How to Qualify for Rent to Own Houses in Grand Rapids
Rent to own houses in Grand Rapids and Kalamazoo are a wonderful way to get on the road to home ownership. While there aren’t tons of these available (they tend to move quickly!), there are many advantages to this type of property.
First, you can move into a great house right away, and have a clear path to ownership. Rather than renting one place, while you look to buy another, you get a very convenient two-for-one deal. Secondly, if you don’t currently qualify for a mortgage, you can still live in a great house while building up your credit and down payment.
There are several other perks. You can try out a neighborhood before you fully commit to it, and make sure the schools are right for you and your family. You can take care of a home as if it’s your own, and really make it feel personal. The list of benefits goes on and on.
So how do you qualify for rent to own houses in Grand Rapids? While the conditions will vary based on the seller, here are a few basic guidelines to get you started.
1. Solid Income
Rent to own properties are rentals, but you also have the option to purchase it at some point in the future. Therefore, the seller will want to see that you can consistently make payments. If you have proof of reliable income and solid payment history, that is a great start. Continue reading “How to Qualify for Rent to Own Houses in Grand Rapids”
What to Expect with Rent to Own Real Estate in Grand Rapids MI
Rent to own real estate can be a great choice in Grand Rapids. But it can be a little confusing at first. What is a rent to own property? What is the tenant-buyer responsible for, and how does it all work?
Fortunately, once you understand the basics, you can take advantage of this excellent option. You can live in your dream house as you prepare to get more traditional financing, and help build up your credit along the way.
Getting Started
First, how do you find rent to own real estate in Grand Rapids? There are a few options, and some are easier than others. First, check with a local Realtor. They will be able to run a quick search on properties on the MLS, and check if any are offering their homes for sale as a lease option. From there, you can set a showing, follow up, and begin the process. Continue reading “What to Expect with Rent to Own Real Estate in Grand Rapids MI”
3 Great Reasons to Sell Your Home as a Rent-to-Own in Grand Rapids, MI
There is a ton of confusion about rent to own houses in Grand Rapids. At first glance, they seem overwhelming. How do you set them up? What paperwork do you need? What kind of title transfer occurs, and when?
These are all FANTASTIC questions. But to start, let’s begin with the basics. If you’re selling your home, why would you want to sell it as a rent-to-own?
1. Speed
Selling your home traditionally can take a looooong time. Depending on the market, your home, your asking price, competition, and many other factors, it can take a long time to get an acceptable offer.
Once you receive an offer sheet, it’s still not over. There’s the inspection period, potential for further negotiations, title work, and more. Combine these things together, and you can end up waiting months to get your house sold.
In many cases, this long wait is just not an option. If you need to move for your career or family, for instance, speed can be crucial. If you have to move in days or weeks, the traditional methods of selling may simply take too long. Continue reading “3 Great Reasons to Sell Your Home as a Rent-to-Own in Grand Rapids, MI”
The Ultimate Guide to Buying and Selling Real Estate in Grand Rapids, MI
Buying and and selling houses can be tricky. Here in Grand Rapids, MI, we have a huge variety of markets and sub-markets, wildly different seasons, and enough options to make your head spin. Do you buy a historic home in Heritage Hills, or a brand new build in Walker? A side-by-side duplex in Kentwood, or a 3/2 in Wyoming?
What about the Kalamazoo, Portage, or Parchment areas? Am I crazy to consider a rent-to own, and will a new build be way too expensive? All of the questions can drive you nuts.
Fortunately, we can cut through the clutter. If you’re looking to buy or sell a house in Grand Rapids, MI, or the surrounding areas, read on!
How to Find Real Estate Deals
Let’s start on the purchasing side. Where do you start if you want to find the right home for your family (or the perfect investment)?
The ‘Tried and True’: First, you can talk to a Realtor. The right Realtor can provide a huge boost to your home search. Since they work in your local market every day, they often get wind of great deals before they hit the MLS. In addition, many homes are easier to access if you have a Realtor on your team. They can show you a dozen houses in a day if you like. Visit this page for great tips on picking the RIGHT Realtor.
The ‘Tech Savvy’: The internet has a huge number of sites where you can look up available homes for free. Zillow.com, Trulia.com, Realtor.com, FSBO.com, and ForSaleByOwner.com, are excellent places to start. Looking through these sites can give you a great idea of what is available here in Grand Rapids, MI.
The ‘Do-it-Yourself’: If you are willing to put in the work, you can find and create your own deals. While this is more of a commitment, these ‘diamond in the rough’ properties often wind up being great deals. Many of the best deals and homes aren’t listed on the MLS, so you’ll either have to find your own motivated sellers or know someone who does. Which leads us into our next point… Continue reading “The Ultimate Guide to Buying and Selling Real Estate in Grand Rapids, MI”