48-72hr wait process once all documents and fees have been submitted. Summary report returned. A consultation appointment needs to be scheduled to meet your lifestyle coach and find out if you will enter the 12, 18 or 24 month program. Coaching program is mandatory and there is a monthly fee of $75. Lifestyle questionnaire is also prepared at the consutation to determine your housing criteria. Final step, shop.

Renting2OwnIt.com finds a home that fits your needs based on your lifestyle questionnaire. We negotiate terms with the Seller or Landlord of the property. We work within your budget to create a lease purchase contract that works best for you.

To receive your rent incentive, time is of the essence. You MUST pay your rent on or BEFORE the due date of your lease (typically the 1st-5th of each month).  Any payment received after the due date will result in a 0% rent incentive for that month, a late fee may apply and you will not be building positive payment history. Maintenance is the responsibility of the Tenant-Buyer. You are now renting to own and homeownership requires maintenance. This includes things like broken windows from stones or baseballs, clogged drains, peeling paint, broken appliances, burnt out bulbs, lawn work, snow removal, etc. If any major repairs are required to ensure habitability, the owner remains responsible. You will need to purchase renters insurance. Many cases landlord-seller, tenant-buyer may go  50-50 on a home warranty program.

You need to have Option Consideration. Option Consideration is typically 2.5%-10% of the purchase price of the home. It is a non-refundable payment, of which 100% is credited toward the purchase price, which binds the lease purchase contract. Here's an example transaction: We have a nice 3 bedroom, 1 bath single family home located in a near west suburb of Minneapolis in a great neighborhood with good schools and a strong community. It has been freshly painted, cleaned, and is ready to move in. The purchase price will be $215,000. Monthly rent payments will be $1,500 and you may receive 1% rent incentive. Your requeste amount that you must bring to the table is $6,000 for Option Consideration. This equates to approximately 2.8% ($6,000/215,000). You will also need $1,500 for the first months rent for a total initial payment of $7,500. Please note: Option consideration is not a security deposit. It is a non refundable payment toward the purchase price and is 100% credited toward reducing the price of the home. Now suppose you paid all your monthly rent payments on or before the due date and you choose to buy the rent to own home at the end of the 12 month lease purchase contract. You should have equity before you even own the home! You started with $6,000 and by paying your rent on time you can get an additional 1%, your equity position grew. 

Many people find it nearly impossible to save with all the costs of living constantly on the rise. Now you may be thinking, "OK, what's the catch? This sounds too good to be true." Answer, there is no catch. RentingOwnIt.com, believes in providing value to families looking to take pride in home ownership, building communities, and living the American dream. But you still may be asking yourself, "If you find a nice home in a great neighborhood, why would you give me a rent incentive of the delcared percentage, when you could get all the rent from someone and keep the house yourself?" Answer, there are several reasons. We built our business by creating value and creative solutions. We can only accomplish this goal through quality referrals from our tenant-buyers, sellers-landlords and even their neighbors! Giving back rent incentives helps a family to buy a home quickly. Instead of trying to save 10% or 20% to put down on a new home purchase. When tenant becomes the tenant-buyer, there is an immediate sense of pride. Tenant-buyers adds value to the community. They take care of their future home and feel good knowing their rent money is working for them.