Line of credit as a down payment

[David Talmid]

Hi everyone, I had a questions regarding leverage as a down payment.

I currently own 3 condo units in downtown Montreal. 2 are currently rental units & 1 I’m living in it right now. The first 2 units, I put down 5% down and the 3rd one I put up a good 20% down to avoid the default insurance. All 3 units were bought 2 years ago.

I’m ready to jump towards the next property but unfortunately I don’t have any capital to put as a down payment except a few line of credits. 

Would you think it’s a good idea to use my line of credit on the next property or wait 3 years to refinance and take out the equity? If I use the line of credit right now, I can use the full 20% down payment. 

I was also thinking, if I should hold off putting all 20% down as a down payment and put 5% over the course of 4 years?

Thank you,
Excited to join bigger pocket community