Rent with Option to Purchase in the Nashville area!
Nashville’s exclusive rent to own connection! This great program allows you to choose from homes for sale for you to rent with an option to purchase. This dramatically increases the quality of homes to choose from for your rental options. This is great for many different people that need to rent for a period of time before purchasing. It is especially suited for people relocating to Nashville. There are many suburbs surrounding the downtown that all have their special charms. It is hard to make the right choice after a couple of quick trips to the city. Within every community are many hidden gems that you find after you purchased during your quick trips and whirlwind real estate showings. This program allows to Try Before You Buy! You pick from the houses that are in the best condition, ready for sale, like a Prom date! Not a tired rental that is worn and dated. Your minimum requirement is to complete one 12 month lease. If you like the house, your neighbors, the commute and the purchase option price...you can buy it! If you found another part of town, a different neighborhood...you can give notice and move. There is no rental option like this!
The purchaser is a national corporation that has specific requirements and restrictions for the property and future tenants. We will discuss the available areas and property types. The price range is $100,000 to $400,000, so there are many levels of homes to choose from. They will purchase the home for cash, do a home inspection and complete all needed repairs prior to your move-in. You are also allowed to request up to $7,000 of improvements in the form of painting, flooring, and appliances! This RARELY happens with rental homes. I am a property manager, and I can testify to this! These improvements will go into the calculation for the rental price and purchase option price, there is no magical money, but you pick up options the traditional rental market does not provide.
This process takes 45-60 days depending on the amount of repairs required from the home inspection and any improvements requested for the house. Everyone that is 18 years of age or older that will be living in the home must be on the Lease. $45,000 minimum household income with stable employment. The weighted average of all credit scores greater than 550, poor credit needs to be tied to a life event. Bankruptcy must be discharged. Housing ratio of 35% and total debt 45%. 1-year tax returns with P&L for self-employed. $90 Application Fee per household, 2 months Security Deposit and a 12-month lease. The option to purchase is for 5 years. The rent and purchase price increases each anniversary a pre-determined amount. You are only required to complete a 12-month lease.
To start the process you need to complete the consultation request form. If you meet the requirements and there is at least one location you desire to live in we move to the next step. That is to apply for approval with the corporate investor. It takes 2-3 days to issue an approval for a rent amount. Then we can shop for homes that match up to your approved rent limit. We will shop among homes that are priced $100,000-$400,000. Single Family & zero lot line only. Minimum 2BR, max 2 acres, no REO/short sale.
