Wholesale in Quebec -- 0$ invested and 11K collected

[Mathieu Gagnon]

Investment Info:

Single-family residence wholesale investment in Longueuil.

Purchase price: $1
Cash invested: $1
Sale price: $11,498

Wholesale.
House listed for 200K.
Bid 206K because of multiple offers.

What made you interested in investing in this type of deal?

No investment required.
Get paid without any risk.
You find, you sell, you're out.

How did you find this deal and how did you negotiate it?

I managed to find it with a real estate friend.
This was a succession. The family wanted to sell it.
They received 6 offers at the same time.
We offer 6K more that what they were looking for.

How did you finance this deal?

We sat with people who wanted to renovate and flip

How did you add value to the deal?

By reassuring the buyers about the neighbourhood, and the upsides

What was the outcome?

They managed to buy it flip it and sell it with a profit of 30-40K.
We made a decent 10K without the risk.

Lessons learned? Challenges?

10K was greedy in this transaction for us to get comparing to the investor upside/risk.
In Quebec, Canada it is a gray area. Wholesale is technically prohibited if you are not a real estate agent.
Be aware.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes we worked with one REA.