Pick from a variety of homes for sale, and we’ll buy it just for you.
These rentals give you the flexibility of choice. Rent or buy, it’s completely up to you!
You can buy your rental home for a pre-set fixed price!
You get the Option to purchase for no up front costs and no non-refundable fees.
We came in with a strange situation after my husband and I separated from Active Duty, having difficulty getting other property management or brokers to work with us. James took the time to truly understand our situation, find solutions, and worked to meet our deadlines. When issues came from the sellers up he was quick to communicate, never trying to avoid a difficult situation. I would highly recommend James to anyone!
Our experience with the Operation Red Dot team was spectacular. James and Shane were really helpful and so patient throughout the process. They educated us about things we didn’t know as first time buyers as well as giving us information for the future. One of the most helpful parts was the fact that they allowed us to use their moving truck free of charge. If you are looking for patient, hardworking individuals to help you purchase a home, these are the guys. We got the best deal and did not feel any financial strain. We are loving our new home. Thank you Operation Red Dot!
[UPDATE NUMBERS BEFORE PUBLISHING]
From analyzing 13,000 flips in greater Seattle-area since 2002, we find that on average, MLS-purchased flips sell for 1.8x their purchase price compared with 1.6x off-market and 1.4x at foreclosure auctions.
While we do not know the condition of these flips, we think if anything MLS-purchased flips are in better condition, not worse. Furthermore, off-market deals often have an assignment fee and foreclosure deals have a commission paid on top of the purchase price, which makes MLS deals even more favorable than the numbers suggest.
Our guts tell us that this feels off, and to some extent this is true. The opportunity for luck is greater in these markets, and the top 10% of off-market flips perform better than the top 10% of MLS-purchased flips. Nevertheless, the MLS still presents a meaningful buying advantage for rehab investors.
This suggest there is more supply (deals) relative to demand (competing buyers) when shopping for deals on the MLS versus off market or at foreclosure auction.
From a supply perspective, 4_% of historical flips were purchased from the MLS versus 3_% off-market and 2_% at a foreclosure auction. With more supply, the MLS can absorb more demand.
From a demand perspective, we can say there's roughly 87% of the relative demand off-market as measured by the resale multiples (1.4 / 1.6). Because there are 1.25x more deals on the MLS than off-market (4_% / 3_%), we can deduce there is about 1.09x more demand (87% * 1.25).
In other words, there is 1.09x more demand on the MLS, but 1.25x more supply to absorb it.
We can't say for sure, but we have some theories as to why there is less competition on the MLS than it might appear.
For starters, prospective homeowners cannot easily finance properties that need repairs, and when they do compete it is normally for cosmetic flip opportunities. Many sellers also over price their listings and end up accepting a lowball offer—think of it as a hidden supply on the MLS.
The demand for off-market deals is also is also higher than it appear. From intuition and the advice of others, investors gravitate to the idea that buying off-market or at the auction is less-competitive. The problem is that everyone thinks this way.
In many cases, investors are purchasing overlapping mailing listings and calling on the same FSBO directories.
This is not to say you should only pursue MLS-listed opportunities. Rather, we believe the MLS should be an active source of opportunities for serious investors. From analyzing 13,000 flips in greater Seattle-area since 2002, we find that on average, MLS-purchased flips sell for 1.8x their purchase price compared with 1.6x off-market and 1.4x at foreclosure auctions.
A Lease Option is similar to Rent-To-Own, but better! A lease option is where a tenant (you) signs a lease with a landlord (us), and that lease pre-determines a purchase price allowing the tenant to purchase the home within a certain period. It’s not an obligation, just an option. There are no non-refundable fees to participate, and none of your rent is applied towards a down payment or deposit. In our program, you get approved to rent, but once approved we go look at houses that are actively for sale, instead of homes currently for rent. Once you find the perfect house, we buy the home with cash in around 3 weeks, and move you in as the tenant. After 90 days, we activate your option to purchase and you can buy at any time. Your only obligation to us is 1 year of rent (Unless you get orders, obviously).
Several factors are considered when approving a household for the program. A 550 minimum FICO credit score and no evictions in the last 5 years are required. Other factors we consider are employment history, criminal history, rent-to-income ratios, and BAH rate. If you are moving from a different state or starting a new job, we will need confirmation of your new job and income. Decisions are issued in 24 hours or less.
Our application is $50 per household, and covers everyone on the application, AND covers you for any house shown on our website. We hate the idea of households submitting an application per person per property, so we're going to do it better.
Yes we are! We think pets are an important part of any household. Pets are often treated as family. Yes, these houses start as rentals, but it could be yours for real if you use your option. For that reason, we want you to have the freedom to have pets in your home. Our properties do have a $300 pet deposit, but that’s it. We do not charge pet rent. As with any damage created during your tenancy, you are responsible for any repairs required from pet damage, as outlined by your states Landlord-Tenant Laws.
Simple IS better. We require a security deposit equal to 1x the rent, and 1st month’s rent to move in. The security deposit is required within 48 hours of us securing your new home, and 1st month’s rent is due within 72 hours of move-in. If you do have a pet, a $300 pet deposit must be paid with the security deposit.
Yes it is! The security deposit is 100% refundable, assuming there’s no damage to the property during your lease term. Also, If you use your option to purchase, the deposit is refunded 100% once we close the transaction putting the house into your name. The pet deposit is not refundable.
Nope, you do not HAVE to buy. However, you’ll quickly see how many hundreds of dollars you’ll save in monthly payments by using your option to purchase. Nothing locks you in to buy though. There are no non-refundable deposits, and no penalty for not purchasing the home. This program offers maximum flexibility!
Active Duty Military Members, all Military veterans, and direct dependents of military veterans (Spouse or children) are eligible for this program. We will consider opening this program to the public at a later date.
You may use your option to purchase at anytime after the first 90 days of the initial lease! Depending on which option you chose, you'll either have a 3 year or 5 year option to purchase.
We do not provide financing (Yet). We are not a mortgage lender, but we have been working with some SOLID Veteran loan officers that can get you the best rate, and maybe even a rebate!
If you are amazing, we want to know. Here is a list of current openings, and we are always open to unsolicited pitches.