Buying multifamily property

10 Replies

Hi Big Pockets - especially those of you in Ontario, 

We have a SFR in the States and when we returned to Canada (Ontario) we bought a house in London with an income suite that we rent out. Now we want to buy a multifamily, but the bank says our loan to debt ratio is too high. They referred us to a hard money lender and told us that we would need to put 35% down! How do we navigate this impass?

I'm 10 years from retirement and I don't make a lot of money. We were hoping to buy a property a year to keep up going in retirement, but now that seems impossible. I'd appreciate any suggestions.



Hey @Carolyn Guertin good job on continuing to look for solutions. One bank saying no is very common. I wouldn't be discouraged by one lender.

Would be happy to chat offline a bit about this. 

Hi Carolyn,

I am 52 years old and have accumulated on an $80,000 W2 family earnings 5 apartment complexes and currently 4 single family.  I started at 46 years old buying one little condo at a time.  Each one cash flowed from $350-$600 a month and after 3 years and 10 condos later, I had $50,000 cash flow coming in each month.  Then, 1031 exchanged them all for apartment complexes except the 4 single family rental properties and 2 personal residences.  Feel free to reach out to me.  I told my story on Podcast 238 too.  Now I have $160,000 cash flow coming in per year.  If a lowly paid Parochial School teacher can do this,  Anyone can!!


there is no 1031 exchange in Canada. So unfortunately this wouldn't work here. American investors don't realize how lucky they are to have such a thing. When we sell a property, it's time to pay the tax man...a lot! No avoiding this by way of 1031 or any "exchange"

Hi Swanny, 

There are certainly a lot more options in the States, and we will probably buy more property there when the political situation calms down a bit. For now, we're looking for some solutions in Canada. 



Sell? Refinance?  Those options are not available in Canada?


I sold a few 2 apartment complexes 3 condos and 4 single family straight up and still the taxes were much less than W2 earned income and selling stock.


@Michael Swan Glad to see you really active in the community. I am 28 years old now and I am trying to build up my own portfolio. California is just really expensive to get things at a good vaule. Started looking out of state.

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