Whether you’ve been renting forever or you’re wanting a smart way to buy your dream home you’ve come to the right place.

Why wait to find your dream home? Why wait to live in great community? A home in a great school district with a low crime rate.

Why wait to buy a home?

Well, you don’t have to. Rent to Own is a powerful home buying tool which real estate agents won’t inform you of and homeowners are not fully aware of.

If you’re here, then you may be in two categories. Either you need some time to fix your credit or income, or you’re just trying to get a good deal on your next home. Either way, buying a home with the rent to own technique is a smart and savvy move.

Let’s face it, todays home buyers face an uphill battle trying to secure a mortgage to buy a home. Some issues the home buyer faces:

  • Lending guidelines tightening up
  • Old or incorrect items on credit report
  • Not enough trade lines if you own a business
  • Need to find a good school district for kids

What is rent to own and how does it work

Rent to own, also known as a Lease Purchase or Lease Option, is what the name implies. You are renting the home and then receiving the option to buy it from the home seller. Rent to Own should be short term in duration. By short-term, we mean lease with a one-to-two-year buyout.

Stay to the end and I’ll tell you how much a game changer this is for both you and the home seller.

Rent to Own Concerns You May Have:

Is this legal? (Hint: It’s 100% legal!)

How much upfront money can I expect to pay with this strategy?
If you are trying to buy a home and delay the purchase for a year or two then please understand that the home seller is going to want a financial commitment from you.

So, Let’s talk money. If you want to convince a home seller to give you a rent to own option, you need to give them more than just a deposit. You need to give the home seller a non-refundable option fee.

Option Fee:

An option fee is usually anywhere from 2% – 5% of the asking price. This option fee is applied to the purchase price. Now this option fee can be negotiable and in fact our company can show you how to get into your home with as little as possible. Notice we said the word “possible”? Because if you want your dream home and you can’t buy the home right away then you had better pay the home seller a decent option fee payment. This way you won’t anger or insult the home seller. If that happens then you get nothing. Not to worry, we teach the fine art of negotiating to get your next home.

Remember this fact:

Home sellers really don’t offer rent to own because like most home sellers they don’t understand the benefits of rent to own. The owner of Lease Live Own even wrote a book for home sellers called “30 Days to Find a Home Buyer” to educate home sellers on the advantages of rent to own.

In what situation does rent to own work best?

Ok, let’s be honest. Banks like stable income and decent credit. You don’t need a high score of 800. Some loan programs go as low as 580 credit score. Let me add one more important item. You don’t need to find a mortgage right away. This is at the end or anytime during the lease.

As far as income, you’ll need enough money to afford a mortgage. We won’t go into the particulars here. Just know that income and credit matter to a bank.

Key things to know when buying a home rent to own:

  • Understand how to find a rent to own situation in the neighborhood you want to live in.
  • Understand how to find the value of the home you want.
  • Understand how your credit and income plays into a rent to own situation. Don’t worry, this credit and income issue is solvable in most cases.
  • Understand how to calculate your monthly lease payment.
  • Learn some negotiating tactics which could save you thousands.
  • And more….

Thanks for making it this far. So, what is the game changer?

The home seller doesn’t have to pay real estate commission. This makes a huge difference on how much money the home seller will save. Take a home price and figure 6% commission. You are saving the homeowner thousands in closing cost by eliminating the real estate commission.

This is only an introduction to this powerful home buying method. Now it’s your move.

If you want more information, please reach out.