Buying multifamily property

[Carolyn Guertin]

Hi Big Pockets - especially those of you in Ontario, 

We have a SFR in the States and when we returned to Canada (Ontario) we bought a house in London with an income suite that we rent out. Now we want to buy a multifamily, but the bank says our loan to debt ratio is too high. They referred us to a hard money lender and told us that we would need to put 35% down! How do we navigate this impass?

I'm 10 years from retirement and I don't make a lot of money. We were hoping to buy a property a year to keep up going in retirement, but now that seems impossible. I'd appreciate any suggestions.

Thanks,

Carolyn

[Michael Swan]

Hi Carolyn,

I am 52 years old and have accumulated on an $80,000 W2 family earnings 5 apartment complexes and currently 4 single family.  I started at 46 years old buying one little condo at a time.  Each one cash flowed from $350-$600 a month and after 3 years and 10 condos later, I had $50,000 cash flow coming in each month.  Then, 1031 exchanged them all for apartment complexes except the 4 single family rental properties and 2 personal residences.  Feel free to reach out to me.  I told my story on Podcast 238 too.  Now I have $160,000 cash flow coming in per year.  If a lowly paid Parochial School teacher can do this,  Anyone can!!

Swanny