Financing

[VioletV]

Hi,

I am definitely a new Real Estate Investor. I have 3 investment properties that I currently own and one Principle residence. My husband and I are both self-employed with our income not showing to be high after all expenses and right-offs. My credit is good. Here is the situation...When I purchased my first income property, the bank made me put 50 % down as it was an investment property. I later dealt with a mortgage broker who has helped me put two deals together with one being 10% down and the other being 15% down. My mortgage broker has informed me that it is difficult to get me a mortgage with little down as I own 4 homes in my name.

My question is... How can I get around purchasing investment properties with little 10-15% down and be able to own multiple homes/duplexes??? IS there any way around this?? HELP PLEASE!! I would really like to grow my portfolio...without having to put 50% down.

Thank you,

 

[RobMacdonald]

You should definitely keep reaching out for second opinions in regards to the financing you are able to arrange. It is not that easy in today`s market to arrange `low down payment` financing if your income does not meet the minimum requirements for the mortgage lenders. There are possibilities or arranging first mortgages up to 65 or 75%, and then combining a second mortgage in behind that. This solutions will be more expensive financing, but it may be a viable solutions for you.

You really need to make sure your are dealing with a mortgage broker that is well versed in the options for real estate investors.

 

[ekisielewski]

Hello: I am in a similar situation as yours. You may want to speak with my mortgage broker. He is very competent and an investor himself so he will know how to help you. He answers your calls within minutes. Tom Hogg from The Mortgage Centre @ 905 949-4949. Good Luck!
Elisabet K.