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Thread: rent to own

  1. #1
    Featured Member Ifyouseekamy's Avatar
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    Default rent to own

    Anyone have any experience with rent to own or condos.

    I am a single and child free. I’ve heard it’s wise to buy your own house, but I have serious doubts. I hate repairing and maintaining. I can see myself buying a condo, but that also had issues. It’s hard to get a loan and you better hope the home owners association is good-otherwise the whole condo complex can go to shit. I’m 100% sure I’m not having kids. I could see myself living with someone or moving in the future though?

    After buying a house before the Great Recession it’s ruined the idea of homeownership, but I’m tired of renting a small shoebox for the same price as a mortgage payment.

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    God/dess Zofia's Avatar
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    Default Re: rent to own

    Buy the house you need, nothing more. Don't view it as an investment, just as a place to live. Don't expect it to make you any money and you'll make a good decision. Buy too much, or mistake a house for an investment and you'll get killed.

    XOXO
    Z

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  5. #3
    God/dess Gia2608's Avatar
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    Default Re: rent to own

    "Rent to own" is a concept that doesn't really exist in a way that is beneficial to the renter. If you can rent someone's condo with a purchase option, this is a better deal. Usually rent to own the landlord/seller is supposed to place a portion of the rent into escrow (meaning you are overcharged market rates). Not saying all landlords are shady but I did something like this as a noob dancer and lost like 23K, because he spent all the money. The property foreclosed and we had 72 hours to vacate. We had no idea the mortgage was delinquent and dummy me had redone the floors, thinki ng we would eventually buy it.

    This was pre market crash. To be honest, the 23K I lost is a lot less than had I bought the property at the over inflated price and then it went down but still... it was a tough pill to swallow.

    I can understand your trepidation for doing home repairs, I own a SFH and HATE it!! I am also trying to move into a condo. However, the overall benefit of owning property is well worth it. There are a lot of programs out there to help 1st time home buyers (you haven't owned a home in 3 years); and if you are the user I think you are there may be other things to help you as well.

    I can give you some mortgage advice of you PM me though I do not know your local market.
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

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  7. #4
    God/dess whirlerz's Avatar
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    Default Re: rent to own

    Gia, WOW, damn..sorry about that..
    What's a SFH?

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