Hey! We're up to 7 members! Any one have any great tips on whats working in our very different market? All of Dean's stuff will work for us, the prices will just be higher...tough to pick up a property for $50,000 in the GTA, surrounding suburbs or commutable towns. And of course foreclosures are way different for us. My experience is that mostly, the banks get fair market value and there's usually a bidding war as soon as a property goes P.O.S.
Anyone have a different experience?
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
finding sellers
Hey everybody. I need some help with a topic that's common in all real estate courses. Finding sellers that are motivated due to being behind on their mortgage. In the Canadian system, how can we help them?? Has anyone done this? Other than suggesting they go to the bank with a proposed sale and asking the bank to accept the loss (if the amount of purchase is less than the outstanding mortgage...usually the case). Anyone have any thoughts?
lets do it
a lot of property in texas 50% below market value i have one denton tx he wants 70k it is worth 110k in this area 3bd rom 2 car garage 1 and half bath on 1500 sq ft send me a meg will make it happen it does smoke damage in it but the roof and house is good can send pics let me know
REO s in Canada:
18 months ago I found an reo in Windsor on and submitted an offer..The Bank took there sweet time responding and dropped like $1ooo.oo from there list price..Upon further investigation by my Purchasing R/E agent that the Bank held an insurance policy so would not go below that value of Course... Finally they gave up and accepted the insurance settlement.. 6 months later it re appeared approximately $10,000.oo less by the insurance company..By then I found out the neighbourhood was not a good one and Not a property I could make money on. so let it pass.
Fair Market Value
My experience is that the better alternative to buying bank-owned properties is to try buying properties that are about to go power of sale. You have to work closely with mortgage brokers who are in the business of working with people who are losing their houses because they are behind on payments. I would suggest mortgage brokers from places like CanadaLend as opposed to mortgage brokers affiliated with the big 5 banks.
So when someone is about to lose their house to a power of sale proceeding, they need to be bought out in a matter of days otherwise they will lose the house. That is nice because there is no dilly-dallying with making offers but you want to make sure that you can a) find a buyer fast; b)do some cosmetic repairs to increase the value of the property and make sure that the property is in a good neighbourhood, because if you make an offer, you likely won't have a lot of time to perform the inspection and do any other due diligence.
If you want some CanadaLend type leads, just email me at pro@proreinvest.ca.
Joining the group
I am a Canadian investor from Kingston, Ontario.
My partner and I had started looking at properties in Florida then decided to focus on states that were within driving distance should the need arrive to travel there as my funds and savings have all been invested in this training and subsequent business related costs.
I am focusing on wholesaling right now to build back my capital for buy and hold so it doesn't matter where do our remote deals. We are still investing in northern New York and Michigan as we have done a fair amount of research in these two areas.
I would like to be a part of this group. As Canadians we do face different challenges/opportunities in not only investing down south but also here at home.
To comment to a previous post regarding foreclosures in Canada my understanding is that it is mandated that the properties be sold for FMV not only for what is owed. I do work for CMHC when I am not investing...lol and only until my investing allows for this to change.
Thanks,
Lisa Richardson
New Kid ON the Block
Hi Canadians,
I am new to this and have been searching for buyers. I want to start with WHOLESALING and today I was sent a property for sale (reasonable price in an OK area) Ontario, Canada but I do not know how to start the process.
I do not have buyers as yet. I just set up my website.
I am hoping to get some buyers so that leads like the one I got today will be useful.
Any ideas? Thank you.
CANADIAN PRICES
The prices of houses are escalating fast especially in the Greater Toronto Area.
A few months ago, areas I would not consider living in, had lower prices and now even such areas are getting out of the reach of the ordinary folk.
I wonder if the prices will go back down this year?