Rent To Own MN

Is a Minnesota Rent to Own Program Right for You?

At times, it may seem like the only way to own a home is to search high and low, then immediately throw together an offer, because you never know who might snatch up your dream house! By taking this classic route, you lose precious time to research local schools, familiarize yourself with a community or test-drive a neighborhood. Through the Minnesota Lease with Right to Purchase program,you could find yourself on an exciting, new path to homeownership!

Are you not quite ready to buy?

Whether you’re saving for a down payment or just hesitant to commit to one place, Home Partners’ Minnesota Lease with a Right to Purchase program can help! The process is transparent and simple:

  1. Apply for a home. First you will submit a prequalification application, which we will use to screen for key issues. Once this is approved, you will submit your full application, which includes a credit and background check. This helps us make sure the our Minnesota rent to own program is the best fit for you, but don’t worry, because We do not focus solely on your credit score!
  2. Find a qualified home. You will work with an agent to find your perfect home within one of our many approved communities. Once you’ve settled on your property, we will make an offer and begin the process of purchasing the home.
  3. We purchase the home and lease it to you. Once we purchase the home, you will sign a 1-year lease. You are able to renew your lease annually for up to 5 years, and at any time you may exercise your Right to Purchase your home!

You have the right to end your lease every year, and as long as you are in compliance with your lease and Right to Purchase Agreement, your full security deposit will be returned. This means that you have up to 5 years to test drive your Minnesota rent to own home before locking into any one area!

Are you looking to rent, but  you can’t find the right rental?

For those who aren’t 100% sure they’re interested in buying, choosing to lease with a right to purchase is an excellent route. At the end of every year that you lease, you have the right to walk away without any penalty at the end of the lease. When rentals seem to be in short supply, signing a Right to Purchase Agreement opens hundreds of doors (pun intended!) in dozens of communities. Many homes are for sale, but not for lease. With the guidance of The Antonov Group, you can direct Home Partners to purchase a home, then enjoy the house as though it were your own, but without the stress of the buying process!

And if you find yourself falling in love with your rental…

Then you already have a right to purchase your Minnesota Rent to Own Home through the agreement! When Home Partners buys the home, they will work with you to establish a predefined price. This price is calculated using the initial price of the home, closing costs, necessary repairs at time of purchase and an annual 3-5% increase due to inflation or market conditions. If and when you’re ready to buy, you are guaranteed a right to purchase the home at the predetermined price, even if the home appraises at a higher value!

If you think that a Minnesota rent to own homes are right for you, contact The Antonov Group to get started!

 

Why Rent To Own Contracts Can Be GREAT For Investors in New Brighton

If you’re thinking of owning a rent-to-own investment property then you should definitely be thinking about a contract. That’s an absolute must! Here’s why rent to own contracts can be great for investors in New Brighton.

Real estate is a major investment, and, every investment needs to have a contract. You should never enter into an investment without a contract! And, the more complicated the situation, the more a contract will benefit you.

Why rent to own contracts can be great for investors in New Brighton

#1. Outlines Terms

Just imagine: if you have tenants and they’re supposed to pay $1000 a month but then they decide to only pay $200 a month. What about the rest of the money? If you don’t have a contract, it can be hard to prove that they were supposed to pay the higher amount, and it can be more difficult to apply pressure to get them to pay.

Or, if you don’t have contract, how much do they own to purchase the house? However, if you do have a contract, it makes it clear to both parties what the terms are so there are no questions.

#2. Outlines Responsibility

A rent to own contract outlines the responsibility of the tenant and of the owner. Who should shovel the driveway? Who pays property taxes? Who should replace a broken furnace? What if the furnace breaks down one day before the tenant buys the house?

A contract will outline these responsibilities in detail so that there are no questions about who needs to do what.

#3. Provides Protection

A contract protects both parties by clearly outlining who is responsible for what, and when. From payment to upkeep, from taxes to liability, everything should be written out clearly in the contract to protect both parties.

Moreover, a contract provides you as the owner in case the tenant decides not to pay – the contract will make it clear that you continue to be the owner of the house.

#4. Easier To Sell

When it comes time to sell the property to your tenant, a contract makes it easier for the sale to be completed. But there’s another consideration, too: what if you want to sell the entire property and rent to own contract to another investor?

Let’s say that circumstances in your life change and you need to move on from the agreement. A contract (along with the house) can be sold to another investor.

Summary

If you are thinking about owning a rent to own property then you should definitely use a contract – it helps you clarify terms and responsibility, it provides protections, and it can even be sold.

These are 4 main reasons why rent to own contracts can be great for investors in New Brighton

If you have more questions about rent to own and how you might become a rent to own investor, click here now and fill out the form or call our office at 612-840-6507.

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