Quote:
Originally Posted by Winsor_Pilates
Investment properties already require 20% down, and have since 2010.
By "very rarely", did you mean "almost always"?
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Quote:
Originally Posted by The Yen Man
Wow, so much wrong in this statement. I'm guessing all your knowledge on investing in rental properties is "so and so said so" and not based on any actual first hand knowledge. As mentioned by WP, you can't put less than 20% down for an investment property.
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While worded quite poorly and using a bit of a blanket statement, the poster you replied to is not totally out to lunch.
I've even seen Realtor1 suggest buying an investment property with 5% down in another thread. You just call it a second home. I know at least 6 people who have bought additional homes this way. My wife bought her first place, I bought my first place, we bought a new place and rented our other two places out. They've since been sold, but we wouldn't have been able to buy another place had this new rule been in place. I had looked at buying a rental in a BC town this same way. I know plenty of other people who have done this - and having been on the broker side working with realtors I've seen plenty of "second homes" that are used as rentals.
I'm not certain it'll have a substantial impact on the market, but I'm wondering . . .
Enough with the bike commute talk, probably belongs in the cycling thread
