All Forum Posts by: Luc Boiron

@Prasad Mahes It is difficult, but not impossible to find discounted properties here. I believe I have bought 15 properties in the past 1.5 years in the GTA. Several have been on the MLS, it is still possible to find deals if you are able to move quickly and spend the time to find opportunities (such as offering immediately when a property is listed, and the agent is not local and doesn't understand certain advantages of the property). I also have couple websites up to generate direct seller leads and I've been getting leads from that.

@Roy N. has a good suggestion about getting to know agents - some may send you a lead on a property before it is listed.

I also occasionally wholesale properties (not often), if you would like to get added to my buyer's list, send me an email.

 I have to disagree with you. Property prices in Toronto are comparable, and I thought it wasn't possible to flip here, but learned that it is. I'm flipping here. The key is to buy right, and there are many ways to do that but it takes a lot of effort. You could potentially make much larger returns on flips in hot, expensive markets.

Hi @Kristoffer Heilimo, I host a monthly meetup downtown Toronto on the fourth Wednesday of every month.

It's on Meetup.com, called "Toronto Real Estate Investor's Association - Do More Deals". It's also not a sales pitch, and we've been doing it for about 6 months and have many regulars come out.

@Matt Geerts @Roy N.

Sorry for the delay in responding.  None of this is legal advice, as I am not a practicing lawyer and this is only my opinion.

I learned this stuff in law school, but I've forgotten most of it by now. The crowdfunding exemption is a newer one, and I looked into it likely around the same time Roy was. I wouldn't count on it now, there a lots of requirements for it. Even once they do get proper crowdfunding platforms approved and out there, my understanding is that you would need to go through a platform. You can't just grab a bunch of people in small amounts and call it crowdfunding, it needs to go through an approved and regulated platform.

Accredited investors is always the easiest exemption, similar to the States.

The "Friends and Family" exemption also exists to allow you to raise money. You need to have an existing prior relationship with friends. Here is some info on it: http://www.osc.gov.on.ca/en/NewsEvents_nr_20150219...

Also, here is some general info on prospectus exemptions in Ontario: http://www.osc.gov.on.ca/documents/en/Securities-C...

I am unsure of this, but I also believe that you do not need a prospectus exemption to partner with individuals. I would love Roy's opinion on this, but I believe that if you go into a JV or a partnership with someone, you may not be offering a security but rather operating a partnership, and would not need to rely on any of the exemptions.

Wish I had a more concrete answer.

@Nickey Calford Has the London market slowed down like the rest of the GTA?

@Steven P. I host a meetup and I'm not an agent.

I've bought several properties through agents before they were listed, so technically not on the MLS.

I've also bought through wholesalers, though their deals here aren't really deals for the most part.

I have bought several on the MLS that are good enough deals, but it takes a lot of digging.

You can also do EDDM or advertise online for leads.

Basically, most of the ways you could get them in the states without being able to purchase lists, without foreclosures, and without auctions.

That's great! How are you finding your deals?

@Connor Shaw Take a look at this forum thread, which answers some of your questions.

Let me know what other questions you have.

https://www.biggerpockets.com/forums/90/topics/402...

Quick video tour: https://www.youtube.com/watch?v=aPT395OufzY&featur...

Some Pictures: 

DISCOUNTED PROPERTY for rental, flip, or to own!

7 Four Winds Drive Unit 11, North York

Excellent opportunity to purchase a discounted condo townhouse very close to the new Finch West subway station opening later this year!

I am a house flipper and real estate investor in the GTA. I purchased this property to flip. I am looking to assign the Purchase Agreement for a profit. This is a good opportunity for a flipper who is looking for investor, a contractor or handyman who wishes to flip a house, or homeowner who wants to buy at a discount.

Since the subway will be coming very close to this unit and opening by the end of 2017, I believe an investor would do very well by renting this unit out (can be rented in current condition with just cleaning) and then renovating and selling next year, as values are sure to increase more than in other areas once the subway actually opens.

This property is approximately 1,700 sqft+Basement:

-3 Storeys plus basement

-4+1 Bedrooms (2 large masters)

-3 Full bathrooms

-Walkout basement

-Large balcony on main floor

-Great ceiling height on every floor including basement, large windows

-Built in the 1970’s

-Taxes: $2,276.80 (2016)

-Close to York University with excellent rental potential

Closing date: July 31, 2017. The property is vacant and could be closed on sooner.

Newer AC. Roof, windows, Furnace, HWT, etc are all maintained by the condo corp. Condo fees include Heat, water, hydro, gas, cable TV, garbage, common elements (including fitness centre with gym, squash courts, pool), building insurance. Condo fees $900/month. 1 underground parking spot included and use of above ground visitor parking.

Kitchen is relatively updated in good condition, basement bathroom in good condition, upstairs bathrooms are mostly original.

For a flip, it needs a new breaker panel and a cosmetic update throughout.

This unit is one of the closest you can get to the new subway station opening in December 2017 (Approximately 100-200 meters, 2 minute walk).

Two recent comparables sold for $555,000 and $560,000. The unit at $560,000 is the exact same layout as this unit.

I flipped the unit sold at $560,000. Here is a 3D tour so you can see what can be done with the property: http://gallery.vrlisting.com/3d-model/23-four-winds-dr/fullscreen/

These units are easier than most to renovate as the structure is simple and solid – poured concrete between the floors, no cheap wood construction. This means that the interior walls are not structural and the main floor can be opened up, and the ceiling is dropped so there is space above it, making it easy to run new wires or add potlights.

Asking price is $439,900.

More information, comparables, and photos can be found here: https://www.dropbox.com/sh/botlfpeh71sv50r/AADFOUKicNtndMEzTzSnVsPNa?dl=0

I believe this is a deal and if nobody wishes to purchase it, I will be flipping it myself.

For details or to make an offer, call, text, or email Luc.

Cell: 647…637…0126

Email: [email protected]

If you wish to join my mailing list for wholesale and discounted properties to find out about new deals as they come up, fill out the form at: http://www.ibuyhousestoronto.ca/investors/