Buying second half of a rental duplex

by Owen
(Prince George )


I purchased half a duplex last year; it has a suite and has been rented all year.

Now the second half has come on the market and I want to own the entire building! Problem being I used my down payment to purchase last year and I want to move on this other half!

What can I do to finance without a down payment and are there ways around a large down payment?

Anything to get me in this unit would be great advice right now!


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Apr 22, 2013
RE: buying second half of a rental duplex...
by: Tom Karadza

Hi Owen,

We feel your pain!

The lowest down payment you'll be able to achieve is 5% down but that's only for your primary place of residence.

Most other down payments are slightly higher. You may be able to get a 10% down program for the other half of the semi. Or who knows, maybe a banker likes you and makes some sort of exception to allow less.

The best advice we can offer is speak to your bank about the situation and then speak to 2-3 mortgage brokers about the situation. Sometimes mortgage brokers have access to "private money" that is willing to finance part of your down payment for you (at a higher interest rate) - allowing you to buy with less money out of pocket. The only catch with that is the mortgage lender must allow "a second mortgage" on the property. A good mortgage broker will be able to walk you through this.

Hope that helps a tad!


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