Custom
Rent-to-Own Program

This program was created for those prospective tenants who very much want to buy a home but are not quite ready to do so on their own. Further, they wish to choose a home that we don't already own. Most of our inventory homes are listed and rented very quickly, a testimony to our reputation, quality homes and the strength of the current rental market. Simply put, demand greatly exceeds supply. That is not a problem for those exceptional new tenants and future owners who choose our custom Rent-to-own program. A down payment of significance is required (usually 10% of the total cost of the new home). Rest assured that this money does get applied to the future purchase price of the home. In return, we promise to fulfill our mission and create a win-win scenario leading to you becoming a future homeowner.

 

Upon receiving your application, we check your credit, criminal background and any eviction history. We don't expect perfection, but we do like to know who we are working with. Once we are comfortable with you as an applicant, we will formally notify you of approval and collect the $2,500 non-refundable deposit. This deposit lets us know you are serious and committed to the process of working with our realtor to find your home and place it under contract.

 

Next, we connect you with our realtor, who immediately begins searching for homes that meet your criteria and price point. We do require that you use our realtor, as we are purchasing the home on your behalf.

Once you choose a home, it is placed under contract and the remainder of your required minimum 10% down payment will be collected within 14 days. This down payment may change depending upon repairs and improvements that are mutually agreed upon. It demonstrates your commitment to follow through to completion the rent-to-own program, which ultimately puts you in the ownership position.

 

We will begin assess what repairs and improvements are needed to bring the home up to our standard and yours. We recommend that you look more closely at homes that are not move-in ready, as that usually allows for the purchase of a higher value home that could benefit from improvements and a little TLC. Homes that need work can actually be a blessing in disguise. Renovations and improvements are what we do particularly well. Additionally, buying a home that needs work allows you to customize the repairs and improvements that fit your style. If you choose a move-in ready home, you must accept it as-is, with no customization.

 

While not always accurate, a good rule of thumb is to budget for a monthly payment around 1% of the total acquisition cost (purchase price plus repairs/ renovations) of the home. For example, a $200,000 home will likely have a payment close to $2,000 per month. You receive a credit of 10 to 15% of your monthly payment toward your down payment for the first three years. This allows you to build additional money on top of your original 10% down payment to make it easier to qualify for a mortgage when you are ready to buy. The purchase price of the home is based on an appraisal at the time of transfer of ownership and will always include at least a 5% premium over our original acquisition cost in total. 

 

As in all interactions with tenants and rent-to-own buyers, we strive to achieve a win-win scenario. You are encouraged to choose an attorney you feel most comfortable with to protect your interests. Our reputation is stellar, and we intend to treat you as well as we want to be treated.