I am looking at educating myself in investing in real estate, i went to a 3 day seminar on wholesaling, vendor take back, lease options etc, after the session i was talking to a real estate agent regarding wholesaling and he said that to broker real estate in ontario you need to have a real estate lic. In the seminar the instructor told the group that part of the process was to ask the seller what is the least amt they would take for the property, after the seller responds with an amt you are not to negotiate, only to move on to signing the contract, we were also told that you could use the same lawyer to process both the seller contract and the buyer contract, i was told this was not legal. Can someone elaborate on the legalities on wholesaling, i would like to move forward in training but a little apprehensive
Wholesaling property
- Thread starter ptaylor
- Start date
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- Aug 30, 2007
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In theory there is no difference between theory and practice. In practice, there is.
Property wholesaling works if you can close in cash, quickly, in depressed markets, after knowing (due to indepth experience) what the true property value is AND with a marketing machine to sell houses quickly.
So, yes, in theory that is a great system.
Similarly, in lease options or rent-to-own some deep pockets and experience in buyer motivation, property valuation and financial analysis are required. Only for experienced investors.
In practice, and as such, you have been had as a Canadian by a US based education firm.
In some provinces, you also have to pay land transfer taxes, possibly wiping out much of your potential profit. Couple that with the required legal fees, property taxes, utility costs while holding and you will see a system that works well only on spreadsheets and in power point presentations.
Build your real estate wealth on rock, not quicksand.
Property wholesaling works if you can close in cash, quickly, in depressed markets, after knowing (due to indepth experience) what the true property value is AND with a marketing machine to sell houses quickly.
So, yes, in theory that is a great system.
Similarly, in lease options or rent-to-own some deep pockets and experience in buyer motivation, property valuation and financial analysis are required. Only for experienced investors.
In practice, and as such, you have been had as a Canadian by a US based education firm.
In some provinces, you also have to pay land transfer taxes, possibly wiping out much of your potential profit. Couple that with the required legal fees, property taxes, utility costs while holding and you will see a system that works well only on spreadsheets and in power point presentations.
Build your real estate wealth on rock, not quicksand.