Young Family Looking for Stability

Matt and Shelby are young parents of an 8-month old. The couple has been renting ever since getting married and want to take the next step towards creating more stability for their family. Megan is finishing her maternity leave in the next half year but is receiving a top-up from her company, Shopify, for her full salary while off. Matt just relocated to the Kingston area. He is unionized as a carpenter so both have very good job stability. They have saved $15,000 and will need four years to improve their credit and build up bigger down payment.

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Employment
The couple has a combined yearly household income of $156,600. Matt works as a carpenter/finisher for Soubliere Interiors. He just transferred to this position earlier in 2021 and is looking to put down roots in the Kingston area and move his family to be with him. Matt will earn $85,000 this year. Shelby works for Shopify and has been with the company since 2016. She is a Talent Sourcer for the company and earns $63,000. . The couple also receives child benefits in the amount of $8,600 annually.

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Credit
Matt has decent credit, his score is 656. He has a car loan on his credit that needs time to be paid down. Shelby has a score of 619. Like Matt, she also has a car loan that is holding her back from getting a mortgage today. They will be working with a Clover Properties-approved mortgage broker to ensure Matt and Shelby are mortgage-ready by 2025.

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Property
The priority for this family was to find an affordable house in Kingston which would provide them with enough room for a growing family. This property has it all. 3 bedrooms and 1 bath. The property has a new kitchen, bath, furnace, metal roof and detached garage with a private lot. The family is excited as this home is close to all amenities, schools and parks. Located just 50 minutes from Kingston.

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Next Steps
If you can qualify for a $344,000 mortgage (based on a 20% down payment), and would like to earn about $860+ in monthly cashflow to help Matt and Shelby Rent to Own, please call or text Rachel at 416-450-1940.

Investment Property Highlights

  • Your investment is $83,700
  • Estimated annual return on investment is 33% (based on a mortgage rate of 3.00 and 30 yr amortization –approximated)
  • Your estimated NET profit $109,274
  • Your NET monthly cash flow is approx. $860+ a month
  • Tenant-buyers have $22,000 for the down payment
  • Tenant-buyers has household income of $156,600

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About the Property

  • Purchase price is $430,000 (offer is today)
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $2,682 monthly
  • Monthly carrying costs $1,822 (or less)
  • Tenant-buyer will buy this house in 2025 for $520,720

Next Steps

  • Yes, I want to proceed with this opportunity
  • Meet realtor and sign conditional offer
  • Confirm your financing
  • Review inspection report
  • Review contracts
  • Go firm on the deal
  • Tenant-buyer’s $22,000 down will be used as the deposit on the property with accepted offer
Rachel and Neil Oliver
Rachel and Neil OliverCo-Founders, Managing Partners
Need a Mortgage Partner for Your Next RTO?
If you’re craving cashflow but have only cash to invest, let’s explore a Joint Venture.
Contact rachel@rethinkrentals.com

Contact me for more information or if you have any questions: rachel@rethinkrentals.com