10k in Capital. Where Do I Start?

[Corey McMahon]

Hi,

This is my first official post on BiggerPockets. A bit of background is I'm currently finishing my schooling in OREA to become a salesperson.

In the meantime, I'd like to start the search for my first rental property. I live in Welland, Ontario. I'm open to searching all within Ontario as long as the numbers add up, good area, etc.

My Goals:

I'd like a property for cash flow, not to flip (for now).

My Questions:

With 10k in capital, is there much I can do? I've just looked into foreclosures today, so that may be an option. I am also searching for condos or small apartments as most of the homes are too costly (as I don't have enough capital).

I may be able to bring in a partner to increase cap. to 20k, but that's not guaranteed. For now I have the 10k guaranteed.

Where do I begin in terms of options?

If anyone has a step-by-step plan they utilise while hunting for a cash flowing rental unit with a limited amount of capital, I would greatly appreciate any insight available.

*Other note:

I'm working full-time as well (this may have relevance to lenders).

I've watched videos online informing me the best way to run numbers and what not, but now as I begin to search for a property I feel more pressure and less certain of the outcome.

Anyways...

Thank you & I'm very excited to begin the search. 

Corey

[Melanie Dupuis]

Hey @Corey McMahon, You should utilize creative financing and OPM! This way you continue to purchase real estate without any of your money. If done correctly, you will be able to scale while still keeping 100% ownership.