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Lobby General Discussion topic #12688612

Subject: "Rent-to-Own Property--Ever done it?" Previous topic | Next topic
JellyBean
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Fri Jan-02-15 10:51 AM

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"Rent-to-Own Property--Ever done it?"


  

          

I'm looking for an apartment, townhouse or house to rent...one of the properties I've been looking at has a rent to own option. It's a house 3 bedroom 1.5 bath $2000 down and $900 monthly for rent.

Is there anything I should be wary of?
Is this something that could potentially backfire?
pros? cons?

"Holier than thou never sits well with me."(c)janey

"OKP spends way too much time looking for ways to be offended." ~legsdiamond


http://twitter.com/jeleighbean

  

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Topic Outline
Subject Author Message Date ID
nobody knows nothing about this???
Jan 02nd 2015
1
it sounds like something you shouldn't do
Jan 02nd 2015
2
Anytime you take a "rent-to-own" option, you lose...
Jan 02nd 2015
3
If you have a good contract and are looking to own a home -
Jan 02nd 2015
4
how much of that will they give you when you buy the house?
Jan 02nd 2015
5
the $2000 down goes directly
Jan 02nd 2015
6
      Nah, they saying YOU gotta find a lender?
Jan 02nd 2015
10
i would do this on a property i wanted to get rid of...
Jan 02nd 2015
7
never heard of a successful rent to own transaction
Jan 02nd 2015
8
Nah, B. Buy straight up, but don't go for this okey doke.....
Jan 02nd 2015
9

JellyBean
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Fri Jan-02-15 11:56 AM

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1. "nobody knows nothing about this???"
In response to Reply # 0


  

          

"Holier than thou never sits well with me."(c)janey

"OKP spends way too much time looking for ways to be offended." ~legsdiamond


http://twitter.com/jeleighbean

  

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Rjcc
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Fri Jan-02-15 12:24 PM

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2. "it sounds like something you shouldn't do"
In response to Reply # 0


          


www.engadgethd.com - the other stuff i'm looking at

  

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CRichMonkey
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49444 posts
Fri Jan-02-15 12:29 PM

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3. "Anytime you take a "rent-to-own" option, you lose..."
In response to Reply # 0


  

          

Because you're essentially paying the down payment two or three times on the property.

You can assume that, if the rent is $900 a month on a place then the mortgage is somewhere between $600-$700. Now, if you do the math on that, you can figure out how much the place is worth and that, if you take that $2000 you'd pay up front, and then three or four months rent, you'd have enough of a down payment to buy another place at the same price without the scam.



my avy: Deep in your heart, you know he's right: http://coreyrichardsonneedsajob.com/
my hustle: http://SupaSoulSounds.com

*RIP: John T. "220v" Richardson, Blessing Benson, and Dilla*

  

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Case_One
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Fri Jan-02-15 12:30 PM

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4. "If you have a good contract and are looking to own a home - "
In response to Reply # 0


  

          

it's a good way to go for first time homeowners that do not have the capital to put down on a new home, but still want to live in a house instead of a standard apartment.


.
.
"America, stop turning our Court Houses of Justice into Dens for Justified Murderers."

  

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BigJazz
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Fri Jan-02-15 12:34 PM

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5. "how much of that will they give you when you buy the house?"
In response to Reply # 0


  

          


***
I'm tryna be better off, not better than...

  

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JellyBean
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Fri Jan-02-15 01:55 PM

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6. "the $2000 down goes directly "
In response to Reply # 5


  

          

to the homebuyers credit and $100 of the $900 goes to credit and I would have 3 years to get a lender to buy the home.

"Holier than thou never sits well with me."(c)janey

"OKP spends way too much time looking for ways to be offended." ~legsdiamond


http://twitter.com/jeleighbean

  

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CRichMonkey
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Fri Jan-02-15 02:28 PM

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10. "Nah, they saying YOU gotta find a lender?"
In response to Reply # 6


  

          

Fuck that shit, B.

You're better off taking that $3000 and putting it in the bank for yourself.


my avy: Deep in your heart, you know he's right: http://coreyrichardsonneedsajob.com/
my hustle: http://SupaSoulSounds.com

*RIP: John T. "220v" Richardson, Blessing Benson, and Dilla*

  

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ndibs
Member since Aug 06th 2012
12715 posts
Fri Jan-02-15 02:05 PM

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7. "i would do this on a property i wanted to get rid of..."
In response to Reply # 0


          

because it had issues, but couldn't' sell to a regular buyer because regular buyers are super thorough and will pay hundreds for a housing inspection and appraisal revealing all the problems. in other words, don't do it before you do those things and maybe live in the property for a minute so you can decide if you like the area/there are no major issues with the property. you have to think of what is the upside for the seller?

  

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legsdiamond
Member since May 05th 2011
63733 posts
Fri Jan-02-15 02:15 PM

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8. "never heard of a successful rent to own transaction"
In response to Reply # 0


          

They usually end with an eviction because the owner stopped paying the mortgage.

Is this a reputable company? More times than not that extra hundred towards credit is pocketed. What can they do with $100 of your dollars that you can't do?

  

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WarriorPoet415
Member since Sep 30th 2003
17572 posts
Fri Jan-02-15 02:24 PM

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9. "Nah, B. Buy straight up, but don't go for this okey doke....."
In response to Reply # 0


  

          

You're always in a better position maneuvering your own money. FOH with giving someone else your money to save and credit and put toward a down payment. I'd bet dollars to donuts, there's some hidden fees and whatnot.

Either rent at reasonable rate so you can save up and buy straight up, or just say fuggit and buy now.


______________________________________________________________________________

cscpov.blogspot.com

"There's a fine line between persistence and foolishness..."
-unknown

"To Each His Reach"

  

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