FAQs

Why Have I Never Heard of Rent To Own?

You probably have never been in a position to seek out Rent To Own. Most people think there are two options for living in a home, renting or owning. Rent To Own bridges the gap between renting and homeownership for those who currently cannot qualify for a conventional mortgage. Sometimes Rent To Own carries a stigma with it, as unfortunately there are people who take advantage of those who have the dream of becoming a homeowner. We make sure to act with integrity throughout the entire process so everyone involved benefits.

Who Pays Property Taxes, Insurance and Utilities?

Property taxes and insurance are paid by us, but they are factored into the cost of rent. The utilities are the responsibility of the tenant.

What Are My Responsibilities as the Investor?

Your responsibility is to provide a financial investment and get qualification for a conventional mortgage. We will put you in contact with our brokers to find the best rates and give you the best chance of qualifying. After that, you just sit back relax and let the monthly payments come in.

What Happens if the Tenants Leaves?

For reasons that can be predicted sometimes a tenant must default of the rent to own contract. These range from a job promotion in another location, loss of income, or sometimes family changes. As unfortunate as this is, their contractual obligation is that when they default they must forfeit the option to purchase funds that were already paid. This is the “worst case scenario” but since we only buy in specific markets we have the option to start another Rent To Own, turn the property into a long term rental, or sell privately.

Does the Tenant Always Get a Mortgage at the End?

Most of the time yes, but mortgage rules are ever changing and sometimes more strict. This can impact the tenants ability to get a loan even if they do everything right. In this scenario we will work with the tenant to make sure we can continue to move forward. Usually an extension is negotiated on the Rent To Own.

How Many Deals Can I Invest In?

Conventional banks usually allow 3-6 investment properties per individual. That doesn’t mean you need to stop there. We have other ways to invest into deals such as private lending, or mortgage lending which can be done through registered accounts.