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Old 12-14-2007, 04:26 PM
 
Location: Waxhaw, NC
148 posts, read 506,285 times
Reputation: 43

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We are relocating from NY to purchase a "Rent to Own" Company in the Charlotte area. From the looks of things, the company has done very well over the past few years. We have done alot of research on the company. They match up home sellers with buyers that may either have a credit issue, low downpayment, do not want to commit long term to buying a home, etc. A portion of the rent goes to the down payment and at the end of the year there is an option to purchase the home. It sounds almost to good to be true that this company is doing so well. Since we intend to get our RE licenses, this would be a great business for us (husband and wife).Is anyone else out there in this type of business, knows someone who is or even in a rent to own situation???? I would love to hear your thoughts on the whole thing!!! The initial purchase is costly so we are still deciding if it will be worth the investment.
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Old 12-14-2007, 04:50 PM
 
Location: South Charlotte
1,435 posts, read 5,228,190 times
Reputation: 486
Do you currently have a real estate license in your state? If so, have you spoken to NC and are they going to allow reciprocity? The reason I ask is that you cannot just take the licensing course, pass the test, and open up shop.

To answer your question I have never heard of a rent to own company in the area. We receive hundreds of flyers at the office(large firm) every week and I cannot recall ever receiving anything from a rent to own company.

Maybe someone else has dealt with them and they will chime in.
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Old 12-14-2007, 04:54 PM
 
Location: Waxhaw, NC
148 posts, read 506,285 times
Reputation: 43
We are not opening an office. We will run it out of our home. Clients will be met at the listed homes for rent. We spent time with the current owners a few months ago and saw how they did business. We were also told that since we are not receiving monies from the Sellers, just the tenants, that we do not even need a RE license. However, we are going to be licensed in NC. We may at some point want to affiliate with a Broker.
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Old 12-14-2007, 09:06 PM
 
1,013 posts, read 2,653,060 times
Reputation: 762
Just a question. If you only have a year to make pick an option to buy or not, how much money could possibly go towards the down payment in only a year?

Also, do you still negotiate the price of the home?
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Old 12-14-2007, 09:07 PM
 
Location: Huntersville
1,521 posts, read 4,482,705 times
Reputation: 298
save the money and create your own company with the same business model. The only thing they probably have right now is the phone ringing!
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Old 12-15-2007, 09:03 AM
 
Location: Wherever it is, I am sure it is cosmopolitan
674 posts, read 606,940 times
Reputation: 138
Just don't put any of your homes in my neighborhood, they always turn out to be HOA nightmares. Thanks in advance
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Old 12-17-2007, 10:02 AM
 
70 posts, read 143,827 times
Reputation: 41
I'm in a "rent to own" and I can see how a company like this makes easy money. We gave them a "non-refundable" deposit when we moved in, and they really mean non-refundable - no matter the circumstances. So when we move, they will find another person to give them a non-refundable deposit, and on and on.

I do think if done right and fairly this is a very good program. We just happened to get suckered.
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Old 12-17-2007, 01:31 PM
 
Location: Suburban Buffalo, NY
928 posts, read 3,535,211 times
Reputation: 214
I bought a house through the rent to own company in gastonia and got ganked and financially assulted by them. There is no way out, these places take your $$ but you have to qualify for a mortgage to buy these homes. I don't think this is disclosed. With the current state of subprime lending, i would not go into this business and charlotte is not exempt from this foreclosure nightmare that is coming about.
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Old 12-17-2007, 01:47 PM
 
4,792 posts, read 11,971,217 times
Reputation: 3453
I would never go into some rent to own scheme.
IMO you either rent or you own. Don't get caught in the middle. It will only cost you more.
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Old 05-03-2012, 07:53 PM
 
1 posts, read 1,679 times
Reputation: 10
If you want to run a "rent to Own" company you should become a fully licensed brokerage and adhere to the code of ethics as set out by the board of realtors.

We run a franchise called "RentPurchase.Com", full support for your business...please visit our web site at rentpurchase.com, rentpurchase.info. We would be happy to give you an alternative option to your current potential purchase.

We are the only franchise of this nature expanding across the country.

Rich 704-494-7503
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