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.
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.
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.
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.
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
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
- 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