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What people ask us

What is Rent-To-Own?

Rent-To-Own or RTO, is a rental contract that allows you to pay rent for 2-5 years and own the building at the end of the contract.  The low up front cost makes it easy to get started. The monthly rental payments are kept low to fit your budget. After making the final rental payment, you take ownership of the building. It’s that easy!

What is the interest rate I am paying?

RTO is a rental agreement with the option to purchase. It is not a loan. Therefore, there is no interest or principle. You are simply paying rent until you exercise the option to take ownership. At the time of payoff, part of your monthly payments paid are applied toward the purchase of the building. For example, on a 36 mo contract, 60% of your payments are applied toward the purchase.

Can I pay extra money down on principal?

Since this is a true rental contract,  there is no principal to apply extra money to. Extra money received will be applied to future payments.

Can I send the purchase amount in several smaller payments?

No. The purchase option is a one-time, lump sum purchase of the building. If money is paid that is not the total purchase amount, it will be applied to future month’s rent.

Is there a “grace period” ​before a late fee is charged?

There is a grace period given up to ten days after the due date. The payment must be postmarked or paid electronically that time or a late fee will be applied.

What happens if I fail to keep my rent paid?

We will come pick up our building if you fail to make your payments.

I was laid off from my job. Can I refinance and get a lower monthly payment?

The contract on the building cannot be re-written or the monthly payment amount lowered. Call our office to ask about possible alternatives.

I have to move or can no longer afford the building. Do I get a refund for returning the building?

This is a rental contract. Therefore you are not entitled to a refund if you return the building.

How can I voluntarily return the building?

Please notify our office that you are finished with the building and we will arrange for pickup.

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