110 Warren St, McMinnville, TN 37110

RENT-TO-OWN Are you tired of renting and want to own a home, but don't quite qualify for a traditional mortgage? We have the solution! This 3bed/1bath home has been recently remodeled including fresh paint, new appliances, updated kitchen and bath. We are offering it rent-to-own with a portion of your rent going towards the down payment on a future purchase. Minimum income requirement of $6,000/mo. Credit doesn't matter! Here's how it works... -The tenant pays an upfront option fee (usually 3% of the purchase price) to secure the right to buy the property at a set price within a specific timeframe during the lease period. -The tenant pays a higher monthly rent than standard, a portion of which ($400/mo) goes toward the down payment. -The lease term is usually two to three years. -The purchase price is agreed upon at lease signing ($245,000 for a 2yr lease option OR $255,000 for a 3yr option). -The tenant is responsible for routine maintenance and repairs. -At the end of the lease, the tenant can choose to buy the property at the agreed-upon price or extend the lease. Frequently Asked Questions: Q: How much is the option fee? A: $7,350, which represents 3% of the purchase price. Reminder that this is non-refundable as it guarantees your first right to buy the property for a preset price at a future date. Q: How much is the rent? A: $2,000/mo, $400 of which goes towards down payment. Think of this like a forced savings plan towards the down payment on your home. $400/mo x 12mos = $4,800/yr! Q: What is the lease term? A: 2 or 3yrs depending on how soon you want to purchase Q: What is the future purchase price? A: $245,000 for a 2yr lease option OR $255,000 for a 3yr option. Q: What if I still can't buy the house at the end of the lease? A: We have the option to either a) extend the lease option if you are still interested in buying the home and think that you will be able to purchase the home in the next 2-3 years, or b) terminate the lease. Q: Is there a credit requirement? A: No, but we do run your credit to ensure you do not have any evictions or foreclosures in the past 7yrs. Q: Is there an income requirement? A: Yes, it is $6,000/mo. This is non-negotiable as it is the minimum required to ensure you are able to live in the property comfortably and within your means. We don't want to evict you six months down the road, because you can't afford the rent. Q: Is there a background check? A: Yes, but only violent offenders are disqualified. Misdemeanor and non-violent offenses are not disqualifiers. Q: Are Pets Allowed? A: Yes, we allow up to two pets under 30lbs each. Applicant's must provide shot records dated in the past year, including the pet's breed and weight. No exceptions to the size limit as our insurance policy restricts certain dog breeds. Q: Who's responsible for the maintenance? A: The tenant and landlord share responsibility for maintaining the property. The tenant is responsible for all routine maintenance (basic plumbing/electrical repairs, appliances, and cosmetic repairs). The landlord is responsible for any major maintenance/repair items that cost in excess of $5,000 (roof/HVAC replacement, major electrical/plumbing or structural repairs). *This is a lease option agreement in which the tenant will have the option to purchase the property at a predetermined price at the end of the lease term. *Lease term will be for two or three years. *A portion of the rent ($400/mo) will go towards down payment at the end of the lease if the tenant decides to purchase the property. *Minimum income requirement of $6,000/mo. *No credit requirement except that you can not have any evictions/foreclosures in the past 7yrs. *Pets under 30lbs are allowed (up to two). Must have valid vet record and be up to date on shots. *Inquire for more details!