USE RENTAL INCOME TO BUY ANOTHER HOME
Are you wondering about another strategy to buy your second property?
Here’s example of how to do that with less than 20% down.
A lot of our clients have owned a piece of real estate and seen it go up in value for a period of time. We can take the equity out of your primary residence and all you actually need is 5% or 5% of the first $500,000 and 10% to purchase that second property.
You can actually purchase your next property with less than 20% down, assuming you are moving into it. The easiest way to achieve this is to turn your primary property into a rental.
We could use the estimated rental income and that of course will help us pay for the existing mortgage. Then we only have to qualify you to a new property. If your new property has a rental suite and can provide additional rental income to help get you into that property.
That’s just one example of how you can buy a property with less than 20% down for your second property.
If you would like to learn other ways feel free to contact us!
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