How can i start House Hacking / Wholesaling ?

Question

Hi BP family,

I have been thinking of investing In real estate here in Ontario Canada. However, I do not have enough investing capital as the market here in Canada is different and the down payments and mortgage approval are a little different. I would like to start house hacking or wholesaling but I am a bit unsure on how it works here . What websites to use, what strategies and how to get good at analyzing the deal and putting together a contract.

I really need ingenious advise. I would like a real estate investor and learn as much as I can.

Thank you in advance!

Michellene F. · Answer

@Kash Jawed thank you I will do more searching and follow your advise . Right now I’m looking at an area I can invest in with a 35,000 down payment. I hope I can have my first property and rent the other rooms

Kash Jawed · Answer

That is a very broad question @Honoline Francis

Have you looked at the great tutorial at https://www.biggerpockets.com/...  around different strategies

There are a lot of online resources on how to analyze the wholesale deals.. google "wholesale maximum allowable offer" and you will get different ways to analyze the deals.

Purpose of MAO is to estimate the After Repair Value (ARV), deduct the closing, holding, and rehab costs.Then deduct the profit you want to make.

House hacking is a different beast where you would do your normal buy and hold analysis on multifamily. You would while live in one unit and the income you make from other units should pay for your financing costs and operating expenses