Options for getting enough downpayment

[Rudy Kay]

Hey guys,

I'm brand new to this forum and also new to real estate investing. I'm looking to make a first purchase. My goal is to buy rental property. 

I live in the US and I'm looking to buy property in my home town in Canada since the dollar is so low right now.

The only issue is, I need 30% downpayment to ensure rent is higher than my monthly expenses on the property. I only have 20% saved right now. Other than just spending the next year saving, is there a way for me to get to that 30% quicker so I can go in before the dollar rebounds? For example, can I take out a loan for the remaining 10%?

I've also read about something called recasting a mortgage. If let's say I put 20% down, I can recast later when I get the remaining 10%. Maybe this is the better way to go?

I'm basically trying to understand what the options are, and what the pros and cons of each are.

thanks in advance!

-R