Buying a property with little or no money down.
by John Burton
(Windsor, Nova Scotia)
I live in Nova Scotia near the town of Windsor. I have been wanting to invest in real estate to help with retirement planning. I have my eye on a commercial property in Windsor with two apartments above the commercial space (it is a three story). Historically the spaces have rented for ~$1950 per month.
The property is about 140 years old and needs an estimated 40 to 50 Thousand in upgrades (this estimate is from a local Realtor). The property is listed for $124,000.
My principle residence has ~$125,000 in equity in it right now. My question is Can I use the equity from my home to act as the down payment? I don't have 20% to put down on the property so I was wondering if equity counted.