How does your “Rent-to-Own” work?
Rent-to-Own is the same as a Lease Option. You have a lease (also called a rental agreement) and you have an option to buy. Both happen at the same time while you’re living in the property. During your stay, you are renting the property, just as you would rent any other house or apartment. Meanwhile, you have the exclusive “option” or right to buy the property at an already agreed upon purchase price. 100% of your initial deposit goes toward your down payment and/or purchase price. If you decide to buy, and can show a history of on-time payments, then you will be looked upon much more favorably by a lender, should you choose to buy using bank financing. Our goal during your option period, is to get your credit cleaned up (if necessary) plus get you 100% financing when you do buy so you don’t have to come out of pocket at closing.
Also, should you decide to buy, you will have already eliminated many of the unknowns that may have kept you from buying in the past – you will already be familiar with the house, neighborhood, and community. If any of these turn out to be unsatisfactory to you, you are free to move on without any obligation to buy. With our Rent-to-Own program, you really are getting the best of both worlds – a locked-in, guaranteed price up front plus the freedom to move on without obligation!
What Do You Mean by “Flexible Terms?”
In our Rent-to-Own program (or “Lease Option,” “Lease Purchase,” etc. all of these terms are pretty much interchangeable), we allow (and encourage) our tenants to make improvements to the property to suit their personal tastes, as long as they’re within reason and provided permission is obtained beforehand.
“Flexible Terms,” however, does not mean that anything and everything is acceptable. Common sense has to prevail. We don’t offer $100,000 houses for $400 a month (unless you’re talking about a HUGE down payment!) nor are we so flexible that we allow tenants to pay whatever they like or to skip payments at will.
We’re all adults and we agree that “life happens.” We deal with many issues including bankruptcy, divorce, credit issues, judgments, criminal backgrounds, evictions, and foreclosures. Each of these are handled on a case-by-case basis. If you’re honest with us and can show progress — and a willingness to make adjustments and improvements, then we can work with you.
The bottom line is, “Flexible Terms” means that you, the incoming tenant, can work out a deal with the landlord to match your particular situation. If it’s reasonable, then we can probably do it!
What happens if I don’t buy?
All of our properties are owned by long-term “hold” investors who, though they would prefer to sell, don’t mind retaining ownership. In other words, no one is going to kick you out of the property if you decide not to buy.
If you paid a non-refundable option deposit, that money is still applied to your purchase price if you ever decide to buy that particular property down the road. What you may lose is the option price that you originally bought when you first paid that deposit. Depending on market conditions, the value of the property may have gone up in which case the price could be adjusted accordingly.
If you do decide not to buy and vacate the premises, your rental deposit is returned according to your rental agreement. Your non-refundable option deposit, if one is paid, is not refunded.
All of our rent-to-own properties require both a refundable security deposit and a non-refundable option deposit. The amount of deposit listed on our advertisements is the total of these two deposits.
Can I paint and fix up things?
We have good taste when it comes to decorating, but there’s no way we can know what your particular likes and dislikes are. Depending on the property, your lease agreement, and what we work out ahead of time, all sorts of personal modifications are possible.
The key to this type of flexibility is good communications between tenant and landlord. If you see a property that you’re interested in (or if you’re currently living in one of our properties) and you have ideas that would make the place more enjoyable for you, be sure to ask!
Do You Allow Pets?
Most of our properties do allow pets. In such cases, tenants are required to have a written pet agreement in place with us regarding the tenant’s rights and responsibilities; such agreement also includes indemnification for the landlord.
Additional security deposit will be required by as much as $1000 per pet, depending on the type of pet, the property in question, and the condition of the interior at the beginning of the lease. All pet deposits are 100% refundable, should the tenant decide to vacate the premises. Our goal is to keep our properties clean and free from damages, not profit from pet deposits!
“Pet rent” may also be added to the published rental rate. This varies from $5.00 per month for smaller dogs and cats to $20.00 per month for larger dogs.
In what areas of the Triad are your homes located?
Most of our homes are located on the South side of Winston-Salem (off of Waughtown, Sprague, Clemmonsville, and Old Salisbury Roads) or in the North Davidson County areas (Midway, Welcome, Arcadia, Clemmons, and Friedberg). We also have properties as far North as Walnut Cove and Rural Hall and as far South as Lexington and Southmont. Since we are routinely involved in procuring new properties each month, these areas may already be in the process of expanding, depending on when you read this. If you are particularly interested in a certain area of the Piedmont Triad, please email us here and let us know where and what what type of property that you seek. We may be able to help you find it!
Do you accept Section 8 vouchers?
No. We do not accept Section 8.
Feel free to contact us if you have any further questions on these or other topics!