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Wholesaling? Any success?

Jesse

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Mar 23, 2017
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I'm new to the real estate investment world and have been thrilled with what I have been learning. My biggest question is about wholesaling. Living in Ontario it seems I am running into a few different opinions about it. It's not a very widely popular form of doing a deal and I was wondering if there was anyone in Ontario or Ottawa (city I live in) who has successfully completed a wholesale deal and is willing to share what they have learned?
 

Thomas Beyer

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I assume you are already a millionaire ? As a wholesaler has far more cash at hand than a retailer. You buy properties at a discount, either in bulk or in cash, or ideally both. The only true platform where wholesaling works is the midnight TV channel or the overhead projector !

if you are not a millionaire, then I'd say forget this path.
 

Jesse

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of course not. Lol. But this is what I needed to hear. Ultimately to get through the bs and get the facts. I've heard some say its great for starting in the investment world, with no money, no credit...... Others say its illegal. Books only get you so far and its been an educational read from them.
Is whole selling the same as assigning a contract? I'm told it is, but again, I need the facts
Probably very basic questions for some of you but, like I said, trying to cut through the BS first to move forward successfully
 

Thomas Beyer

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Wholesaling is similar to assignments, although you may actually own the asset for a while, even if days or weeks only, or indeed simultaneously buying and assigning which is OK in some provinces but more difficult in others. It usually works better in depressed US markets than in by and large healthy Canada where these depressed warzones rarely exist. It also assumes
  1. a DEEP understanding of a certain market segment (say townhouses or single family houses or acreages or oceanview condos), AND
  2. a DEEP understanding of a geographic location, AND
  3. the ability to pay cash, AND
  4. a legal framework that is proven with precise wording of certain clauses, AND
  5. the ability to then concurrently network and market a pending deal to a large database of potential end-buyers which takes
  • expertise,
  • cash and
  • usually significant time to build
So, all doable.

In theory, there is no difference between theory and practice. In practice, there is !

Thomas Beyer
Asset Manager, Investor, Author, Father, Mentor www.prestprop.com

==> Check out our latest RRSP or TFSA eligible two year investment with a 40%+ yield target at www.investoliver.ca
 
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Aaron Moore

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I live in Toronto and I've been wholesaling in the GTA since 2008. I've done many wholesale deals... and yes I've assigned those contracts. I started with wholesaling... now I also do fix & flips, hold rental properties and I've done a few rent to owns.
You do need skills in sales and marketing. (ie. if you don't have the skills then it's up to you to learn, grow and do!)
If you're not a millionaire and you're just starting out (like I was years ago), then find a millionaire or two (or more) who want to buy properties. Then advertise, send letters, door knock, etc to find the type of properties that the millionaire buyers want. If you find properties in the GTA, then I'll be your buyer. I usually have several reno projects on the go at any given time... fix & flips, or properties I reno, refinance and rent.

These days there are a bunch of people teaching wholesaling online... youtube, podcasts, etc. So its easy to learn the basics. There are plenty of people wholesaling successfully in Ontario. I'm still wholesaling deals regularly to investors who want either fix and flips or rental properties.
 

Chrisgeorge2365

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Sep 2, 2019
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Yes, I have done this before. I bought a land in bulk and sell it by myself after proper maintaining it to the people. I earned a lot of my but things which I wanna say is that (what I have learned) it was too risky but because of this, it was too profitable. I have to do so many things and spend a lot of time in it and because of this I was not able to concentrate on other things
 

Julie11096

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Feb 9, 2017
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I'm new to the real estate investment world and have been thrilled with what I have been learning. My biggest question is about wholesaling. Living in Ontario it seems I am running into a few different opinions about it. It's not a very widely popular form of doing a deal and I was wondering if there was anyone in Ontario or Ottawa (city I live in) who has successfully completed a wholesale deal and is willing to share what they have learned?

Hi Chris, connect with Corey N Tiffany Young from Fearless investors by Investor Life. I'm sure they will provide you great advice!
 
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