Couple with Great Credit Needs Time to Build Up Down Payment

Ann and Chris are parents to two young kids (ages 13 and 6). The couple is eager to get into a home of their own before they are priced out of the market. They have decent credit. They just need a few years to build up a bigger down payment. With a $20,000 initial down payment, the couple can be well-positioned to qualify for their own mortgage in 2024.

The family has a total household income of $131,300. Ann has very steady employment with Bell Canada as a Trainer/Coach. She has been in this role with Bell since 2006 and earns $67,700 annually. Chris started his own construction business in 2019. He has been reporting income of $60,000 personally from this business. The couple also receives $3,600 in child benefits.

The couple have good credit and strong payment history. Ann has a credit score of 702. She just has a car payment that will be paid off within three years. Chris has a score of 682 and has little debt. With a little guidance from the Clover Properties-approved mortgage team, this family can successfully exit their RTO in 2024.

The family has found a great starter home in Orillia, Ontario. This house is downtown, close to the hospital and other amenities including a short walk to the waterfront. It is just 20-25 minutes from Barrie and the 407. The house has 2+1 bedrooms and 3 baths and a large private yard. The house has been very well maintained and is the perfect place for Ann and Chris to raise their two kids. This property provides quick access to the highway to accommodate Chris who works throughout Simcoe County.

Next Steps
If you can qualify for a $440,000 mortgage (based on a 20% down payment), and would like to earn about $1,130+ in monthly cashflow to help Ann and Chris Rent to Own, please call or text Rachel at 416-450-1940.

Investment Property Highlights

  • Your investment is $112,000
  • Estimated annual return on investment is 30% (based on a mortgage rate of 2.50 and 30 yr amortization –approximated)
  • Your estimated NET profit $101,957
  • Your NET monthly cash flow is approx. $1,130+ a month
  • Tenant-buyers have $20,000 for the down payment
  • Tenant-buyers has household income of $131,300

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About the Property

  • Purchase price is $550,000 (offer presentation is Sept 11, 2021 – this is estimated price)
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $3,350 monthly
  • Monthly carrying costs $2,220 (or less)
  • Tenant-buyer will buy this house in 2024 for $640,252

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 $20,000 down will be used as the deposit on the property with accepted offer
Rachel and Neil Oliver
Rachel and Neil OliverCo-Founders, Managing Partners
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