I am looking to begin renting out properties but as I look at down payment options for secondary residential properties (15-20%) it is just not something I want to dump all my money into up front. Are there other options to get me started for a lower up front cost?
Here are a few options
1) Get an equity loan on your existing property
2) Talk with local investors/wholesalers and see if anyone is interested in financing property to you
3) Live in the property for a year and rent out your current home so that you qualify for a much smaller down payment
I've also heard TD bank does mortgages for investment properties for a smaller down payment amount