Found A Deal, What Do I Do Now

5 Replies

Hey guys I’m located in Brampton ON and I am a 19 year old new investor working to building my portfolio. So I have watched many YouTube vids, listened to multiple podcasts, took a real estate course and they all say in order to achieve goals, you must network with like minded individuals. So to make a long story short I have reached out to many people and ended up connecting with a real estate salesperson who was willing to show me an off market deal in St. Catharines, near Brock Uni.

Im still new to investing and I currently don’t have any money yet and still working on raising capital from private lenders. I used a deal analysis to run numbers (from the course I took) and it seems to look good.

I reached out to some of the other people that I have spoke to recently to see if they might know anyone. But not sure what else I could do.

My questions are:

1. What other options might I have to at least get started with real estate

2. Would this be something I can wholesale (and how would I do that)

Also I am unsure if I am missing something when I was analyzing the property.

Thanks!

@Izayah Cortez Estick-Pulido   congrats on the effort.  I'd be happy to have a look at your analysis and provide feedback. I no longer invest in Ontario, but I do have a history there and can let you know if you are missing anything in the analysis. 

Wholesaleing isn't really a thing in Canada, but you can find money partners if your deal is sound. 

Chris Baxter is your best resource for the analysis. 
if you need an investor after review then feel free to send to me and I may be able to help find an investor. 

@Izayah Cortez Estick-Pulido Great for you on getting this far. There are many ways you can get into RE. I would also suggest you spend some time learning on how to put together a package to present to partners. I would also suggest you find a RE lawyer and accountant and start understanding that side of the business too. 

You can wholesale this if you can get the owner to agree and the price makes sense. 

Raising funds from private lenders is different then partnering with investors. Which are you doing? If you are doing private lenders, they usually will require you to have 10-20% of funds.

Good luck 

@Izayah Cortez Estick-Pulido Hey, Izayah. Here in Edmonton, there is definitely wholesaling being done. However, to wholesale and sell a purchase contract to someone else, you need to find a private unlisted property for a great price. You can't really wholesale a property that is listed with a realtor. Is this RE salesperson a realtor? Sometimes realtor have off-market "pocket-listings", in which case it would not be common to try to wholesale that. 

Either way, first step is to confirm if it's actually a great deal.

Keep learning and connecting, and saving up some of your own money. Good luck!