Hello everyone i am new to the forum and also to the art of short selling or short flips. My question to the members of this forum is, whether anyone has done or experienced doing a deal up here. To be specific has anyone done a deal in Ontario, Canada where i’m living. In my research that i 've done i can’t seem to find people familiar with this concept up here. Also can you give me any pointers for my first deal when it comes along.
cheers,
NorthernDragon
Toronto, Ontario, Canada 
Hey hows it going, my names Ron, I am also an investor starting out in Toronto, (about 4 months now, things are slow).
Finding fixers, and flippers in the GTA is hard. About 4 months ago, I had found a 3400 sqaure foot home, 5 bedroom 3 bathroom. It had additional unused space in the hallway, and I was going to add a 4th bathroom to it, it would have moved the value of the home from 410 up to 440K.
I had negotiated and was ready to pick up the house for 320k. Thats 120k max profit, and atleast 90k minimum. The home was in a hot area in Brampton. I called multiple private lenders and a couple of hard money lenders (took forever to find), and the hard money lender said he didnt want it, because there wasnt enough money for him. The private lenders said make the guy give it to me below 300k. I just shook my head and hung up, the owner was moaning about me beating him down to 320. Sure enough I didnt get the deal.
Also, we do not have foreclosures, below market value, we have power of sales, but these are NOT below market value. Very few are sold maybe 10k below, but by the time you pay closing costs and fees, your over that 10k anyhow.
ex. 350k home, the owner has 100k left to pay on mortgage, and loses it to the bank. The home goes through power of sale, and sold back at 350k not the 100k that the bank is owed on it. This strategy protects the banks from losing out, and also makes them more money, as you can see.
I am from the states, but several of my lenders (individuals) are from several parts of Canada. I also have a former key employee who has moved there due to family ties.
I would be interested in providing any resources I could to get you rolling up there as I think there is much opportunity.
Im my opinion, the “real estate investor” market, at least as far as investors that are beginners, is not nearly as developed as it is here in the states.
Also the mortgage system (knowing how it works is key to starting out as an investor) in Canada differs significantly, and has not matured with products and players nearly as much as in the States.
I dont know or have an opinion as to if thats good or bad, just different.
Well flipping properties would be alot more difficult here, however I wish to invest in properties in the states, so if you think that your lenders would loan to me, to invest in the states, that would be helpful. If not, there are a few properties here which are good to purchase rent out for a little while, then flip, again if they can help with this, that would be great.
I am aware of lenders that would be willing to lend to foreignors on an asset based lending basis. Including myself.
Interestingly, alot of Canadians I know view the states as a good place to invest. Conversly Americans I know want to invest in Canada.
Is the grass really greener on the other side of the fence?
Why would flipping be harder there?