Widower Motivated to Make Homeownership a Reality

Kevin is a widower with one adult daughter. He is trying to put the pieces back together after recently losing his wife to cancer. He and his late wife started down the path of homeownership prior to her falling ill because they grew tired of landlords breaking their promises. Kevin promised his wife he’d make homeownership a reality so he and their daughter can have a more stable future. He has saved up a $30,000 down payment and found the perfect house to make a home.

———————————-
Employment
Kevin has been employed long-term and has stable employment. He works full-time for Strathcona Paper mill in Napanee, which is owned by an American packaging company. Kevin has been employed with the company since 2017 and earned $84,000 in 2020.

———————————-
Credit
Kevin has low a credit score (564) because he went through a consumer proposal. About two years ago he paid off the consumer proposal and is carrying virtually no debt, which is ideal. During his 4-year RTO term, Kevin will work on re-establishing use of credit cards to boost his credit. He will also be in good hands with a Clover Properties-approved mortgage broker who will help get him get mortgage ready by 2025.

———————————-
Property
Kevin found a very well-maintained home in Deseronto, a community in the Napane area. The detached house is located in a very good part of town. The property has 3-bedrooms and 1.5 baths. The backyard is secluded and backs on to nature. It features an above-ground pool and a brand new deck. The property is located 15 minutes from Napanee where Kevin and his daughter work. It is also 40 minutes from Kingston and just a few minutes south of the 401.

———————————-
Next Steps
If you can qualify for a $276,000 mortgage (based on a 20% down payment), and would like to earn about $587+ in monthly cashflow to help Kevin Rent to Own, please call or text Rachel at 416-450-1940.

Investment Property Highlights

  • Your investment is $60,300
  • Estimated annual return on investment is 35% (based on a mortgage rate of 3.54 and 30 yr amortization –approximated)
  • Your estimated NET profit $85,468
  • Your NET monthly cash flow is approx. $587 + a month
  • Tenant-buyers have $30,000 for the down payment
  • Tenant-buyers has household income of $84,000

click to downloadspreadsheet

 

About the Property

  • Purchase price is $345,000
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $2,190 monthly
  • Monthly carrying costs $1,605 (or less)
  • Tenant-buyer will buy this house in 2025 for $420,578

Next Steps

  • Yes, I want to proceed with this opportunity
  • Meet realtor and sign conditional offer
  • Confirm your financing
  • Review inspection report
  • Review contracts
  • Go firm on the deal
  • Tenant-buyer’s $30,000 down will be used as the deposit on the property with accepted offer
Rachel and Neil Oliver
Rachel and Neil OliverCo-Founders, Managing Partners
Need a Mortgage Partner for Your Next RTO?
If you’re craving cashflow but have only cash to invest, let’s explore a Joint Venture.
Contact rachel@rethinkrentals.com

Contact me for more information or if you have any questions: rachel@rethinkrentals.com