Family Looking to Set Down Roots for Their Kids

Peter and Amanda are a married couple with 3 children, ages 10, 7 and 5. They have been renting in the Simcoe County area and decided to purchase their first family home. Unfortunately they need some time for Amanda to establish credit as she doesn’t really have any credit history so they are looking to Rent-to-Own to help them get into homeownership. The couple have $15,000 saved for their down payment and will need three-years to be ready to qualify for their own mortgage.

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Employment
Combined, the couple earns $99,760 annually. Peter is employed as Service Technician for Orillia Volkswagen. He just started with the Orillia dealership in 2021 after having working in Barrie in the same position prior to that. He earns $64,480 annually. Amanda works for her brother-in-law as the Admin person for his Snow Removal and Property Management company. She has been in this role since 2021 and earns $28,080. The couple also receive child benefits in the amount of $7,200 annually.

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Credit
Peter has a credit score of 654. Peter has a good credit history and no collections. He does have a little debt that he will need to pay off over the three-year term. Amanda does not have a current credit history and needs to establish one while in the Rent -to-Own program. As a result, she has no debt, no collections and no credit.

Over the next three years, the couple will work closely with a Clover Properties-approved mortgage broker to be mortgage-ready by 2024.

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Property
The couple found a great house in Penetanguishene, an area that has seen tremendous growth over the last few years. This 3-bedroom, 1-bathroom property has been beautifully maintained and is located centrally to all amenties. The main floor has large principal rooms with a great kitchen leading out to a private yard surrounded by mature trees. This property is all about location for the family as it allows for an easy 45 minute commute for Peter to work while giving the family easy access to schools and parks.

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Next Steps
If you can qualify for a $360,000 mortgage (based on a 20% down payment), and would like to earn about $1,171+ in monthly cashflow to help Peter and Amanda Rent to Own, please call or text Rachel at 416-450-1940.

Investment Property Highlights

  • Your investment is $94,900
  • Estimated annual return on investment is 28% (based on a mortgage rate of 3.00 and 30 yr amortization –approximated)
  • Your estimated NET profit $80,064
  • Your NET monthly cash flow is approx. $1,171+ a month
  • Tenant-buyers have $15,000 for the down payment
  • Tenant-buyers has household income of 99,760

click to downloadspreadsheet

 

About the Property

  • Purchase price is $450,000 (house has already been purchased)
  • Term: 3 years
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $3,085 monthly
  • Monthly carrying costs $2,00 (or less)
  • Tenant-buyer will buy this house in 2024 for $522,479

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 $15,000 down will be used as the deposit on the property with accepted offer
Rachel and Neil Oliver
Rachel and Neil OliverCo-Founders, Managing Partners
Need a Mortgage Partner for Your Next RTO?
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

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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.

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Employment
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.

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Credit
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.

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Property
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.

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Next Steps
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

click to downloadspreadsheet

 

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


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 $58,000 down will be used as the deposit on the property with accepted offer


Rachel and Neil Oliver
Rachel and Neil OliverCo-Founders, Managing Partners
Need a Mortgage Partner for Your Next RTO?
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

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