New to BP - Homeowner looking to invest more in Real Estate

[Aaron Matthews]

Hello everyone! 

Excited to be here & excited to learn more/connect with you all. I am a 32 year-old homeowner living here in Southern Ontario Canada with my Wife and 1 year old son. 

We have been homeowners for 7 years, and are on house #2. We've done alright in the real estate world, buying our first house for $265K, and selling for $350K 2 years later with minimal $ put into it. We then purchased our next home for $350K, and put all the equity obtained in our first property into house #2 (open floor plan, new kitchen, new bathrooms, bedrooms updated etc - most of the work done myself). Our current home is worth approx $600K on the conservative end. Could likely get somewhere in the $650 - 700K range if we chose to sell. 

We recently refinanced/consolidated our debts and have a new mortgage of $360K. When we refinanced, I worked with my broker to take as much equity out as possible. In the end, I was only able to get a $55K HELOC. Although it was not as much as I had hoped for, we are are looking to utilize it in a strategic way to make life more comfortable and stop living paycheck to paycheck. As things stand, we do not live outside of our means. Every aspect of our budget has been looked at closely and adjusted as much as possible to free up cash flow. Cars are owned outright (older but good vehicles) cable television was cancelled, insurance policies reviewed, spending habits assessed etc. Monthly budget is tracked diligently. I have a descent job in the insurance industry and my wife is an Early Childhood Educator. But we are feeling the pinch. We can cover all our bills on a monthly basis, but there is not much left, if any.

We have been looking into some options to utilize the HELOC such as STRs/vacation properties (there is a beach resort near us that sells trailers for in/around 100K which rent out for a pretty penny on a weekly basis during the summer months). I also have the skills & network to flip a house and complete most of the work myself. However, I know very well that $55K is definitely not enough money to purchase something in our area and renovate it. At the end of the day, we really do not know where to start or what would be best for us. I looked into BNB investor academy and quickly realized that $16K for their course was a bit excessive and that I could set out to learn the skills I need myself if I choose to go the STR route.

As a result of joining BP, I am hoping to further educate myself regarding real estate investing and ultimately come up with a plan for what would be best for us moving forward. 

Any comments/feedback/input/direction is appreciated.

Cheers!