So I'm from Ontario, Canada and am going to be purchasing my first rental in a month or so, I really love real estate and want to do this frequently (every few years) I'm just worried about financing for the future. I will have no other debt other then this mortgage if this all goes through. In a year or so when i'm ready to do another deal how will i get loan from the bank?
@Ryan Cavasin As long as your debt-to-income (DTI) ratio is acceptable, credit in good shape and you have the cash for a down payment, banks will not mind loaning on another property. You could also seek seller financing deal and not involve a bank period. Lots of options, best of luck!
Thanks alot @Joseph Firmin , I appreciate it!
@Ryan Cavasin - Good question. Banks underwrite based on ratios, but their are a lot of sophisticated tweaks to make sure are in place with your original mortgage to ensure you're flexible & in the best position to continue to buy property.
Would be happy to discuss further over DM.