Why rent when you can buy?

Call 704-900-1488

Did you know that the cost of a house payment is usually LESS THAN RENT for the same house?

Any property that is available on a rent-to-own basis is also available for purchasing with a bank loan.

Long-term Rent-to-Own

You sign a 15 year lease and at the end of the lease you pay $1 and the house is yours. Yes, $1.
There is a security deposit which comes back to you when you make the final payment
You have to make all the payments during that 15 year period and
The payments must be on time.
You will be responsible for maintenance of the property.
No tax write-offs available
No down payment
Payments may be MORE than monthly rent would be
No bank approval in needed
Your credit doesn't have to be perfect

Contract for Deed

You sign a 30 year contract and at the end of the lease (or sooner if you want to pay off the contract) the house is yours.
SOME contracts have a balloon payment at 5 or 7 years which requires you to get a loan to pay off the contract
There is NO security deposit
You have to make all the payments
The payments must be on time
You will be responsible for maintenance of the property
You have tax write offs available to you if you itemize
You may need to have a down payment of 5% to 10% of the purchase price
Payments are usually LESS than monthly rent would be
If you break the contract you will lose the equity you have built up
The interest rate is ALWAYS higher than banks offer
There is NO bank approval needed
Your credit doesn't have to be perfect

Lease with Option to Buy

You sign a 5 year lease
There is a security deposit which comes back to you when you exercise your option
You sign an Option Agreement stating the conditions under which you can buy the house, including the price
The option to buy expires 6 months before the end of your lease
You must pay an Option Fee
You must make all payments
All payments must be on time
You will be responsible for maintenance of the property
Tax write offs are available to you only AFTER you exercise the option
The Option Fee is usually part of the down payment
Sometimes a portion of the monthly rent is counted toward the down payment
If you break the lease your Option Fee is gone
If you break the lease any credits of rent toward a downpayment are gone
Payments are often MORE than monthly rent would be
There is NO bank approval needed UNTIL you are ready to exercise your option
Your credit doesn't have to be perfect

Any property that can be purchased in a rent-to-own program can also be purchased by you getting a bank loan and buying the property the old fashioned way.
Usually gets you the LOWEST purchase price for the house
There are NO security deposits
Requires pre-approval from the bank before the purchase contract is accepted by ADB Properties
Banks offer payment plans from 10 to 40 years
Monthly payments are usually LESS than monthly rental payments
These days, your credit needs to be ALMOST perfect

Much like getting a bank loan, only the bank is actually your friends, family and associates
Usually gets you the LOWEST purcase price for the house
There are NO security deposits
Does NOT require any bank approvals
DOES require deposit of funds in escrow within 30 days of contract acceptance
DOES require a non-refundable earnest money deposit of 2% of the purchase price
The monthly payments will be whatever you agree to pay your friends, family and associates.
Your credit can be whatever is acceptable to your friends, family and associates