Rent-To-Own Guidelines

Rent-To-Own Guidelines

The attached information will be guidelines for us to agree to before we draw up the official paperwork.

Below is the HYPOTHETICAL summary of the details based on an estimated $235,000 purchase price.

Click here if you want a printed copy to review.

Initial Down payment $5,000 TBD… As per your information
Monthly Rent (Payment #1) $1,700 Rent (payable on first of each month)
Monthly Down payment (Payment #2) $500 Goes directly to the purchase of the house, as per your information (payable on the first of each month)
Total monthly payment $2,200 We can work out a post dated payment strategy after we complete the paperwork.
Lease start TBD
Lease term 3 year Typically based on a 2 – 3 year term, willing to extend if necessary.
Agreed to Purchase Price after lease period. $272,000
Approx. down payment saved during 3 year lease $23,000 Total Amount including initial down payment (36 months x $500)+$5,000
Approx. amount remaining to purchase property after 3-year lease. $249,000 This amount could be financed through first mortgage or other agreed to methods

You will be required to come up with $7,200 in certified funds prior to moving in.  $5,000 (initial deposit) + $2,200 (first month’s rent) = $7,200

Then starting the first of the month (one month after you move-in) your first payment of $2,200 will be due.  Please note you will be responsible for your own utilities and tenant/content insurance.

Simple next steps

  • Sign Paperwork, the documents are very simple.
  • Fax back to 1-866-526-1771
  • Prepare certified funds ($7,200 made payable to us)
  • Send certified funds
  • Pick up the keys to your new home
  • Move in at your leisure
  • Congratulations!!!

If you have any questions, please contact us at 1-866-526-1771. Call ANYTIME – Our 24 hour messaging service will take care of the rest.