All Forum Posts by: Daniel MacKenzie

Hello all,

I am a complete newbie to real estate investing and would love any and all types of advice on getting started. I am interested in finding some local people in Western Canada or Canada in general to connect with and be able to work together. I have been doing a ton of research and have talked to a couple mentors/coaches but one said I need to have min $20-25K in backup funds and the other is close to $10K for the coaching/mentoring. Unfortunately I don't have that sort of capital and don't have the ability to go to a financial institution to get loans. This is where the creative financing comes into play, using OPM. 

I have a few questions about different ways to move forward. When I get my mind on doing something I find a way to do it lol. Anyway, I would love to hear some thoughts on these different scenarios:

1. Start a new corporation and look into getting some sort of start-up funding or LOC for backup funds. Then if I get this type of financing go back to one of the coaches/mentors and start training with them. Any fees should be considered business expenses. Only issue I see is that I don't know if getting start-up funding for a RE Investing business is actually doable.

2. Connect with some local wholesalers that would be willing to work with me and teach me the whole process. We could figure out a split like 70/30 or something to still allow me to build up a little capital while learning the process. Issue with this is finding someone who is willing to share their knowledge and the assignment fees.

3. Connect with an investor that is willing to be a coach/mentor on a few deals to start while they teach me processes and how to find/analyze properties, find other investors to fund the deal etc, again, possibly with some type of split. I would be able to help with the leg work etc as well! Again like scenario 2, issue is finding someone willing to teach me what they know.

I may be completely out to lunch with these scenarios and if I am I would love to hear why and see if anyone has better ways to get started with mediocre credit and no backup funds. 

My end goal is to have some multi-family properties for long term residual income but also learn about wholesaling and BRRRR as I have a background in different types of trades.

Anyway, sorry for the long winded post! Also, feel free to connect with me if you would like to get in touch! :)

Any Canadians here wanna talk?

Welcome igreen! I am a Canadian as well living in Alberta.

Have a good day!
John

Hi John,

A "canuck" is all Canadians, I've never heard anything about it just being the french speaking ones.

As for the investing I think right now we would like to just stay in our local market as it has been insanely hot for the last few years and still is. It is one of the hottest markets in the country right now. We'll see what happens here first and then see about the warm destinations. Just need to get the first deal done but it may be a little bit for that. We are just about to take possession of our home we just had built so we better focus on that one first and then see about investing. It took close to a year and a half to have this house built and it has already appreciated between $150,000 - $200,000 just while it was being built, and we haven't even moved in yet!!! We need to figure out the proper steps to start doing the investing so we don't lose out shirts and the new house!!

Have a good one!
John

Hi all,

I would love to hear from some fellow Canadians as to how they started out, as well as any advise they have!

Well I just found it tonight but so far it looks good!! How are things in Winnipeg? Have you been investing yet? If so how has it been there?

Hi all,

Just want to introduce myself. My name is John and I am from Calgary Alberta, Canada. I am just looking to get some good info and advise and hopefully meet some new people interested in real estate investing. My wife and I are just in the first stage of thinking/planning on investing in some real estate. It would be really nice to also meet some people from Canada as well as hopefully some from our area as well!

Thanks
John