About the tenant-buyers:

Shareen and Sharon are sisters, best friends and mothers who have each survived a divorce. The sisters are combining their income and down payment savings to get back on their feet and give their teenage kids more stability, by renting-to-own a home together. Between them, they have three kids who will be living in the house (ages 17, 18, 19).  Each of the sisters has long-term, stable employment and have saved $40,000 for their down payment. They will need a 4-year RTO term to qualify for a mortgage.

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Income

Combined, the sisters have an annual income of $152,992.

Shareen works for Lynch Foods, a food manufacturer supplying the foodservice industry globally with jams, jellies, sauces, syrups, and dessert toppings.  She has been with the company since 2001 in the role of Packager and earns $60,000 annually.

Sharon works full-time with Array Canada Inc., a leading global provider of retail merchandising displays for the beauty industry. She works as an Assembler and has been with Array since 2013.

To save up a bigger down payment, in 2023 the sisters took on part-time jobs. They work for a commercial cleaning company, YSJB Quality Cleaning Services.

Shareen and Sharon each work 30 hours with YSJB and each earn $28,496 annually.

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Credit

Shareen’s credit score is good. Her score is 672.  She has less than 10k debt and needs time establish more credit history. Sharon has no credit at this time because she never used credit cards.  During their 4-year RTO term, the sisters will receive guidance from a Clover Properties-approved mortgage agent to ensure they are mortgage-ready in 2027.

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Property

The property that Shareen and Sharon fell in love with is a condo townhouse located in Pickering, Ontario. The property is in the desirable Village East Community, has 3-beds, 2.5 bath and a finished basement for the kids. The property has undergone recent upgrades including flooring, kitchen and bathrooms and has been very well maintained. Location is close to schools, parks, the Pickering Town Centre, Go Train, bus lines and Highway 401. Pickering is a highly sought-after area of Durham region because of accessibility to transit, highways, beautiful landscapes, cultural events, and commitment to environmental sustainability

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Next Steps

If you can qualify for a $519,920 mortgage and want to enjoy $1,044 in cashflow each month, please click the button below to indicate your interest in helping Shareen and Sharon Rent-to-Own their own home.

Deal Summary:

Term: 4 years

Purchase Price:  $649,900

Estimated Investment Required: $127,670

Estimate ROI: 28% (based on 6.24% and a 4-year deal)

Estimate Returns: $141,378

TB Down Payment: $40,000

Numbers Summary:

Monthly Payment: $4,699

Condo Fee: $337.23 (tenants will pay this)

Monthly Cash Flow: $1,044

Future Purchase Price: $800,488 (after four-years)