Investor · Brossard, Quebec · Member since 2014 · 21 posts · 6 votes
Hi I have another post out there about trying to find the right properties out there that will work with the different financial ratios that I've been learning about in BP: NOI, cash flow, ROI, Cap Rate, COC, etc.
I'm a Canadian investor and am looking at the U.S. for some real estate investing. We don't have the concept of real estate wholesaling in Canada so it's more difficult as well.
I'm a buy and hold investor and so far I've purchased four properties in Canada and one in Florida. My goal is to reach at least twenty properties (cash payment) to achieve some passive income. I'll need a property manager for each property I assume since I won't be local.
If anyone out there has any ideas or referrals then PM me.
A good wholesaler can most certainly help you find the properties you need.
The problem is that the true wholesale deals sell quickly to local buyers who know the market and can check out the properties and give a yes or no answer in the same day. You've got to get some boots on the ground to be your eyes and ears locally, and you'll need to establish trustworthy relationships with the wholesalers you do business with so you know you're not buying bad deals.
Once you find the competitive deals, you need to put yourself in position to be a competitive buyer.
I have a lead on a duplex in the Tampa Area. Currently rented to long term tenants, $1600/mo coming in on a $155k property. Rent could be raised... currently below market rent.
A good wholesaler can most certainly help you find the properties you need.
The problem is that the true wholesale deals sell quickly to local buyers who know the market and can check out the properties and give a yes or no answer in the same day. You've got to get some boots on the ground to be your eyes and ears locally, and you'll need to establish trustworthy relationships with the wholesalers you do business with so you know you're not buying bad deals.
Once you find the competitive deals, you need to put yourself in position to be a competitive buyer.
If your looking for properties in the Mid Atlantic region, NJ, PA, De, I can help. Please post your criteria, type of properties, SF, Multi Family, Mixed Use, Vacant Land, Commerical, price range e.g not to exceed $1,000,0000...etc. I will follow up.
If your looking for properties in the Mid Atlantic region, NJ, PA, De, I can help. Please post your criteria, type of properties, SF, Multi Family, Mixed Use, Vacant Land, Commerical, price range e.g not to exceed $1,000,0000...etc. I will follow up. I echo Phil's remarks a good wholsaler prefers "cash buyers " that can move expeditiously and close quickly, "30" days or less.
A good wholesaler can most certainly help you find the properties you need.
The problem is that the true wholesale deals sell quickly to local buyers who know the market and can check out the properties and give a yes or no answer in the same day. You've got to get some boots on the ground to be your eyes and ears locally, and you'll need to establish trustworthy relationships with the wholesalers you do business with so you know you're not buying bad deals.
Once you find the competitive deals, you need to put yourself in position to be a competitive buyer.
Phil is spot on with his assessment. The need to find good partners that can that can perform ie: not be widow shoppers is very important. Trust is a key component for long term, cordial business relationships.
@Maged BisharaWholesalers and investors friendly real estate agents can bring you deals that you might like. You just need good property managers and probably a good inspector.
If a wholesaler brings you a deal, you will want to verify that it is a good deal with a real estate agent and property manager. A home inspector can check through the house and send you pictures to make sure the place isn't falling apart.
My name is John Corrick and I am a land banker wholesaler. I may be able to give to some assistance if you let me know what properties and price range you prefer. If you are buying to hold then let me know what sort of return you are looking for.