All of our rental homes have been redeveloped and are available for purchase. JMJ Real Estate Services, LLC provides an opportunity for all residents to earn credit towards the purchase of a home thru the Future Homebuyers Program. This program does not obligate you to purchase a home, but does allow you to earn credit towards purchasing a home if that is what you desire. The program is outlined below.
Future Home Buyer Program
The goal of this program is to provide rental residents an opportunity to earn funds towards the purchase of a home in the future. This program is not available to lease/option residents as your credits are written directly into your option agreement for your specific house. JMJ Real Estate Services, LLC has established a Future Homebuyers fund for rental residents. Following each on-time payment received by management, JMJ Real Estate Services, LLC will increase the amount of money in the fund based upon the rent payment established in your lease agreement.
Rent Paid Homebuyers Fund Contribution
Residents will be entitled to receive credit for the money accumulated in the fund that can be applied toward purchase of a home at the time of closing. The total amount will be referred to as the Future Homebuyers account.
Residents will be able to receive a credit at closing equal to the amount in their Future Homebuyers account once they have been residents for a minimum of 3 years. Money in the Future Homebuyers account is to be used solely for the purchase of a home and is credited or paid out at time of real estate closing.
The Future Homebuyers account can be applied to any home that is available within our portfolio. This includes the home the resident may be living in, any rental home that may be due for turnover or any of our homes that we are rehabbing to be placed onto the retail market. Our residents receive first option to purchase the rehabbed home before the retail market.
Please note that the account value increases each month with every on-time payment as outlined in your lease agreement. If, however, payment is received late, the total money accrued in the Future Homebuyers account up to that point becomes null and void. The account starts accumulating again with the next on-time rental payment.
Residents who pass both semi-annual inspections per year and handle all minor repairs to their residence will receive 1 extra month contribution per year to their Homebuyers account based on the listed scale. Failure to handle minor upkeep or repairs or to pass a property inspection nullifies the total amount accumulated up to that point in the resident’s Future Homebuyers account. Information on expectation for property inspection is mailed to the resident 30 days before the inspection.