Off the kitchen is an enclosed porch, that leads to a small deck. Most of the backyard is fenced, however it is not totally fenced in.

Forest Hills Schools, conveniently located very close to Fulton, E. Beltline and I 96. Rent is $1095, but if paid by the first of the month only $995 per month.

Pets or OK within reason. Available May 1st, 1st month ($995) and security deposit ($1095) to move in.

To set up a showing, Email Jim here or call 616-617-0915.

click on any picture below to enlarge it. You can then move from one to the next.

[Show as slideshow]

This Michigan Home Ownership Coalition offers the HomeChoice Mortgage and down payment assistance through the Michigan State Housing Development Authority (MSHDA). This mortgage product is for a person with a disability or a family with a member with a disability who lives with them and provides them the opportunity to become a homeowner. The HomeChoice Mortgage is a single-family mortgage loan developed to meet the mortgage underwriting needs of low- and moderate-income people and offered through Fannie Mae.

A few of the key components are:

* 5% down payment assistance and $3,000 for closing costs from MSHDA.
* Must have good credit history. In some situations, medical debt can be over looked.
* Flexible underwriting criteria (nontraditional credit sources can be used)
* Income at or below area median income can qualify. (Income sources can be SSI, SSDI, part-time job or a Trust)
* Allows higher debt to income ratios of up to 50%.
* Very low down payment from buyer, $500.
* Gift money from family can be used.
* Pre- and post- purchase counseling required.
* Broker agencies can assist with the process and provide support before and after the purchase.
* The HomeChoice Mortgage can be used anywhere in Michigan.

For more information contact:
Daryl Domke
Michigan Home Ownership Coalition
(616) 363-2140

Sue Eby
Michigan Dept. of Community Health
(517) 373-6367

I’ve added a video tour so you can at least get an idea of how the house is laid out, and the kind of work that is being done to the house.

This home will be available on lease with option to buy terms. We would rather lease with option to buy than straight out rent the home. You can get a good explanation of how everything works with the lease/option at the end of the video.

$795 per month

$1205 option payment (non-refundable if not purchased)

basically, $2000 moves you in with the lease/option in place.

$89,000 purchase at anytime within 12-24 months. Rent credit towards closing costs, $150 per month if rent paid on time.

This home is 1556 sq ft, no basement, no garage, but room for one if you wanted to build one in the future.

1st floor: Living room, Kitchen, Dining area, Bedroom, Bedroom, LAUN/BA,

2nd floor, Bedroom, Bedroom, Bathroom

NEW Video coming soon!

Download 216 Maple Lease Application Here

The lease application is in PDF format. Download, print and complete, then scan and email back to Jim Martin

I don’t think you can beat the terms we offer on a lease/option home, but I did want to make you aware of other lease/option homes from other sellers in case you are interested.

I don’t know this seller personally, but I did email him and he replied back with some ballpark terms and monthly payments. If you want more information on these homes, email me and I can pass along the seller’s contact info.

Looks like they have 3 homes available. The first is a 3 bedroom/2 bath home in Caledonia. This is what he had to say…

I would like to get something in the arena of 5-10% down ($6,000 minimum) and the payment would be $1195. The property value is about $120,000 presently.

We also have 1300 Portland Ave Grand Rapids, MI 49505. There we’d like to get at least $5,000 down. The payment would be in the range of $700-800 on that property (Value: $120,000-130,000, expected sale $99,000+).

I also expect 743 Thomas St to be vacant soon. This would be a great starter home for someone on a limited budget. Expect $3,000 dn, and at least $375/mo. This property may also be sold on land contract to the right buyer, and would be available for a qualified normal/section-8 renter if desired (rent would be $475).

In any of those case you are looking at a chunk of cash to put down. I don’t believe these prices are overinflated though, so if you have the extra cash and are interested in further information on these, email me and I will pass your information along to this seller.

The good news is that we will be putting in offers this week on a nice 3 bd/2 bath home in the Burton/Plymouth area, and in the Wyoming area of 131/28th.

Both are nice neighborhoods and both will have some equity for the lease/option buyer.  Monthly rent on the Burton/Plymouth home should be in the $995 range and the Wyoming house more in the $800-900 range.

I’ll let you know as soon as we know on these.

Q: Just what is home equity?

A: Its the difference between what you owe on your home and what it is worth.

For example, if you purchased a home 3 years ago for $100,000 with no money down, you’ll owe roughly $100,000 to the bank. If that home is now worth only $95,000, you actually have $5000 of negative equity. In other words - you owe more than your house is worth.

Should you sell your home at $95,000, you would need to bring $5000 to closing to make up for the rest of the $100,000 loan.

The housing crisis today is only the fault of the buyers and the banks. The banks lent money way too easy to people who probably shouldn’t have been given a mortgage, and the buyers forgot to cushion themselves with “equity” in the home they were purchasing.

There are some ways that you can build equity. Here they are….

1) Use a Large Downpayment Upon Purchase

If you want to insure that you have a good chunk of home equity from the start, simply put 10-20% of the purchase price as your “down payment”. If home prices fall, you should still have some equity there until they start moving up again. Banks like big downpayments as well because it limits their risk and places more of it on your shoulders. This option is a simple one, but not so practical if you are short on cash for a down payment.

2) Pay Extra Each Month On Your Principal

Every time you make a mortgage payment, you are paying both “principal” and “interest”. The interest goes to the bank, but the principal actually pays down the loan and builds more equity for you. If you can allot even an extra $50-100 per month towards your principal, you can pay off your loan years in advance. This is a quick way to build home equity. Any amount you apply toward your principal will reduce the total amount you owe to the bank - which in turn builds your equity.

3) Create “Sweat” Equity

You can increase the value of your home by doing improvements to it over time. For example, you might have an unfinished basement that can be used as another bedroom or rec room. How about adding an extra full bath somewhere in the house as well? Additional square footage added to a home should increase its value, especially over time. If you are “handy”, improvements such as new windows, new carpeting, etc will also increase the value of a home. Always be sure that improvements you make will help increase your equity before you invest in improvements. A hot tub added to a house in a bad neighborhood will do little to increase equity!

4) Purchase a Home that is Undervalued (i.e. Built-In equity)

Homes that need “sweat equity” can often be purchased well below their marketable value. This is a great scenario, and one that we look for as well. People’s lives change every day, and because people live in and own homes, the reasons for a house being undervalued are numerous and varied. Lately the foreclosure crisis has caused many people to lose their homes and this has caused banks to sell homes at prices that are below market value.

5) Lease a Home with Option to Buy in the Future

We like to combine #4 and #5 to create killer win/win opportunities for our lease/option candidates. Because we purchase our homes at a deep discount, we can then create a situation for our buyers so that they have instant equity in the home when they purchase the home. They also have the flexibility of creating sweat equity during the time they are “leasing” the home.

The eventual purchase price of our homes are usually priced at or even under current market value. This means that if a house is worth $100,000 today, we may offer it to one of our lease/option candidates at $95,000 - then provide 1-2 years to actually close on the property. In addition, we often provide a rent credit during the lease period to help our buyers build equity every time they make a lease payment. This money is the credited to the buyer at closing.

Learn more about the advantages to lease/optioning a home from us in Grand Rapids.

So always remember to keep this word in the back of your mind when purchasing a home - EQUITY!

The more you have, the better you’ll feel. And the better you will sleep at night too!

—Jim Martin

I was quite surprised at how nice the neighborhood is around that area. Streets have sidewalks and there are alot of trees scattered throughout the neighborhood.

The house we looked at today (and we will be submitting an offer tomorrow) is a 4 bedroom 1 1/2 bath home. It is basically in a split level style. Upon entering the house, there is a nice living room that flows into a large kitchen and dining area. Off the kitchen, an addition has been added to the home that functions as a family room with a gas fireplace. Would be very cozy in the winter.

The backyard is completely fenced in, no deck, but lots of room for one. There is also a nice sized “garden” area where you could grow flowers or whatever. If food prices continue to rise, this is a plus! You can get to the backyard off the family room and from downstairs as well.

There are 2 bedrooms upstairs and 2 downstairs, and then another level has a large room that would be a perfect playroom or another “family” type of room. So the house really has 4 levels!

There is a little work that needs to be done, but the house is almost in move-in condition. This is a house that we could turn around fairly quickly once we close.

We would like to keep this home around the $995 per month range, but that is not set in stone. On a lease option, this house will be in the 110-120,000 range, which would still leave some equity for the buyer. Similar homes in the area have sold in the 120’s and even 130’s.

Like I said, nothing is official, but we are hoping our offer will be accepted by the bank. We will keep you posted on progress on this and other homes in the Kentwood area we are considering.

Please leave any questions or comments below.