Has anyone done any rent to own homes before?? (tax lien, loan)

[TexasRedneck]

A lease with option is likely the cleanest transaction of this type to do. Have known others to do it successfully. Not for me personally, but I can certainly see where it would be attractive to some folks.
"Rent to own".....NO freakin' way. Period. You're gonna overpay - and have all kinds of potential potholes to try to get past!

[Hedgehog_Mom]

My mother's best friend did a rent to own deal, but somehow the owner didn't do the right paperwork and my mom's friend didn't realize it, so after several years of paying on the house they had to move out suddenly and it turned out that the extra money they had paid was just gone.

If you really just want to buy a house but don't think you can, the city has some downpayment assistance City of San Antonio | Official Web Site - Planning and Community Development I knew someone who did this a few years ago, they had to go to classes one night a week for a little while and then got the downpayment for their house.

[Topaz]

Be very careful.

What you need to know about lease options by John T. Reed

[jons_wifey]

Originally Posted by mamatotex97

We did a rent to own in another state. For us it went thru nicely. We rented the house for a eyar to decide if we liked the area.

sounds good!

Originally Posted by mamatotex97

Rented from a lady who had about 20 homes she owned and rented out.

she must be one very rich lady!!

[jons_wifey]

Originally Posted by Topaz

Be very careful.

What you need to know about lease options by John T. Reed

great read! thanks

[ktulu7]

Rent-to-own is always a big risk. Most landlords that run this type of scheme often are just taking advantage of poorer folks the same way the appliance rent-to-own joints are. The way I look at it, if you can't afford it now, what guarantees you'll be able to afford it later? Answer: savings. Save/invest the money until you can actually slap down a down-payment on something and until you can safely make the required mortgage and tax payments. Even if you actually do succeed in renting-to-own something, you will most likely pay a heck of a lot more in the process.

In the loan business and in insurance, typically, high-risk means higher premiums/rates. They're in the business to make money, and if they throw money at people who are less likely to be able to make the payments or are more likely to have costs associated with them, they're going to HAVE to charge more, to make up for the losses they'll presumably take handing out loans to folks that don't pan out. You also have to consider that there are a lot of folks that are poor because they make poor decisions, and that just draws in the more predatory types to take advantage of that. This all just means you will be throwing away lots more "free money" to these investors when you try to take an "easier" route to ownership of something. Credit's nice to have, and renting-to-own seems like a cool idea, but I personally MUCH rather just save, save, save until I know I can get that house. Just live in a cheap apartment and eat lots o' sandwiches for a while, like me, haha!

(Hey, at least San Antonio's housing is rather cheap and plentiful!)

[jons_wifey]

Originally Posted by ktulu7

I personally MUCH rather just save, save, save until I know I can get that house. Just live in a cheap apartment and eat lots o' sandwiches for a while, like me, haha!

I've always been a saver rather than a spender, my husband is the spender! but our goal is to rent for another year, and hopefully god willing this time next year we will be ready with a downpayment plus 6 months of emergency fund.

[ktulu7]

Originally Posted by jons_wifey

I've always been a saver rather than a spender, my husband is the spender! but our goal is to rent for another year, and hopefully god willing this time next year we will be ready with a downpayment plus 6 months of emergency fund.

My wife and I actually spent the whole evening last night doing some financial planning of our own, because we'd like to do the same thing.

[jons_wifey]

Originally Posted by ktulu7

My wife and I actually spent the whole evening last night doing some financial planning of our own, because we'd like to do the same thing.

of course, were sick and tired of renting booo
I know in time eventually we will get there in owning our first home, but then again I ask myself how does one OWN their home when it's still the banks and you're still paying your mortgage off! lol are you really technically called a homeowner when the title still belongs to the bank because you're still paying off your mortgage.

[ktulu7]

Originally Posted by jons_wifey

of course, were sick and tired of renting booo
I know in time eventually we will get there in owning our first home, but then again I ask myself how does one OWN their home when it's still the banks and you're still paying your mortgage off! lol are you really technically called a homeowner when the title still belongs to the bank because you're still paying off your mortgage.

Well, then you can also say the same about property tax. Taxed to purchase something seems okay, but taxed to own something feels wrong sometimes. At least it pretty much is for the schools here.