You must fill out an application | consent form- $40 per adult & Budget Analysis. 48hr wait process | Set appointment to meet your lifestyle coach and find out which program you will need | Fill out lifestyle questionnaire - 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 execute the contract and add the property to our inventory. Then we work within your budget to create a lease purchase contract that works best for you. There are a few primary qualifications;
Tto receive a rent credit, time is of the essence. You MUST pay your rent on or BEFORE the due date of your lease (typically the 1st of the month). This means it must be received by Renting2OwnIt on or before the due date. Any payment received after the due date will result in a 0% rent credit for that month, a late fee may apply and you will not be building any equity. 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 or will be asked to pay for 1/2 of a home warranty program.
You need to have Option Consideration. Option Consideration is typically 2.5% to 7% 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 credit. Let's say your budget allows for $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 will 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. At RentingOwnIt, we believe in providing value to families looking to take pride in home ownership, building community, 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 credit of the delcared percentage, when you could get all the rent from someone and keep the house yourself?" Answer, there are several reasons. We are trying to build a business by creating value and creative solutions. We can only accomplish this goal through quality referrals from our Tenant Buyers, Sellers, and Landlords (and even their neighbors!). Giving back rent credit helps a family to buy a home more quickly than they could trying to save 10% or 20% to put down on a new home purchase. This gives them a head start toward building equity. When Tenant becomes the Tenant | Buyer, there is an immediate sense of pride in ownership. Tenant | Buyers adds value to the community. They take care of their future property, make improvements, and feel good knowing their rent money is working for them (reducing the purchase price).
