My long-term aim is far greater than Wholesaling but I have contacted a few Wholesalers within Edmonton and Ontario who have proven that it can be a sustainable Business Model with the correct Strategies and Systems in place, also yes that Is the general definition of Wholesaling but there are far more counterparts within the Industry itself there's more to it than obtaining a slight profit. As a new Investor, it can act as a roadmap to retain a substantial amount of insight into the Real Estate Market.
Call me skeptical. Very VERY skeptical.
How much teal estate do you own already ? Furthermore, I assume you have 400-600,000 in cash lying around or accessible via LOC. Then yes writing cash offers far below market will get you a good enough deal - maybe 1 out of 10 offers you write. You then need a list of buyers or be a realtor as that costs another 3-4%. Are you a realtor?
Don’t forget closing costs like legal fees 2x and/or realtor costs plus holding costs like property taxes, insurance, utilities etc. BC & ON now has a land transfer tax but yes in Alberta you may make 10-25,000 on a $500,000 house. Keyword: may.
Bon chance !!
Thomas Beyer, Asset Manager, Investor, Community Improver, Author, Father, Mentor
www.prestprop.com