How do I obtain the second rental property in Ontario Canada Brrr

2 Replies

Hello Bigger Pocket users, 

Thanks for taking the time to engage in my post!

Last year I purchased my first property, a semi-detached duplex in North Toronto. I personally renovated the property and began renting it out. It has a positive cash flow and now I'm looking to repeat the process.

I currently contacted A and B level lenders and with no prevail I did not qualify to refinance my current mortgage. The biggest issue that I'm finding for getting approved is my employment history as I recently started a company within the Real estate investing and property management industry.  What are alternative options I can take so I can successfully use the Brrr process? 

Thank you,

Luca Battiston

Hi Luca, congrats on starting out. If the deal is really good you'll be able to finance it with private lenders. That's expensive, but if you can hang in there for a year or two you'll be able to refinance at better rates. The other options is joint venture with someone who can get a mortgage.

Best of luck

Pavel