Article content

Vancouver’s real estate market has been very good to Amanda. She’s not a licensed realtor, but buying and selling property is her full-time job.

She started about eight years ago as an unlicensed “wholesaler” in Vancouver.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or 'We’re not realtors!' Former 'wholesaler' reveals hidden dark side of Vancouver's red-hot real estate market Back to video

She would approach homeowners and make unsolicited offers for private cash deals. Amanda made a 10-per-cent fee on each purchase by immediately assigning the contract to a background investor. It is seen as the lowest job in property investment, but it is low risk and very profitable. Amanda has done so well that she now owns two homes in Vancouver and develops property in the U.S.

Unlicensed wholesaling is an illicit and predatory business that is quickly growing in Metro Vancouver because enforcement is virtually non-existent.

It’s similar to a tactic currently being examined by B.C. real estate authorities known as “assignment flipping,” which involves legally but secretly trading homes on paper to enrich realtors and circles of investors.