Frequently Asked Questions
If you can't answer your question below, call our office to discuss your situation. We try to be a fair, reasonable company. Not every scenario can be discussed in advance or put into writing. If you use good, honest communication with us, we will provide you with a reasonable solution to all scenarios on an as needed basis.
Q: How does all this work?
A: Our goal is to sell you one of our homes (the same as any other seller) as soon as possible. If you would like our help, we will try to use our knowledge to help you purchase one of our homes. We walk you thru every step of the complicated home buying process.If obtaining a home loan right now is not possible due to your credit or other financial issues, we may be able to create a custom credit improvement plan while you rent from us if it would be mutually beneficial. This way you can work towards a point at some time in the near future that you can obtain a loan and buy the home.
Q: What do you do?
A: We buy, remodel and resell homes. We help the buyers of our homes through the complicated home buying process step by step. In some cases if the potential buyer needs time to straighten out past credit problems and there is a reasonable solution, we may structure a custom credit improvement plan and rent the home to them until they can buy. This is commonly called a “rent to own”, “lease option” or “land contract”. Some homes that are not sold immediately or rent to owned, we may consider straight renting to tenants.
Q: Does my rent during the rental period go towards the purchase price:
A: No, I wish we could do that, but we can’t. While you are renting we have to pay a home loan on the property you live in to our bank. We take the rent you pay and basically resend it to our bank to pay our loan, the insurance company to pay the home owners insurance and the county auditor to pay our real estate taxes. We can’t give you credit for what we don’t receive. Some homes we actually lose money every month until you purchase the home because the rent you are paying does not cover all of those expenses.
Q: How long does the rent to own period last?
A: It depends. If you cannot purchase now, the goal is to improve your credit so you can obtain a loan and buy the house as soon as possible by cashing us out. We may be able to develop a credit improvement plan specifically for your credit situation that will have to be followed while renting our home so you can eventually obtain the home loan. Most credit improvement plans and the associated lease option (rent to own) period require 6 month to 2 years to complete.
Q: Will you do a rent to own with everyone that wants to?
A: No. The goal is not to rent to someone forever. Our goal is to sell them a home and make them a homeowner. Some people’s credit may take longer to straighten out than what we can go on the term of a lease option due to business reasons. We need to sell our home as soon as possible to pay our bills, contractors, etc. What we will do for you if we can’t work with you right now, is give you a credit improvement plan that you can start to work on immediately by yourself. You can then work on improving your credit while you continue to rent from someone else. If you follow our suggestion you will then be able to return at a later date after you have improved your credit to a point at which we will be able to work with you on a rent to own or immediate purchase basis.
Q: Banks, real estate professionals, etc. have all told us we can’t buy a home. Is this true?
A: Maybe or maybe not. The real estate industry is set up to be productive and not to be helpful! If you or your financial situation does not fit their framework and limited training, their only answer will be a rapid no, with little explanation on why not. They will then quickly move onto the next potential client (paycheck). The process of buying a home and understanding the credit/lending system is complicated. In the last 20 years, we have learned what it takes to get you to conform to a lenders box, find a different lender’s box, who’s box may fit your situation better, or cure the obstacles (such as no down payment) that are stopping you from getting a home.
Q: We know our credit is bad, can we still buy?
A: Possibly, time heals all wounds. Basically the worse your credit is, the more time it will take to cure the problem, to the point at which a bank will give you a home loan. Renting the home during that time may be a possibility.
Q: What does it cost for you to help us?
A: $0. If you are interested in working with us, we will look at anyone’s situation for free. We will also tell you in plain English what it would take (in our opinion) for you to eventually qualify to purchase one of our homes, all within 24 to 48 hours. You truly have nothing to lose and everything (a home for your family) to gain.
Q: How does your process work?
Step #1: The first step is to always view the interior of the home to see if you want what we have. You can call the office to arrange a viewing. Start here because I do not want to waste anyone’s time if we don’t have the home for you.
Step #2: Whether you are interested in short term rent to own, land contract or buying immediately, the next step is to put in an application.
Step #3: After we receive the application we will review your info and credit. Then we will call you in 24 to 48 hours to let you know what is possible in your situation, or we will collect more details.
Q: How do we get specific info on a home?
Q: How do we view a home?
A: Contact the office to arrange a viewing. Feel free to go look around the exterior of our homes during daylight hours. If the website states the home is currently occupied, but still for sale, you can drive past the outside only. Please do not stop or bother the occupants. We have interior videos available to view for currently rented homes either on this website or at our office.
Q: How soon after an application will I know what you can do?
A: Usually within 24 to 48 hours
Q; How do I know the home I'm looking at is worth your asking price and that I'm getting my moneys worth?
A: When you purchase a home, as part of the loan process, your lender will send out an independent appraiser they choose through a randomized process to determine the value of the home (a bank will not loan more than the home is worth). If the appraisal comes back lower than our sales price, we will either let you out of the contract or lower the purchase price to that amount. If the home appraises for more than our purchase price, we will keep it at the same price and not raise it. This gives you the benefit either way.
We also encourage you to hire your own inspector to inspect the home to make sure what your buying is a quality home. Lastly, with most of our homes we offer a one year home warranty for a little peace of mind.
Q: We would like to be contacted on the next home you have that meets our criteria. Is this possible?
A: Yes, we keep a buyers list.
Q: You don’t have the home for us right now, but we would like to get started, can you help?
A: Yes, we prefer you get started now. Fill out an application and note that. We will then analyze your credit and give you a plan of action to get started on.
Q: How long have you been in this business?
A: 20+ years, but we incorporated in 1999.
Q: How much money do I need to move in if I can purchase the home?
A: Many of the government loan programs require 0 to 3% down. This depends on your unique credit situation and the loan programs available for your situation at the time.
Q: Are you a lender, loan officer or loan originator?
Q: Are you a relator that sells other people's homes?
A: No. We are an investment company that buys, renovates and resells only the homes we own.
Q: What is a short term rent to own or lease option?
A: This is a program where you rent the home while you are improving your credit. In this situation, you would have the exclusive right to buy the home for the duration of your option. Everyone’s credit history, income, and length of time required to cure problems is unique, so we customize a plan just for your situation. We will only do a rent to own or lease option if we are reasonably sure your situation can be solved and you are willing to do the work needed to qualify for a home loan. Realize our goal is to sell you the home by having you qualify for a home loan as soon as possible. We have loans on our homes and basically take your rent to pay our bank loan. Our profit to run the company comes from actually selling you the home at the end of the process.
Q: What are the risks of doing a lease option?
A: Interest rates can rise or fall daily. This can make your eventual house payment go up or down (compared to now) when you do eventually buy. That is why it is best to follow our suggestions and improve your credit as rapidly as possible. Bank lending standards can change during the lease option time frame. Normally, federal home loans standards do not change rapidly.
Q: How much do I need down to do a rent to own or lease option with you?
A: That is a case by case basis. We take into consideration how long you will need to clean up your credit and qualify for a loan.
Q: Do you rent homes?
A: Yes. Our main goal is to sell our homes. This is how we pay our staff, contractors, and bills. If our homes do not sell, we normally try to work with an applicant that can straighten out their credit issues while renting the home and then eventually buy. If we can’t do that then we will sometimes rent it to a clean person as a last option.
Q: Why is the cost of renting the home different then the monthly payment, if I am able to purchase the home?
A: If you obtain a loan now, you may benefit from historic low home loan interest rates. This can make the payment for borrowing enough money to purchase the home lower than the current rental rate for the area.
Q: Will you help us with our credit if we just rent?
A: Absolutely! Our entire business is based on turning renters into homeowners. Helping you understand and correct your credit flaws is free to any of our renters as a perk for renting from us.
Q: How much do I need to move in if I rent only?
A: Our company requires first month’s rent, last month’s rent and security deposit. In some special circumstances a payment plan may be worked out to accumulate last month’s rent.
Q: Can we have pets while renting?
A: We have lost tens of thousands of dollars on repairing pet damage and replacing stinky carpets. For this reason we are extremely cautious. We do occasionally accept existing long term family pets with our approval on a case by case basis. We have zero tolerance for not taking care of your pet, feces or urine accidents in home, or damage. If you can’t 100% trust your pet or don’t keep them clean, then our homes are not for you. If allowed, your animal using our carpets as a toilet will cost you in excess of $4,000 for new flooring. We reserve the right to ask you to remove the pet if there is an issue. If you can purchase the home immediately, then it is obviously not an issue.
Q: Can we paint when renting
A: Generally not until you buy the home.
Q: Do you inspect homes when we rent?
A: Due to tens of thousands of dollars in damages we have had to pay (normally to carpets and wall paint) ,Yes, we inspect our homes as long as we own them. We also use that time to update any routine maintenance needed on the home.