Rental Property Purchases

Today we're going to talk about rental property purchases.

When you buy a rental property, the down payment requirement is a minimum of 20%. This is very important and some people aren't aware of this. Also, when buying a rental property it is more important than ever that you talk to a mortgage broker instead of just talking to your bank. As a mortgage broker, we have access to access to a variety of lenders that have various rental income calculations that can help you to qualify for a much larger purchase price than a standard lender might be able to.

When buying a rental property, the lender must confirm rental income by way of either a lease agreement or what's called a market rents letter. We can help you understand both of those and whatever is needed.

Rental properties are a wonderful way to build your wealth through real estate, while having somebody else pay the expenses for you.

If you have any other questions, reach out to our team.

We're happy to help. Have a great day.