The below information will be guidelines for us to agree to before we draw up the official paperwork.
This is the HYPOTHETICAL summary of the details based on an estimated $235,000 purchase price.
| Initial Down payment | $5,000 | TBD… As per your information |
| Monthly Rent (Payment #1) | $1,700 | Rent (payable on first of each month) |
| Monthly Down payment (Payment #2) | $500 | Goes directly to the purchase of the house, as per your information (payable on the first of each month) |
| Total monthly payment | $2,200 | We can work out a post dated payment strategy after we complete the paperwork. |
| Lease start | TBD | |
| Lease term | 3 year | Typically based on a 2 – 3 year term, willing to extend if necessary. |
| Agreed to Purchase Price after lease period. | $272,000 | |
| Approx. down payment saved during 3 year lease | $23,000 | Total Amount including initial down payment (36 months x $500)+$5,000 |
| Approx. amount remaining to purchase property after 3-year lease. | $249,000 | This amount could be financed through first mortgage or other agreed to methods |
You will be required to come up with $7,200 in certified funds prior to moving in. $5,000 (initial deposit) + $2,200 (first month’s rent) = $7,200
Then starting the first of the month (one month after you move-in) your first payment of $2,200 will be due. Please note you will be responsible for your own utilities and tenant/content insurance.
Simple next steps
- Sign Paperwork, the documents are very simple.
- Fax back to 1-866-526-1771
- Prepare certified funds ($7,200 made payable to us)
- Send certified funds
- Pick up the keys to your new home
- Move in at your leisure
- Congratulations!!!
If you have any questions, please contact us at 1-866-526-1771. Call ANYTIME – Our 24 hour messaging service will take care of the rest.