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Home Partners Of America Review | Luis Cuevas Realtor® | RE/MAX Cross Country
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- čas přidán 16. 08. 2024
- One of the most frequently asked questions I get from prospective buyers is if I have any lease to own or rent to own options. The question comes up so often as I find people are generally tired of leasing however have the idea of purchasing a home in their minds. They may not be in a position to purchase now whether the reason is due to bad credit or lack of down payment, regardless the goal of owning a home is there. People really see how renting is a waste of money, know buying is a good idea, but they are not quite there just yet. This is where Home Partners of America comes in to play to fill this niche.
In this video I explain how it works, who the program is for, my experience and review the program.
If you have questions about the program that I didn’t cover or maybe would like more information please do not hesitate to contact me. I would be glad to answer your questions and share my experience with Home Partners of America with you.
Again I hope this was of value and maybe you picked up a tip or two. My goal is always to be a resource and educate my clients so they can make informed & educated decisions.
Have questions about this or other topics, don not hesitate to contact me.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
MakeNorthTexasH...
Subscribe to my CZcams Channel:
/ makenorthtexashome
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I just got approved today for up to $2400!!! Let the process begin!!!!! I’M EXCITED!!
Congratulations! Good luck!
How has it been for you 5 months later?
Great Review!!! 💪🏽Rent to own can be a great option for those looking to get into a home, but not ready to commit to a 30 year mortgage. The benefits of working with Home Partners of America. Not a scam. You really can get into a home in little as 45 days. While there are costs involved, it can still be far less than a traditional mortgage.
Thanks Bobby! Yes Home Partners can be a good option for many different situations.
@@LuisCuevasRealtor Your welcome. Where are you located?
@@BobbyTerryRelocationAssistant My info is in the video description
Very helpful overview, thanks! I have signed up on the agent portal to market the program.
Dee Phillips That is great! 👍
I really appreciate this video and review. Thank You!!!
Glad you found the video helpful! Reach out if I can help answer any questions!
This was very helpful! Thank you for sharing!
You are very welcome!
If the rent doesn’t go into the purchase price, which it doesn’t with this, then you’re simply leasing and they’re your landlord. So why pay even more rent to them? That could be a few thousand to put towards a down payment, etc. You could ask your current landlord if they’d be willing to sell their house if you really loved it. If they were not, you could simply move and take a traditional mortgage (since the point is you’re trying to put yourself in a better position by temp. renting) having saved thousands. I get they’re making money and taking on risk but even 5% of your rent going to the purchase and non-refundable if you break the lease for example could be huge benefit.
The program at it’s most basic is just a lease. Additionally the tenant has an option to buy. The benefit is leasing a home that isn’t a rental and they get a better home, more tlc, upgrades and in a desirable area... not a typical rental. The landlord doesn’t credit funds towards a down payment for many reasons but mainly they are not a charity and they are in a seller’s/landlord market.
Luis Cuevas thank you. I just see the money... they’re taking tens of thousands from rent. If you’re not ready for a mortgage I don’t see how that helps. Why not rent traditionally and then find the neighborhood/house of your liking? I guess it’s not the program for me. Market is in their favor, for now. Good info in your video. What % of these actually convert from rental to ownership?
@@JimSpence At it's basic this is just a lease, and keep in mind they don't take thousands, they provide a service which in this case they lease a home to a person or family. Think of this situation, let's say you want to lease, not ready to buy for whatever reason, maybe you just relocated and want to figure out the area before committing to a home. You go out and look at rental properties and don't find the home you like, whether it is not in great condition or the preferred location. Remember most rentals aren't full of TLC and upgrades, they do the least if anything to keep renters in there. So using this program the person would open up their selection of homes they could rent because now they can view homes that are currently for sale as possible lease property candidates. Homes for sale in the area you want and usually means it is being sold by another owner... which means TLC, upgrades, etc... The end result is the Home Partners client gets a much better home to lease instead of a tired rental property. That is just one situation of many where this program shines. I don't know the conversion %, I don't get to see that side.
Very informative. I subscribed. Keep up the good work!
Thank you! I really appreciate it!
Hey Luis, so i have an FHA loan approval as we speak but the properties ive looked at, are foreclosures and some are cash only , can the program you speak of be a better way to purchase a home since the FHA loan can be somewhat picky meaning that the house has to have a good roof, good foundation, etc. If the FHA loan doesnt see that the house meets certain criteria then the loan wont be approved because of the conditions. Im not saying this example has actually happened to me but the realtor sometimes explains that FHA loan wont likely approve it.
Jose give me a call and I can go over your situation. I am not sure of your price point and location, however keep in mind not all properties qualify for this program, Home Partners has certain criteria as well. Condition of the property is a factor however they can and do make many repairs themselves after the purchase, but many factors to consider. Give me a call and I will be happy to help guide you.
What happens if the economy collapses during the time youre renting and the value of house is much lower then what they predicted it to be?
Keep in mind you are only leasing the property, so you don't have to purchase the property. You have the option to buy, if that option doesn't work I would suggest renegotiating, but keep in mind you don't have to buy.
Hi Alma, Unfortunately, no one knows for sure how much value's would drop should we face another recession. However, while renting a home through HPA and the house value depreciates lower than what they originally paid for, and you're in the position to purchase at that time. The asking price they would offer you, would be based upon current market conditions.
You can just get your deposit back and purchase a better house for a much cheaper price :-)
Get ready for a collapse, this will be the time to purchase a home for sure.
Do you know how low of a offer they do on a house? Like is it a full offer on the home or they offering like 10-20% less?
Ralph it varies given the market. When they first took yhis strategy they were rather low and I certainly heard the complaints. That seems to have eased but I they are always adapting to the market.
Great Video and Information!
Glad it was of help. Feel free to reach out with any questions.
Unfortunately been waiting for them to lift COVID moratorium in NC so we can use the program . Please
Fingers Crossed
Thanks for all this helpful info. Is any agent eligible to use Home Partners? I know there is a certification process, but wondering if your broker has to be affiliated with the program first.
I don’t believe your broker Hass to be affiliated with it but it wouldn’t hurt to just check with them to be safe. It would be a good idea to go through their presentation to show you how the program works before going out and using the program with a client.
Hi Luis I want to advertise this on my facebook to customers. Do I still do a buyer tenant pre quail? And have them sign a buyer agency agreement also *you can tell I'm a new agent! But I prospect mostly renters to turn into buyers, I go after expired leases coming up. I think this is a program to target as well, I have signed up on the agent portal
What if the market drops and the appraisal goes down.
Nat Jac Keep in mind you are only leasing, that is the only obligation. Buying is an option at the price they pre-determined. With that said if it is worth less than what they are offering then you don’t buy that home. Instead call me and I will be happy to help you find a home. 👍
thinking about using home partners. what are you thoughts 2 years in
Still very much a good program filling a niche that helps many people. Best advice is to be clear on your long term goal and if HP fits in your plan or not. You are welcome to call me to discuss your plans and how HP could be part of it... or not.
Great video! Thank you for the Clarification. Luis, I am in need of your help on a very important question. Please message me....
Hi Eddie, thank you for reaching out! I would be happy to help you with your question, my contact information is in the description, feel free to call me. I believe there is no longer a message option on here. Look forward to speaking with you.
If you want to buy after 2-3 years do you still need to come up with a down payment? Or your 2-3 year lease is used for the down payment?
Yes, you have to come up with the down payment. Remember this is just a normal lease of which you have the option to purchase the home at any time, which at that point it would be a normal transaction. The upside of this program is that the company will buy a home on the market for you to rent from, that is positive because it is usually a home that isn't a typical rental that looks used and abused but instead a home with lots of TLC and reputable property managers. Feel free to call or email me with any questions.
@@LuisCuevasRealtor thank you Luis. I'm not sure where you live where homes are used and abused but where I live and rent, it is a very nice home maintained by a property management. If I have an issue with an appliance or anything in the home, a service technician is outside the home with in 48hrs. Does home partners of America offer a maintenance program included with the lease?
@@mauriciobarrientos6688 Home Partners has a property management company who handles the property.
So is it included or is there an additional cost?
@@mauriciobarrientos6688 The property management is who you will deal with on a day to day basis once the lease begins to pay rents and submit work order/repair requests.
What happens if you don’t pay the deposit?
So typically you pay it once the property goes under contract. They will do an option period, which is like a due diligence time, essentially a time to inspect, request repairs and negotiate repairs. While they do that they ask you to pay the deposit and if you do not then they back out of the contract with the seller via the option period. Does that answer your question? Again I am in Texas.
@@LuisCuevasRealtor I’m in Texas too. Your answer is helpful, thank you. But I still have questions. Since the deposit acts as earnest money, if the tenant backs out before signing lease and paying deposit can the sale even begin without earnest money?
@@ctjperez59 There are two different agreements happening, the sale and the lease. The EM comes from HP regardless of the deposit being paid. The deposit is not EM, nor do they need it to satisfy their contract with the seller. The deposit is for the lease only. Essentially if the potential tenant isn’t paying the deposit, HP will cancel the sale.
@@LuisCuevasRealtor so essentially no risk to the buyer, HP?
@@ctjperez59 No risk? In what manner?
What is your situation?
Do payments go towards cost of home.
No, it is strictly a normal lease. The only difference is you can buy it at any time if you would like or not.
Could the client potentially buy the home earlier than the one year mark?
Good question: Yes! Tenant can exercise the option at any time, including before the year is up. I had a client purchase it two months after she moved in. At that point it may just be better to purchase on your own with out leasing at all... if possible. Hope that helps. 👍
@@LuisCuevasRealtor if a tenant decides to buy early are they still responsible for paying the rest of the lease? For example, if I did this program and decided to buy 6 months into my 1 year lease, would I still owe them for 6 months of lease?
@@JeffBaxterOfficial Good Question: No, you would just pay rent up until you purchase.
@@LuisCuevasRealtor awesome
thanks for your reply!
@@JeffBaxterOfficial No problem, feel free to reach out with any questions or if I can help you with the process.
Thanks for the info but I think Trio has a much better program.
Autumn, each program is a bit different and may suit different people differently. Keep in mind all the programs continue to evolve and on top of that they have all made changes due to the pandemic. This video I did in 2018 and the program has changed many times, so keep that in mind.
How is interest rate determined?
Could you elaborate on your question? HP is essentially a lease so there is no interest rate, just rent. When you purchase the home, if you decide to do so, you go out and get a loan on your own and at that point you would shop for the best rate with the different lenders you apply with.
@@LuisCuevasRealtor ty you would have to put down payment
@@iamthatiam1111 It would be like any normal purchase, you would have whatever the lender requires. Most lenders require a down payment of some sort.
Look more into Home Partners before going through with this. Read reviews of Pathlight Property Management. It's the same company.
My advice is to speak with an experienced agent and to take time to read the details of the program.
I agree. You aren't told everything up front. The lease is ridiculously long. They do own Pathlight. I suggest everyone take the lease to an attorney to read over and make sure you understand everything in the lease.
What is commission do we receive as a agent
Home Partners is your client & the commission is the advertised commission in the MLS, just like a normal transaction.
Hi LUIS MY QUESTION IS WHI A PERSON IS IN THIS PROGRAM..IS THE OWNER OF THE PROPERTY STILL RESPONSIBLE FOR THE MAINTENANCE OF THE HOME?
When you sign a lease the tenant is just a tenant and the owner (HP) owns the home which makes them responsible for the overall maintenance.
They are really slack about maintenance and repairs.
Its been 3 years. How comparable are thing now as to when you made this video?. Considering Home Partners for our next home in fl.
They have gotten better, at least at this moment. Rents have been lowered than before and limits have come up. Have you decided on what to do?