Young Family Relocating for Employment

Dayo and Charmaine are a young couple with a 2 year old child. Dayo landed a great job with Bruce Power. The family is relocating to be closer to his work and at the same time set roots in the west end. Dayo and Charmaine are motivated to be homeowners and have saved up $40,000 for their down payment. They need to rent-to-own for 48 months to establish employment history and improve their credit score to qualify for their own mortgage.

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Employment

Combined, the couple has an annual household income of $153,994. Dayo works as a Nuclear Operator in Training at Bruce Power. He started there in early 2021 and earns an annual income of $86,000. Charmaine is a Case Worker with Niagara Region Community Services. She also started this position in early 2021 and earns an annual income of $62,244. The couple also receives Child Benefits in the amount of $5,700 a year.

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Credit

Charmaine has a credit score of 643. Both car loans were put in her name while Dayo was working through school and it is weighing her credit score down. During the next four years, Charmaine will pay the loans down. Dayo has a score of 662. He is carrying student loans and will work to cut the loan in half over the rent-to-own term. By working with a Clover Properties-approved mortgage broker, this family will be prepared to get their own mortgage in 2026.

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Property

The couple found a great starter home in a family-friendly town of Listowel, Ontario. The semi-detached property has 3 bedrooms and 3 baths. It has a single car garage, unfinished basement and features a fenced backyard with a walk-out from the main floor. This home is perfect for this young family as it provides them security and space to grow. Plus it is in a growing area that is close to schools, parks and town amenities.

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Next Steps
If you can qualify for a $560,000 mortgage (based on a 20% down payment), and would like to earn about $1,041+ in monthly cashflow to help Dayo and Charmaine Rent to Own, please CONTACT RACHEL at rachel@rethinkrenting.com OR 416-450-1940.

Investment Property Highlights

  • Your investment is $127,100
  • Estimated annual return on investment is 33% (based on a mortgage rate of 2.50 and 30 yr amortization –approximated)
  • Your estimated NET profit $165,279
  • Your NET monthly cash flow is approx. $1,041+ a month
  • Tenant-buyers have $40,000 for the down payment
  • Tenant-buyers have a household income of $153,994

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About the Property

  • Purchase price is $700,000 (estimated purchase price))
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $3,750 monthly
  • Tenant-buyer will buy this house in 2026 for $831,763