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Fill out the form on bottom of page if you are interest in an a rent to own home
Our "Rent to HOME" Rent to own program
There are many investors who offer “Rent to own” or “Lease to own” houses. Some of them offer good opportunities to buyers, but many offer one-sided rent to own deals with overly strict terms, ridiculous down payments and inflated sales prices. Our “Rent to HOME” program is fair, offers reasonable purchase prices have low down payment and lease payments. Here is a summary of our Rent to “HOME” program.
Rent to “HOME”. We call it that because from day one we want you to consider it you HOME.
Purchase Prices - Many investors offer a speculated price of the house of what they project 2 years doen the road. We offer the home at market value in today’s market. If we appraise the property for $200,000 in today’s market, that is the price we will sell to you on a Rent to own.
Condition of Properties: Generally we fix the home up very nice before we offer them for sale. We do consider and often sell them to individuals “as-is” and allow the buyer to fix the property and create additional equity.
Down Payments – It is common for Rent to own buys to pay 3, 5 or 10% percent down for the “option” to buy. We do not charge a large upfront fee. We do charge a NON-Refundable option equal to one month rent. There is no security deposit. Therefore, if the monthly rental is $1,500, the total cost to move in is $3,000 ($1,500 NON-redundable option fee and $1,500 1st months rent)
Rent Amounts - We don’t “Rent” homes. We Rent to own homes. We are looking for people who want to buy a home. We set our rent to own payments to be at least as high as it cost on a monthly basis, if the buyer was to go out a purchase outright today. As example..if the mortgage payment including taxes and insurance on a $180,000 house in an outright purchase is $1,400 per month, we typically set the rental to be slightly higher at $1,500 to $1,600 per month. We apply $300 to $400 per month of the payment to the purchase price. We do this 1) To make sure the buyer can afford enough to make the mortgage 2) providing the buyer a way to build up a down payment through the rent credit and 3) Frankly give them incentive to complete the purchase sooner to lower their payment. Bottom line, the rent to own payments are fair and reasonable.
Maintenance - Since we are simulating a sale and you are buying the property, we ask that you maintain the property and pay for maintenance. We do however, cover the large items such as heating system, septic system, roof, etc.
Term of the contract - This depends on the property, but generally we provide you an option period of anywhere between 6 and 24 months. Often we offer a 2 year price, but offer a discount if buyer purchases within 12 or 18 months.
Inspections, Appraisals - We encourage all of our buyers to do a full home inspection and have the property appraised. We do require that it be completed BEFORE moving in to the property.
Who Qualifies - We consider all types and have a special affection for those who have gone through troubles and have bruised credit.
Real Estate Broker/Agents - If you are working with an agent we will compensate them for their time, efforts and expertise. We pay 1% upon move in and 1% when the property is eventually purchased.
EXAMPLE
Here is an example of a Rent to HOME property:
3 Bedroom Cape in Anywhere NH
Price $200,000
Monthly payment $1,700
Non-refundable fee $1,700
Rent credit per month $400
Option period 2 years
Maintenance Buyer pays all maintenance except for heating, water/sewer and roof.
Accumulated down (2 yrs)* $11,300 ($400 per month X 24 months plus $1,700 Option fee)
Balance (after 2 yrs) $188,700
*This assumes buyer takes the entire 2 years to purchase. The buyer has the right to purchase anytime within that 2 years option period.
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