Using LOC to Get Started

[Account Closed]

Hi - can you all suggest best ways to use an existing personal LOC of $5-10K when starting out? At this point I just need capital to build funds. I was thinking that partnering up with a private or hard money lender might be good using the BRRRR method, but not sure. I'd value your thoughts. Thank you

[Account Closed]

Quote from @Tim Johnson:

Hi @Account Closed, I'm not sure about your Calgary market, but in most of the USA a 5-10K LOC won't provide you with much of a start. And hard money / private lenders like to partner with folks that have a proven record of paying them back...i.e., can flip and build houses. You're on the right track though with your question, in other words.... you're starting. Congrats. I would recommend the regular:

1. get rid of all credit card debt if you have any.

2. live frugally and save like crazy until you have that capital (25-50K?) It happens faster than you think when serious.

Yes, there will be a time when you can partner....and leverage other peoples' money..... but in the beginning consider it normal to bring a bit of your own cash to the table. Best wishes....

 Hi @Tim Johnson -  I'm very sorry - I should have clarified. I may live in Canada, but I'm looking at investing in the U.S. Therefore, house hacking is not an option, either.