Posted by 2014-09-15 22:34:00
Title: I would like to acquire my first rental property. I have zero debt and have around $20,000 in cash. ...
Because of your age and lack of work history obtaining financing via the traditional routes (i.e. major banks) will be difficult. You may be able to go the CMHC route but with only 20% down that could make it expensive. My suggestion is to contact an independent mortgage broker who does not work for any one specific bank. They will be in a good position to determine if you will qualify for a mortgage because they will shop your situation out to several lenders.
Partner, Campanella McDonald LLP