Stephanie and her team provide a service that goes above and beyond exceptional. Always keeping us up to date with the mortgage process and helping us work out every detail we faced through the initial property purchase along with our current processes of remortgaging our home. Easy to contact via email or phone with fast detailed info as needed
Buying a Rental Property with GoToBrokers
Making the decision to buy a rental property has become increasingly important as many are using this type of investment to add support to the retirement income of tomorrow.
When making this decision we will work with you to uncover what your short- and long-term objectives are. This type of investment is strategic in nature and requires some planning with people who can help you build this portfolio and organize the purchasing structures required.
Breaking down some options and down payments:
- Buying a stand along building you will require 20% down to purchase this type of revenue property
- Buying a primary residence home with a legal basement suite, you can purchase with a minimal down payment. The bonus is you can use 100% of the basement rental income as a mortgage helper.
- If you are buying side by side duplex, you can purchase one side of your residence with minimal down and the other duplex with 10% down.
- If you are buying an apartment building, there will be other factors to consider – in most scenarios, you can proceed with 25-35% down.
- If you are buying a commercial rental unit plan between 25-35% down.
Some additional things GoToBrokers can do to assist you:
- If you purchase more than one rental property, we can use a tool in our tool kit called the rental worksheet. An excellent tool to properly offset the cost appropriately to aid in qualifying.
- Many lenders have a maximum number of doors you can own within their institute for your rental purchase. Many use the number five. We can work within your plans and map out who and where each one should be placed.
- We can work with T1 Generals to employ other tools available that will aid in maximizing your buying power.
- we work with lenders that have policies that allow you to add your company to the application (This is not readily available with all lenders)
Are you buying a new home as your primary residence and converting your current home into a rental property?
We have the tool “market rents” rather than a lease agreement. We can use this market rental tool to increase your income and assist you in moving forward. Once you have settled in your new home, you will have time to prepare your new rental property for the rental market.
GoToBrokers has the experience to work with you directly in making your goals obtainable! Call us today to discuss the many options available to you.