Real Estate

Thinking of getting a second property

  • Last Updated:
  • Oct 6th, 2015 12:46 am
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Deal Fanatic
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Feb 2, 2014
7778 posts
2159 upvotes
Toronto
fizzerd wrote: Want to increase my real estate portfolio and thinking of getting another property. I currently own a home ($200 mortgage bal., $400k value) and want to rent it out and move in to a new home.

My income is $75k and I dont have any other debts.

The question is if I get a HELOC and use it as a downpayment for the new home, what price range should I be looking at for the new home?

I dont want to end up in a very high priced home, only be paying interest-only payments on the HELOC and end up in a debt hole.
You should get pre-approved for a mortgage...you may not qualify for additional financing.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
Nov 11, 2008
7653 posts
1413 upvotes
CdnRealEstateGuy wrote: You should get pre-approved for a mortgage...you may not qualify for additional financing.
Additional funding over his 400k valued property?

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