Borrowing down payment

[James Smyth]

Hello everyone

I'm new to BP and REI. There is loads of great information here.

So I’m just starting out my research and would like to start putting in offers March/April next yearbook the right property.

I’m currently in Vancouver, Canada and own a 1 bed condo it’s currently worth at least $30k more that what we paid for it 2 years ago.

When we bought this property we had no down payment and had $20k in a car loan. We had to borrow $20k in the form of a line of credit. We were debt free in just under 18 months.

I am thinking to go down the same route to get started with our first investment property. We are currently pre approved for a mortgage. And we would be borrowing on a line of credit $50/60k.

What are your thoughts?

Thanks.

[James Smyth]

@Ned Carey

I know we got lucky we bought just before the market reached its high point. I’m not expecting that type of return on any investment property this will be a long term hold and rent.

Plan on having enough cash on hand pay expenses for 6 months.