About the tenant-buyers:

Danny and Fatima are married couple with how 2 kids. Both are adults but still live with them.  Alysha has just started working after finishing University and will be contributing to the household financially. Last year Danny received a speeding ticket which went unpaid.  This resulted in his license being suspended which he was not aware of.  He was stopped again which is when he found out his license was suspended.  After this, his license was suspended for one-year and he recd a very large fine.  He has been paying down the debt and will focus on getting it completely paid off with 18 months while getting himself in a position to qualify for the mortgage after two-years.  They both have great jobs with very stable income. The family is already living in the home they want to Rent-to-Own in Mississauga. The home is valued at $677,426 and the couple has $72k (over 10%) to put towards their down payment.

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Income

They have a total household income of $200,712.  Danny has worked for Belvedere International since 2012 and more recently, Hain-Celestial Canada who purchased Belvedere International in 2015.  He works as a Production Manager and earns $93,712 annually.  Fatima works for GUT Agency Toronto Inc as Finance Manager.  She earns $70,000 annually and has been with the company since 2021.  Their daughter Alysha, is now employed after school and will be contributing monthly as well.  She works for International Financial Data Services Ltd. and earns $37,000 annually since she started in 2022.  She will going on the rent to own with her parents.

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Credit

Danny is the credit challenge in the family.  Due to the issues with the driving infraction and the City of Mississauga, his score fell below 500.  He is getting help with his credit to ensure he is ready to purchase in two-years.  Fatima has a score of 612.  Alysha has a score of 667.  The family have a plan in place to get the debts paid down and will be working with a Clover Properties approved mortgage professional over the two-year term to get mortgage ready by 2025.

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Property

The family is currently living in the home that they want to rent to own.    The property is a three-bedroom condo in the heart of Mississauga.  Loaded with amenities (pool, workout room, working space), this property is minutes from Square One and the 403 and just 20 minutes from Toronto.

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Next Steps

If you can qualify for a $541,941 mortgage and want to enjoy $695 in cashflow each month, please click the button below to indicate your interest in helping Danny, Fatima and Alysha Rent-to-Own their home.

Deal Summary:

Term: 2 years

Purchase Price:  $677,426

Estimated Investment Required: $89,362

Estimate ROI: 29% (based on 7.39% and a 2-year deal)

Estimate Returns: $51,728

TB Down Payment: $72,848

Numbers Summary:

Rent-to-Own Monthly Payment: $4,803

Condo Fee: $588 (tenants will pay this)

Monthly Cash Flow: $695

Future Purchase Price: $745,862 (after two-years)