Marmora Rent-to-Own Opportunity

About the tenant-buyers:

Michael is a hard-working single who has been renting for $2200 a month.  He recently found out that his landlord is going to sell so he decided to look to see what his option were.  As he looked around Durham, he realized that rents were much higher than he remembered so he decided to look into buying a house through the banks.  Unfortunately for Michael, he completed a bankruptcy in 2019 but did not have any support to repair his credit so his score is not where it needs to be to qualify for his own mortgage.  Armed with $15,000 down, Michael is looking to rent to own to help him get into homeownership where he can get the support and time needed to become mortgage ready.

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Income

Michael works for Gerdau Steel.  He has worked full-time as a Crane Hooker since 2016.  Michael earns an annual salary of $63,700.

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Credit

Michael did not repair his credit after his bankruptcy was discharged in 2019.  He just didn’t know how on his own. As a result, he needs 4-years in the rent to own program to repair his credit.  He will work with a Clover-approved mortgage professional to ensure he is mortgage ready at the end of the 4-year term.

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Property

Michael found the perfect home for him in the hamlet of Marmora, Ontario, located 55 minutes outside of Peterborough.   Michael loves this house because it gives him a place outside the city that he can call his own, a place where he can see himself retiring.  This property has 2-bedrooms and 1-bath.  It has a drilled well, propane heating and room for improvement which Michael loves as he is very handy and wants to put his stamp on the property.

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Next Steps
If you can qualify for a $240,000 mortgage and want to enjoy $693 in cashflow each month, please click the button below to indicate your interest in helping this couple buy their first home.

 

Deal Summary:

Term: 4 years

Purchase Price:  $300,00 (list price but will try to negotiate lower)

Estimated Investment Required: $64,700

Estimate ROI: 30% (based on 6.24% and a 4-year deal)

Estimate Returns: $78,467

TB Down Payment: $15,000

Numbers Summary:

Monthly Payment: $2,482

Monthly Cash Flow: $693

Future Purchase Price: $385,265 (after four-years)