Q:  Who is BDF Realty, Inc.?

A:   We are a licensed real estate firm in North Carolina that has been in business since 2003 and specialize in rent-to-own (also known as a lease option).  We are a member of the NCAR Property Management Association, Charlotte Regional Realtor Association , North Carolina Association of Realtors , and the National Association of Realtors .

Q.  I'm moving from out-of-state and want to move into one of your rent-to-own homes.  How does this whole process work?

A.  It is pretty simple.  The process is as follows:

• Pick a home from our Rent-To-Own Homes Available
• Fill out an Application
• If approved, let us know when you will be in town and schedule a time to see the home(s)
• If you like what you see, you can reserve the home by putting down the upfront option fee
• When you are ready to move in, you can pay the first month's rent
• Enjoy your new home!!

Q: My credit is pretty bad.  Is there any chance I can qualify to rent-to-own a home?

A:  That depends.  Most of the people we work with have poor to average credit.  However, we only work with people who are SERIOUS about improving their credit and buying a home.  We do not want to waste your time and vice-versa.  It really depends on you.

Q: What does "being SERIOUS about improving your credit and buying a home" really mean?  What do I need to do?

A:  There are 4 things:

1.  Pay your monthly rent ON TIME and IN FULL every month

2.  Agree to work with our financial advisors (at NO charge to you) who will give you advice on ways to build your credit

3.  Follow their advice- they are preparing you to be in a position to own your home in 12-24 months

4.  Enjoy your new home!!  This process should take less than 2 years in most cases

Q: Does rent-to-owning a home make sense for me?
A: That depends.  Are you:

• Sick of renting and getting nothing back from your monthly payments?
• Looking to build your credit?
• Do not have much money to put towards a down payment?
• Having a difficult time getting a regular mortgage?
• A new resident and are not sure where you want to live in Charlotte?
• Looking for more time to repair your credit and find the best financing?

If you answered "yes" to any of these questions, rent-to-own could be an excellent solution for you.

Q:  Do you accept Section 8 renters?

A:  It depends on your personal situation.  Please call us at (704) 370-6419 or Contact Us. 

Q: What does "renting-to-own" entail?
A: Rent-to-owning consists of three parts: The option, the lease (monthly rent), and the purchase price. The option is the time period in which you have the "option" to buy the home at a set price; we typically use 12-24 months. This allows you plenty of time to qualify for a regular mortgage so you can purchase the home. The rental agreement is a standard lease and says how much rent you will pay monthly. The purchase price is the amount you would ultimately pay for the home if you bought it during your lease period.

Q: Why do tenants prefer to rent-to-own?
A: There are many reasons.

• Equity in the home grows at a faster rate than through conventional financing
• Your rent money is working towards the purchase of your home
• Enables you to "test drive" the home and neighborhood
• The option money is credited towards the price of your home
• There is less up-front cash out of your pocket
• Credit problems are okay
• It gives you time to repair your credit
• You can make improvements to the property while you rent

Q: OK.  Tell me more about renting-to-own a home.

A: Renting-to-own, also known as a lease option, is an excellent way to get into a great home!! It consists of three parts (as previously explained): the option, the monthly rental, and the purchase price. First, the option is the right to buy a home during a set period of time (we typically use 12-24 months); this means you are buying the right to buy the home at a set price anytime during the time you rent the home.  If you choose to buy the home (commonly referred to as "exercising your option"), the amount you bought your option for is 100% REFUNDABLE and is put towards the purchase price of your new home. The second part is the standard monthly rental. However, the great part of renting-to-own is that PART OF YOUR MONTHLY RENT GOES TOWARDS THE PURCHASE PRICE OF YOUR HOME. This means that you are building equity in your new home and NOT throwing all of your rent money away!! The third part is the purchase price of the home. If you decide to purchase the home at anytime during your lease period, this is how much you will pay for it. You negotiate this price before you move into the home.

Q:  Can you give an example? 

A:  Sure.   Let's base this hypothetical example on the following numbers:

$ 5,000 Down Payment (also known as the option payment)

$   1,000 Monthly Rent

$   200 Rent Credit a month

$125,000 Final Purchase Price of the Home

Here is the scenario:  You find a house that you love.  The deal that you work out with the owner is for you to put down $5,000 before you moved into the home and then pay $1,000 a month in rent.

18 months later, you decide you are ready to buy the home you are in for the pre-negotiated price of $125,000.  However, that would not be what you pay because you have built up equity while you have lived in the home.  You can compute the equity, by adding up the numbers:

$5,000  Down Payment (Refunded at closing towards the purchase price)

$3,600  Rent Credits ($200/month for 18 months= $3,600)

That equals $8,600 that you paid that is essentially given back to you when you purchase the home!!  This money is typically used as a down payment and/or for closing costs.

Your final purchase price is $116,400 ($125,000 less $8,600= $116,400).  In less than 2 years, you have built up $8,600 in equity!!

Q: How do you get the rent-to-own homes that are available on the website?

A: Landlords and investors that own property in Charlotte list their homes with us.  We also list our own property through our sister company, BDF Realty Solutions, LLC.

Q: Where do you have homes available?

A: Our homes are in the Charlotte-Metro area.

Q: What if I have additional questions?

A: Please contact us by e-mailing your question by clicking on Contact Us or by calling (704) 370-6419. We are here to help!!