You might be surprised to learn that you do not need to make six figures to have a second property. If you are purchasing a second property with the intention to rent, here are a few extra things to know:
🔹The minimum down payment required is 20% of the purchase price
🔹 Only a portion of the rental income can be used for qualifying and determining how much you can afford to borrow.
🔹 If you do eventually want to sell this property, do note that it will be subject to capital gains tax.
If you are looking to purchase a rental property, call IK Financial before you start hunting. We would love to help review your financial situation, current mortgage and equity, and help you create a personal strategy.
Contact our Licensed Mortgage Agents today!
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com