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Posted by Keilan Clark on 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. ...
Category: Money

I would like to acquire my first rental property. I have zero debt and have around $20,000 in cash. This does not include my investments. The problem is I am only 20 and the money I have made has been through various ventures, not through a specific employer. I am a full time student as of now who runs two businesses. What are my options? Should I seek help through the CMHC? Not sure where to go from here but would love some advice! Thanks, K

Answer:

Fabio Campanella
2014-09-29 14:55:00

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.

Fabio Campanella
Partner, Campanella McDonald LLP