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BUY A NEW HOME IN WATERWAY COVE AND WE’LL LEASE IT BACK FOR 2 YEARS…OR MORE |
Here is how the Model Lease-Back Program works: | | | | You purchase a new home from Waterway Cove Builders for a purchase price of $350,000. We agree to lease the home from you for $2,500 per month for 2 years. You make the payments for the mortgage, the insurance and the taxes. We pay the other expenses on the home, including the HOA dues, the utilities and all maintenance…for the 2 years we use it as a model home. We’ll also pay all your closing costs when you close your loan. The projected closing date of your new home is October 15, 2010. | | | | At the end of 2 years, we make any necessary repairs to get the home to move-in condition and turn it back over to you. If you are not ready to use the home at the end of 2 years, then we will lease it for another year. It’s up to you! | | | | The projected financial benefits are as follows (contact Clif Cheek (910.617.5543) for more details): | | | | Home Purchase Price | $350,000 | | Down Payment You | $ 70,000 | | Make Mortgage Loan You Obtain | $280,000 | | | | | FINANCIAL DATA: | | | Gross Rent You Receive Per Month | $ 2,500 | | Less: Total Payments You Make Per Month | $ 1,942 | | Equals: Net Cash You Keep Per Month | $ 558 | | Or: Net Cash You Keep Per Year | $ 6,696 | | | | | ANNUAL TAX BENEFITS: | | | Total Income You Receive | $ 30,000 | | Less: Interest Payments You Make | $ 18,003 | | Less: Taxes and Insurance Payments You Make | $ 2,068 | | Less: Depreciation You Can Write Off | $ 8.909 | | Equals: Net Taxable Income That You Recognize | $ 1,020 | | | | | Your Internal Rate of Return Is: | 27.05% |
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