Starting a real estate firm in Toronto....
- Thread starter LKD
- Start date
Money, Money, and more Moneywhat is involved? what hurdles are there? what does one need? etc
If you have to ask, I'd suggest you avoid this business venture.Let's discuss everything about starting a real estate investment/development firm and what is involved.
anyone have experience in this industry... what is involved? what hurdles are there? what does one need? etc
Couldn't agree more. Though there is always the restaurant business, I hear that's doing well...... lol.This is a market with already far more agents than it needs and we're probably at or near the peak of a bubble that's long overdue for a correction. I couldn't think of a business I'd recommend less than to get into right now.
Hire a sales force consisting entirely of top flight escorts looking to retire and develop new careers.
If they can survive in this industry, and handle men here, they'll have those innocent civvies thinking with their little heads too. Those with duo experience can seduce female homebuyers as well.
With the hottest babes closing the hottest deals, you'll have the hottest new firm in town.
You might even get hot and firm yourself.
If they can survive in this industry, and handle men here, they'll have those innocent civvies thinking with their little heads too. Those with duo experience can seduce female homebuyers as well.
With the hottest babes closing the hottest deals, you'll have the hottest new firm in town.
You might even get hot and firm yourself.
If you are calling many agents to see properties, the agents might think you are using them to go sightseeing. Basically you want them to do the running around, and when you finally find a property you like you will call your cousin or whatever, who you don’t want to bother to show you around, to close the deal.... I am shocked at the number of agents that won't return phone calls, who are late for viewing appointments and their general apathetic attitude towards their business. ...
I am a real estate developer and best advice I can give you is that unless you are very experienced and have very deep pockets don't get involved. Real estate today in most areas and Toronto in particular is very pricy and it is very hard to make buck unless you have along horizon and lost of money. people see prices rising and think it will last forever. It wont. There will be a correction and the people who have bought and cannot afford to hold will get killed and sell to people like me.
If you are intent on getting into it I would say but a cheap hose somewhere, renovate it or fix it up and sell it and get a taste.
Your better route is probably to invest in a quality REIT.
If you are intent on getting into it I would say but a cheap hose somewhere, renovate it or fix it up and sell it and get a taste.
Your better route is probably to invest in a quality REIT.
This is a market with already far more agents than it needs and we're probably at or near the peak of a bubble that's long overdue for a correction. I couldn't think of a business I'd recommend less than to get into right now.
do you have experience in this field or beginning a new venture?
here is my advice, take from it what you want. In my experience I have run across terrible real estate agents in this city. I am looking at aquiring some major property over the next 6 months and I am shocked at the number of agents that won't return phone calls, who are late for viewing appointments and their general apathetic attitude towards their business. I know the toronto housing market is hot but I expect a certain level of professionalism that simply doesn't appear to be available. If you start up a real estate biz, have your people return calls, show up on time and book viewings in a timely manner. It is something that appears to be beyond the average agent in this city.
I don't think the OP is looking to start a real estate agency.
Sounds like he has some money and wants to invest in land to develop and later build on or sell to a builder.
What do you need to do this?
Knowledge.
A lot of people who have lots of money have lost it trying to play in a field they have no knowledge in. Like real estate.
Also it all depends on the amount of money available, and the motivation behind the desire to be in that industry.
I am a real estate developer and best advice I can give you is that unless you are very experienced and have very deep pockets don't get involved. Real estate today in most areas and Toronto in particular is very pricy and it is very hard to make buck unless you have along horizon and lost of money. people see prices rising and think it will last forever. It wont. There will be a correction and the people who have bought and cannot afford to hold will get killed and sell to people like me.
If you are intent on getting into it I would say but a cheap hose somewhere, renovate it or fix it up and sell it and get a taste.
Your better route is probably to invest in a quality REIT.
Just to clarify... I don't want to be a real estate agent making a quick buck by showing people properties available for sale... I think most real estate agents are the sleaziest people around who don't know much but can only do the talk.
What I'm more interested in is developing properties, building houses and perhaps condos etc. Mind you I don't have the money to finance it myself, so would need to find investors etc. I do have a background in the architecture industry which is mainly design and construction related, nothing on the developing and business side of it. I'm wondering how hard is it to find investors and get money from the bank if I can provide them with quality and modern housing designs etc.
Like many of you may say, its not the time to do it or this is not the profession to get into if you don't have deep pockets etc. I think Canada is a huge country, with its population growing steadily. There has to be growth in the housing industry too.
I've seen people who came to this country over 25 years ago without a buck in their pockets and now run corporations that build entire housing communities and condos. So that is a motivation to me in itself
If you don't have money, you really don't have anything to bring to this venture. I worked for an architecture firm one summer when I was in college. It really doesn't provide you with the tools to get into real estate investment. I have a few friends that have gotten involved. One is an agent who inherited money and started buying up homes and apartment buildings to rent out - his plan is to have the properties maintain their costs through the rent he collects (this is a pain in the ass, because people don't pay or skip out, etc. He's got $ though so he can carry the costs when that does happen). My other friend is a contractor who buys homes, renovates and flips. He has a good sized company and he uses his crews to do work on the investment properties when he might have a bit of a lull on his other jobs. He also works with the first guy I mentioned, who as an agent, finds houses that have good potential for flipping. The third guy is an ex hockey player who became an agent when he left the game. He works with his NHL buddies and finds investment properties for them to purchase and rent. He recently bought a warehouse which they turned into condos and are selling off. He is the most successful of the three, easily pulling 500k year. But all 3 had money to invest and close ties to the real estate market, where they could find the deals and use their contacts. I think you will have a hard time getting into the development/investment market with what you bring to the table.
Insider connections at city hall. And money.What do you need to do this?
Oh look who knew that the only new subway stop Rob Ford wound up building would be right across the street from the property I am developing??? How fortunate.
Actually, one of my dancer friends sells real estate part-time. Extremely competitive business. You are constantly on the road at all hours of the day and weekends. In her words: "All the business is already taken up by the old bitches (her words)".Hire a sales force consisting entirely of top flight escorts looking to retire and develop new careers.
Do you know these people personally or through the media only?I've seen people who came to this country over 25 years ago without a buck in their pockets and now run corporations that build entire housing communities and condos.
absolutely fucking impossiblehow hard if you have no money and only "background" in the "architecture industry"?
Unless there is a stronger word, impossible.
I am just curious and I mean no offense but why in the world would anyone invest with you. The answer to your question is impossible.I'm wondering how hard is it to find investors and get money from the bank if I can provide them with quality and modern housing designs etc.
You would be surprised how many are actually agents lol
Hire a sales force consisting entirely of top flight escorts looking to retire and develop new careers.
If they can survive in this industry, and handle men here, they'll have those innocent civvies thinking with their little heads too. Those with duo experience can seduce female homebuyers as well.
With the hottest babes closing the hottest deals, you'll have the hottest new firm in town.
You might even get hot and firm yourself.
If your looking to develop theres two ways to success.....Either you have to know the construction industry inside and out, get yourself bonded (the criteria is quite large and many many many get rejected), and have to deal with a level of politics that will make you second guess your intentions in getting into the business in the first place..
The second way is not much smarts but a boundless bank account...hire a project management company, again apply for bonding (which is easier to obtain with substantial assets), and start bidding on tenders...be prepared for a world of greasing, politics, BS, and long nights with your head wrapped around problems...
The people your referring to immigrating to Canada and making a fortune, all came here when there was large amounts of potential to grow, build a business and create massive wealth...those days are gone..well not gone, but nowadays its computers and other industries reigning supreme in the race for wealth...I know a quite a few investors and developers and their stories are a lot alike...they were a the right place at the right time...Not to say you can't make money now...but development isn't as easy as heres the money, build it sell it...
wow long enough rant..ok im done lol
The second way is not much smarts but a boundless bank account...hire a project management company, again apply for bonding (which is easier to obtain with substantial assets), and start bidding on tenders...be prepared for a world of greasing, politics, BS, and long nights with your head wrapped around problems...
The people your referring to immigrating to Canada and making a fortune, all came here when there was large amounts of potential to grow, build a business and create massive wealth...those days are gone..well not gone, but nowadays its computers and other industries reigning supreme in the race for wealth...I know a quite a few investors and developers and their stories are a lot alike...they were a the right place at the right time...Not to say you can't make money now...but development isn't as easy as heres the money, build it sell it...
wow long enough rant..ok im done lol
Just to clarify... I don't want to be a real estate agent making a quick buck by showing people properties available for sale... I think most real estate agents are the sleaziest people around who don't know much but can only do the talk.
What I'm more interested in is developing properties, building houses and perhaps condos etc. Mind you I don't have the money to finance it myself, so would need to find investors etc. I do have a background in the architecture industry which is mainly design and construction related, nothing on the developing and business side of it. I'm wondering how hard is it to find investors and get money from the bank if I can provide them with quality and modern housing designs etc.
Like many of you may say, its not the time to do it or this is not the profession to get into if you don't have deep pockets etc. I think Canada is a huge country, with its population growing steadily. There has to be growth in the housing industry too.
I've seen people who came to this country over 25 years ago without a buck in their pockets and now run corporations that build entire housing communities and condos. So that is a motivation to me in itself
Your timing is impeccable. You should consult with Ceiling Cat. After all, he lives in a ceiling. He should know a thing or two.
