About the tenant-buyers:

Crystal is single lady looking to purchase her first home for her and her mother.  Crystal works very hard and makes great income but needs a little time to build up her down payment and credit. She and her mother have been renting in separate locations, each paying high rent, which is not sustainable since Crystal’s mom retired. Instead, they will be renting-to-own a home together. This will allow Crystal to build a more secure future while being in closer proximity to offer her mom assistance in her elder years. Crystal has $35,000 saved for her down payment and will need a 4-year RTO term to qualify for a mortgage.

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Income

Crystal has an annual income of $187,000.

She has two jobs. In 2023 she started full-time Crawford Metal Corporation as their Finance and Administrative Manager. She earns $104,000 annually.

She also works with Richardson GMP, a Life Insurance company. She has been a sales rep with them since 2020. Last year, she earned $83,000 from commissions and base salary.

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Credit

Crystal’s credit score is very good (762). She needs more time to build her down payment. During her 4-year RTO term, Crystal will receive guidance from a Clover Properties-approved mortgage agent to ensure she is mortgage-ready in 2027.

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Property

The property that Crystal is interested is a condo-townhouse located in Oshawa, Ontario. The property is in the desirable Vanier area because the lots are spacious. The 3-bedroom, 1 bathroom house is on a corner lot and has been very well-maintained. Shopping mall, schools, GO Train, hospital and highway 401 are all located within 5-10 minutes of this house, which makes this neighbourhood very popular with families looking for an affordable home.

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Next Steps

If you can qualify for a $520,000 mortgage and want to enjoy $1,172 in cashflow each month, please click the button below to indicate your interest in helping Crystal Rent-to-Own her own home.

Deal Summary:

Term: 4 years

Purchase Price:  $650,000

Estimated Investment Required: $121,200

Estimate ROI: 31% (based on 6.24% and a 4-year deal)

Estimate Returns: $149,044

TB Down Payment: $35,000

Numbers Summary:

Monthly Payment: $4,743

Condo Fee: $352.92 (tenants will pay this)

Monthly Cash Flow: $1,172

Future Purchase Price: $795,079 (after four-years)