All Forum Posts by: Justin Chang

 There are lenders out there that are willing to do it but don't expect it to be from CIBC or TD.. You probably have to pay a higher rate based on risk "income"

You might be able to do it with your rental property with an A Lender CIBC RBC etc.. if you can prove rental income with leases and bank deposits. I did it with email money transfers from same person beginning of month.. You can try to refinance it at a longer term say 30 years to lower your monthly payment so you will be able to pull out more equity. As long as you can show the bank it will cash flow positive even $50 a month then you should be golden.. One problem you may encounter as with a condo the maintenance fees increase so the bank may want a higher cushion than just $50 a month to counteract when the fees go up.. Also a good credit score can reduce some risk to lender.

Good luck

@Justin Chang I once had the exact same problem! Tons of equity and no paycheck. No one would work with me. I had to sell one to get the cash out. Hope you find a better solution than I did!