Looking to buy my second investment property (Ontario, Canada)

[Mike Purvis]

I've had my duplex for about 5 months now and it's working out really well! I want to get my second property as soon as I can. I have a few questions I am hoping somebody can help me out with:

1) I have only about $10,000 in cash available to put towards closing costs/ down payment. What are my options to finance a deal? Am I going to have to wait until I have 20% for a down payment or are there any creative ways around this? I have heard several people say that in Ontario the government requires you to pay 20% for your second home. I've also heard there may be ways around this.

2) How can I go about finding out about foreclosed homes in my area?

3) How hard is it to find a decent rental in the USA to purchase and manage from Ontario? I've heard many people recommend this but I'm just not sure if it's going to be too much of a hassle and a risk or if it's right for me at this time.

Any advice for this newbie investor would be greatly appreciated!!

Thanks- Mitch

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