Entrepreneur Wants Stability for her Daughter

Lena is single mother to a 9-year old daughter.  She has been renting for the last few years and has just received notice that her landlord will be selling their rental.  She weighed her options between renting again and trying to own and decided that owning was the better option as it would provide her daughter with security and the potential to build equity for their financial future.  Lena has $30,000 saved and would like to rent to own their way to homeownership in the Kingston area.

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Employment

Lena owns and operates her own immigration and recruitment business.  She has operated for that last two years and has seen very steady growth.  In 2021, she claimed $110,000 in income and expects this to increase in 2022

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Credit

Lena has good credit and little debt which puts her in a position to be able to qualify for her own mortgage on this property in 1-year.  Her score is 654 and she has under 10k debt.  She will work with a Clover-approved Mortgage Broker to get her positioned for her own mortgage.

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Property

Lena found a fantastic starter property in Kingston, Ontario.  The house is a brand new semi-detached home in the Catarqui Woods community. This property has 4-bedrooms and 2-bath.  It has no neighbours to the back, brand new deck and is bright, spacious and well laid out.  The basement is also finished and includes an in-law kitchen.  This property is located minutes from the 401 and is right in the center of all amenities including transit, schools, parks and shopping.

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Next Steps

If you are able to qualify for a $439,920 mortgage and want to enjoy a 30k down payment on a one-year term to help Lena create stability for her family, please click the button below to indicate your interest.

Investment Property Highlights

  • Your investment is $104,180
  • Estimated annual return on investment is 19% (based on a mortgage rate of 5.94 and 30 yr amortization –approximated)
  • Your estimated NET profit $19,886
  • Your NET monthly cash flow is approx. $1,500+ a month
  • Tenant-buyers have $30,000 for the down payment
  • Tenant-buyers have a household income of $110,000

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Investment Property Highlights

  • Purchase price is $549,900 (estimated purchase price))
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $4,550 monthly
  • Tenant-buyer will buy this house in 2023 for $590,845