New Comers to Canada Motivated to Lock in Homeownership

Akinet and Anumeha are a married couple with a 12 year child. They moved from India to Canada in 2019. Eager to set down roots, they decided to make an offer on a great condo-town in Kitchener. The offer was accepted, but their mortgage application did not go through. Akinet recently landed a new job, so he needs 12 months to build up employment history before he can qualify for a mortgage. The couple has saved up $58,000 and would like to Rent-to-Own this property for a year while they get mortgage-ready.

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Employment
Combined, Akinet and Anumeha have an annual household income of $118,000. Akinet has just been hired full-time by Ottima Foods as the Senior Manager International Business Development. He earns $84,000 annually. Anumeha works for The Lead Speaker, a social media company headquartered in India. She works part-time as a Social Media Marketer where she earns approximately $12,000 annually. She also does work as a Numerologist. This income is provable and amounts to about $18,000 a year. The couple also receives $4,000 annually in Child Benefits.

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Credit
Both have excellent credit. Akinet has a high score of 731 and is carrying less than a $1,000 in debt. His wife Anumeha also has a high score of 745. She has a student loan of $15,000 and has been making her payments on time. Both have very strong payment histories which demonstrates they are responsible with their financial commitments.

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Property
The couple found a great condo-town in Kitchener. This two-bedroom, two-bathroom town is located in the desirable Laurentian Hills community. It features an eat-in kitchen, great room and finished basement with walk-out. The property backs on to Foxglove Park so there is plenty of greenery and privacy. The condo fees are just $166 per month and will be covered by Akinet and Anumeha.

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Next Steps
If you can qualify for a $464,800 mortgage (based on a 20% down payment), and would like to earn about $495+ in monthly cashflow to help Akinet and Anuhema Rent to Own, please call or text Rachel at 416-450-1940.

Investment Property Highlights

  • Your investment is $80,700
  • Estimated annual return on investment is 24% (based on a mortgage rate of 3.00 and 30 yr amortization –approximated)
  • Your estimated NET profit $19,651
  • Your NET monthly cash flow is approx. $495+ a month
  • Tenant-buyers have $58,000 for the down payment
  • Tenant-buyers has household income of $118,000

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About the Property

  • Purchase price is $581,000 (house has already been purchased)
  • Term: 1 years
  • Target closing date is 14 days
  • Tenant-buyer agrees to pay $2,800 monthly
  • Monthly carrying costs $2,305 (or less)
  • Tenant-buyer will buy this house in 2022 for $615,837

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 $58,000 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