Not sure the question is understood--generally, in a rent to own scenario one has the option to buy at the end of the agreed lease period; therefore payments need to be made in accordance with that agreement....for any necessary legal advice, consult with an attorney who specializes in real estate.... more
When a rent to own lease is signed, rent is paid to the landlord; at the end of that lease you have the option to buy, or not; therefore one is still a renter/tenant until the actual purchase takes place. Does your lease agreement provide for 1 unit or both; does the second party have his/her own lease agreement with the landlord; if so both parties are responsible to pay their own rent.... more
It completely depends on the terms of your deal with the landlord/seller. Commonly the rent will be comparable to higher than a similar home without the rent to own criteria. Some of the rent can be applied toward your down payment when/if you exercise the purchase option.
In a rent to own, the home stays in the name of the current owner, you accumulate some credit and have the sole right to purchase the home for a predetermined price. If the value goes up, you have some equity if the purchase price was current fair market value. If the value drops as they have been in most areas the past few years, you may not be able to obtain a loan based on the agreed upon price.
If you are considering doing this, make sure you are working with an agent who is knowledgeable and experienced in this. There are benefits and risks you need to fully understand.... more
Hi, if you can clean and cut yards, you can get into this business. You can niche your services (see articles below that talk about niching your foreclosure cleanup servcies and starting your business).
Many wishes of success to you!
Cassandra Black, Consultant & CEO, Foreclosure Cleanup, LLC... more
I would be glad to help you. I have 2 homes with rent, option to buy. Feel free to call my cell, 708-533-0515. How is your credit? Do you know if you buy before December 1st you will get $8000 back FREE, or 10% of what you buy if it is less than $80,000? I have lenders who will help you get approved for FREE even over the phone. Call Niki Igel, 630-854-7434. Tell her Carmen from ReMax referred you. She will pull your credit for FREE, which you will need in order to rent anyway! Then she will tell you your options. Call my cell, 708-533-0515 if you have any questions. I am very good at getting the seller to pay closing costs too! You won't be sorry you went with me as your Realtor. My services to you are FREE, which is the best thing! I look forward to hearing from you.... more
It sure isn't...Did you need help finding a single family home?
I would be happy to help. You can contact me or just go to my website www.just-listed-homes.com
We have some great agents in Chicago.
Hope that helps and good luck!
David Brewer... more