Lease Purchase Solutions, Ltd.



     

Our Lease Purchase (Rent to Own) Program

Stop Making Your Landlord Rich...

"Use Your Rent Money to Get Started Owning A Home..."

 

 

 

Rent To Own homes allow you as a Buyer to turn your rent payment into an investment.
   
   

Our Lease Purchase (Rent to Own) Program is perfect for the family who wants to own their own home but can not yet afford to buy because of lack of funds for a down payment, poor credit, or not being on the job long enough to qualify for a bank loan. With our "Rent to Own" program you can fix these problems while you live in the house.

Even if you have "SHAKY" credit, that's all right. We don't have a required dollar amount that is necessary for you to put down to move in. That amount is negotiable and if your offer is reasonable we will try to work with you. We will do our best to work within your budget for your monthly rent and your down payment (option consideration)

The two main questions you need to ask yourself are:

1- What is the maximum monthly payment you can pay and still remain within your budget? If you pay your rent on time 50% of your monthly payment will be credited toward the purchase price when you exercise your option to purchase.

2- What would your budget allow you to put down towards the purchase of your future home? This down payment (option consideration) will "lock in" the purchase price for the term of the lease purchase option. 100% of this option money goes toward the down payment of the home when you exercise your option to buy. Option money is non-refundable if you do not exercise your option to purchase.

Your next step is to drive by the home and see the location and neighborhood and judge for yourself how perfect the home is for you and your family.

After you have had a chance to see how much you like the location of the home, please call Gar May at 858-272-5510 for an appointment to see the inside.
 
  Lease Purchase (Rent to Own) Benefits
 		  
  Tenant  Requirement
 		  
  Rent 2 Own Application
 		  
 
Benefits of Lease Purchase for the Tenant Buyer
  • Maximum Leverage: You don’t need a 10-20% Down Payment to get into the Property. When you buy a Lease Purchase (Rent 2 Own) home, you can put down as little as first month's rent, a security deposit and a 2% to 4%  option deposit. We can even spread some of this option deposit over monthly payments.
     
    • You are spending very little money to control a very expensive, and very profitable, piece of real estate. You will be put in full legal control of the home for a specified period of time without actually having to own it.
       
    • Compare that to a typical bank or lender who requires 10-20% down.
       
    • What is Option Consideration (Option Deposit)?
       
      •  It is the upfront money you pay the seller in order to "lock in" the purchase price for the term of the Lease Purchase Option.
         
      • When you sign a Lease Purchase contract, you will pay the seller an option deposit. This money is your vested interest in the home and will be fully (100%) credited toward purchase price when you buy the home.
         
  • Rent Money is Working Toward the Purchase of a Home: Every month a portion of your rent payment (typically 25% to50% of your monthly rent/lease payment, depending on the home) is credited towards your down payment or off the sales price. This rent credit goes toward the final purchase price of the property. You are buying the property while renting it. Equity accumulates much faster with a Lease Purchase than with conventional financing through a bank or lender.
     
    • Why Does a Landlord Give a Rent Credit? The Landlord gives a rent credit to the tenant as an incentive to pay their rent on time and take care of the minor maintenance and repair on the property.
       
    • How Can He Afford to Give a Rent Credit? Since realtors are usually not involved with this type of transaction, there is no commission and the landlord can afford to pass along the savings to the tenant/buyer in the form of rent credits.
       
  • Frequently No Down Payment at Closing - Minimum Cash Out of Pocket : Since you have given the seller up front option money and you have been receiving monthly rent credits, there will frequently be very little or nothing left to pay for a down payment at closing.
     
  • Profits from Appreciation: Since the sales price is locked in before closing (as specified in your agreement), any increase in property value will mean that your equity (the amount you owe minus what it's worth) is increasing in the home.
     
  • Credit Problems are Okay: Qualification restrictions simply do not exist. You will be approved at the sole discretion of the seller.
     
  • No Lengthy Escrows or Mortgage Approvals: Your approval will be based solely at the discretion of the seller instead of a lender who can take up to a month (or longer) to render a decision.
     
  • No Taxes, Less Liability: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced.
     
  • Quick Move In Time: You can typically take possession of the home in less than one week instead of conventional move in times of one to three months after your offer is accepted.
     
  • Time: Before you actually buy the home, you will have 12-24 months (depending on your agreement) to save for a down payment, repair your credit, find the best mortgage interest rates, investigate the home and research the neighborhood and/or schools.
     
  • Minimal Maintenance: Major maintenance and repair problems or any maintenance problems that exceed a certain amount of money are the responsibility of the owner.
     
  • Privacy: Your name will not be on the deed (or any other public records) until you exercise your option to buy.
     
  • Peace of Mind: You will have full control of the home knowing that you have the exclusive right to buy the home at a future date.

 

  
 
3 Main Requirements For The "Rent 2 Own" Tenant Buyer

1. Pay Rent On Time:

Each and every month the Tenant Buyer must pay rent on or before the 1st day of the month. Depending on which program is chosen, between 25% and 50% of the rent will be credited towards the purchase price of your future home. If the rent is not received on or before the 1st of the month you will lose the entire rent credit for that month. When you just rent there is no rent credit. When you have a traditional loan, in the early years very little of your monthly payment goes towards reducing the loan amount. When you Lease Purchase (Rent 2 Own) if you pay your rent on time you will get a rent credit with a generous amount of that rent going toward reducing the amount owed on the home.

2. Maintain The Property:

This will be your home. You will be responsible for all the day to day maintenance on the property. Anything major is usually the responsibility of the owner. If you clog the toilet, break a window, or make a mark on the painted walls it is your responsibility to take care of it. It is in your best interest to maintain and improve the property because eventually you will need to refinance the property and cash us out and your lender will give you a larger loan if the property is in good shape.

Plus, if you make improvements to the property and the property goes up in value, (if you exercise your option to purchase) that increase in the homes value is yours to keep. Your purchase price is locked in at the beginning of the “Rent 2 Own” term and it cannot be raised for any reason. This is one of the huge benefits of our “Rent 2 Own” program.

3. Down Payment (Option Consideration):

An upfront “Option Consideration” payment is required to move into the property. The amount is reasonable and is negotiable. This payment is 100% applied towards the down payment of the property when you exercise your option to purchase. "Option Consideration" is what "locks in" the purchase price for the term of the lease purchase option. The lease term on each property is different. During this time you will have the opportunity to save money, repair your credit and locate the best loan. Usually you have the right to buy the home at any time during the lease purchase option period. If you do not exercise your option to buy the property during the “Rent 2 Own” lease term the upfront option money is forfeited. (Option Consideration money is not refundable.)

  

 

  
  "Delivering The American Dream"
  Lease Purchase Solutions, Ltd.
  Gar C. May Realtor/Broker  CA DRE # 479003
 
Direct Office: 858-272-5510  
Personal FAX: 858-272-6135  
Email: gmay@san.rr.com   
 
   

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