Why Us?
Excellent question since everywhere we turn, we are seeing more and more rent to own companies pop out of nowhere. Most rent-to-own companies are small individual local base investors, property manager and Realtor’s that got tired of dealing with regular tenants and decided to fill their home with a rent-to-own tenant.
Did you know more than 65% of all rent-to-own deal end in disaster and many are taken to court because of disgruntle tenants that got evicted and lost all their deposit and monthly credit? If you don’t want to become one of those statistices, you will need to understand the lending rules now that the market has tighen up even more.
Gone are the days when you can apply at a bank with a 580 credit score and get auto approved. Now the bar is raised to 650 and more and more families are declined or set packing when their mortgage is not renewed and find themselves evicted. This is a sad time for many families and we don’t want our investors to be experiencing the same.
Lenders are now seeking more and more down payment, having just 5% down works great if you have super credit but what happens if your credit was bruised. Now the required down payment is 10% and greater, the worse your score looks, the more the lender will want. Any less than that would result in a great deal of disappointment.
Home Owner Soon want you to make money because the more successful you become, the more successful we become.
Here are some strong reasons why you should invest with us:
- Strong process controls, we are the only National based rent-to-own company in Canada (not that we found anyone else). Our deals originate and supported through the mortgage agent community from coast to coast with every major brokerage office.
- Underwriting guidelines that parallel bank lenders done by our in-house underwriting department and not simply farmed out to another third party mortgage agent with no underwriting guidelines and more of an opinion. This is important because the tenant has to apply for a mortgage down the road and knowing ahead of time is really important. We conform to all CMHC guidelines and adjust our program accordingly.
- Highest security deposit, we ask a minimum of 5% from every tenant. Our competition is collecting mostly 2-3% which we feel highly dangerous unless you enjoy evicting tenants and hiring lawyers. I think some do and that’s the reason why 65% of outside rent to own deals die.
- Debt remedy, most applicants that come into our program have accumulated debt that needs to be remedied, we can put the applicant into a soft proposal through one of our recommended outside debt chancellors.
- Credit rebuilding program that we refer out to, aids the tenant in rebuilding and monitoring their credit score to ensure we meet the lender guidelines in the future. This is so important because we find the majority of people with bruised credit never climb out of it without professional help.