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Im a single mom of a 7 year old girl and I'm trying to get my feet through the door of my own house. This isn't easy for a single mom so I'm looking for a rent to own opportunity.
Here's is the scoop;
My goal is to own in the next three years. However, finding the disposable income to save for a down payment has proven to be a challenge. I'm self employed also so there's that little obstacle as well.
Recently I've started working with special needs people and have applied for a support room mate. This has not only personal and career benefits but also financial benefits that will provide the income to pay not only the expected rent to own price but an extra sizeable amount I hope to add to grow a down payment. On top of my income with this company I also own my own photography company where you can see years of income and tax payments. Not only that but I come with several references who can confirm my responsible and reliable personality.
Here is how it would work. All this would be done through lawyers to protect both parties.
Let's say you are asking $2000 a month for the property. I would pay $2500 a month. $2000 for occupancy and the extra $500 would go to a savings account where it would build over the course of the two to three years it takes me to iron out my credit, get a couple years with the company under my belt and save as much as I can to contribute to my down payment for the inevitable mortgage. This amount would be surrendered to the owner (you) if I am in arrears of the monthly payment two months in a row. As with life, there are always glitches and bank errors so there will be a 10 days grace period offered twice a year to protect my investment. This means, you can not evict me and hold my investment for late payment as long as it is not a common occurrence.
This would be the deal for two to three years with the option to apply for a mortgage to buy the house for the market price at that time. This means that of the house gains value over the years I am there, then I'd still be expected to pay what it is worth, not what it was worth when I moved in.
The other catch is of course, I'd be allowed to sublet a basement suite to my support roommate. Essentially, I'd be in charge of the house as though I already owned it. This includes basic repairs and grounds keeping. Once sale of the house is finalized in the tow or three years, property taxes would also transfer to me. This means that your initial "rent" expectation should include a monthly payment of your property taxes.
Ok, with that aside, if your still on the edge of your seat for this "amazing deal", this is what I need in a house.
First and foremost, a separate basement suite. Separate entrance, kitchen and bathroom. One bedroom with a fairly decent living area.
The main house needs three to four bedrooms. One to two levels with 2 bathrooms. Naturally a kitchen would be nice. A fenced yard for my daughter to play. We have no pets but she has been asking for a dog. I'd love to get her one someday. A garage would be nice, attached or detached. Safe neighbourhood. Ideally in the NW, Huntington, Beddington, Country Hills or Harvest Hills area so my daughter can stay in her school. This isn't however a deal breaker. As Lin as the neighbourhood is safe I really can't complain.
The house would have to be under the $500,000 mark. I'm no millionaire hahaha.
Anyways, this seems like a crazy long shot but I'm hoping someone out there would want to take a chance to help a single mom create a better life for her daughter and maybe make an investment that won't leave her working till she's 97 and living in a cardboard box.
Thanks for reading this and I hope to hear from someone soon.
do NOT contact me with unsolicited services or offers