Interested in getting a great deal on an Ontario house? Working with the right property wholesaler can save you thousands on your real estate purchases! In our latest post, we will discuss 5 things to know about buying wholesale real estate in Ontario. Are you interested in buying property at wholesale prices in Ontario? Doing so can provide you with excellent profits, but there are also a few things you should be aware of. Below, we discuss what you can expect and what you should look for when buying wholesale real estate in Ontario.
What Can It Offer?
Buying property at wholesale prices can be an investor or rehabbers dream come true. When you work with the right wholesaler in Ontario, you’ll be able to avoid the legwork and negotiations involved when trying to find these deals yourself. When you find the right one, you will build a rapport and relationship. They’ll know what to look for and you will know the quality of properties you can expect from them.
Not All Wholesalers Are The Same
There are all kinds of people who claim to offer Ontario real estate at wholesale prices. While some know what they are doing and have the experience to back it up, others are new to the game and are just looking to make a quick buck. Many new wholesalers hope that they have a good deal, but they don’t know how to analyze a deal and they’ll end up wasting your time showing you a lot of lousy deals. We’ve been in business well over a decade, we’re established, our brand is out there and we attract more deals. At House Deals GTA we strive to get to know our clients and understand their selling goals. We’ll work with you, finding the properties you are looking to flip or add to your portfolio. You won’t be hit with unexpected fees or costs at any time during the process. We are very experienced in buying and selling houses in Ontario, and we know how to find and obtain the best deals out there.
Inspecting The Property
When making any real estate investment, you’ll need to do your due-diligence. Have an inspection done or perform one yourself as long as you know what to look for. The inspection should cover all major components of the property. Anything your inspector is unsure about should be handled by a specialist. Remember, your inspector can typically only inspect what they can see and what their tools will allow for. In some instances, a second opinion is needed! From there, get estimates from local contractors as to how much the repairs will cost you. By performing the inspection up front, you won’t have to worry about unseen setbacks down the road. You’ll be able to know what to expect and how to budget accordingly. At House Deals GTA, we often have a professional home inspection completed by a third party, and we provide the report to potential buyers free of charge. That way you can make an informed decision before putting in an offer.
Get Comps
Many times, wholesalers will shoot out numbers based on their own personal estimates. While these estimated can be educated, it is ultimately up to you to decide if you are receiving a good deal or not. Your wholesaler will likely provide you with some comps and market information, however, it doesn’t hurt to find some of your own. Try to get 3 solid comps for your prospective property both before and after the repairs are made. If you plan to fix & flip a property, do keep in mind that if you make the home beautiful then you’ll likely sell it for a new record-breaking high price for the neighbourhood. Consider that a bonus and make sure you’ll make money with conservative numbers.
Check The Title
It’s important to hire a professional lawyer to perform a title search before making your purchase. You don’t want to find out after the fact that there are liens and mortgages that are worth more than the price you agreed to. Some investors will rush into purchasing wholesale real estate in Ontario from an inexperienced wholesaler, not realizing the property also comes with a cloudy title! Just like when buying a property from a private buyer, it’s important to do your due diligence and your homework before signing a contract to buy!
Buying a house from a property wholesaler can provide you with the profits you want to see from your Ontario investment property! Get in touch with us today to learn more about what we do!