About the tenant-buyers:

Jayson and Ma Claire are a young couple (no kids). They are immigrating to Canada from the Philippines. They have work visas valid through to 2026 and are waiting to receive their Permanent Residency (PR) status. Instead of wasting money on rent, they’d like to set down roots and rent-to-own their first home. The couple has saved $16,000 towards the down payment. They will need a 4-year Rent-to-Own term to build up a bigger down payment and their credit history to qualify for a mortgage.

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Income

Combined, the couple has an annual household income of $102,400 and they both work full-time.  Ma Claire works for Modern Landfill Inc. in the position of Jr. Operations Manager.  She has been in this position since early 2023 and earns an annual income of $42,400.  Jayson works for AtomVie Global Radiopharma Inc.  He is a Production Technologist and has been in this role since 2022. They expect to have PR by 2026.

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Credit

Ma Claire has a great score of 692.  She has under 10k in debt as she has credit cards and is using them to build her credit.  Jayson has a score of 605 with 15k in debt which is mostly a car loan.  Jayson needs time to boost his score and credit history.  The couple will be working with a Clover Properties-approved mortgage professional over the four-year term to get mortgage ready by 2027.

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Property

The couple found a great starter home in downtown Niagara Falls.  The house has been renovated and has a spacious, updated kitchen, new hardwood floors and main floor laundry to go with the 3-bedrooms and 1-bath.  New updates include roof (2020), AC/Furnace (2022) and new deck in 2022. The property is 10 minutes from the highway and 10 minutes from the border to the US.  Not only does this home fit the couple’s budget, it is 30 minutes from work and also close to family and friends which is a big reason they want to purchase this home.

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Next Steps

If you can qualify for a $348,000 mortgage and want to enjoy $1,034 in cashflow each month, please click the button below to indicate your interest in helping Jayson and Ma Claire Rent-to-Own their own home.

Deal Summary:

Term: 4 years

Purchase Price:  $435,000

Estimated Investment Required: $92,900

Estimate ROI: 26% (based on 6.94% and a 4-year deal)

Estimate Returns: $98,374

TB Down Payment: $16,000

Numbers Summary:

Rent-to-Own Monthly Payment: $3,741

Condo Fee: $0 (tenants will pay this)

Monthly Cash Flow: $1,034

Future Purchase Price: $537,785 (after four-years)