Here’s how our rent-to-own program works and how it can help you.
I’ve been getting a lot of questions lately about rent-to-own properties, and I wanted to share some insightful information with you today. First, I have great news about the rent-to-own program that we offer. Our current rent-to-own program sponsor has recently been acquired by BlackRock, one of the largest real estate funds in the U.S.
For the last few years, they decreased their max purchase price to $500,000. However, they increased it back to $600,000 this August. There are pockets inside L.A. that have opened up for you, including parts of Long Beach, Orange County, Tustin, and more.
“You’re locked into a one-year lease; then you have the option to purchase.”
This program is a little picky about schools. They want homes in areas with school districts that have a Great School rating of five or more. These investors want single-family homes as well. They won’t lend for condos, manufactured homes, mixed-use properties, or duplexes.
One great thing about this program is that you have up to five years to exercise your right to purchase. To start, you’re locked into a one-year lease; after that, you have the option to purchase. As a first-time homebuyer, this is a great way to get some leverage, have time to work on your credit, and purchase a home with the best possible rate. This sponsor is buying homes in cash that are move-in ready, and they give you money for updates in some cases.
If you have questions for me about our rent-to-own program, buying a home, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.