Second Property Investment

[Ksenia L.]

Hi Everyone,

Really excited about my first post on BiggerPockets! :-)

Need an advise on a second property investment. My husband and I currently own a condo near downtown Toronto and for the past 5 years we have accumulated an equity cushion of around 100-150K.

So our idea was to pull some equity from the condo and buy a house with a rental unit. In addition we would like to rent out or our current condo.

Is it possible to buy a second property with less than 20%, assuming that we will be leaving in the house? Is it a sound strategy?

Thanks,

K