WE SPECIALIZE IN OWNER FINANCED HOMES IN MINNESOTA & WISCONSIN
Rent to own or lease Option- arrangement, the seller is giving you the right – at some point in the future – to buy the house at a price that is agreed upon today.
Usually, a portion of your rent over a specified lease period goes toward your eventual down payment. Typically, a Minnesota tenant would pay slightly above-market rent over the lease period, usually from one to Five years, for the right to enter into this arrangement. It”s also common for the tenant in Minnesota or western Wisconsin to pay a fee in “option money,” or for the privilege of having the option.
For example, if a house in Minnesota would typically rent for $1,500, you might be asked to pay $1,800 per month, a portion of which — say $300 — would be credited to your eventual down payment, depending on the contract you work out. Such an option usually expires at the end of the lease. In other words you must exercise the option before the lease expires.
But be careful. In some lease-purchase agreements, you are contractually obliged to buy at the end of the lease. Minnesota Sellers and agents now often use the two terms interchangeably. But whatever name they attach to the arrangement, make sure you have the option.
The arrangement gives you more time to think about the deal plus provides a built-in structure to save for your down payment. It also allows you to discover any flaws in the home that may not have been detectable on an inspection and to get a feel for the neighborhood without committing to a long-term mortgage.
In Minnesota areas where real estate values are quickly rising, locking in a purchase price on the day you sign the initial rent-to-own contract could be very profitable for you. If appreciation is significant during your lease portion, You will come out way ahead. The problem with this theory is that good lease-to-own deals are generally scarce in hot sellers markets. If a seller sees rapid appreciation, there is no motivation to agree to sell at today’s price a year -five years later. Only Minnesota owners who’ve had their properties on the market a while, or had to move away quickly and are struggling with two house payments, are likely to agree to a lease-purchase arrangement.
Another potential disadvantage is that you may be obligated to tend to repairs and maintenance throughout your lease stage, instead of the landlord. Under most lease-to-buy contracts, any money or sweat equity you put into major improvements will not be reimbursed in the event you eventually opt out.
Where do you find Minnesota or Western Wisconsin rent-to-buys? Most real estate sales agents and real estate rental agents have listings. Also, try an Internet search under ” MN rent-to-own homes ” followed by your city’s name-Neighborhood-school district.Or, if you see a rental home that you really like, just ask the leasing agent if the owner might be agreeable to a Mn rent-to-own arrangement.
Contract for deed homes –in Wisconsin there are know as land contracts option to puchase agreements.
Mn home buyers need around 10% down of the sale price to enter into a contract for deed.
Rent to own the home renter will need around 5% down usually for the sellers to offer rent to buy financing.
Contract for deed Real Estate can be tricky make sure you use a knowledgeable Real Estate Broker when Buying or selling a house on a cd.
Related rent to own links
mnlakeplace.com or mnownerfinancedhomes.com/rent-to-own/
BOARDWALK PREMIER REALTY INC
We Have MN Homes For Sale In All The Cities Below
AFTON MN-ALBERTVILLE MN-ANDOVER MN- ANNANDALE MN-ANOKA MN-APPLE VALLEY MN,-ARDEN HILLS, MN-ARLINGTON MN- BAYPORT MN- BECKER MN- BELLE PLAINE MN- BETHEL MN- BIG LAKE, BLAINE MN- BLOOMINGTON MN- BRAHAM MN-BROOKLYN CENTER MN- BROOKLYN PARK MN- BUFFALO MN- BURNSVILLE MN- CAMBRIDGE MN-CANNON FALLS MN- CARVER MN- CASTLE ROCK MN- CEDAR, CENTER CITY MN- CENTERVILLE MN- CHAMPLIN MN- CHANHASSEN MN- CHASKA MN- CHISAGO CITY MN- CIRCLE PINES MN- CLEAR LAKE MN- CLEARWATER MN- COATES MN- COKATO MN- COLOGNE MN-COLOMBIA HEIGHTS MN- COON RAPIDS MN- CORCORAN MN- COTTAGE GROVE MN- CRYSTAL MN- CRYSTAL BAY MN- DALBO MN- DALSSEL MN-DAYTON MN- DEEPHAVEN MN- DELANO MN- DELLWOOD MN- DENNISON MN- DUNDAS MN- EAGAN MN-EAST BETHEL MN- EDEN PRAIRIE MN- EDINA MN-ELK RIVER MN- ELKO MN- EXCELSIOR MN- FALCON HEIGHTS MN- FARMINGTON MN- FOLEY MN- FOREST LAKE MN- FORT SNELLING MN- FRIDLEY MN- GAYLORD MN-GEM LAKE MN- GLENCOE MN- GOLDEN VALLEY MN- GOODHUE MN- GRANDY MN- GRANT MN- GREEN ISLE MN- GREENFIELD MN- HAM LAKE MN- HAMBURG MN- HAMEL MN- HAMPTON MN- HANOVER MN- HARRIS MN- HASTINGS MN- HEIDELBURG MN- HENDERSON MN- HILLTOP MN- HOPKINS MN- HOWARD LAKE MN- HUGO MN- HUTCHINSON MN- INDEPENDENCE MN- INVER GROVE HEIGHTS MN- ISANTI MN- JORDAN MN- KIMBALL MN- LAKE ELMO MN- LAKE SAINT CROIX BEACH MN- LAKELAND MN- LAKELAND MN- SHORES MN- LAKEVILLE MN- LANDFALL MN- LAUDERDALE MN- LE CENTER MN- LE SUEUR MN- LEXINGTON MN- LILYDALE MN- LINDSTROM MN- LINO LAKES MN- LINWOOD MN-LITTLE CANADA MN- LONG LAKE MN- LONSDALE MN- LORETTO MN- LUXEMBURG MN- MAHTOMEDI MN- MAPLE GROVE MN- MAPLE LAKE MN- MAPLE PLAIN MN- MAPLEWOOD MN- MARINE ON SAINT CROIX MN- MAYER MN- MEDICINE LAKE, MEDINA MN- MENDOTA MN- MENDOTA HEIGHTS MN- MIESVILLE MN- MINNEAPOLIS MN- MINNETONKA MN- MINNETONKA BEACH MN- MINNETRISTA MN- MONTGOMERY MN- MONTICELLO MN- MONTROSE MN- MOUND MN- MOUNDSVIEW MN- NAVARRE MN- NEW AUBURN MN-NEW BRIGHTON MN- NEW GERMANY MN- NEW HOPE MN- NEW MARKET MN- NEW PRAGUE MN- NEWPORT MN- NORTH BRANCH MN- NORTH OAKS MN- NORTH SAINT PAUL MN- NORTHFIELD MN- NORWOOD MN- NORWOOD YOUNG AMERICA MN- OAK GROVE MN- OAK PARK HEIGHTS MN- OAKDALE MN-ORONO MN- OSSEO MN- OTSEGO MN- PINE SPRINGS MN PLATO MN- PLEASANT LAKE MN- PLYMOUTH MN- PRINCETON MN- PRIOR LAKE MN- RAMSEY MN- RANDOLPH MN- REDWING MN-RICHFIELD MN- ROBBINSDALE MN- ROCKFORD MN- ROGERS MN- ROSEMOUNT MN- ROSEVILLE MN- RUSH CITY MN- SAINT ANTHONY MN- SAINT BONIFACIUS MN- SAINT FRANCIS MN- SAINT LOUIS PARK MN- SAINT MARY’S POINT MN- SAINT MICHAEL MN- SAINT PAUL MN- SAINT PAUL PARK MN- SANTIAGO MN- SAVAGE MN- SCANDIA MN- SHAFER MN- SHAKOPEE MN- SHOREVIEW MN- SHOREWOOD MN- SILVER CREEK MN- SILVER LAKE MN- SOUTH HAVEN MN- SOUTH SAINT PAUL, MN-SPRING LAKE PARK MN- SPRING PARK MN- STACY MN- STANCHFIELD MN- STILLWATER MN- TAYLORS FALLS MN- TONKA BAY MN- VADNAIS HEIGHTS MN- VENTURA MN- VERMILLION MN- VICTORIA MN- WACONIA MN- WATERTOWN MN- WAVERLY MN- WAYZATA MN-WEBSTER MN- WEST SAINT PAUL MN- WHITE BEAR LAKE MN- WILLERNIE MN- WINSTED MN- WOODBURY MN- WOODLAND MN – WYOMING MN- YOUNG AMERICA MN- ZIMMERMAN MN- SHERBURNE MN- RAMSEY MN- HENNEPIN MN-WASHINGTON MN- CARVER MN- DAKOTA MN- SCOTT MN- WRIGHT- MN