Parents and their Kids Working Together to Stop Renting and Start Owning
Shawn and Mandy are a married couple with two grown children, Brady and Charlie-Lorraine. The kids are both working and contributing to the household. The family was renting but had to move out because the landlord’s daughter was moving in. After an exhaustive search, the family was unable to find a suitable rental. Instead of compromising, they decided they will put their hard-earned money towards homeownership. They have saved up $30,000 for a down payment and will need to rent-to-own for four years to be mortgage-ready by 2025.
Combined, this family earns $203,080 annually. They work in the essential services industry and have secure employment with Procyk Farms. Shawn has been there full-time as a truck driver since 2017. He earns an annual salary of $80,080. Brady, their son, is employed as Shop Mechanic. He has been with the farm since 2016 and earns $70,000 annually. Mandy and their daughter Charlie-Lorraine handle administration. Charlie-Lorraine has been employed since 2013, earning $28,000 a year. Mandy has been there since 2019 and earns $24,000 annually.
Most members of the family have decent credit and need time to build credit history. Shawn’s credit is the lowest (500) and needs more work. He ran into issues years ago when he lost his previous job due to down-sizing. While on unemployment, the family was barely scraping by, since he was the main breadwinner. Shawn fell behind on credit cards and accumulated debt. Instead of filing for a Consumer Proposal or Bankruptcy, Shawn chose to work hard to pay off his debt but will need more time to finish this task and re-build his credit over the next four years. The rest of the family has decent credit. Brady has a score of 642. He is carrying virtually no debt but needs more time to build credit history. Charlie-Lorraine has no credit history, so she needs time to show she can use credit cards responsibly. Mandy also will focus on building up her credit score from 626 to 680. The family will work with our Clover Properties-approved mortgage broker to ensure they repair their credit and get mortgage-ready by 2025.
The couple found a great house in Waterford, Ontario. Located in Norfolk County between Brantford and Simcoe and just 50 minutes outside of Hamilton. This 3-bedroom, 1-bathroom property has been well-maintained and has had a few updates. The house has a sturdy steel roof, which will not need to be replaced, a 5-year old furnace and cosmetic updates on the main floor. There is a detached garage on the property, which is perfect for storing tools for their trade. The property has been secured, so there are no bidding wars. This is a private sale at a good price since the seller is saving money on real estate commissions. An inspection has been completed but we will keep the appraisal clause in any offer we make.
If you can qualify for a $520,000 mortgage (based on a 20% down payment), and would like to earn about $1180+ in monthly cashflow to help Shawn and Mandy Rent to Own, please call or text Rachel at 416-450-1940.