Brampton, Ontario · Member since 2015 · 3 posts · 0 votes
I recently called a real estate business in Mississauga, Ontario and they told me that I need a joint venture to be able to conduct a transactions individually by myself. I am a beginner and was looking for a Purchase Agreement and a Assignment of Contract to start. if you have any that you could possibly lend to me, It would be a big help or if you can inform me on where to have them in my possession.
Real Estate Agent · Kitchener-Waterloo-Cambridge, Ontario · Member since 2013 · 408 posts · 90 votes
10y
Roy is right with regards to Toronto being a little to frothy for a begginer. The values there are ripe for small corrections at any time especially coming up over the slow winter. It could change from a sellers to buyers market in a couple months and severely dampen sale prices until spring. 1%-2% would kill your margins.
Wholesaling is a little more difficult in Canada and un commonl, you would be best looking for investor not brokers or realtors to supply advice as most brokers just look at your as competition and they generally don't know about it.
Its like a comfree asking a realtor for advice in a way, you are taking our listing and reselling them without a commision, I tried wholesaling early and noticed this general dislike when calling and asking.
If you would like I can send you the standaradized Ontario Realtor forms, I would recommend you take them to a real estate lawyer and have them modified and re written professionally. Shayle Rothman is an excellent JV lawyer in Toronto and should be familiar with wholesaling I would look him up, It will likely cost you a couple hundred bucks but well worth it.
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
10y
@Account Closed who are doing their damnedest to make me eat my words ... and I have the condiments ready if that day should come}
The other thing to consider is that to be an effective wholesaler, you need a deep understanding of real estate and need to know enough about related regulation and contract law to keep yourself out of trouble. The fact you are here asking for a Purchase Agreement and Assignment of Contract leads me to believe you are relatively new to real estate (and business contracts in general).
Have you considered getting your real estate licence and finding a broker who is also an investor under whom you could learn and earn?
Brampton, Ontario · Member since 2015 · 3 posts · 0 votes
10y
@Roy N.
I am new, and I did start teaching myself real estate a year ago. I stopped for a while then got back on it afterwards. I do live in the GTA area so finding wholesaling deals shouldn't be a too big of a problem. But if you could recommend me any sources to continue my studies, it would be great. And from your assumption, you are right. I'm only 18 and do plan on getting my real estate licences after I finish my studies in college for a marketing major.
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
10y
Originally posted by @Account Closed:
@Roy N.
I am new, and I did start teaching myself real estate a year ago. I stopped for a while then got back on it afterwards. I do live in the GTA area so finding wholesaling deals shouldn't be a too big of a problem. But if you could recommend me any sources to continue my studies, it would be great. And from your assumption, you are right. I'm only 18 and do plan on getting my real estate licences after I finish my studies in college for a marketing major.
Stefan:
The GTA is the second frothiest market in the country at the moment - it will be a tough place to plant your flag as a wholesaler. Before you set out to wholesale, read-up on the difference between trying to assign an Agreement of Purchase and Sale on which you are the purchaser (i.e. if you do not find a buyer to whom the contract can be assigned, you are obligated to perform) and acquiring an Option to Purchase from the Vendor and selling the option contract to an end buyer (if you do not find a buyer, you are not obligated to perform and are only out the option premium you paid).
I would suggest finding a local established investor or real estate broker for whom you could work part-time while you study.
Real Estate Agent · Kitchener-Waterloo-Cambridge, Ontario · Member since 2013 · 408 posts · 90 votes
10y
Roy is right with regards to Toronto being a little to frothy for a begginer. The values there are ripe for small corrections at any time especially coming up over the slow winter. It could change from a sellers to buyers market in a couple months and severely dampen sale prices until spring. 1%-2% would kill your margins.
Wholesaling is a little more difficult in Canada and un commonl, you would be best looking for investor not brokers or realtors to supply advice as most brokers just look at your as competition and they generally don't know about it.
Its like a comfree asking a realtor for advice in a way, you are taking our listing and reselling them without a commision, I tried wholesaling early and noticed this general dislike when calling and asking.
If you would like I can send you the standaradized Ontario Realtor forms, I would recommend you take them to a real estate lawyer and have them modified and re written professionally. Shayle Rothman is an excellent JV lawyer in Toronto and should be familiar with wholesaling I would look him up, It will likely cost you a couple hundred bucks but well worth it.