Monday, April 27, 2009

Atlanta Lease-to-Own Home Program Begins to Reap Results for Participants

Pride of Ownership Partners, an Atlanta-based company that started a unique, new lease-to-own program in July 2008, is already seeing results for its clients.

The program is designed to put metro Atlanta families into renovated rental homes and receive half the monthly rent set aside for up to three years to put toward buying that home. At the end of the lease period, renters will have thousands saved toward purchasing that home. With the program less than a year-old, Pride of Ownership Partners is already seeing phenomenal successes. Several of its tenants are in the process of becoming homeowners, completing the program while repairing or improving their credit rating in less than 12 months, with the first closings set for the end of this month.

“My business partner, Jeffrey Britz, and I firmly believe we are helping to stabilize neighborhoods,” explained Chief Operating Officer Timothy Cabrera. “Homes that might otherwise sit vacant or go into foreclosure and disrepair, are getting a facelift and families are moving in almost as quickly as we can purchase these properties and put them back in like-new condi tion.”

Another unique feature about Pride’s lease-to-own program is that the firm is allowing the full three-year rent credit even when the client goes from tenant to homeowner in less time. So, for example, on a $1,000 a month lease, three years of rent would total $36,000. Half of this, $18,000, would be reserved as the tenant’s down payment, creating instant equity in the home. However, if the tenant can get qualified for a mortgage in less time—and more than half of Pride’s tenants are currently accomplishing just that—the full $18,000 credit would still apply. The home’s price is also locked in at the time of the lease to help avoid surprises later.

“We also do comparisons for the client so they can see the cost difference of owning vs. renting. It’s always less costly for them to own and I have seen the difference be as much as 30 percent.”

People entering the Pride of Ownership Partners lease-to-own program are not required to spend thousands to get into their lease options. The firm simply requires the standard one month’s security20deposit and first month’s rent. One Pride client (one of numerous glowing testimonials at http://www.prideownership.com/testimonials) mentions getting ripped off $4,000 on a previous lease-purchase. In just 12 days, this person was in a lease-to-own Pride property and he expects to be able to qualify for a mortgage within the next six months and exercise his purchase option.

With homes purchased, renovated and leased in DeKalb, Gwinnett, Paulding, Cobb and Henry counties, Pride of Ownership Partners is looking to expand the lease-purchase program into other metro Atlanta counties and beyond. To learn more about Pride’s lease-to-own program, to submit a free, no obligation online application, to see current homes available or to read additional customer testimonials, visit www.prideownership.com or call 770-484-8317.
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