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Frequently Asked Questions
We now have
three tiers of homes:
·
"Premier"
~ Most of our homes fall into this category. These homes are the
same type of homes that we have been doing. Most of the home has been remodeled. All
of the cosmetics have been done. Two to five appliances are included.
· "Equity
Builder" ~ These
homes are usually ready to move in to, however they have not been remodeled to the same level as the premier homes.
Many may not have brand new carpeting. There is more you can do to these homes to build instant
equity.
·
"Investment Opportunity" ~ We have had many requests for an investor mailing list and for FIXER UPPERS. These homes have a considerable
amount of work to do. Some are mild fixers, some major.
Here
are answers to frequently asked questions:
Our homes are for sale by owner on contract.
We do not have them listed with a realtor. Therefore, if you work only with a realtor,
you will want to use the realtor as a buyer's broker since we don’t pay their fee. We are selling
"on contract", “lease option” or "rent to own" ONLY. We
sell on contract/lease option (rent to own) because we don’t want to wait two months for a buyer to cash us out with
a new loan and because we have just refinanced most of the homes for which we paid approximately $4,500 in costs so that we
can sell on contract. You may purchase one of the homes and immediately obtain new permanent financing; Most of our homes
have no pre-payment penalty. In fact, if you plan to refinance right away – we can
sell the home to you on a LEASE OPTION. Then you will not pay closing costs when you buy and again when you refinance, so
you will save approximately $1,000. The Lease Option also allows you to take advantage of “First
Time Home Buyer” programs. When you purchase on contract, and then go to obtain your permanent financing,
you are not purchasing, you are actually refinancing. On the lease option, when you obtain your
permanent financing, you are purchasing.
Another question frequently asked question:
The
payments listed on this flyer are interest only payments. Most of our purchasers request the lowest possible
payment. Interest only payments are the lowest possible payment. However, your balance
does not decrease with interest only payments, it remains constant. Most of our purchasers are mainly interested
in locking in a purchase at today’s prices with the lowest possible payment, doing a few things to repair their credit
or be on their job two years or have tax returns for two years on their new business. Then with their improved
credit, they are able to obtain the best possible interest rate on a permanent loan from the bank and refinancing.
HOWEVER, this is completely up to you! We can do a thirty year amortization (just like
it would be if you were buying through a bank) with a five year call. The payments do increase a little, however you have money
coming off principal every month! On a balance of $87,550 the payment raises approx $60.00.
Third choice is… Purchase with interest-only payments and remember anything you send in above your interest
only payment (and above taxes and insurance) will come directly off principal! Payments shown do not include taxes and insurance.
Additional Frequently Asked Questions:
Q: How do I view the property?
A: Each property has a lock box with the key inside.
You can let yourself in and take a tour.
Q: What is the lock box code?
A: 8203 on all properties; however the code does change from time to time so
be sure to call our voicemail.
Q:
How do I get an application?
A: Applications are on the kitchen counter of each property and can also be picked up at our office.
Once you fill it out, you can fax them to: 503-255-3127, or download and mail to: P.O. Box 33124 Portland, OR 97232, or drop
off at our office in the mail slot at: 1117 SE 122nd #1 Portland OR. (All the info is on the application)
Q: Who has to complete an application?
A: Every person over 18 years of age who will
be living at the property.
Q:
Is there an application fee?
A: No
Q:
How long does it take to get my application approved?
A: Usually 24 – 48 hours
Q: How much is my deposit?
A: $100 less than the rent
Q: How much do I need to move in?
A: One month’s rent and your deposit
Q: Are pet allowed?
A: Yes,
cats are allowed with a refundable $100 deposit.
Q: Is there a lease?
A: No, just a rental agreement, which is month to month with
a nine month minimum to receive deposits.
Q: Do you allow smoking?
A: No. All units are non-smoking inside.
Q: Do you accept Section 8?
A: No.
Q: Do you accept Credit Cards?
A: Yes
** Please be advised that all homes are
under 24-hour surveillance and monitored by regular security patrols. ** Payment does not include
Taxes & Insurance. ** Payments are interest only. Taxes are stated in description and insurance usually
runs approximately $30.00 per month on a $130,000 home ** ALL HOMES ARE SOLD IN “AS IS” CONDITION. **
Pick up a flyer at 1117 SE 122nd #1 (between Stark and Market).
You may have a flyer faxed by calling (503) 255-3280. If you wish to be added to our mailing list,
please call 503-255-3280 or 503-820-3818 and leave your e-mail address, full name, mailing address (please spell out names
& streets) and phone number. You may pick up an application as well a flyer listing all our homes for sale at 1117 SE
122nd (next to our front door or on the kitchen counter inside each home. Applications can be faxed to: 503-255-3127.
Are you ready to close??? When you turn your application in, be sure you are ready to go –
we close quickly! Once you qualify, we can close the next day on a lease option and one week later if it is a contract.
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