Normal Rent to Own Deal: Person can not qualify for financing. Person wants to own a house. Person enters a rent to own contract with seller for either market value price or above market value price, in exchange for Person renting house and having the option to buy house at a later date. Person does not get a deal on the price and thus creates no value in the property. When it comes time for Person to obtain financing, only the small monthly payments towards the deposit are what the Person has created for value. Our Rent to Own Deal: Person enters into a rent to own contract with us for a "wholesale price," which is way below market value. Person fixes up property while under contract and increases the property's value. Now the property that you are under contract to purchase is worth three times more than what you need to pay for it. All of a sudden, bank financing got much easier with such a low loan to value ratio. Our Rent to Own Terms: $1,000 includes $700 monthly rent plus $300 into an escrow account, which eventually goes towards a down payment when you purchase the property. This rent is fixed for the first two years and is raised 5% in years three, four and five. First month's rent of $1,000 plus a security deposit of $1,000 is required at signing of the Lease Agreement, which is a five year term lease. The purchase price is $34,000 for years, one and two of the lease and the purchase price is increased by 5% in years three, four and five. Please check your comps. This property is worth over $100,000 once it is fixed up. No big deposits required! Save your money for the repairs to create value. The faster you create value, the faster you will be able to purchase the house. And the faster we can sell it to you. Property details: 2,160 square feet (twice the sq footage of similar properties) No structural issues! Huge backyard New garage plus two outside parking spaces Front porch, rear porch, rear second floor porch 1st floor: Living room, Dining room, Family room, bedroom, full Kitchen, Half Bath, Laundry Room, Access to Basement 2nd floor: 4 bedrooms, 1 Full Bath, 1 Walk-in Hall Closet Attic Perfect for contractor, developer, handyman or anyone looking for value. All junk and furniture have been removed from the property. Tenant/Buyer will be responsible for making the house habitable for living. One block away from West Field House. Very quiet street. Repairs: Floors need plywood. Some walls need plastering. 5 to 7 replacement windows needed. New kitchen and bath/laundry room. New electrical baseboard heaters needed. Roof needs patching in spots. Exterior vinyl siding missing in spots. Front porch repairs. Nothing major - nothing structural. Email or call 570-445-7296 for more details or pictures. Thanks.
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