What are my responsibilities during the lease? Utilities + First $500 in Repairs.

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(702) 430-7900

Limestone Investments, LLC

What are my responsibilities during the lease? Utilities + First $500 in Repairs.

You are responsible for the first $500 in repairs, all utilities and maintenance of a pool/jacuzzi (if there is one). This means, we are responsible for only major ticket items like AC and roofs. You are not responsible for HOA fees during the term of the lease. If there are any exceptions, they will be noted on the property page.

Investor Information

How does a lease/option work? Your money accumulates to purchase the home.

The money you put down (option fee) and your rent credit is converted to a down payment at the end of the lease. You have a choice of purchase terms: Appraised Value This is the...

There are really no background checks? That is correct. Money talks.

My partners and I have discovered that folks you put a bunch of money down with the intention of purchasing a home make better tenants. It will be your responsibility to work on your own credit to get...

How much money do I need? The Option Fee + First Month

If you have more than half the option fee and the first monthly payment on hand, we can usually work something out. If you don't have enough money on hand, you should select a less expensive property....

Can I have pets? Yes.

You can have any animal(s) unless there is a condo/town home restriction. Pit-bulls are not allowed. We have no issues with pit-bulls. We love pit-bulls! We don't care how well behaved your pit-bull is....

Do you accept section 8 vouchers? Yes.

However, if you don't have the option fee on hand, you are wasting your time. DO NOT CALL ME UNLESS YOU HAVE MONEY ON HAND!

How long is the lease? You decide.

Most properties are flexible. Unless it's stated on the property page, it can be what ever you want. It is not in your best interest to have a long lease period. The sooner you qualify for a conventional...

Can I put more money down to lower the monthly? Yes, but it's not wise.

You want to keep money in the bank for a rainy day. You also need to get mentally ready for the mortgage. The monthly payments you see are usually less than your mortgage at the end of the lease....

Do I have to get a loan at the end of the lease? Yes

You will want to work with my credit cleaning professional and a mortgage broker with a lot of experience. I will provide you with a list of people you can choose from OR you can use your own people. If...

What if I don't qualify for a loan at the end of the lease? There will be problems.

You could lose your option fee and/or rent credits. It is important that you actively clean up your credit, make payments on time and make enough money to support the mortgage payments. Each property on...

What will my mortgage payments be after the lease? Each property lists that amount.

Every property shows you "about" what your mortgage will be. Generally speaking you will be paying $800 per $100k of house. A little less if you clean up your credit and make money,...

Are there tax benefits to these houses during the lease? No

My partners and I don't want to share the tax benefits and don't want to spend the time creating trust funds with beneficiaries. It's too much of a headache and pretty much set in our ways.

Do you have "Contracts For Sale" or know someone who does? No

As a rule, you will need between 10% - 20% down to get into one of these AND they are really hard to find. Best of luck.

Can I just do a straight purchase on a property? Maybe.

Most of the properties we own need to be held for a year or so for tax or loan penalty reasons. If you qualify for a straight purchase, you are better off swooping in on a foreclosure than haggling for...

Can I change my mind about buying the property? Yes. You will lose all your money.

The best strategy to take if you change your mind is to proceed through the sale, sell the property after you have secured financing and then take your money after you have sold the property.

What are my responsibilities during the lease? Utilities + First $500 in Repairs.

Are there any properties not shown on your site? No.

I have nothing to gain by hiding properties. I built this site because I don't have time to call 700 people every time I add a property. I usually post about 4 properties a week and usually the day I get...

What prevents you from going into foreclosure and leaving me stranded? Documentation.

The number one thing you must do with any Lease/Option is to record your purchase agreement with county records. The second thing you can do is have your payments sent through a title company. By having...

What are my chances of succeeding in the purchase? Less than 10%

That's right. I saved the best for last. Most lease/option tenants don't make it: 50% of you won't make it because... You give up. About month number six you realize that owning a home is way more...

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