Quote:
Originally Posted by ranchlandsselling
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  |
You're right. There's definitely work around ways to buy an investment property without 20% down, I'm certainly aware of that.
But it's hardly something that most investors do, which is what I was responding to with that other poster's exaggerated blanket statement.