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Updated about 11 years ago,

User Stats

72
Posts
8
Votes
Dominika M
  • Homeowner
  • Brampton, On
8
Votes |
72
Posts

Canada - how do you finance your 2nd, 3rd...10th property

Dominika M
  • Homeowner
  • Brampton, On
Posted

Hi all,
i'm setting up to buy my first investment property. Conventional financing is a little difficult. I'll make this deal happen, but i don't know how i'll finance the next property. I'm in for the long game - i'd like to purchase at least 3 in 2 years and have at least 10 properties in 5 years. Canadians, how do you finance your 2nd, 3rd,...10th properties?
I currently have a tiny home in GTA, on which i've been accelerating mortgage payments to pay off 10 years ahead of schedule. I have a job with decent earned wages, but only one income for the family. I have savings for a very decent downpayment on investment property. My current bank will only give me about $100 mortgage because they are mostly looking at my earned income (not considering downpayment or future income from rental.
I went to a mortgage broker who can get me more mortgage but at significantly higher % (4.5% instead of 3%).

Canadians, how do you finance your 2nd, 3rd,...10th properties? (After that, i figure i will know the game).
Thanks a lot,

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