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Currently Available Rent to Own & Rental Homes


 

Low availability of area monthly rentals...... I am certainly biased, but this is just another reason why it makes sense for most people (if they are able) to OWN a home in Northern Michigan - we are here to help you do either.

We will post ANY rental or rent to own homes on this page free of charge - just email Mike the details. 

We also can provide full Rental Management or Tenant Screening for private individuals or investors - ask us for details.

Even if you just need a little advice regarding rental properties or Rent to Own contracts, please feel free to contact us anytime.

 

  Rent and Rent to Own Homes   - Listings may be subject to change  

  Email Mike for a rental application or further info regarding any of these:   

Grawn Area

Available now and taking applications. 1773 Sunburst Street - 3 Bd/2 Bath. Up to an 18 month Rent to Own (aka:  Lease with Option to Buy) contract to an acceptable buyer. The total purchase price of the home is $95,000. At least $6,800 will be required to move-in as part of this contract which includes the first monthly payment of $800 ($250 of payments are applied towards purchase price), a regular security deposit of $800 (fully refundable or credited to the home purchase) and a $5,000 option fee that goes towards the purchase price of the home. If you have a larger down-payment, a lower monthly payment is possible. We are NOT offering the house as just a standard rental. We can evaluate your situation to see if you can qualify for this type of contract. Generally, you will need an income of at least $2,400 (gross) monthly and a credit score of 570 or better to be "workable" towards buying this home or a home within this price range. You will need to work closely with a mortgage professional to get in shape for a regular mortgage that can close within about 18 months... at this point your monthly payments will likely drop to less than the $800 per month.  An application for the lease/option contract is required along with a full credit report as well as a letter from our mortgage person to be considered for the home. The buyer/tenant pays all utilities, except garbage pick-up. We would prefer no pets, though we are open to evaluating that on a case-by-case basis. Full information about the house itself and a photo tour can be found on our website.

 

Mancelona

$680 month with $2,200 due upon application acceptance. 1,600+ sq ft, 2 story home in Mancelona features 3 bedrooms, 2 living room areas, 2 full baths, a fully fenced-in backyard, kitchen appliances and a detached 2-car garage. Up to an 18 month Rent with Option contract possible to those that qualify with "workable credit." You must be able to eventually obtain a regular mortgage. Tenant/Buyer pays natural gas, electric and municipal water. Garbage pick-up included. Full application with references required - Dog considered.  216 E. State St available in September.

There are other resources in the area as well. Our MLS system does allow rental listings, though few Real Estate Agents deal with rentals and there are usually not many rental listings within the MLS. See the MLS tab to take a look. If a potential renter takes the time to submit an application that is approved, we can act as your agent regarding finding a rental.

 

Updated  8/13/2014


Rent to Own/Lease Option Programs


"Rent to Own" or "Lease with Option to Buy" real estate contracts may be a creative and beneficial arrangement for both buyers and sellers given the right circumstances. There are very few situations like this in the region, however if a buyer meets certain criteria, sometimes a seller may be able to accept this type of contract.

If you are a person or family looking for a home and wanting to explore this option,  please let me know. I may be able to help you get on the right track to (or back to) home ownership.

I have developed some "Rent to Own" guidelines for those who wish to create a better living situation for themselves. 

 

These are the requirements and key ingredients to ensure success:

1)   Motivation, determination and patience on the part of the potential homeowner.

2)   Credit worthiness or the solid commitment to work on repairing credit.

3)   Financial ability (Income or future potential income) to afford the home and possibly work on repairing credit.

4)   Finding a property that can either be financed or repaired to become financeable (Note: bank repos will not qualify).

5)   Having a seller that can and is willing to participate in a "Rent to Own" or "Lease with Option" contract.

6)   Willingness of the buyer to work with financial and Real Estate professionals.

 

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