Home Buying, Selling, and Property Investment Blog
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Is Rent-to-Own the same as Lease-Option?
Yes. In both cases you would be renting or leasing the property until you were ready to exercise the option to buy. The process is sometimes also called Lease-to-Purchase or Lease-Purchase or Lease-to-Own.
How do I start the Rent-to-Own Process?
The first step would be to submit an application form.
This application is confidential and your information will not be shared. Submitting the application carries no obligation. You are not committing to anything by submitting the form. There is no application fee required for us to process your application. You would not be required to pay anything until after your application is approved and you are ready to take advantage of our program.
The application process is quick and simple. And you may be surprised at how easy it is to be approved for our program!
After your application has been approved, we may require some additional information and paperwork. We will contact you to give you the details of your approval, and inform you of what else may be required.
How much money do I need to get started?
Since our Rent-to-Own program is your first step towards home ownership, a small option payment is required. While there is no minimum option payment for homes in our available inventory, our goal is for you to have at least 5% of the purchase price held within the program by the time you are ready to purchase.
Can I use Sweat Equity to build my down payment?
Unfortunately a bank won't count the increase in value towards your down payment. However, any increase in value becomes your equity when you buy the home. Your purchase price will not increase above the agreed amount regardless of how much you increase the value of the home.
What if my credit is really, really bad?
You can still qualify to get a home, even with horrible credit!
We can help you start repairing your credit right now so that you are ready to qualify for a mortgage when the time comes.
We can help you establish credit if you currently have none. We can offer Seller-financing if you have the income and the cash to purchase your home but still cannot qualify for a bank mortgage.
Bad credit is an easy obstacle to overcome with our Rent-to-Own program!
What if I have declared bankruptcy?
Even after Bankruptcy, you can still get a home.
Although banks will not approve you for a mortgage until at least 2 years after your bankruptcy has been discharged, we can help you get into your home with the RTO program much sooner.
By the time that the banks are able to approve you for a mortgage, you will have the home you want and may be ready to get conventional bank financing to exercise your option to buy!
Please note if the bankruptcy included a foreclosure, then most banks will not consider you for a mortgage until the bankruptcy has "dropped off" your credit report.
How long before I can move into my new home?
Most of our available homes are move-in ready, so you could potentially have possession within a few days.
And if we don't already have something that suits your needs, we encourage you to either send us your "wish list" or check our website later for new listings.
We also have access to many other Rent-to-Own homes through a cooperative effort with a sister company.
How long is the Rent-to-Own program?
We try to tailor the program to meet your needs. Most clients lease for one to three years before they qualify for a bank mortgage.
Conventional bank mortgages require 20% down payment, good credit, and a steady job, but our Seller-Financing program can help here too. CMHC-insured mortgages require less down, but usually have stricter credit standards. We can discuss this in more detail when we review your credit reports.
We usually set the initial lease term to be the shortest possible time in which we think you may be able to qualify with a bank, and then renew your lease and option, if required.
How is the final price of our home decided?
The price of your home is decided right at the beginning when we sit down and discuss all of the terms of the Rent-to-Own program.
You will know from day-one what that final price will be by the end of your lease-option.
The purchase price will not increase during the term of the lease-option, even if market forces or your improvements increase the home's value beyond the agreed price.
What happens if I don't have the full 20% down payment at the end of the term?
There are a few options here:
- We can usually negotiate a new Rent-to-Own agreement, giving you more time to save and further improve your credit.
- You may qualify for a CMHC-insured mortgage with a bank. Currently CMHC mortgages allow a down payment as little as 5%.
- You may qualify for our Seller-Financing program if you have close to 20% but can't qualify with the bank.
What if I have the full 20% down payment now but cannot qualify for a bank mortgage?
We are pleased to offer our Seller-Financing program at any time: now, during the Rent-to-Own term, or at the end of the term. If you have a steady income and 20% down, you can buy your home at any time and we become the bank.
no bank qualification required
bad credit, no credit, ...no problem!
works great if your income is difficult to verify, if you are self-employed, or if you are new to Alberta
We sit down and work out payment terms that work for both of us and you don't have to rely on the banks!
In what areas can I buy through this program?
At this time we are purchasing homes only in the Greater Edmonton area.
If you would like to purchase outside of the Edmonton area, we would be happy to connect you with some of our colleagues.
Who will see the information I send QD?
We value your privacy and we assure you all information you send us will be kept strictly confidential. Other than QD's staff (who sign non-disclosure agreements), the only people who will see or have access to your information are people you have authorized to do so.
What if I still have questions?
We would be happy to answer any questions you may have. Please submit a Contact form, or call 780-756-4578.
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"I want to sell my house FAST!"
We buy houses in the Greater Edmonton area and we are in the business of providing win-win solutions to house sellers.
There are several ways for us to work with you, depending on your needs and situation:
- If you need to sell fast and escape the burden of debt, we can help!
- If you want to move at some point in the future and you want the security of knowing your house is presold now, we can help!
- If you want to make more money selling your house by renovating or redeveloping before selling, we can help!
We buy all types of houses:
- Houses ready to rent, or with tenants already in place
- Houses that need a substantial renovation
- Tear-down houses for redevelopment into high-quality, affordable, multi-family properties.
Whether you need to move now or you want to live in your home for a while after the sale, contact us and we will offer hassle-free solutions to your real estate conundrums.
We will explain your options to you in detail. We will be direct and transparent in all our discussions and arrangements. We will work with you to create a solution that suits you, and get the sale closed when you need it.
Whether you are struggling with debt, leaving the province, downsizing, or simply tired of being a landlord, QDHomeQuest can help eliminate the stress associated with selling your house in Edmonton.
We can potentially save you thousands in mortgage penalties, realtor fees, and carrying costs by buying your house!
There are many benefits to selling your house to QDHomeQuest:
- We can buy your house now, but close whenever you like. So if you would like a couple of months to find a new place, we can accommodate that.
- You can quickly escape the burden of debt, rather than waiting for months on end for a possible sale or impending foreclosure. We can help even if you are behind on your mortgage payments.
- We are not realtors, so you can avoid realtors' commissions.
- We buy houses in any condition. And then our team of expert contractors can restore the property to pristine condition or build a stunning new development.
- We work with you to ensure you get the most you can out of the sale.
Why wait and worry about the burden of debt or whether your house will sell before your pending move?
Contact QDHomeQuest today for a free consultation and learn more about how you can sell your house fast!
We have helped families just like yours, and we are confident we can help you too.
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Our goal is to exceed the expectations of buyers, sellers, and investors, by offering unique options tailored to meet each individual's needs.
Real estate has been proven over time to be the most secure and reliable form of investment. We feel it is by far the best way to secure your financial future, whether you are buying, selling, or investing.
As Professional Real Estate Investors, we encourage people to use our expertise and experience to help them achieve their goals.
Our services include:
- Educating landlords & investors on more effective operations and creative investment strategies;
- Assisting home sellers with Rent to Own Exit Strategies through education (where sellers learn to do it themselves), consulting (where we assist with the process), and partnership (where we handle the entire process from start to finish);
- Buying properties from sellers;
- Offering "hands-off" real estate investment opportunities;
- Offering both Rent to Own properties and regular rental properties.
Please Contact Us for more information on our services.
QDHomeQuest Incorporated is a privately-held Real Estate Investment company. We focus primarily on residential properties in the beautiful province of Alberta, Canada. With the highly diversified Alberta economy and the conservative Canadian investment and banking style, we feel Alberta is the best place in the world to buy, sell, and invest in Real Estate (both now and in the future).
About Our President...
Sherilynn Milsom studied business administration at both the University of Alberta and the DeVry Institute, earning her Bachelor's Degree in Business Operations, Summa Cum Laude.
After spending 10 years in the "rat race" as a manager and customer relations supervisor, she realized real estate investment was the best way to achieve financial freedom, and spent the next several years educating herself on the fundamentals of Real Estate.
Sherilynn has built the business from simply having a few rental properties to being a major player in Alberta's Creative Real Estate industry. She has made it her mission to help educate landlords and investors on both effective operations and creative real estate acquisition & sale strategies.
Sherilynn is a Mensa member as well as an alumnus of the Real Estate Investment Network (REIN).
Recent Accomplishments:
Teaching Creative Investing Strategies with her own "Rent to Own Cash Cow Formula" and "Agreement for Sale Cash Cow Formula" since 2019.
June 2018: awarded REIN's "Michael Millenaar Memorial Leader of the Year" as well as her seventh consecutive "Top Player" award. Proud recipient of the Inuksuk for 10 years as a REIN member
December 2016: sixth consecutive REIN "Top Player" award
Named one of 2016's "100 Elite Women in Real Estate" by "REP (Real Estate Professional" magazine.
December 2015: awarded REIN's "JV Partner of the Year," the "Michael Millenaar Memorial Leadership Award," and her fifth consecutive "Top Player" award
M
arch 2015 - recipient of Canadian Real Estate Wealth Magazine's "Alternative Investor of the Year"
Part of Barry McGuire's Focus Team for the "Rapid Cash Flow Program" teaching Creative Investment Strategies (such as rent to own and agreements for sale) from 2014 - 2019.
December 2014 - recipient of REIN's "Top Player" award (multiple winner of this award)
December 2013 - awarded REIN's "Michael Millenaar Memorial Leader of the Year"
August 2013 - invited to sit on the REIN Advisory Board
August 2013 - awarded "Gold" REIN member status
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A Joint Venture Partnership (or Common Ownership) has the potential for large returns on investment and allows our partners to own Real Estate without the stress or hassles.
The primary key to our success is buying Positive Cash Flow Real Estate in Alberta, only when the price and our detailed Due Diligence checklists fit our system.
Currently, we are focusing on both infill development and multi-family properties.
The "Buy and Hold" strategy is the key to long-term, sustainable wealth. Buying well and proactively managing properties has earned QDHomeQuest excellent returns even through recessions. These investments are currently available with both short and long time-frames because we are offering investments on properties we currently own (short hold) as well as new projects (long hold).
The secondary key is working with investors like you.
This allows you to profit from our Real Estate knowledge, without having to take years to educate yourself and go through the time and trouble to learn through trial and error. This is a true win/win relationship, as we will only make money if you make money. It is in our best interest to help you succeed and make money with Real Estate.
The services that we provide as Real Estate Professionals are:
- Property search
- Preliminary screening using information fed into a Real Estate Analysis Program
- Completing the “Due Diligence” process and paperwork to ensure the property fits our system
- Arranging and attending inspections and appraisals
- Arranging Financing
- Dealing with realtors, lawyers, bankers, etc.
- Marketing (including advertising, web design, and sales) to find ideal tenants
- Tenant screening and thorough qualification processes. This step is critical. Our clients go through an extensive screening process. In fact, only a very small percentage of inquiries results in an approved application.
- Property management
- Determining the right time to sell or refinance
- Handling the eventual sale of the property
The services that you provide as an investor are:
- Provide the down payment & closing costs
We co-own the property and split the profits. You provide the down payment (which you get back when we sell or refinance the property) and we do all of the work.
How can you take advantage of this fantastic opportunity?
The first step is to contact us to discuss your financial goals and your unique situation.
For instance, while you may not have cash in the bank, you could potentially use the equity in your home to create a profitable real estate portfolio. Every situation is different and we would like to help you find the solution that will put you on the road to financial freedom.
We welcome you to complete a Joint Venture Questionnaire to help us match your needs and expectations with the most suitable investment. Investment opportunities are currently available only to accredited investors and our associates (including family & friends). Please contact us and we will confirm your eligibility to participate in the next investment opportunity.
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“Landlords grow rich in their sleep without working, risking or economizing.”- John Stuart Mill, philosopher and economist
QD Makes it Easy to Invest: Whether you would like to invest directly in Real Estate, or simply park your cash in a quality mortgage secured by Real Estate, we can help.
Why Invest in Alberta Real Estate?
Alberta has it all:
- Diversified economy including: medical & scientific research, top-notch universities, and - of course - abundant natural resources and a plethora of related industry
- Business-friendly government, encouraging economic growth through investment of both local and foreign businesses
- Investor-friendly government, making land-lording easier and less risky
- Investor-friendly banks, providing financing for property investment
- Lower taxes (this point is self-explanatory)
Why Invest with QDHomeQuest?
QD Has been successfully investing in residential real estate in Alberta since 2006.
We believe in Win-Win, meaning that we will make every reasonable effort to ensure you are satisfied with your investment and our performance.
We only make money if you make money.
We believe the security of your capital is paramount, and we balance risk vs. reward to suit your comfort level.
We do all of the work and bear all of the worry while you sit back and relax with the knowledge your investment is secure and hassle-free.
We proactively and effectively manage our properties for higher cashflow and greater potential appreciation, meaning higher potential ROI for you.
Why wait to invest in real estate? Contact QDHomeQuest today!