Anyone have any experience with this?
Announcement
Collapse
Home Economics 101
Welcome to the Home Ec Section. Matters of the family sometimes bring joy and other times bring grief. But it is never trivial: Family matters! Feel free to discuss topics such as the sanctity of marriage; the awesome responsibility of raising children; the struggles of communication problems; the grief of losing a loved one; or anything else that relates to the home and family. However, due to the more personal nature of this section, I ask that you would be especially thoughtful of the readers' feelings. My earnest hope and prayer is that the discussions in this section will help families grow in the love of Christ.
But remember, always play by the rules: here
But remember, always play by the rules: here
See more
See less
Rent to Own Home
Collapse
X
-
Rent to Own Home
"He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot
"Forgiveness is the way of love." Gary Chapman
My Personal Blog
My Novella blog (Current Novella Begins on 7/25/14)
Quill SwordTags: None
-
Originally posted by Teallaura View PostAnyone have any experience with this?
I'm always still in trouble again
"You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
"Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
"Of course, human life begins at fertilization that’s not the argument." --Tassman
-
It's how I bought the house I'm in now. But I knew the person I bought it from very well, and so I was never cheated (in fact just the opposite), but I don't know that my experience is normal. I probably paid around market for my house at the time, but it was in bad shape from years of renters basically destroying the house, so I got it on very favorable terms. i.e. low rent, which allowed me to put money into improvements. I think the key is to make sure the contract is fair before hand...which knowing you, it would be."What has the Church gained if it is popular, but there is no conviction, no repentance, no power?" - A.W. Tozer
"... there are two parties in Washington, the stupid party and the evil party, who occasionally get together and do something both stupid and evil, and this is called bipartisanship." - Everett Dirksen
Comment
-
Originally posted by Littlejoe View PostIt's how I bought the house I'm in now. But I knew the person I bought it from very well, and so I was never cheated (in fact just the opposite), but I don't know that my experience is normal. I probably paid around market for my house at the time, but it was in bad shape from years of renters basically destroying the house, so I got it on very favorable terms. i.e. low rent, which allowed me to put money into improvements. I think the key is to make sure the contract is fair before hand...which knowing you, it would be.
I'm always still in trouble again
"You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
"Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
"Of course, human life begins at fertilization that’s not the argument." --Tassman
Comment
-
Thanks Guys.
Yeah, I have houses in mind."He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot
"Forgiveness is the way of love." Gary Chapman
My Personal Blog
My Novella blog (Current Novella Begins on 7/25/14)
Quill Sword
Comment
-
Originally posted by Teallaura View PostThanks Guys.
Yeah, I have houses in mind.
Emily-Litella-Never-mind.jpg
I'm always still in trouble again
"You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
"Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
"Of course, human life begins at fertilization that’s not the argument." --Tassman
Comment
-
The biggest problem with a rent to own for a house is that the person desiring the house is usually in a bind, and the seller knows that.
They'll often set the rental rate within reach, but the conversion to a buy is at a price or terms far more than what you might have done had you started it out as a purchase.
And there's the matter of how much of the rental amount applies to purchase. In some cases, 50% of what you paid in rent can be applied toward the purchase price, but that varies wildly.
The "hook" is -- you need a place to live, and you're a bit desperate, so you might agree to purchase terms (price, interest rates, down payment, etc) that are not the best. After you've paid a year or two (or five) renting, you feel like you're abandoning that money if you don't convert.
The "plus" is that it offers people with no down payment an opportunity to "build equity" (so to speak) in the house, and use that rent equity as part of the down payment, or to continue saving down payment while renting.The first to state his case seems right until another comes and cross-examines him.
Comment
-
Thanks, CP, that's pretty much what I figured."He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot
"Forgiveness is the way of love." Gary Chapman
My Personal Blog
My Novella blog (Current Novella Begins on 7/25/14)
Quill Sword
Comment
-
Yeah, so if you can find somebody like LJ cited - sounds like somebody cared about him and "worked a deal", it's great.
I actually was in a rent to own when I was younger, but we discovered that the area behind us was going to turn from woodland to commercial development, and there would be a convenient store right behind my back yard. Also, the community had a swimming pool, and I heard that the management team was facing bankruptcy.
Toward the end of the first year, I exercised my option NOT to proceed with the purchase, which cost me $500.00, and none of the rent went toward purchase. But, hey, it was rent! However, they did, indeed, clear the land behind me and build a convenient store, and the community pool / club did indeed go bankrupt and close, becoming quite an eyesore.
So, it was $500 well lost.The first to state his case seems right until another comes and cross-examines him.
Comment
-
Originally posted by rogue06 View PostTo be honest I was thinking of furniture and appliances and not houses.The first to state his case seems right until another comes and cross-examines him.
Comment
-
Originally posted by Cow Poke View PostYeah, so if you can find somebody like LJ cited - sounds like somebody cared about him and "worked a deal", it's great.
I actually was in a rent to own when I was younger, but we discovered that the area behind us was going to turn from woodland to commercial development, and there would be a convenient store right behind my back yard. Also, the community had a swimming pool, and I heard that the management team was facing bankruptcy.
Toward the end of the first year, I exercised my option NOT to proceed with the purchase, which cost me $500.00, and none of the rent went toward purchase. But, hey, it was rent! However, they did, indeed, clear the land behind me and build a convenient store, and the community pool / club did indeed go bankrupt and close, becoming quite an eyesore.
So, it was $500 well lost."He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot
"Forgiveness is the way of love." Gary Chapman
My Personal Blog
My Novella blog (Current Novella Begins on 7/25/14)
Quill Sword
Comment
-
Originally posted by Teallaura View PostYeah, I'm thinking it may be my best option at the moment
You're smart - besides cute - so you'll do fine. If it turns into a purchase opportunity, more power to ya!The first to state his case seems right until another comes and cross-examines him.
Comment
widgetinstance 221 (Related Threads) skipped due to lack of content & hide_module_if_empty option.
Comment