Rental Houses in Cleveland Ohio
Rent to Own
Have you ever considered entering into a Rent-to-Own, also known as a Lease Option? While you rent, a portion of your rental payment is applied to the future purchase price of the home! Renting is a great short term solution, however, if you look at the bigger picture renting is a waste of time and money. If you want to turn a house into a home, let us know.
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Move in now - Buy later
We are constantly purchasing properties and if you do not see one that meets your current needs, more than likely we will have one soon. Remember, we are innovative real estate entrepreneurs, who can provide you with unique home buying and renting opportunities. To keep your eye on what we have going on, make sure to take a look at the form below. We will notify you when we have a property that meets your needs.
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To receive notification when we have new rent-to-own homes available, scroll to the bottom of this page!
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A rent-to-own, often called a lease/option, is a contract under which you rent/lease the home with a future option to buy, and it can be a brilliant choice for the family in need of just-that-little-extra-time to qualify for a loan. And with no guarantees in the real estate market, locking-in a purchase price will likely prove to be very advantageous.
We will set a purchase price at the current market value. In the future, when the real estate market rebounds and prices increase, the option will remain to buy at the locked-in price. The rent-to-own process: We will set a purchase price to the property, a payment, and the time frame within which you must obtain bank financing. (Don't worry about your credit... We have programs for that too!) A rent-to-own is not long term financing. You must qualify for a bank loan within 1 - 2 years. Does any of my monthly payment go toward the purchase price? In many cases, yes! You are building equity in your home while you rent. A portion of your payment will be added to your down payment. For example, if $250.00 goes toward your down payment each month, at the end of a one-year term, you will have added another $3,000.00 to your down payment. ($250.00 x 12 months = $3,000.00) Through the rent-to-own process, your down payment will increase as your payments accumulate each month. Is a down payment required? YES. To have an option to buy, you must, by law, put money down toward the property, which goes toward the purchase price of the home. Your purchase price remains locked-in. |
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A quick example of the down payment process:
Purchase price - $150,000.00, down payment amount of $7,000.00. The amount due when you qualify for bank financing is: $143,000.00 ($150,000.00 - $7,000.00).
How much is the down payment?
That depends. A large down payment will help tremendously when you're working with a bank for long term financing. You should offer as much of a down payment as you can afford, so that we may get a home in your name as soon as possible.
Higher down payments will give you first choice when your ideal home is available. However, you should know that if you fail to qualify for bank financing within the term of the lease, your down payment may not be refundable.
I have horrible credit. Can you help me?
Most likely, yes. Depending on how much you can afford as a down payment and just how bad your credit is, we may still be able to get you in a property. We can put you in touch with a Credit Repair Specialist who can assist you in finding a credit solution.
Purchase price - $150,000.00, down payment amount of $7,000.00. The amount due when you qualify for bank financing is: $143,000.00 ($150,000.00 - $7,000.00).
How much is the down payment?
That depends. A large down payment will help tremendously when you're working with a bank for long term financing. You should offer as much of a down payment as you can afford, so that we may get a home in your name as soon as possible.
Higher down payments will give you first choice when your ideal home is available. However, you should know that if you fail to qualify for bank financing within the term of the lease, your down payment may not be refundable.
I have horrible credit. Can you help me?
Most likely, yes. Depending on how much you can afford as a down payment and just how bad your credit is, we may still be able to get you in a property. We can put you in touch with a Credit Repair Specialist who can assist you in finding a credit solution.
