318 W 1st Konawa Lease/purchase this 3 bedroom that has, 1 bath, laundry area, stove, refrigerator, large open back yard, storm cellar, new roof about 18 months ago. We are offering this property on a lease with option to purchase. Details of lease with option to purchase. Signed legal contract, you ve heard stories where later an owner changes their mind and boots people out, can t happen here, once we sign the contract we are bound by the terms, the only way we can get out of the deal is if YOU break the lease, ie by failing to pay or by putting the property in jeopardy by allowing liens to be filed or not complying with local, county, state or federal laws or directives. What are the terms? $1000.00 due at signing. That s only a few dollars more than you would put down for rent and deposit, but now you start working towards something that will be yours. $500/ month for 8 years. This is nearly the same price that we ve been renting the house for. We ve priced the house at $35k. We structured the payment just as a loan at the bank, at 6.75% interest makes the payments for 8 years at $473 then add on the property taxes makes the payments $500 per month. Some people complain that 6.75% is too high, your right, for rental property we are paying 6.50% on our loan, so we must charge you a little more to make things work. You are more than welcome to obtain your own financing at better rates, but that usually requires 20% down payment. The deal, if you lease the property for 8 years, we give you the option to purchase the property outright for $1.00. It s a legal thing with contracts and the IRS. Are you locked in for the 8 years? No, we require a commitment of a minimum of 12 months. That means if things change, you have options. You can walk away at anytime after the 12 months and owe nothing more except whatever it takes to return the property to the condition it was when you took it, ie no broken windows, no holes, all working fixtures and appliances. You can assign your contract to someone else and let them continue making payments, you can go borrow the money and exercise the option to buy the house which the price would be equivalent to the amortized amount at the time you exercise that option. We recommend that after 3 or 4 years you talk with your lending institution, because by then you ve built up enough time to show the bank you have something similar to equity, we can t call it equity cause you don t actually own anything yet. Once you borrow money for a owner occupied home the interest rate will save you even more. So what s the difference in renting and leasing with option to purchase? Renting is just that, just throwing your money away each month, thank you, we ve been in this business for a long time thanks to renting. However, if you are serious about wanting to get started owning your own place and have no way of ever saving the normal 20% for down payment, leasing with an option is a great way to get started. The difference is, you are responsible for everything, theoretically your buying the house right? So when I buy my house, I don t call the mortgage company and tell them to unstop my toilet, so yes, you make any and all repairs. The property taxes are included with your payment. Payments are due on the first of each month, but with leases with an option we extend the deadline from the 5th to the 10th before we charge a $100 late fee. After that we give 10 days notice to pay before your lease is terminated. Who are we? We are RENTADA, LLC, an Oklahoma company with 45+ properties in Oklahoma and Texas. No matter who you do a deal with, always make sure it s in writing. Will we take less? No. Don t have the full down of $1000, don t waste your time. Like I said it s just a few $ more than rent and deposit. If you ve been evicted in the last 3 years, don t bother. You must have a verifiable source of income and provide references to your rental history. We are getting the house clean and repaired right now from the last nasty tenants so it will be ready to go very soon. If you want to look in the windows feel free, you can message me a question, but if you have more than one please call I don t like to spend all day typing on messenger. 580-436-2609 some fab groups and marketplace block phone numbers so it s 58 zero 43 six 26 zero 9 lol
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