SHERIDA STUDWOOD
Residential & Commercial Real Estate
Direct: 770-475-1130 ext. 8757
Serving the Greater Atlanta Metropolitan area!

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RENT TO OWN HOME FINDER

There are literally thousands of Lease Purchase homes available. The challenge is always in locating them as there is no central place to look for these homes. That is why we provided this service, a place to find Lease Purchase Homes based on putting buyers and sellers together. Their are hundreds of sellers offering Lease Purchase Homes.

Lease Purchase homes as a way of buying real estate

One of the biggest advantages of buying a Lease Purchase Homes is the fact that you can live in the home you want right now, even if you can't or don't want to buy it right away. You don't have to go rent a house or an apartment first while you work on your credit, and then buy a home later. By renting first, you have time to fix your credit before home prices go up and you lose time.

The advantage you have by doing Lease Purchasing a home is you move in right away vs renting first, is that you typically get a rent credit. If you rent, that money is lost forever. You don't get a tax break on it, it does not get saved and it does not apply to the price. Lease Purchase homes will typically extend a rent credit (in closing cost) to you. This kind of 'save while you rent' strategy is only available on Lease Purchase homes.

What is a rent credit?

A Lease Purchase home is when the Seller may set aside a certain percentage or dollar amount of the monthly rent you are paying, and applies it to the purchase price, closing cost or down payment on the home. Now your rent money is not completely lost, you are having a portion of your rent applied to the sales price or the down payment to help you qualify for a loan later.

Don't forget that some or all of your down payment (usually 3% of the purchase price) for the Lease Purchase Option, can be applied to the purchase price, closing cost or down payment.  If you were renting, all your rent money is lost forever. Additionally, since you are planning to buy the home, the Seller will be more open to allow you to make changes to the property while you are renting.

Now that you have time to rebuild your credit..all you have to worry about at the moment is your down payment.  Here are some ways to come up with the funds. ie. Savings, tap into your IRA, borrow from your 401K, auction unwanted items, get a gift, get a second job, etc.

Who owns rent to own homes?

Selling Lease Purchase home is a real estate investing strategy. Therefore most of the Lease Purchase home you come across will be owned by real estate investors although a large portion are owned by normal people selling their home. They understand creative financing, and are typically in the business of assisting folks get into homes. They typically understand your situation, and are more than willing to work with you on helping you qualify to buy the HOME!