Updated over 4 years ago on . Most recent reply
Financing our first rental
My wife and I are looking to get our first income property. I found a multi-unit that I believe would cashflow here in Saskatchewan, Canada. I spoke to our bank, and they will not refinance until we have paid 20% of our mortgage. I also have been reading online that unless you put 20% down on a rental property, banks will not finance beyond 80%.
We have savings built up, but only 12% of asking price. Our preference is to go the traditional route and use our own money. We could easily sell our house and house hack at the property; however ideally we would like to stay where we are and rent out both units of the property in question.
Does anyone have ideas or recommendations? We have a plan to continue saving aggressively, but I want my foot in the door today!