About

Important information

• Additional Info:

  Better Business Bureau investigated this business, with the initial contact on September 10, 2019, with the following questions: A list of all physical and remote locations, the company’s EIN, affiliations with other businesses, any licensing requirements and requested substantiation for advertised claims. The company did not respond to BBB.
• Advertising Review:

  The primary responsibility for truthful and non-deceptiveadvertising rests with the advertiser. Advertisers should be prepared tosubstantiate any objective claims or offers made before publication orbroadcast. Upon request, they should present substantiation promptly to theadvertising medium or BBB.

  BBB sent correspondence to RYP Property Solutions onSeptember 11, October 16, and December 9, 2019, requesting substantiation andmore information with regards to the following links and statements:

  http://ryppropertysolutions.com/

  Rent To Own Homes

  Buying a home has never been this easy!

  What percentage ofeach monthly rent payment is held toward the buyer’s equity in the home?

  Is the program alease option agreement or a lease purchase agreement?

  If none of themonthly rental payment is put towards the renter’s equity in the home, how isthe property considered rent to own property?

  http://ryppropertysolutions.com/videos/

  BUYER VIDEOS

  How Does Rent-To-Own Work?

  The video mentions thatyou will get the consumer in contact with a “credit enhancement company”.Please provide the names of all companies that you refer customers to forcredit enhancement and financing assistance.

  The video states thatthe 3-10% down payment comes off the purchase price and helps to get thecustomer “mortgage ready”. What price does the bank see as the purchase pricewhen the customer applies for a mortgage? The price less the 3-10% or the priceincluding the 3-10% with the bank knowing the consumer has that much of a downpayment?

  Is the 3-10% downpayment held in an escrow account for the customer or just taken off of thepurchase price?

  If it is taken off ofthe purchase price and not held in escrow for the customer, wouldn’t thecustomer need to save an additional 3-10% in order to get approved for amortgage through the bank?

  The video states thatthe “Binder Deposit” is fully refunded if the customer is not accepted, I amassuming for a mortgage. If the customer is accepted, what happens to the“Binder Deposit”? Does RYP Property Solutions, Inc. keep the money?

  What Expenses Can I Expect To Pay?

  In the video, itstates that the tenant will be responsible for all taxes and maintenance of theproperty. I am assuming the property taxes are not included in the rent thatthey will be paying to RYP Property Solutions, Inc.?

  The video states thatthe tenant can make improvements to the property which will provide subsequentincreases in equity to their benefit, not RYD Property Solutions, Inc. How isthis possible? How Is the tenant building equity in a home that they do notown?

  Any improvements thatare made would only add value to the home and then RYD could increase thepurchase price at the end of the rental/lease period if the price is not agreedupon in the initial agreement. Is that correct?

  It is also stated inthe tenant does not have to pay any closing costs which is to their benefitbecause they are taking all responsibility for the property. How is this abenefit? The consumer than has to come up with closing costs, as well as the“binder agreement” at the end of the agreement if they are able to purchase theproperty, correct?

  How Does The Equity Enhancement Program Work?

  This video advisesconsumers that they can provide more than 10% towards the down payment and thatanything above that amount, they will be given half of towards credit to thedown payment. What happens to the other half of the tenant’s money? Does RYDpocket this money? The video states that the additional monies will be taken offthe purchase price, putting the customer in better position to get a loan. Ifthat is the case, doesn’t the tenant still need to come up with 3-10% downpayment of the reduced price to obtain a loan/mortgage from the bank?

  SELLER VIDEOS

  What’s A Lease Purchase?

  This video statesthat you will take over all responsibilities associated with the property, suchas taxes, mortgage payments, insurance, etc., and then pay the seller of theproperty only the amount of equity that they have in their home at the agreedupon end date. The example lease period in the video was 36 months.

  Does this mean theactual seller of the property will not receive any money from RYP for 36months?

  Is the propertythat  RYD is purchasing from the sellerthe same property that they are renting to a potential buyer?

  What if I Don’t Have A Mortgage?

  LEASE PURCHASEAGREEMENT: RYP makes lease purchase agreement with a seller and a purchaseprice is agreed upon. RYP provides monthly payments to the seller and takesover all responsibilities of the home, taxes, insurance, etc. At the end of anagreed upon period, RYP pays the seller all of what is owed to the seller andtitle is transferred.

  Does the sellerreceive any interest for the use of their money that RYP has not yet paid them?

  Is this same propertyone that is provided to potential buyers?

  If it is, how doesRYP enter into contract with a potential buyer for a property that they do notcurrently own?

  OWNER FINANCING:

  Price is agreed uponand closing occurs and title is transferred. Monthly payments are made by RYP,but they are principal only. No interest is paid to the owner for holding themortgage for RYP. Then a balloon payment is made within 24-72 months. You statethat this is of value to the seller because they won’t have to claim theinterest as interest? And the money is tax free because they don’t have toclaim the interest as income? You also state that RYP can pay a “premium”. Whatis meant by this statement?

  If My House Is Only Worth What I Owe, Can I Sell It WithoutA Loss?

  With the LeasePurchase option, I am assuming that RYP provides a 3-10% down payment to theseller, takes over all payments, maintenance and taxes on the property and alsoprovides rent to the owner until the market trends up or the debt on the houseis paid down, and then title is transferred?

  The other option isthat RYP Property Solutions purchases the home and the title is transferredimmediately, but the seller still owes the mortgage and keeps It in their nameuntil it is paid off. Shouldn’t the money provided by RYP Property Solutionscover the money that is owed to the mortgage holder since the mortgage holdercurrently owes what the property is currently worth?

  Why Don’t I Just Sell My House As A Lease Purchase On MyOwn?

  Sets up a full vetting check. Please provide details as to what the vetting check consists of.

  Takes on a non-refundable deposit. This deposit is applied to the purchase of the home as a down paymentor is it taken off the price of the home?

  Calculates when the buyer is ready for a mortgage. How is this calculated?

  Comprehensive attorney agreements. Please provide copies/samples of these agreements that lock in thepurchase price with the buyer. What happens if the buyer does not purchase the home,is not approved for a mortgage, or backs out? What recourse does the sellerhave? Is the buyer in this agreement with the seller RYP Property Solutions, orthe person that RYP Property Solutions has solicited to purchase the home?

  What is an AO?

  This video discussesassigning the buyer to the seller. It states that you come to an agreement withthe seller for a particular price/payment, and then put the house on the marketfor a higher price to buyers. Once the buyer agrees, RYP keeps the non-refundabledeposit and send the buyer to the seller. The buyer is told that thenon-refundable deposit is going towards a down payment towards the property,but if RYP is taking it, how is the money credited to the buyer towards thepurchase of the home?

   http://ryppropertysolutions.com/buy/

  Do I have to pay any fees or commission?

  Since we aren’t real estate agents, we don’t charge anycommissions or other fees.

  But, as with anyone who buys a home, you are required to put3-10% down, which will be fully credited to your final purchase price atclosing.

  Beyond this, you’ll make regular monthly rent payments andcover the usual costs associated with home ownership.

  How is any of this ofbenefit to the buyer if none of the rent payment is credited towards thepurchase of the home?

  Do my rental payments count towards my house payment?

  No, they do not. Though, consider it this way — you’realready making rent payments somewhere.

  At least with a rent-to-own home, you know that thesepayments will pay off down the line and help you secure the home you wanttoday.

  The buyer is takingover all payments and taxes for the home, and all of the maintenance as if theyare the owner of the home. They are also paying rent to RYP Property Solutionsas well. How is this program beneficial to the person trying to purchase thehome? How do these payments “pay off down the line”? Does paying rent to RYPmake the property unsellable to any other potential buyer? Please provide acopy of the contract used for all parties.

  What if I don't qualify for my mortgage loan after my leaseperiod ends?

  This rarely happens because we don’t accept people into theprogram unless we’re 99.99% sure they’ll qualify for a mortgage loan after thelease period.

  In the unlikely event this occurs, we may be able to extendyour lease if we’re confident you need a little more time to qualify for amortgage loan.

  The initial questionis not answered? What does happen if the consumer does not qualify for a loan andmay not qualify ever?

  How does this affectthe seller of the property if it is a lease purchase?

  http://ryppropertysolutions.com/about-us/

  “RYP PropertySolutions, Inc and affiliated or subsidiary companies are not real estatebrokers or agents. RYP Property Solutions, Inc is a real estate investmentcompany. All properties are either owned by us or the company has a purchasecontract and/or option with the owner of the property, which we may assign tothird parties. RYP Property Solutions, Inc is not a real estate brokerage anddoes not provide REALTOR® services to the public or to any of the parties towhich it has contractual relationships.”

  Please provide thenames of the RYP Property Solutions, Inc affiliated and subsidiary companies.

  Who are the thirdparties that you may assign the purchase contracts to?

  Please providesubstantiation of being an official member of the Real Estate InvestorAlliance.

  Please provide proofthat RYD Property Solutions, Inc. was featured on ABC, CNBC, U.S. News &World Report and Today.

  http://ryppropertysolutions.com/referrals/

  This video statesthat the realtor should send the customer to you basically if things don’t workout, and that you will pay the realtor a percentage of the non-refundabledeposit that the customer gives you. Isn’t that non-refundable deposit supposedto be coming off the price of the house for the customer and/or the customer’s downpayment on the house that they are renting to own?

  The video alsostates, “We typically schedule more deposits during their lease term”, and “Ifwe schedule 2 deposits of $10,000 you would receive up to $2,500.00 perdeposit”. How are you scheduling 2 large deposits? If the consumer is providingan additional $10,000.00 towards the purchase of the house, do they understandthat you are only crediting them with $5,000.00?

  You are also offeringa commission on the backend if seller is open to it and there is equity left inthe home?

  Please provide copiesof contracts used with realtors, wholesalers, and flippers RYP PropertySolutions uses.

  http://nationalpropertyteam.com/properties/

  This page is forNational Property Team. Who actually owns these properties that are beingadvertised as rent to own?

  To date, the business has not provided the requestedinformation and has not modified their advertising.