How long does it take to get approved?
From start to finish, usually about 2-3 business days.
Can GIPProperties be flexible on eligibility?
We're always happy to consider special circumstances. Tell us your story, and we'll go from there.
What documents do I need to submit?
Most recent pay stub or last tax return.
Bank statements for the last two months.
Copy of government issued ID.
Will applying affect my credit score?
No, we use a "soft credit" inquiry so your score is not impacted.
What types of homes are eligible?
We only currently lend on single family residences and condos. We are not able to lend on the following: foreclosed or bank-owned properties, distressed or heavy repair properties, mobile or manufactured housing, properties with significant land components, or rural properties. Homes must be in the Greenville-Spartanburg, SC surrounding area.
How do I find homes?
Once approved, you can work with one of our real estate agent partners on your search.
How does the initial purchase work?
Submit the home you'd like to purchase for approval.
Once approved, we'll have you sign a 3-year lease and provide an upfront cash contribution. Funds are held in escrow by a licensed attorney until GIPProperties buys the home.
We'll negotiate the purchase with the seller and buy the home.
We'll work with you and the seller on the move in date.
GIPProperties retains ownership of the home until you purchase it from us.
How does the lease work, and how do you determine the monthly payment?
The lease is for 3-years, with each yearly amount detailed upfront. The rent is determined by the following:
What costs are there for me?
We're upfront with all fees. You should expect to pay:
Upfront contribution (generally 2-3% of the home purchase price).
Monthly lease payments.
Late fee: if you don't pay rent by the 5th of the month.
Damage: if you damage the property, repairs will be deducted from funds returned or billed directly.
What's the upfront cash contribution?
You'll pay the upfront contribution to reserve the right to buy the home from us during your lease. GIPProperties will set the price you can buy the home back for upfront.
If you buy the home from us, you'll receive back your upfront contribution plus any down payment you've built during your lease.
Can I end my lease?
Just like a normal apartment, you are responsible for the full lease. However, if you need to move due to a change in financial circumstances or job relocation, you can sublet the remainder of the lease to a subletter. The subletter must apply and pass our approval process and sign a separate lease agreement. The subletter may not take over your purchase option.
Can I have a roommate?
Yes, you can, but all roommates must apply for and pass our approval process. They must also sign a lease directly with us.
When can I buy the home from you?
You are eligible to exercise your right to buy any time between the start of your lease and your 33rd payment. At which point, you will have 3 months to secure financing and purchase.
How do I buy the home from you?
When you sign your lease, we'll set a final purchase price, generally 2.5% annual price growth per year. You obtain a mortgage from a lender of your choice. We'll work with you upfront on a plan for down payment and closing cost savings. You'll build part of your down payment each month with your rent. If your lender allows it, we'll also contribute money towards your closing costs if you buy from us.
What happens if I do not buy the home?
No problem. GIPPropertiws will decide what happens to the property after your lease. We will either sell the home or rent it. If you are interested in renting, we may be able to work with you on a new lease. You will receive back:
Our company buys, sells, and rents homes. We will not be acting as your real estate agent or broker if we buy your house, sell you a house, or rent you a home. We are excited to potentially work with you directly OR if you are represented by an agent or broker. We are focused on improving neighborhoods and redeveloping areas that we work in. If you have additional questions on agencies please contact your local real estate commission.
We advise all Investors, Buyers, and Sellers to perform their own due diligence in all transactions. Our homes are sold as-is. Price based on a cash or hard money offer. All properties offered are either owned by us, under contract and selling equitable interest.