Hi everyone,
I am looking at purchasing an up/down duplex bungalow style for $190000. It needs about $40000 in renos, after which it can rent for $800 down and $1K up. Coming up with the 20% downpayment is going to be a challenge. I hope to use the equity from my current primary residence and borrow the remainder. I am looking for advice on options for financing the renos, especially my challenges with the downpayment. I obviously need to discuss this with my mortgage broker, but thought I'd throw this out to the REIN community to get some advice from those more experianced with this than I.
Thanks!
Tootse
I am looking at purchasing an up/down duplex bungalow style for $190000. It needs about $40000 in renos, after which it can rent for $800 down and $1K up. Coming up with the 20% downpayment is going to be a challenge. I hope to use the equity from my current primary residence and borrow the remainder. I am looking for advice on options for financing the renos, especially my challenges with the downpayment. I obviously need to discuss this with my mortgage broker, but thought I'd throw this out to the REIN community to get some advice from those more experianced with this than I.
Thanks!
Tootse