Divorced Mother of Two Working Hard to Get Back into Homeownership
Felecia is a divorcee with two children, age 12 and 19. She works very hard and has solid employment and strong income. After her divorce, two years ago, Felecia decided she was going to get back on her feet quickly and set out to purchase her own home. Unfortunately she absorbed some of the family debt which stopped her from being qualified at this time. She has been working hard to correct the situation and improve her credit. She is already tired of renting and is looking to rent to own to help her get her family into a home they can call their own. Felecia has saved
$25,000 towards the down payment.
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Employment
Felecia earns $123,000 annually. She is employed with the Ontario Public Service, currently with the Minister of the Solicitor General as the Superintendent at the Central North Correctional Facility in Penetanguishene. She has been employed with the Ministry since 2002.
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Credit
Felecia has been working hard on paying down her debts and improving her credit. She has a score of 504 and roughly 25k left to pay off from her divroce. Felecia will work with our Clover Properties approved mortgage broker to improve her credit and get her mortgage ready by the end of the three-year term.
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Property
She has found a fully renovated/bricked two-story property in a very quiet, mature community in Parry Sound. The property is located within walking distance to downtown as well as all amenities such as schools, parks, shopping and dining. The property has 3-bedrooms and 2-baths which is perfect to accommodate her family while still being within commuting distance to Penetanguishene.
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Next Steps
If you can qualify for a $416,000 mortgage (based on a 20% down payment), and would like to earn about $1,173+ in monthly cashflow to help Felecia and her family Rent to Own, please call or text Rachel at 416-450-1940.
Investment Property Highlights
- Your investment is $100,500
- Estimated annual return on investment is 32% (based on a mortgage rate of 2.50 and 30 yr amortization –approximated)
- Your estimated NET profit $95,331
- Your NET monthly cash flow is approx. $1,173+ a month
- Tenant-buyers have $25,000 for the down payment
- Tenant-buyers has household income of $123,000
About the Property
- Purchase price is $520,000 (estimated worse case purchase price))
- Target closing date is 30 days
- Tenant-buyer agrees to pay $3,302 monthly
- Tenant-buyer will buy this house in 2024 for $601,800
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 $25,000 down will be used as the deposit on the property with accepted offer
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