Hello!
I thought it was about time that I introduced myself. I wrote a blog when I first signed up outlining some of my thoughts. I am from Edmonton, Alberta, Canada and it doesn't seem like there are a ton of people on here from Canada quite yet (less competition a good thing, less mentoring a bad thing haha).
I originally found this site after attending a free Fortune Builders seminar and then getting hyped up about the $200 boot camp course. I did attend the first day and most of the second and I was impressed at the quality of the material (perhaps I'll write a review and keep this on topic).
So I have read a lot of articles, I like that they are short but full of great tips and bookmarked the ones I like for future reference. I was thinking wholesaling would be a great way to start out but don't think I'm really much of a marketing type. Flipping houses or project managing the flip would be a lot more fun. However to get into this, I'd need to find a good deal, or at least I was thinking I'd need to find a good deal on my own, which sounds a little tougher because usually you don't want to be looking in the MLS. I'm not very familiar with foreclosures and how to find them in Canada. So to find a good deal, it's almost as if I'd have to get into the wholesaling side of things. Though alternatively I'm now thinking that if I had a good flipping business, like a business model and contractors and a good team and analysis sheets, perhaps I could have wholesalers send me deals for review, and I could then find private lenders to fund the project. Does that sound more plausible?
The other aspect I'm looking at is being a landlord. I recently purchased my parents home because of the extremely good layout in the basement making it suitable for a basement suite. I intend on getting that started in the next couple of months. That will probably set me back $20,000, but at $1500/month in rental income, it would quickly get paid off. I'm also thinking that maybe I should invest some money into fixing up the upstairs and just moving out. Maybe move in with a friend for very minimal rent while renting out my upstairs. Hopefully at some point in a year or two I could just buy another house as a rental property and speed up the process. However currently I'm being told about this "great deal" from my brother and mom that's this cheap apartment for sale that they looked at. I was thinking maybe I could buy that with some assistance and just rent it out (currently there's a tenant that's been there for 16 years). Or I could buy it and try and flip it for a small profit. But I'm not sure I could do all this at once so probably this great deal will slip away. My friend is on here and she has access to a lot more funds thanks to a HELOC and her and I will probably do business together at some point in the near future as she wants to make her money grow.
But I kind of feel like I'm in the analysis paralysis, though I'm not analyzing, it's just I'm not sure what path to go down haha. I actually do need to read a bit more as I don't have all the ins and outs when it comes to analysis of deals and such. But yeah, just thought I'd post this up and say hello and maybe people will just throw feedback at me heh.
Catch you later!
