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FAQ‘
I am pre-qualified for a mortgage. Do I have to do the Lease Option program?
Oh? Pre-qualified you say? Hang on just a minute. Let me get the red carpet out for you. Would you like a soda? Bag of chips? Flowers? Foot rest? When can you close? How much are you approved to buy? Are you working with an agent? Have you signed a Buyer’s Representation agreement with them? Do you like any of my houses? When can you close? In other words, YOU ARE AMAZING!!! I love working with ready, able and willing BUYERS! Let’s get you into this property ASAP! You have been moved to the front of the line. VIP STATUS!!!!
Rent to own a house?! Heck yeah! I have $500 CASH, right now, what will that get me?
Nothing. Well, it won’t get you anything from me.
How much does it take to move in?
The smallest Option Fee I have ever received was $5,000. The largest I have received was $40,000. I’m willing to take more but not will to take less.
Does the Option Fee count towards the Purchase Price?
The first $5,000 of most Option Fees will not count towards your Purchase Price. This is simply the fee to get into one of these amazing situations I provide to the community. It covers the paperwork from the attorneys, marketing, my assistant and believe it or not, I like to make money too. #sorrynotsorry
After the first $5,000, I like to work in $5,000 increments. The more you put down, the less I need per month. So, if you put $20,000 down and I’m asking $1,500 per month, I could probably negotiate a smaller monthly payment. It will depend on the house. Sometimes, my payment is $1,500 and I can’t take less. Usually, the more you put down in the beginning, the easier it is for me work out some sort of deal with you and the property.
And yes, after the first $5,000, I start to give you credit off the purchase price for the other $5,000 chunks.
*** Fancy houses may require $10,000+ down in the Option Fee. I’m sorry but lake houses, vacation properties and million dollar horse farms will require more than $5,000 to move in. I reserve the right to establish an Option Fee on every, individual property. This is merely a guideline.
I don’t know anyone with $1,000, much less $5,000 or more. Why do you charge so much?!
This is real estate. It takes money to buy houses especially if you have bad credit, a bankruptcy, a bad divorce or student loans. If you don’t know anyone with that much money, you are not my ideal client. I am serious about my business and I only want Tenant Buyers who are able to commit to purchasing a property.
What if I have bad credit? No credit? Bankruptcy? Bad divorce? Student loans?
That’s cool with me. I have worked with other Tenant Buyers who did not qualify for a mortgage at the time they moved into the house but 12- 24 months later, they had improved their credit, established a job history, waited out the bankruptcy or “fixed” whatever issue held them back from going to a regular mortgage broker and purchasing the property.
Is there an application? Application fee?
Yes. Anyone who is planning on being on the lease or mortgage needs to fill out an application, it’s $30 per person if you complete it online.
By submitting an application, you agree to a credit check, criminal history, employment verification and past landlord experience.
- I understand you may have a low credit score. You can improve it.
- I understand you are moving to the area and don’t have a job yet. You can find one.
- I understand you have a criminal history. I’m sure it wasn’t your fault and you learned your lesson.
- I do NOT understand why you have a courthouse eviction on your record. Don’t apply. I don’t take on people with eviction records. I have and will refuse people with a record in Landlord court anywhere in the 50 states.
- Be open and honest with me when you apply. If I have three applications on one house and two look promising, there may not be a need for you to submit an application. However, I have had situations where the 4th person to apply was able to move in and buy the property.
Side note: Children under 18 who will live in the residence but not contribute to the mortgage do not need to fill out the application. Adults who will work towards a mortgage need to fill out and submit an application. This may be you, you and a partner, you and a spouse, you and a parent or your partner/spouse/parent without you.
What if I can’t get a loan in two years?
Why couldn’t you? Did you do everything to improve your credit? Did you make all of your payments on time? Did you takeout new loans against our guidance? Did you hold a steady job to show on your tax filings the appropriate income to qualify for a loan? I’ll do everything I can to move you towards home ownership but I can’t balance your checkbook or make impulse decisions for you. If you fail to do your part, you could forfeit your Option Fee, Down payment, rent payments and opportunity to complete a Lease Option with me. Or we could extend the contract but it will cost money. This is a big decision.
This is an amazing opportunity that most real estate agents and investors do not offer. There are other people calling me, emailing me, and hunting me down to find out if any of my tenants are not performing. They are begging me for the opportunity I gave you. Don’t let yourself down. Don’t mess up this solid opportunity. Don’t let someone else beat you to the finish line.
Is this for REAL?
Yes, Yes it is! A lot of people have been scammed and ripped off by inexperienced investors who thought scamming people of their hard earned money was an acceptable way to do business; equity stripping a property so the potential property owner was getting less then they were promised and then there is stealing! I have been stolen from and that is no way to treat people.
To ensure a smooth and clean business transaction between us, all mortgage / loan underwriting will be underwritten by the licensed loan originator (mortgage company) of your choice and the closing will take place at a local title company. The mortgage company will require an appraisal to make sure the asking price is accurate for the condition of the property.
What if I don’t have a job? Or I’m paid in cash?
People in America file taxes once a year. In order to purchase a house, you must present the previous two years tax returns to a mortgage broker to verify employment. Since my ultimate goal is for you to BUY the house, you must be able to show proof of income that will qualify you to purchase the home.
Are my pets allowed?
Absolutely! This is your home! Bring on the critters! You are the one trying to buy the house, so if they destroy it, it’s your problem! Remember, most banks will have the house inspected and appraised before they hand over a mortgage.
Additional Info
We Are Dedicated To Finding You A New Home
We are not Realtors who are selling someone else's homes, nor are we bankers or loan brokers who get paid to find you a loan. We're actually the owner of several lovely homes which are available for purchase. Since we own the homes, many times (depending on your circumstances) we are willing to finance all or part of the purchase ourselves or lease option to you. All the normal rules concerning credit, debt ratio and proof of income are thrown out the window. Since we own the homes, we can be very creative with the financing and structure it to fit your needs.
So, here's what it comes down to. If you're truly interested in buying a home of your
own, I'll give you several options after this message. If we have a home you like and
you have something we can work with, you can be in a home in less than 30 days. If
you have very bad credit and no money - unfortunately we probably can't help you. On
the other hand, if you have some money but have lost your credit, we can probably help you buy a home now. Please look at all the facts before you decide that you can't qualify.
Remember, we own the homes. We can do whatever you and we agree to make it work. You can't imagine how many folks are now in a home of their own because they let us work our magic. Most thought they couldn't qualify and could never buy a home. They were wrong! Keep reading to see some of our most frequently asked questions.
You Have Damaged Credit, Can You Buy A Home?
Of course! You'll be glad to learn that you actually can buy a home with damaged credit. In fact, it's quite common. To do so requires a flexible seller who is willing to help finance part or all of your purchase price. We can not only finance you but we have a credit repair program to get back your credit.
Is Your Debt Ratio Too High? Just How Much Home Can You Afford?
You may be surprised to learn how much of a home you can afford. Generally accepted standards say that your new house payment added to all your other monthly payments, should not exceed about 45% of your gross (that's before income tax) for you and your spouse. Keep in mind, that does not include items like insurance, clothing, food, utilities, entertainment, etc. You should add only those items with fixed payments such as cars, furniture, credit cards, mortgage, student loans, etc.. If an item doesn't show on your credit report, it probably won't count against you as a debt. We can accept debt ratios that exceed the norm.
If You Can't Easily Verify Your Income, What Options Are Available?
If you feel you can't buy a home, because you can't verify your income, think again. Some of our happy customers felt the same way before contacting us, but they found themselves in the home of their dreams within 30 days.
What About Our Lease Option Program?
Are you tired of making monthly rental payments? Think of all the money you've wasted in rent over the last few years. What do you have to show for it? Homeownership may seem to many to be an impossible dream. Saving enough money for a down payment while paying rent or trying to secure a mortgage with a low paying job or bad credit history, are only a few of the obstacles that make buying a home seem so difficult.
With our unique "Lease Option" program you can realize your dreams. The "Lease Option" program allows you to lease and occupy a home while at the same time building equity towards the sale price that we set the day you sign the "Lease Option" agreement. This way, you enjoy the pricing and value of ownership today even though you won't finally purchased the home until later. Plus, you also know the work you do in the home will not be wasted when the lease is over.
Best of all, through this program, while you're living in your home of the future, you're also building equity, improving your credit, and putting yourself in a position where home ownership is not only possible, but easy.
You may also like to do some repairs yourself in exchange for a reduced price on our work for equity program.
This unique program truly makes homeownership a possibility for anyone with something to work with.
