A little over a year ago Joe came to me and said we were going to change up our rental properties a bit. We had several houses filled with tenants who rented from us. We would get the occasional call about something breaking and needing to be fixed, but overall it was a nice side gig.
Well, we decided to switch to Rent to Own. It’s not a super common to find Rent to Own homes and I have heard quite a few horror stories of them going way wrong. We are essentially selling our homes, just on terms, like rent to own. We require a down payment, all of which goes towards the future purchase price of the home. We collect a monthly set rent; anything over that rent can also accumulate towards the future down payment. (Known as our Down payment assistance program). We have our buyers sit down with attorneys and let them choose however long they’d like to rent for. Most folks choose 2 years on average. If they need more time, we can always extend; we never kick people out of homes if they aren’t ready for that mortgage. They will just rent until they are able to qualify.
Why do I love our business so much?
We get to help people move into homes that can’t get a mortgage at the moment. Most often credit is an issue and we offer free services to help these folks out and give them as much time in the home as necessary.
The nice part for us is that we are no longer landlords; the tenant buyers are responsible for all maintenance and repairs, just as they would be if the deed was in their name.
We love being able to offer this option for serious buyers who want to settle into a home. We are extremely selective and never put just anyone in a home. We would never want someone in a house they couldn’t afford etc.
The latest home we bought was a random Facebook find! A nice lady reached out and asked if we would be interested in buying this home from her; she no longer wanted to be a landlord/rent it out. We of course said yes!
It’s an adorable 3 bedroom, 1.5 half bathroom in the town of East Irondequoit. Cute front porch (perfect for people watching and cocktail drinking!) and a lovely fenced in backyard.
The kitchen was already fixed up and this home comes with appliances.
I even ‘selfied’ in the master bedroom. It’s a fantastic mirror–ha! We checked in on the house and I couldn’t help it.
Even the front walkway is super inviting! It needs a little love, but that’s the fun part for a buyer.
The other perk is that it’s literally right down the road from some nice restaurants and the new I-sqaure district.
We offer a $250 referral as a thank you, to anyone who sends us a purchasing buyer.
Check out our website at http://www.585renttoown.com/