Flipping houses in Canada is a little bit more tricky than flipping houses in the USA, but it is still an extremely lucrative business and the fastest way to make six figures as a full time real estate investor.
The key to flipping houses in Canada is to buy low and sell high.
To buy low in Canada, we need to locate motivated sellers.
Motivated sellers are people who have problems and usually fit into one of the following 3 categories:
The 3 D’s
Death – Estate sales, probate, widows, widowers, inherited unwanted homes, people who die suddenly become extremely motivated to sell and typically sell wholesale or privately without a realtor.
Divorce – High emotions equal low intelligence. When people are getting divorced, they are not interested in getting maximum equity out of their home and instead usually fire sale their property just to “get out” and move on.
Downsizing – People who lose their jobs become extremely motivated and will often sell for less just to avoid foreclosure and bad credit. Intercepting a pre-foreclosure before it goes through the foreclosure process is the best way to capture equity.
Once you have located a motivated seller you can now make a bid to buy wholesale.
What is wholesale real estate? Very simply, wholesale real estate is typically bought at an additional 5-15% discount because there is no “retailer” or realtor involved. As soon as realtors become involved and a property hits the MLS, all wholesale opportunities for equity typically vanish.
To make money flipping houses in Canada you want to follow this formula: http://stefanaarnio.com/2017/08/14/flipping-houses-in-canada/