Documenting the journey
Well there is 2 months left in my parental leave.
My goal was to flip 1 house during this leave. However, talking to many realtors, the market condition in Ottawa makes it difficult to flip houses as the prices have been increasing this year. Difficult but not impossible. I am still looking, you never know when opportunities can come up.
I put 8 offers so far. Every time, I was outbid by other buyers who might have put higher offers; no conditions; or simply a cash offer (meaning buying the house cash, with no mortgage). Sometimes contractors can buy them at higher price because they do not need to hire a contractor to do the renovation and therefore do not need to calculate an extra profit margin for the investor.
Eight offers? You might say it is not a lot. That is because there is a lot of searching and analyzing work that happens before an offer goes in. There are specific criteria that a house needs before even visiting and putting offers. It is all about the numbers.
Monthly cashflow is the rule. You do not want to owe money at the end of the month.