REAL ESTATE COACHING! CLICK FOR MORE INFO...
REAL ESTATE COACHING! CLICK FOR MORE INFO...
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Advantages
Rates and fees discussed in this video are subject to change and may
not apply to every state. Please contact us for specifics about your state.
Total Cost Total Cost is the price Home Partners pays for the home, PLUS closing costs, make-ready and repairs/maintenance costs and reserve.
Total Cost is used to determine the resident's Right to Purchase prices.
Here is a sample:
Purchase Price $200,000
Closing Costs * $3,000
Make Ready and Repairs/Maintenance Costs $7,000
Total Cost $210,000
* Includes costs such as transfer taxes, attorneys' fees, title insurance, other acquisition costs, etc.
Monthly Rent Increases each year as in a traditional lease agreement.
Monthly Rent increases by no more than 3.75% over the previous year’s Monthly Rent.
For example, if the Monthly Rent for Year 1 is $1,400 per month, the increase for the next year is $50/month (i.e., $1,400 x 1.0375):
Year 1 $1,400
Year 2 $1,450
Year 3 $1,500
Year 4 $1,560
Year 5 $1,620
Right to Purchase Price Increases Each year, the Right to Purchase Price increases by 3.5%-5.5% (depending on the location of the home).
In the example, if the Total Cost of the home is $210,000 and if the Right to Purchase increases by 5.5% then the Purchase Right Price for Years 1-5 is as follows:
Year 1 $220,500
Year 2 $231,500
Year 3 $243,100
Year 4 $255,300
Year 5 $268,000
* additional traditional closing costs may also apply.
THE ABOVE IS SIMPLY AN EXAMPLE OF WHAT YOUR MATH COULD LOOK LIKE IN YOUR OWN AGREEMENT. FOR A DETAILED EXPLANATION OF YOUR SPECIFIC AGREEMENT PLEASE CONSULT YOUR REALTOR AND/OR YOUR ATTORNEY.
See What Qualifies and What Doesn't
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