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AmdWolfman
10-26-2007, 10:51 AM
My friend and I looking for a house to rent to own, he's got a full time job, and i have a steady income, so if someone know how to go about it,lemmme know,,,thx
Both our checks are direct payments for rent.

italiandomino
10-26-2007, 11:22 AM
rent to own is a great idea, however .. either side can opt out at any time. A buddy of mine was doing that for 5 years, after he told the owner he was going to apply for a mortgage to purchase the rest of the house, the owner opt out and decided to keep the house. My buddy ended up getting a mortgage and bought a different house, but he lost 5 years worth of rent for something he thought he was purchasing.

Guest
10-26-2007, 11:24 AM
Therefore, you get a rent to own agreement in writing. Then opt out options are specified and there's no surprises. Sounds like your buddy just had an informal verbal agreement with no stipulations specified.

italiandomino
10-26-2007, 11:26 AM
This is why your not a lawyer

KDawg
10-26-2007, 11:35 AM
Absolutely get every detail in writing, but more importantly, think long and hard about buying a house with a friend. What happens if the friendship takes a nosedive?

Guest
10-26-2007, 11:35 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: italiandomino</div><div class="ubbcode-body">This is why your not a lawyer </div></div>WTH are you talkin about? Only a moron would have an agreement where opt out options aren't specified

goodasgold
10-26-2007, 11:37 AM
My parents did a rent to own for there house. They went through a lawyer and signed papers to pay so much for three years. Afterwards, they could purchase the house pending approval for the mortgage. It worked out for them. I don't see many houses though that are rent to own.

Verotik
10-26-2007, 12:44 PM
I will probably put this house up for something like that next year, when i build the new house in the property next door.

Tutones
10-26-2007, 05:58 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: verotik667</div><div class="ubbcode-body">I will probably put this house up for something like that next year, when i build the new house in the property next door. </div></div>

At least you'll be able to choose your new neighbours!

Jackie B
10-26-2007, 07:06 PM
We rented ot own our home for 3 years until we qualified for a mortgage. Everything was done through a lawyer though, and I don't see how we could have got out of it. (not that we wanted to) We will be tentatively be renting to own our home to a couple we know in the spring and plan to do it through lawyers as well.