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