Hello everyone. I am getting my finances in order and will be looking to get into either doing a BRRR or a flip for my first investment in the Toronto area. My parents are senior property managers working in Toronto, and they have a lot of connections with contractors, realtors etc. They're willing to help me with my first investment in that regard to but not financially, I have to put up 100% of the money for the deal which is fine. Unfortunately I have little to no capital in my savings due mainly because of bad debt I got myself into. Good thing is I'm on the verge of paying off all my debts soon.
How should I approach this situation, just save for a big down payment on a rental, or go into flips/BRRR? I live in Toronto, Canada and can save about 1500 dollars of disposal income a month, but I am currently in the process of finding a higher paying job in the next few weeks. But the housing market here is literally insane. I really don't know how anyone can start in this market. I'm looking for some rentals up North farther away maybe.
Right now I am in the learning phase and just learning how to calculate deals, but any advice would be appreciated.
My ultimate goal is to have 1 rental or BRRR or flip done by mid/ end of 2022. And 5 homes in 2023.
Thanks
