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HERE ARE THE PROGRAMS I OFFER PROGRAM 1 - RENTAL This
is obviously the most common form in America. The good thing is you do not have to have any credit, you do not have
to worry about repairs on the house, and with no money down, you can just move in. The bad things are, you do not build
any equity by paying rent, and you do not build up your credit and the rent is not tax deductible. But for many people
renting is perfect and I have many rental houses in prime areas in Louisville, Kentucky. I always keep my houses in
good condition and I am available for repairs 24 hours a day, I promise! I also accept pets, short term and no/bad credit
and section 8 sometimes. Look on my "Property for Rent" page for my current houses for rent.
PROGRAM 2 - LEASE/OPTION This
program is great if you want to rent, but you think you might want to buy the house in the future, because you can rent the
house and a portion of your rent is applied to buying it when you want to buy it. So your rent is helping build equity.
Most of the lease/options I do require a small amount down at the beginning (like $2,500). This is your option.
When you give me that option, I will rent the house to you and give you a contract to buy the house at a later date. Now
you just live in the house and pay me rent every month. If you pay $900. a month then some of that will be credited
toward the purchase of the house. Say $200 a month for example. So if the contract says you will buy the house
in 24 months then you will have ($200 x 24 months = $4,800) credit off the purchase price. Plus your option of $2,500,
you gave me at the beginning. So if you are on contract to buy the house for $100,000.00 then you actually only will
owe me $92,700 at closing. And the monthly payments during the lease are tax deductible. And you wwill not be
responsible for maintenance and repairs during the contract. The bad thing is, if you do not or cannot buy the house
from me by the end of the lease/option contract, you will lose your option money! I have never had that actually happen
though! I have done a few of these and they have all worked well. In most cases I help you get a loan so you can
buy the house from me well before the expiration of the lease/option contract. See my "Property for Lease Option"
page for my current Lease/option houses. PROGRAM
3 - LAND CONTRACTS This is my personal recommendation
as an alternative to renting and buying. Essentially you are renting to own. You must have at least some credit (bankruptcy
is ok). You must have some money to put down. First we find you a home that you like. Then, I will buy the
house from the seller and let you move in. Then I do something different than most investors who just do "lease/options"
NOTE: LAND CONTRACTS ARE DIFFERENT FROM LEASE/OPTIONS. What I do differently is that I record the deed on the house in
your name, at the county courthouse. So, now you own the house. I am just the lien holder. Now you just
live in the house and pay me every month. At sometime during the contract with me, we will go to a conventional bank
(like Bank of America) and try to get you a "real" 30 year loan on the house. The bank will not require any
more money down, or particularly good credit, since you already own the house. You are really just refinancing the loan
that you have with me. Remember I will walk you through each step in this process. And rest assured, I have already
done several of these with great success. The most important things are; keep your credit good while you are living
in your new house, always pay me on time each month, always keep records of all payments you make, and keep your house in
good condition so when you apply for your new loan it will appraise for enough. In some cases I have even had people
lease on land contract from me for only a year and then get a loan with a bank, and when they did the house was re-appraised
and we noticed it had appreciated so much that they were able to pay me off and still walk away with cash. This was
amazing for me and for them! For land contracts, you select the house that you want to buy, just like a typical home
buyer. I am a realtor/agent in Louisville, so I have all the tools to help you find the house you want to buy.
Once we find a house that will work we are done. The main thing is you. If you qualify for the land contract,
then the rest is easy! I can also assist anyone
with buying or selling any real property. Although lately I have been specializing in the land contracts. I also can
help you invest in real estate and rental property, since I have done so much of it, I can show you how to do it, etc.
Call me any time ...I want to help as many people as I can! Yes,
I make money too, so it works for everyone. The main thing is getting in touch with me. I help people from any
where in America, but so far I have only bought property in Kentucky and Florida. If you need an alternative source
for financing, call/email/fax me anytime!
Mike Howard Direct
Line (24hours) 502-777-5246 Fax 502-228-3587
Email zcd723@gmail.com
Market Update - Mid 2010
The economy is improving with higher retail sales, stronger
factory output and a rise in companies' stockpiles. That picture emerged from reports Friday pointing to an economy
that's improving modestly but steadily after the worst recession in decades. Yet the recovery needs stronger job creation,
and it remains under pressure from fears that Europe's debt crisis could slow the U.S. economy. Shoppers are closely watched
because their spending accounts for 70 percent of economic activity in the USA. It rose in the first four months of this year
at the fastest pace in three years, according to the Commerce Department report. Still, consumers and businesses appear less
confident of and "end" to the recession than in previous recoveries. Complicating the recovery is the uncertainty
in Europe. The Europe Union's bailout plan will slow a global recovery and be very costly. Economists worry
that spending could falter in the coming months without more growth in income. But there have been encouraging signs that
job growth is picking up. Still, the unemployment rate rose to 9.9 percent as more people began or resumed job searches
- a sign that many are feeling more optimistic about the job market.
Our housing market is improving in mid 2010. Mortgage lenders are allowing borrowers
to modify their mortgages, to help stop further foreclosures. The problem remains that there are too many vacant properties
sitting in limbo, without any owner. And buyers cannot access capital. The few people in the USA who are
buying houses these days are lucky! Mortgages are very hard to come buy as banks are still very reluctant to lend money
after the backlash from the "easy money" years in the early 2000's. Cash is king these days and few of
us have the cash to buy property, even though many properties are selling at pre 2000 prices. A huge number of
Americans have bad credit and are being forced to rent houses or apartments. Our Land Contract program is a nice hybrid
between renting and buying. In these uncertain times, it is more popular than ever.
Our Land
contract program allows you to pick the house you want now and get the mortgage later! This is a great tool for buyers
who don't want to wait to buy, but can't qualify for a mortgage yet. The lending market will loosen up eventually,
and when it does you will be able to get your mortgage on the house, while you are already living in it. Our Land Contract
program is obviously in very high demand these days, because of the uncertain times and difficulty in qualifying for a mortgage.
Of course you can also rent one of our properties on a short term basis, until you find the property you want to buy.
Renting is sometimes a perfect option for those people, who are uncertain of their future and want to avoid being tied down.
At Rent2ownlouisville, we will continue to service
our clients and provide innovative options for renting and renting to own in the 2nd half of 2010. Feel free to contact
us anytime at zcd723@gmail.com or 502-777-5246 and someone will get back to as soon as possible.
Mike Howard - President
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