Rent to Own Homes in Boise, Idaho and the Surrounding Treasure Valley
Would you like a home of your own?
Now is the time to take advantage of the low interest rates, low housing prices, and the incredible house inventory! Why throw rent money away when that money can be used towards your investment? Often your monthly payments are the same or very similar to your monthly rent payment.
Think you can’t qualify for a home?
Give us a call, you might be surprised, We are a for profit Company that helps Treasure Valley Renters become Home Owners through a Unique Rent to Own, Credit Repair, and Financial education Program.
The Help Program handles every aspect of changing you from a Renter to a Home Owner:
We help you find the right home.
We provide Financial Counseling.
We contract with the seller to help you purchase the home in 12 months.
We manage a One Year Lease to Own contract.
We Repair your damaged credit.
We help amass $6000 in savings (for closing costs and reserves).
We help shop for Mortgages.
We administer and close the sale.
What is The HELP Program and How can it help me?
A for-profit company that helps Treasure Valley renters become homeowners through a unique rent-to-own, credit repair, and financial education program.
We handle every aspect of the process of transforming renters to homeowners, including:
- providing financial counseling,
- helping client find the right home,
- contracting with the seller for client to purchase the home within 12 months,
- managing a one year lease-to-own contract,
- repairing clients’ damaged credit,
- helping client amass $6000 in savings (for closing costs and reserves),
- shopping for a mortgage,
- closing the sale of the home to the client.
How are we structured?
HELP owns a real estate brokerage, a property management company, a credit repair agency, a proprietary financial counseling process, and has a series of mortgage broker partners.
HELP has developed the contracts and processes to manage each aspect of the transition from renting to owning.
What is the “HELP PROGRAMS” process?
Clients complete an application and a series of qualifying meetings with HELP. Once qualified:
- HELP real estate agents help clients pick out home of their own choice
- HELP facilitates one year lease agreement and purchase contract (dated for one year later) between seller and HELP client
- Client moves into home. HELP manages property and collects rent for seller
- HELP gets client qualify for high-quality, conservative mortgage through detailed curriculum
- Client purchases home from seller as soon as he/she can qualify for an acceptable mortgage
What does the program cost?
There is an up-front deposit of $1700 per individual or $2500 per couple for the services we provide to get clients in shape to qualify for a loan. However, at the purchase, HELP will refund the deposit and those funds will go toward your down payment or closing costs. HELP pays for this refund out of the real estate commission it receives from the seller.
What exactly does The HELP Program do for its clients?
Our service is broken into four main categories
- Helping client find the right home
- Helping client live in that home as a renter while qualifying to buy it
- Helping client qualify for a mortgage
- Helping client secure a 30-year, fixed, low-interest mortgage
What does The HELP Program do to “help clients qualify for a mortgage”?
Renters are blocked from getting a mortgage in one (or more) of four ways:
- Their monthly debt vs. their monthly income is too high
- They don’t have anything in savings for closing costs, reserves, or down payments
- Their Credit Score (FICO Score) is too low
- Their credit history is flawed (bankruptcy, foreclosure, insufficient positive credit history)
We create a customized plan to overcome each of these obstacles and spend up to 12 months (or longer) helping the client follow-through on that plan. Details are available upon request.
How does The HELP Program make money?
We make money in two ways:
- A monthly fee from the client (beyond the rent paid to the seller)
- A real estate commission from the seller upon the sale of the home to the client
How can renters afford to pay these fees?
The renter (our client) does not really pay the fee. We provide the entire service for about $1,100 out of the client’s pocket. The rest of our fees are paid for by the seller. (See graphic below)
If the seller ends up paying the fee, don’t they resent your program?
Typically, the sellers end up making more than they would make if they went through a traditional sales transaction.
An Example to outline the financial impact of The HELP Program on sellers and buyers
The following represents a “typical scenario” in today’s market. An investor purchased a home for $150,000. The home now sits empty. The investor pays $1000 per month and could rent the home for about $850 per month. He lists the home at $180,000, but the home does not sell. He has three choices:
- Drop the price in order to sell the home
- Rent the home to a traditional renter or rent-to-own tenant
- Sell the home to a HELP client
To sell the home, he drops the price to $175,000 and gets an offer at $168,000. After 6% realtor fees and $1500 in seller-side closing costs, he takes home $156,000. Using The HELP Program, he takes home over $170,000 (see graphic below)
Sample Transaction:
| Amount seller owes on the home | $150,000 |
|---|---|
| Seller’s monthly mortgage | $1,000 |
| Monthly Fee to HELP from Client | $300 |
| Lease Period | 12 Months |
Initial Deposit
| Home Owner | Tenant | HELP | ||
|---|---|---|---|---|
| Client’s Purchase Option Deposit | $2,500 | ($2500) | $2500 |
During Lease Period
| Home Owner | Tenant | HELP | ||
|---|---|---|---|---|
| Monthly Rent | $1,475 | ($17,700) | $17,700 | |
| Payout to Home Owner | $1,175 | $14,100 | ($14,100) | |
| Pay-out to Mortgage Company | $1,000 | ($12,000) |
When Tenants Buys Home (1 Year Later)
| Home Owner | Tenant | HELP | ||
|---|---|---|---|---|
| Purchase | $180,000 | ($17,700) | ||
| Realtor’s Fee | 4% | ($7,200) | $7,200 | |
| HELP’s Gift to Buyer | $1,000 | $2,500 | ($2,500) | |
| Seller’s Gift to Buyer | $2500 | ($2,500) | $2,500 | |
| Profit to Homeowner | $2500 | $30,000 | ||
| Totals | $30,000 | $22,400 | ($15,200) | $10,800 |
SUMMARY:
| Home Owner | Tenant | HELP | |
|---|---|---|---|
| INITIAL DEPOSIT | $0 | $2,500 | $2,500 |
| DURING LEASE PERIOD | $2,100 | ($17,700) | $3,600 |
| WHEN TENANT BUYS HOME (1 YR LATER) | $20,300 | $5,000 | $4,700 |
| TOTAL | $22,400 | ($15,200) | $10,800 |
