Canadian realtor offers chance to become a housing "Angel"

 

But for those who feel a little guilty about taking over from another’s misfortune, a new program launched last year by Canadian-owned RealCore Realty allows for a way to invest while also helping the homeowner.

The program is called Housing Angels. It allows investors to temporarily buy a home in foreclosure, lease it out to the occupant with rent payments well below previous mortgage costs, eventually helping them buy back the home within a few years. In the process, the investor can also take in a profit.

RealCore, based in Arizona, has already been featured many times locally in the state for saving homeowners, and most recently in the Calgary Herald for the efforts. In the article, RealCore owner David Dziedzic said 100 investors have signed up for the program already.

As an example of how it works, the Home Angle website said an Arizona homeowner owed $357,000 on their house. An investor bought it through a short sale for $110,000, then dropped the monthly payments from $3,000 to $1,210 per month. To get the house back, the occupant must then buy back the property from the investor over a period of two to three years for $146,410.

Investors, meanwhile, get a minimum 10% return on their investment, but often more, said Dziedzic in the article.

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