Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 11 years ago,
Canada - how do you finance your 2nd, 3rd...10th property
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,