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High Income Earners Need Time to Save a Bigger Down Payment

Emmanuel and Emily are a hard-working, entrepreneurial parents of two small kids under 10. After a long history of  renting, they are motivated to get into homeownership before prices go up again. The couple has saved up $20,000 for a down payment but they need time to build up a bigger down payment to qualify for their own mortgage.  Our rent-to-own program will help Emmanuel and Emily become mortgage-ready for 2025.

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Employment

Combined, the couple earns $208,500 annually, from a combination of full-time jobs and side business. Emmanuel recently started a position as a Production Manager for the Toronto City Church.  He earns $27,000 annually in that role but also freelances as a creative designer for business clients.  He earns around $26,000 annually.  Emily works for the toy company Mattel. She has been in role of Creative Manager since 2011 and earns $137,500 annually.  Together, the couple also operates a small creative business that netted $18,000 in 2021.

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Credit

Emmanuel has a credit score of 665 and is not carrying any debt.  Emily has the family car loan on her credit and has a terrific score of 809.  A Clover Properties-approved mortgage professional will be working with the couple to ensure they are mortgage-ready in three years.

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Property

The family found a great home in Port Hope, Ontario. The property is well-maintained, renovated with very nice finishes and located in a location that is close to all amenities and minutes to the 401. The house has 4 bedrooms and a bright finished basement with recreation room, updated kitchen and outdoor entertainment area.

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Next Steps
If you can qualify for a $620,000 mortgage (based on a 20% down payment), and would like to earn about $2,052+ in monthly cashflow to help Emmanuel and Emily Rent to Own, please call or text Rachel at 416-450-1940.

Investment Property Highlights

  • Your investment is $163,600
  • Estimated annual return on investment is 30% (based on a mortgage rate of 2.50 and 30 yr amortization –approximated)
  • Your estimated NET profit $148,542
  • Your NET monthly cash flow is approx. $2,052+ a month
  • Tenant-buyers have $20,000 for the down payment
  • Tenant-buyers has household income of $208,500

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About the Property

  • Purchase price is $775,000 (estimated purchase price)
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $5,065 monthly
  • Tenant-buyer will buy this house in 2025 for $904,157