Looking for Direction

[Steve Marion]

Hey gang,

My name is Steve, I'm 33 and live in Ontario, Canada.  I'm working full time with minimal expenses and looking to get started in real estate ASAP.

I've been hanging around the bigger pockets site/podcast/YouTube channel for about a week or so now and my main areas of interest are BRRRR and Wholesale (Only interested in Wholesale to raise funds as a necessity)

I have nothing in the way of savings currently, but I am debt free and have access to a $50k Line of Credit (Unsecured/ 7.5%).  I mention this because as I stated earlier, I am EAGER to get started and if there are things I can be doing now with my current resources I would like to know. 

Any and all thoughts welcome, I'm just looking for some advice on some action I can take specific to my situation.  Don't worry, I'm not going to do anything stupid without doing my due diligence beforehand, but this post is being made in the spirit of taking action and I intend to keep that ball rolling.

Thanks in advance everyone, glad to be here.

Steve 

[Evan Polaski]

@Steve Marion I have never been a wholesaler, but based on the exceptionally few emails I get these days from wholesalers, and the sheer number of them all chasing the same deals in the same markets, I am guessing it is a very challenging business.

Now getting started, if you have secure income and access to credit lines, you are already doing reasonably well.  First, I would focus on building your savings.  Real estate is a slow and steady game for most, and requires a lot of capital.  

In the strong market we are in, I am a big proponent of fix and flips.  Rental rates have not been keeping up with property costs, so the margins keep getting squeezed, right now, on rentals.  Plus, a fix and flip will likely put more cash in your pocket faster.  Depending on your unsecured line, you may be able to use that as a down payment and have a hard money lender behind for the mortgage on the property, which could get you a property sooner.  But start talking to lenders (google fix and flip loan and your market, or hard money loan and your market...) and start calling.