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Rent to own homes
    #11940801 -

Anyone got any experience or knowledge on these for me?  Is this something worth looking into?


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"I am the Highest Power the leader of the pack"

Actiavte My Dream Sequence Machine

GOD of the hologram earth

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Re: Rent to own homes [Re: UnholyChild666]
    #11944586 -

BUMP?


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"I am the Highest Power the leader of the pack"

Actiavte My Dream Sequence Machine

GOD of the hologram earth

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Re: Rent to own homes [Re: UnholyChild666]
    #11944603 -

Ive only heard of RTO appliances and furniture before, and in those cases they are often a rip of.

Whats the deal you are looking at?

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Re: Rent to own homes [Re: UnholyChild666]
    #11944607 -

I have not looked into one but I am sure if you are
dealing with a cool person and the house is nice why not :shrug:

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Re: Rent to own homes [Re: DeadHearts]
    #11944635 -

I got a rent to own car. It was a good deal considering my situation, but not a 'good deal'.
RTO house is probably the same way, but make sure you don't skip a payment! And I don't know if you get tax breaks either. (accountant will know)


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You make it all possible. Doesn't it feel good?

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Re: Rent to own homes [Re: UnholyChild666]
    #11944650 -

yeah i got a relly  into sellin realastate
i could ask him for some pamlets or somethin man


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Re: Rent to own homes [Re: midweststoner]
    #11944791 -

Rent to own anything usually is never a good deal. IF your gonna rent to own a house why not just get a mortgage. Isn't that around the same thing? My buddie went to that rent a center crap. He bought a TV that was already marked up like hell for 2k he ended up payingaround 3200 in the long run. At time of purchase I could have got the tv for cash at Compusa for 1200 bucks. What happends if you rent to own then decide to move? Do they keep your money as if you were a renter? Sounds shady all around.

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Re: Rent to own homes [Re: Gulfripper]
    #11944976 -

because everyone is walking away from morgages right now renting is the best thing going with all the forclosures
thats why rent to own makes more sence right now in a shit economy


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Re: Rent to own homes [Re: midweststoner]
    #11945024 -

Mortgages in french means death deal fyi anyways..

RTO usually includes a shit ton of interest levied onto your account so generally it is not a good deal as you end up paying a lot more.


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The kids who took LSD are not going to fight your wars
The older you get, the more rules they want you to follow

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Re: Rent to own homes [Re: UnholyChild666]
    #11946390 -

This is nothing ike Rent a Center guys, it's basically where someone bought a new home can't sell the old one so they ask for a very small down payment 500-2k( the ones I have seen are that small of a down payment) and then you pay rent so they don't have to worry about the mortgage, part of that rent goes to the down payment for the house the rest goes to the owner.  After so many years if you want to buy it you go find your own mortgage.  Basically it gives you time to save money for a down payment for your mortgage, works good for those who don't have the money at the time. 

http://home.howstuffworks.com/real-estate/rent-to-own-homes.htm


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"I am the Highest Power the leader of the pack"

Actiavte My Dream Sequence Machine

GOD of the hologram earth

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Re: Rent to own homes [Re: UnholyChild666]
    #11946396 -

UnholyChild666 said:
Anyone got any experience or knowledge on these for me?  Is this something worth looking into?



there's a lot of people willing to give a lease/purchase option, many
are willing to apply a portion of the rent towards a down payment.


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California Has Legalized Child Prostitution

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Re: Rent to own homes [Re: Prisoner#1]
    #11946406 -

I got that part figured out I just didn't know if there was any fine print I should know about.  Most of these in the area do need some repairs although some may just be cosmetics others may be much more.


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"I am the Highest Power the leader of the pack"

Actiavte My Dream Sequence Machine

GOD of the hologram earth

Extras: Filter Print Post Top
Re: Rent to own homes [Re: Gulfripper]
    #11946410 -

Gulfripper said:
What happends if you rent to own then decide to move? Do they keep your money as if you were a renter? Sounds shady all around.


it's no different than buying, would you assume you'd get your money
back on a mortgage? unless you have equity in the place you just get screwed

there's plenty of lease/purchase homes out there and unlike rent a
center you're buying at a fair market value at rates that will be
competitive with most lenders but like anything else, read the contract
so you know what you're getting


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California Has Legalized Child Prostitution

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Re: Rent to own homes [Re: UnholyChild666]
    #11946423 -

UnholyChild666 said:
I got that part figured out I just didn't know if there was any fine print I should know about.  Most of these in the area do need some repairs although some may just be cosmetics others may be much more.



most homes will be offered with a termite bond, insist on one, hire a
home inspector or learn about what you need to look for, carry a
flashlight and start snooping, it's the only way to know the condition
a house is in.

it's important to carefully examine both the lease and purchase
contracts, most of the time you wont get the purchase option unless
you can show 2-5 years of stability renting the home.


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California Has Legalized Child Prostitution

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Re: Rent to own homes [Re: Prisoner#1]
    #11946445 -

Prisoner#1 said:
UnholyChild666 said:
I got that part figured out I just didn't know if there was any fine print I should know about.  Most of these in the area do need some repairs although some may just be cosmetics others may be much more.



most homes will be offered with a termite bond, insist on one, hire a
home inspector or learn about what you need to look for, carry a
flashlight and start snooping, it's the only way to know the condition
a house is in.

it's important to carefully examine both the lease and purchase
contracts, most of the time you wont get the purchase option unless
you can show 2-5 years of stability renting the home.


Okay cool thanks I would never get into a home without having someone inspect it, But how exactly do show I have 2-5 stable income?


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"I am the Highest Power the leader of the pack"

Actiavte My Dream Sequence Machine

GOD of the hologram earth

Extras: Filter Print Post Top
Re: Rent to own homes [Re: UnholyChild666]
    #11946453 -

UnholyChild666 said:
But how exactly do show I have 2-5 stable income?


you'd rent the house for a few years, it's not to show stable earnings,
it's for a stable rental history, most of these otions arent even
available unless you're willing to rent a few years first


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California Has Legalized Child Prostitution

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Re: Rent to own homes [Re: UnholyChild666]
    #11946490 -

It seems like a bad idea.  The landlord/seller will extract a higher monthly payment to be used as a downpayment at the end of the terms.  The downpayment amount required will be decided by an as yet undetermined lender.  For all intents and purposes the renter/buyer will be contributing to a savings account not controlled by him.  Any unforesen maladies (e.g. loss of employment) that may occur in the intervening years will thus not find an unpenalized cure should the renter need the money.  I can see no advantage to this over just saving your own money, yourself.  Do not fall into the trap of thinking that you must have this particular house.  There are lots of houses out there.  I would never advise sacrificing liquidity for a dubious benefit that you may not want down the road.  Things change.  That you can count on.

Imagine if you had locked into this 3 years ago, including the selling price of the house.  You would probably have to walk away from all that extra money you paid because the value of the house has declined by 20%.


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