putting a downpayment for a 6 unit multiplex

[Alina K.]

Hi Everyone,

We're in Ontario, Canada and we are looking to invest in our first buy rent and hold project, which is a 6 unit multiplex. The problem, tho, is we have no downpayment!! :-(  Some mortgage agents told us that first time buyers can put as little as 5% but not on rental properties :-( Are there any hard money lenders who'd lend money for a downpayment (80,000$) and if so, how fast would we have to pay it off???? Is it true that using a hard money lender only good for a quick deal such as buy-fix-flip? 

Your help will be greatly appreciated! 

P.S - we read similar discussions on here and we're so happy to see people encouraging each other not to give up and keep going! We'd love to do the same for everyone on here!