About the tenant-buyers:

Samuel and Betty are a hard-working married couple with five kids (16, 9, 5, 2 and 11 months).  This couple have been looking at buying their own home to settle down in and provide stability to their family but need a few years to pay down a family car loan to bring their debt ratios in line for the banks.  The couple fell in love with this newer, great starter home and are looking for our rent-to-own program to help them bridge the gap until they can qualify for their own mortgage. The couple have $30,000 for a down payment on this $565,000 property.

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Income

The couple has a total household income of $160,223.  Samuel works two full-time jobs and has one part-time job.  His full-time jobs are with Caron Heating as an HVAC Installer.  He has worked with Caron since 2021. Francis Plumbing & Heating is his second full-time job.  He works as an HVAC technician for Francis and has been with the company since 2020.  Samuel also works at Farmboy part-time as a Customer Service Representative.  He has been with Farmboy since May 2023 and does about 12 hours a week in this capacity.  Combined, he earns $96,604.  Betty works as a Kitchen Manager with Cite Parkway Retirement Residence.  She has been in this role since early 2022.  She earns $63,619 annually.

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Credit

Samuel and Better have  good credit. Samuel has a score of 665 and Betty  has a score of 585.  They need a little time to pay down a brand new car loan and will be working with a Clover Properties-approved mortgage broker to become mortgage-ready in 2027.

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Property

Samuel and Betty have fallen in love with this freehold town in the Ottawa community of Avalon. This stunning 2021 built Mattamy LILAC model has been meticulously maintained & upgraded from top to bottom! Located moments away from the exceptional schools, parks, & Avalon West amenities!  This property has 3-bedrooms, 3-bath with upstairs laundry.  The TARION warranty is almost completely available since this property is just a year and a bit old.

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Next Steps

If you can qualify for a $452,000 mortgage and want to enjoy $1,001 in cashflow each month,  please click the button below to indicate your interest in helping Samuel and Betty Rent-to-Own their home.

Deal Summary:

Term: 4 years

Purchase Price:  $565,000

Estimated Investment Required: $107,500

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

Estimate Returns: $119,053

TB Down Payment: $30,000

Numbers Summary:

Monthly Payment: $4,560

Condo Fee: $0 (tenants will pay this)

Monthly Cash Flow: $1,001

Future Purchase Price: $690,791 (after four-years)