Tenant / Buyer Information:
He is tired of renting and is looking to get into home ownership. He and his team builds home for a living and he generates a good income for himself. The problem he is currently facing is, he doesn’t claim enough to purchase the home he requires in the location he wants. Over the course of the next few years, he knows what he has to do in order to get into home ownership. He has recently found a home in Pickering that requires some work, however with his skills he will be able to modernize this home. All he needs, is an investor to help him move forward.
He’s a contractor.
Household Income: $120,000 per year
They have a down payment of $10,000 plus first and last month’s rent.
Rent will be $2250 including $225 in credits each month.
They have agreed to the following buy out prices:
Year 3 Buyout Price = $408,423