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Mortgages For Rental Apartments?

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DennisDavid

Freshman Member
Joined
Aug 19, 2016
Professional Status
General Public
State
Canada
Any mortgages for rental apartments? I was looking for a mortgage to purchase a home, but that might not happen. Something came in between, my daughter is moving to North York next month, I want her to live in a happy place with heavenly feeling. She is my one and only one daughter. I had arranged rental apartments for here in North York http://www.macsuites.ca/north-york/hollywood-plaza-north-york/, can I get a mortgage for it? What are the procedures for that? Could I get the amount as a whole? Is there any scheme? How could I get the payment?
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
Did you intend to post this on a forum for real estate appraisers?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Are you asking about the US market or Canada? In the US, you can get a mortgage on a dog house, but we don't have many if any Canadian appraisers stop by, so I doubt anyone here is familiar enough with their law to help you. Check for a forum under Canadian Appraisal Institute.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
20% down, commercial rates and commercial GL insurance policy.

Welcome to America.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
A mortgage to cover a rental unit that you don't own? I don't think so. Just take a big gulp, pull out the billfold and pony up the rent, etc. if you are purchasing a unit, sure. Just plan on 20% down more than likely.
 
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