About the tenant-buyers:

Robert and Cheryl are married couple with two kids (18 and 13).  They both work for MFS, he is in the property management side of the business and Cheryl works for the realty side.   Although Robert and Cheryl have good credit, they have not been able to qualify for their own mortgage due to carrying higher debt.   They have saved $30,000 towards their down payment and will need 3-years to build up a bigger down payment and pay down his debt.

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Income

The couple has a total household income of $158,940 . Robert is a Property Manager contracted by MFS Residential Management Services to provide management to the properties in their roster. He has been with the company since 2014 and earns $130,000 annually.  Chery also works with MFS but on the realty side.  She works as a File Manager and has been with the company since 2020.  She earns $26,000 annually.  The couple also get child benefits in the amount of $2,940 annually.

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Credit

Robert and Cheryl have decent credit. Robert has a score of 650 and Cheryl has a score of 709.  Robert needs to pay down his debt in order to qualify for his own mortgage at the end of a three-year-year program.  They will be working with a Clover Properties-approved mortgage broker to become mortgage-ready.

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Property

Robert and Cheryl fell in love with a semi-detached house in Angus, Ontario. This is a family-friendly community complete with ravines, walking trails, parks and schools. This house has 3-bedrooms and 3-bathrooms, single car garage with upstairs laundry and an open-concept main floor.  Angus is located 20 minutes from Barrie and Alliston so it is close to all amenities.

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Next Steps

If you can qualify for a $544,000 mortgage and want to enjoy $1,611 in cashflow each month without the hassle of paying land transfer tax, please click the button below to indicate your interest in helping Robert and Cheryl Rent-to-Own their home.

Deal Summary:

Term: 3 years

Purchase Price:  $680,000

Estimated Investment Required: $132,800

Estimate ROI: 29% (based on 6.69% and a 3-year deal)

Estimate Returns: $114,676

TB Down Payment: $30,000

Numbers Summary:

Monthly Payment: $5,460

Condo Fee: $0 (tenants will pay this)

Monthly Cash Flow: $1,611

Future Purchase Price: $798,692 (after three-years)