Posted by DR on October 07, 2003 at 16:58:54:
Thats not very encouraging.
ANY CANADIANS HERE??? - Posted by MIKE
Posted by MIKE on October 07, 2003 at 01:16:06:
I AM NEW TRYING TO AQUIRE MY FIRST PROPERTY. I DID THE CS COURSE BUT ITS VERY USA…ANY SUCCESSFUL REI WHO HAS BEEN SUCCESSFUL IN CANADA I WOULD SURE LIKE TO HOOK UP. I HAVE TRIED REAL ESTATE INVESTMENT CLUBS BUT THERE ARE NONE ANY WHERE CLOSE TO ME AND EVERY MENTOR WANTS HUGE BUCKS…HELP.
MIKE
Re: ANY CANADIANS HERE??? - Posted by Doug Pretorius
Posted by Doug Pretorius on October 07, 2003 at 09:39:46:
Creative REI is much more difficult in Canada than the US. To illustrate: When I started up my seller site, in the course of 4-5 months I got 15 sellers from the US (who found my site through search engines) BEGGING me to take over their payments, save them from foreclosure, or buy their houses at huge discounts just to get them off their backs. Meanwhile, how many Canadians contacted me? ZERO. They had the same search engines to locate my site on, and in my local area I had ads, signs, business cards and word-of-mouth. All of it resulted in not a single seller asking me to take over their payments, or be willing to take more than a couple of percent discount on price (the same as you’d expect to get from any listed house.)
So, unless you have some amazing inside line on desperate sellers. My advice for the Canadian market is to forget about creative purchases. Instead, BE THE BANK, work with partners to buy houses conventionally, and then wrap those puppies to no credit buyers.
Read Bronchick’s article “How to Create a Real Estate Cash Cow”, and JohnBoy’s money idea “You Can’t Do This Where I Live!” for some great examples of how ‘wraps’ work.
There are a few adjustments you need to make for the Canadian financial market, but it works pretty much the same as long as you can qualify for mortgages yourself, or have partners who can.