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Answers (5)
- Dan, "the_country_hick"
- Contributions:4699
Perhaps the blogs below can be of help. They were written by a realtor who is also an investor.
"How To Find And Screen an Investor-Friendly Realtor"
"How You Can Find and Buy a Lease-Option/Rent-to-Own Property"
I hope they help.
p.s. you might also look at the authors profile. Then look at his Q&A responses as he has given many rep[lies on this subject.
"How To Find And Screen an Investor-Friendly Realtor"
"How You Can Find and Buy a Lease-Option/Rent-to-Own Property"
I hope they help.
p.s. you might also look at the authors profile. Then look at his Q&A responses as he has given many rep[lies on this subject.
- Alan Grizzle, "Alan Grizzle"
- Contributions:401
I think you best bet is just a regular lease. You will have just a few rent to own properties to pick from. You will have many more choices in homes that are just for rent then later on when you are ready to buy you can pick just what you are looking.
- Ben Kastein Bob Hudetz, "AdvantageRealtyGroup"
- Contributions:814
Your goal is obviously to own which I must say is definately the direction that you should be headed, especially given the great purchase opportunities out there at this time.
As both Sally and Richard shared, there are multiple ways to go about purchasing a home through a rent to own process. My suggestion is that if you haven't already done so, to contact a qualified lender in your area. Many clients of mine feel like a rent to own option is a great way to go about buying a home but never look into whether they are qualified to do so from the start.
If you are qualified now, or will soon be qualified take the leap of faith and find a home to purchase. You might find that not only will it be an easy process, but that you will have better bargaining power when it comes to homes you like and more options available.
Best of luck!
Ben
- Sally English, "Sally English"
- Contributions:387
Richard had some great answers. I would like to add a third answer. Many older home owners have completely paid off their mortgage. They might consider owner financing a purchase where you have a down payment and a steady job. Worth a shot!
I am not a big fan of rent to buy. Too many scams out there.
I am not a big fan of rent to buy. Too many scams out there.
- RichardReid
- Contributions:197
Rent to buy is not very common, but it is possible. You will see it as a lease with an option to buy / purchase. There are technically 2 transactions which are contracted for at the same time.
Transaction 1: a lease to occupy the property for a certain amount of time. When a purchase option is involved, this can be a term of a couple of years. It needs to be long enough to cure the issue preventing you from buying today - whether that be a down payment, repairing credit, employment history, etc. It is possible that a percentage of the rent will go toward the purchase should you exercise the option to buy the home.
Transaction 2: an option to purchase the property at a price agreed to up front within a certain period of time. You may choose to exercise the option at any time within the period. If you decide not to, you walk away at the end of the lease / option period with no further obligation. You will will most likely provide financial consideration for the option which should go toward your purchase of the property if you do so, but is non-refundable if you choose to walk away.
Transaction 1: a lease to occupy the property for a certain amount of time. When a purchase option is involved, this can be a term of a couple of years. It needs to be long enough to cure the issue preventing you from buying today - whether that be a down payment, repairing credit, employment history, etc. It is possible that a percentage of the rent will go toward the purchase should you exercise the option to buy the home.
Transaction 2: an option to purchase the property at a price agreed to up front within a certain period of time. You may choose to exercise the option at any time within the period. If you decide not to, you walk away at the end of the lease / option period with no further obligation. You will will most likely provide financial consideration for the option which should go toward your purchase of the property if you do so, but is non-refundable if you choose to walk away.
Rent to buy?
Would that be a reasonable offer?
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