All Forum Posts by: Matt Geerts

I take back my take back!!

Check out these shenanigans!

By the way, that's Ontario Canada, not Ontario California, in case the "Ont, CA" was confusing.

Source: http://www.isthatlegal.ca/index.php?name=special_exempt.tenant_law_ontario 

Well, I take that back. Section 5.a

So yeah, make it REALLY clear that this is a vacation home. Then again, I might have missed some specific definition of a vacation home that exempts year-long contracts.

Be very careful about this, however. It would not surprise me to find that your vacation cottage 1-year rental suddenly becomes someone else' AirBnB income stream.

@David Leesurier

If it smells like a lease, the LTB will skewer you and you'll be fighting an uphill battle for "trying to make it not look like a lease and fooling the poor, oppressed renter".

You need to specifically find the definition of a property that is ruled by LTB and you need to specifically avoid fitting into that criteria. Else, you're under their thumb and you are offered no "out" no matter what it says in your lease.

@Corey Thompson

I love this idea and love all the negative opinions you're generating! I can't wait to see you close ONE deal and make it all worthwhile.

Direct mail his exactly ONE person per letter. Each one of your thousand signs can hit a hundred people at a public location.

When's the day!?!?

Thanks Sam.

Luc, that is one strategy that I have in my pocket. My banker has implied that I can do it with 31 days, not 90, so it is quite attractive. This works better for something cheap to add value, since I'd be tapped out fully at that point.

For now, pinching pennies and trying to find partners and investors..

@Samuel Sedore yes, that's the idea. This is the first time I've ever understood all these podcost guests saying "solve their problem". 

Now, the question is, how do I market to people going into nursing homes or whose parents are dying without looking like an "ambulance chaser" (colloquialism for a sleazeball lawyer that goes to hospitals to convince people to sue for their injuries), haha.

@Roy N. yes, there are properties for 30-80k all day... they just aren't worth an ARV of 200k like all of these BP wholesaler/flipper stories that we read in the USA.

I was just looking at a bank sale last week. 73k asking (realistically it will sell for that because the house is not bad). It is surrounded by comparables at around 100-110. So it is a good option for a rehab to rent. Barely flippable for break-even. Not wholesalable by a longshot.

Welcome @Ian Ramos

Wholesaling in Canada seems like a non-starter. I can't even find a wholesaler who will reply to an email. I think the couple of (very amateur) websites that I've found are just people who think they can get started and then go nowhere with it.

There are no 30k courthouse steps houses. There are no mailing lists of foreclosures. There is no publicly available equity lists. Instead of being able to publicly browse land registry to see what properties are not owner-occupied or have not been sold in 40 years, we have to pay $45 per record. Banks have to get fair market value for a house, or the owner they are foreclosing on can sue them.

Now, I'd like to say that I'm not trying to discourage you. Frankly I'd LOVE for you to become a successful wholesaler, and to call me first when you find those 250k ARV properties for 30k. I'll buy them all.

One in five sounds better than my odds of 0% down with a bank. I'm good with numbers and teaching people, maybe I can make this concept work!

 Sounds like a steal of a deal for me. They get 8-10% for a year, upfront costs paid by me, then a slim chance of having to jump a couple hoops to get it back if I fail to pay.

If someone came to me with a deal that is as solid as I'd feel comfortable taking to someone else, I'd jump on that.