Anyone wholesale real estate?
I'm an Agent as well as newer wholesaler - currently wholesaling on market properties only, but working on developing an off market strategy. I have a decent business as an Agent, but had a client that wholesaled 3 properties on market through me over the Summer and opened my eyes to how much more money he made on those deals then me. Just curious if anyone is wholesaling here - it's a great angle with little to no money involved. I do have my first deal set to close later this month - this was an on market flip that I was able to wholesale to a flipper. As an Agent I was able to collect the sale commission, an assignment fee, and he signed a listing agreement with me when the flip is ready to go.
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One thing you might want to consider is networking with local real estate investors or joining local REI groups, as they can often be a goldmine for off-market deals. Also, driving for dollars, direct mail campaigns, or leveraging online platforms that list distressed properties could be great ways to build up your off-market strategy.
When I was looking into wholesaling and eventually selling one of my own properties, I found a company that really helped streamline the process and maximize my profits. They specialize in working with both agents and wholesalers, providing resources and tools to help close deals faster and with less hassle. If you're interested, you might want to check them out this link.
Wholesaling in Canada is dead.
Assignments are still permitted, but if there is any difference in price to an assignment, the original seller gets all of the lift.
This is specifically to prevent RE agents from aligning with a buyer to skim money from a seller.
This was commonplace before Canada made it illegal in 2018 for RE agents from representing the seller AND a buyer. (Dual Agency)
You can do it in some rare circumstances but it is now only a fraction of 1% of deals. ie. you have to be in a remote location and there
is only 1 agent in 50 miles.. etc.
It is possible to buy and sell RE in Canada without an agent, but you have to be pretty sophisticated to do so. In Canada, there is
a mountain of regulatory paperwork that has to be met by notary or lawyer to execute a sale. Another result of our banks getting hammered
with +100million dollar fines for money laundering through RE purchases into corporations.
We even have documents to identify the end user/owner of a sale.
