Take a look at this beautiful 3 bedrooms 1 bath home with 1,175 sqft of living space. This home is located on a corner lot and has amazing curb appeal. As you walk on to the spacious front porch you can see yourself relaxing with friends and enjoying the quiet neighborhood. Lease to the own option available. Purchase Price $110,000; Minimum downpayment if $5,000; Monthly Rent: $1200, Length of lease option 2 years.
Rental Facts and Features
- Address: 20702 Manor Blvd, Dade City, FL – 33523
- Purchase Price: $110,000
- Minimum Down Payment: $5000
- Monthly Rent: $1200
- Type: Single Family
- Cooling: Central
- Heating: Forced air
- Pets: Cats, large dogs, small dogs
- Parking: 2 spaces
- Laundry: In Unit
- Deposit & fees: Contact manager
It means you can rent the property while you build your credit in order to buy the property.
Current value of the property based on comps: 122k
Rent to Own:
Purchase price: 110k
Minimum Downpayment: 5k
Rehab needed: 5k
Rent per month: 1200
Period: 2 years
This means you need to make the down-payment of 5k out of the purchase price of 110k. You can then move into the property and pay a rent of 1200 a month. Anytime within the next 2 years, you can purchase the property by paying the remaining 105k. You can choose when the purchase happens. It could happen in the first month or the 23rd month. It’s up to you! It usually depends on how long it takes for you to build your credit and get a mortgage.
This would be great news for you! Regardless of how much the value of the property increases, your purchase price will remain the same 🙂
All the benefits of appreciation go to you. The projected increase in the value of your property is 7% over the next one year alone. This means you are building 7% equity even before you purchase the property.
You are not responsible for taxes and insurance payments while you are renting. The landlord is responsible for them. You only have to pay rent.
Once you purchase the property, you will be responsible for the taxes and insurance.
As the future owner of the property, you will be responsible for the upkeep of the property.
Any amount that you pay above $1200 a month will be credited towards reducing your purchase price.
The Property needs a light rehab worth around 3k in flooring in a few areas.
No. You don’t have to pay any commissions at closing (which are normally thousands of dollars!). You just have to pay the costs towards the closing and the origination of your loan (if you choose to get one).
Based on recent sales, the value of the property is around 122k today. Trends suggest the value will increase by 7% over the next one year alone. This means that the property will be worth around 131k next year. Yay! The more the property appreciates, the more it benefits you because you are building free equity!
You will have to restart the process.
Almost everybody. But it’s an excellent fit for somebody who wants to buy a property today but is not able to get a loan. With this option, you can build equity in the property while you improve your credit. You can purchase the property anytime within the next 2 years as soon as you are able to get a loan.
- Appreciation is all yours – Regardless of the increase in the price of the property, your purchase price remains fixed. Any appreciation in the value of the property goes to you!
- Pride of Home-ownership – You experience the pride of home ownership from the first day even though you haven’t purchased the property.
- No tax or insurance payments until you buy – Until you make the purchase, you are not responsible for any taxes or insurance payments.
Rent to own – 25% of down-payment