RENT – TO – OWN Neighborhood Family Home Start owning this home today for just $695 a month. 2606 Woodvale Drive Winston Salem, NC 27127 This is a great chance to get a home of your own for a price you can afford. This beautiful 3 bedroom - 1 bath home in a quiet neighborhood is close to everything. Carpet throughout, flat yard and large screened porch. Many Updates and Features • Spacious three bedrooms/ one baths. • Screened Porch and Brick Construction. • Electric Heat Pump and Central Air-conditioning. • Fresh Paint throughout. • Washer/ Dryer Connections. • Schools: Konnoak (Ele), Philo (Mid), Parkland (Hi) (Call School Board) Rent To Own Terms Option Fee/ Security Deposit: $1000* (Returned when you buy the house) Rent: $695/ month ($100 a month in purchase credit) Three year lease (Time to fix your credit and save a down payment) Sale Price: $89,900 fixed for three years. Total due at move in - $1,695 (Deposit plus first months rent) Rental & Section 8 Terms: Security Deposit $695, Rent $695 for three year lease. Move in $1,390. Directions From Interstate 40, exit onto Peters Creek Parkway. Left (North) on Peters Creek. Right on Silas Creek Parkway. Right on Buchanan. Left on Cloister. Right on Woodvale. Call Angus for more information and set an appointment Call 287 0137 www.triadlp.com Your Rent-to-Own Options Options 1: Rent to Own - 3 year "Rent-to-Own" - $1,000 deposit, Rent $695 per month for the first year. Options 2: Rental and Section 8 Terms. 3 Year Lease No option to purchase. Can be converted to Rent to Own in the future. Use the following example to compare the two options to determine which is best for you. All leases are for three years, rent to own can purchase the home at any time within that three-year period with no penalty. Each month you pay the rent on-time, you will get a purchase credit that you can use towards purchasing your home. Drive, 27127 2606 Woodvale Drive, Winston Salem, NC 27127 Option 1 Option 2 If you started Lease July 1st. Rent to Rental All Leases are for 3 years. Own Sec 8 WHAT YOU NEED TO MOVE IN Deposit (Due before moving in) $1,000 $695 Part of your down payment when you buy the house. This will not be returned if you leave the house without purchasing. First Month Rent (Due before moving in) $695 $695 Rent is paid monthly in advance. Total amount due before moving in. 1,695 $1,695 1,390 $1,390 WHAT YOUR RENT WILL BE Rent rises each year, by the end of three years it will be close to what you could expect to pay monthly (loan payment + insurance + city and county taxes + mortgage insurance) once you get a mortgage from a bank. July 2010 10, July ‘09 - June 2010, Rent $695 $695 July ‘10 – June 2011, Rent $720 $695 July ‘11 – June 2012, Rent $745 $695 Purchase Credit / Month Yr 1 $100 No Option A reward for paying your rent on time. Purchase credit accumulates Yr 2 $125 to and is credited towards your down -payment when you purchase the Yr 3 $150 Purchase house. YOUR DOWN PAYMENT TO BUY THE HOUSE Your Deposit is credited towards your down payment. $1,000 Your Purchase Credit is earned each month you pay your rent on time. $4,500 (36 Months in this example) You can purchase the house any time during the 3-year lease. Any $5,500 money paid as a deposit and all earned purchase credit is used to reduce the price you pay for the house or to cover closing costs. 2012 YOUR PURCHASE PRICE (Until June 2012) The purchase price does not change for 3 years. The value of the $89,900 house may increase above the purchase price; this is your equity in the house. This will help your financial security in the future. Our aim is for you to have a 5% down payment when purchasing the 6.1% house, if you paid your rent on time each month then you will have close to that amount as a down payment at the end of the lease. Please discuss any questions with Angus at the open house.