Blog > Turn your house into a rental and purchase another for yourself at 5% down

This is a phenomenal product my friends and I am gonna let you in on one of the most popular products that lenders carry. One of the best ways to get your first rental is to turn you first purchase into a rental property while you buy your upgraded house for yourself with only 5% down. You see many people don’t realize that the rule to the down payments is that if you are buying a primary residence that you can purchase that home with only 5% down whether its your first house or 5th. We also have a spreadsheet that lenders use that uses the rent you will get for you current house to offset the mortgage with allows you to qualify for both mortgages. It’s a magical thing that if the numbers make sense can benefit you greatly. This way for your next purchase say you are moving from a 300K house you purchase to a 450K house you would only need to save 22500 for your down payment. That is much better than 90K that you would need to purchase a 450K rental property. This we make you 300K property into a rental and you get to live in the upgraded house. What my team of all stars do for you is run a cashflow analysis to make sure your property makes sense as a rental and then will pre-qualify you for your new purchase. After that you can decide when and if you proceed. Remember there a many number given that even if your new rental property were to cost you 200 per month after someone pays you rent it would still out pace a 7% RRSP. Craziness my friends. Contact us today to see if this is an option that works for you and puts your retirement on track for being incredible.

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