We offer the following programs for our clients:
PROGRAM 1 - RENTAL
This is obviously the most common form in America because the credit
standards for renting are not as high. You also do not have to worry about repairs on the house (other than routine
maintenance. Another attractive feature of renting is most rental terms require very little money upfront (other than
a damage deposit which you can get back upon moving out). The negative aspect of renting is you do not build
any equity by paying rent, you do not build up your credit and the rent is not tax deductible. However many people find
renting is the perfect option for them. We have many rental houses in prime areas in Louisville. We accept pets, short
term rentals, no/bad credit and have a staff of property managers available 24 hours a day for repairs and questions.
Look on our "Property for Rent" page for current houses for rent and contact us for an appointment!
PROGRAM 2 - LEASE/OPTION
This program is great if you currently want to rent, but want to buy the house
in the future. This program works great for those who may not have a large amount of money to put down, yet still want
to purchase the property at some point. Most options will guarantee the buyer a "set price" within a certain
time period and during that period a portion of the rent payment may be applied to that buyout price. In this program
your rent is helping build equity! Lease/options require a small amount down at the beginning (usually around
5% or the buyout price). This down payment money is your "option to buy" and will be credited toward the purchase
price when you buy. Many options can go for 24-36 months or longer (which is great for those who need more time).
Here is a scenario of how your monthly payments will help build equity in the property: Lets say you agree
to purchase a property from us for $200,000 within 36 months and you pay $1400 per month in rent, with $200 per month is going
toward principal and our contract says you will buy the house in 36 months then you will have ($200 x 36 months = $7,200)
credit off the purchase price. If you had put a down payment option of $5,000 down at the start of the lease you would
only owe $187,800 to buy the house!
The drawbacks to Leasing with option are; you need more money down than
renting, you are responsible for maintenance during the lease and you must be able to buy the property within the agreed upon
time frame All of our lease option clients are assisted by our credit repair specialist and finance team so they can
position themselves toward a long range goal of purchasing the home. We place a high priority on assisting our clients
in this process because our goal is to help YOU buy the house!. Click on our "Property for Lease/option" page
to see a list of current properties and contact us for more information!
PROGRAM 3 - LAND CONTRACTS
We recommend this as an alternative to renting and leasing with option because essentially you are renting to own. The requirements
are higher, so this program is not for everyone. You must have at least some credit history, however bankruptcy is ok.
Land contracts require more money down than any of our other programs since we are actually buying a property for you and
leasing it back to you. There is also an upfront fee to enter the program. This fee covers expenses, processing
and closing costs.
Here is a sample of how a land contract works; first, we pre qualify you
and agree on a price range that you can begin searching in. Next, we place you with our licensed real estate broker
to assist you in finding a home that you would like to buy. When you select your property, we agree on your buyout price
and monthly payment terms on that property. Once we agree on those terms, our investor submits a bid on the property
you have chosen. If the bid is accepted by the seller, your done! We will obtain title to the house and
you simply move in, just like you bought the house yourself! During the term of the lease, we will assist you
in credit repair and prepare you for a bank loan so you can buy us out. In some cases you will not be required to put
more money down when you go to a bank for financing because you will be refinancing the loan in order to pay us off.
We will walk you through each step in this process and rest assured, we've already done many land contracts over the years,
with great success! For 2012 we are excited to announce a new program called OPTION2.
The OPTION2 program will allow our clients even greater access to land contracts by using private investor money to buy
homes for our clients. Due to high demand for this program, we have constructed a link to a new web page where
you can fill in basic information and send it to us for quick response. Option2 is a great program for clients
who wish to purchase a home, but are unable to qualify for financing at the present time. Option2 will pre qualify
you based on the basic information you provide and get back to you quickly with an answer. If you qualify for
Option2, one of our specialists will set up a meeting to explain more about the program and construct a timeline for you path
to home ownership.
The basic requirements for Option2 financing are; 5-10% down, 1-2 years in
the program before you can get a conventional bank loan, must be looking for property in Jefferson County, Kentucky (however
some exceptions regarding location can be made) and you must have basic qualifications to qualify for a mortgage some time
in the future (bankruptcy or bad credit does not disqualify you). We expect great success with Option2 during
the next few years! So click the link below to fill out our brief questionnaire so we can pre qualify you now!