New Investor from Kelowna BC Canada

[John Neuman]

Hello all,

I am a complete newbie to real estate investing and would love any and all types of advice on getting started. I am interested in finding some local people in Western Canada or Canada in general to connect with and be able to work together. I have been doing a ton of research and have talked to a couple mentors/coaches but one said I need to have min $20-25K in backup funds and the other is close to $10K for the coaching/mentoring. Unfortunately I don't have that sort of capital and don't have the ability to go to a financial institution to get loans. This is where the creative financing comes into play, using OPM.

I have a few questions about different ways to move forward. When I get my mind on doing something I find a way to do it lol. Anyway, I would love to hear some thoughts on these different scenarios:

1. Start a new corporation and look into getting some sort of start-up funding or LOC for backup funds. Then if I get this type of financing go back to one of the coaches/mentors and start training with them. Any fees should be considered business expenses. Only issue I see is that I don't know if getting start-up funding for a RE Investing business is actually doable.

2. Connect with some local wholesalers that would be willing to work with me and teach me the whole process. We could figure out a split like 70/30 or something to still allow me to build up a little capital while learning the process. Issue with this is finding someone who is willing to share their knowledge and the assignment fees.

3. Connect with an investor that is willing to be a coach/mentor on a few deals to start while they teach me processes and how to find/analyze properties, find other investors to fund the deal etc, again, possibly with some type of split. I would be able to help with the leg work etc as well! Again like scenario 2, issue is finding someone willing to teach me what they know.

I may be completely out to lunch with these scenarios and if I am I would love to hear why and see if anyone has better ways to get started with mediocre credit and no backup funds.

My end goal is to have some multi-family properties for long term residual income but also learn about wholesaling and BRRRR as I have a background in different types of trades.

Anyway, sorry for the long winded post! Also, feel free to connect with me if you would like to get in touch! :)