have a website, Im loooking into creating one just to look legitimate but its not necessary. In regards to getting out of the contract, I put a condition upon inspection and the buyer(me) being satisfied with the house after inspection. The seller also mentioned he had another buyer who was interested to buy at market which made it easier for me to get out.
@Scott Galloway I idid not have a website, Im loooking into creating one just to look legitimate but its not necessary. In regards to getting out of the contract, I put a condition upon inspection and the buyer(me) being satisfied with the house after inspection. The seller also mentioned he had another buyer who was interested to buy at market which made it easier for me to get out.
I wonder if you would’ve had a hard time if they didn’t have the other buyer interested to buy at fmv, or if you would be off the hook by just claiming you weren’t satisfied?
@Scott Galloway Right now mostly online, searching purple bricks and what not, I havent started with the various other marketing techniques like mailing list or bandit signs. How have you been marketing in Alberta?
@Scott Galloway Right now mostly online, searching purple bricks and what not, I havent started with the various other marketing techniques like mailing list or bandit signs. How have you been marketing in Alberta?
Investor · Pickering, ON · Member since 2020 · 46 posts · 14 votes
5y
Hi all, I'm from the Durham Region in Ontario Canada. Really happy that others from Canada listen to Bigger Pockets as well. I've been investing in real estate for about 4 years now. Looking to expand my portfolio in the Durham Region or Peterborough. Any recommendations on how to get on wholesaler buyers' lists?
@Michael Park Now might be an ok time to buy a condo just because of COVID and people wanting houses instead of condos, so prices on condos are cooling off. But generally, if you're looking at it as a buy and hold investment with cash flow potential, I wouldn't recommend condos in the GTA or Ontario in general. The biggest issue I have with condos is their condo management fee, which kills cash flow. The cash flow is generally non-existent. If you do find something, it will either be a condo in bad shape to just fix and flip or you'd need to rent by the room and be creative (ex: add an extra room from the living room) to potentially make sense of it as a buy and hold or BRRRR.
Flipper/Rehabber · Barrie, Ontario · Member since 2015 · 5 posts · 1 vote
5y
Hello Kiril. I'm from Barrie. General contractor by trade. Almost finished transforming raised bungalow to duplex with separate entrance to the basement. Planning to refinance soon & get another disressed property to BRRR. Would be glad to discuss with you if interested to participate. Believe in value of single home properties & potential.
Investor · Pickering, ON · Member since 2020 · 46 posts · 14 votes
5y
@Account Closed That's great. I've done something similar in 2 of my properties. Never officially converted them to duplexes but just built separate kitchens in the basement. Do you mainly invest in Barrie or in other parts of Ontario as well? I'm looking for something closer to home, which is in the Durham Region
Hi All! I’m from Toronto and have been learning a lot about wholesaling (mostly in the U.S.), but was wondering how to get started here in Toronto. How do you go about finding leads? Do we have a tool equivalent to PropStream? How do you find leads?I’ve also started a 3-day workshop on using creative financing to buy and hold property. There’s a property (and land for development) that I’ve had my eye on for over a year, but I would definitely need to partner with an investor/private lender. Any recommendations on next steps?