About the tenant-buyers:

Winston and Nestle are a married couple with one child.  They both work hard and would like to start putting their rent money into the opportunity to purchase their own home so they can provide stability for their family.  They need four-years to rebuild their credit scores and improve their down payment but have saved $25,000 towards the down payment.

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Income

As a household, they have a combined income of $120,500.  Winston works for Toro Aluminum.  He holds the position of Junior Thermal Engineering Specialist and has been with the company since 2019.  He earns $65,000 annually.  Nestle works for the Durham District School Board.  She is a Supply Educational Assistant and has been in this role since 2018.  She has started a full-time assignment at a local Durham Public School and will earn $55,500 this year.

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Credit

Both Winston and Nestle need a little time to improve their credit.  His score is 644 and needs time to pay down a car loan and some other debt.  This will be done over the four-year term.  Nestle has a score of 555.  She needs the time to pay down a student loan.  Both will work an approved Clover Properties Mortgage Underwriter to support them in their credit repair and get them ready for their own mortgage in 2027.

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Property

Winston and Nestle found a great condo town in the north end of Oshawa. The property has 3-bedrooms and 2-bathrooms.  Well-maintained, this unit has a large living space with partially finished basement and a larger backyard for additional family space.   Close to all amenities including schools, shopping, parks, transit and the 407.

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Next Steps

 If you can qualify for the $376,000 mortgage and would like to earn $898 a month in cash flow helping Winston and Nestle rent-to-own this property, please fill out the form below.

Deal Summary:

Term: 4 years

Purchase Price:  $470,000

Estimated Investment Required: $91,600

Estimate ROI: 28% (based on 6.94% and a 4-year deal)

Estimate Returns: $104,378

TB Down Payment: $25,000

Numbers Summary:

Rent-to-Own Monthly Payment: $3,727

Condo Fee: $560 (tenants will pay this)

Monthly Cash Flow: $898

Future Purchase Price: $580,832 (after four-years)