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Old 08-18-2013, 09:14 AM
 
Location: Mountains of middle TN
5,245 posts, read 16,393,376 times
Reputation: 6130

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Originally Posted by KellySou View Post
Hi all! My husband and I are thinking of moving to east Tennessee in the spring after our lease is up at our current place here in Maine. We have been checking out the average apartment prices and house rental prices in a few areas as well as the employment situation. We need a decent job for him but I should be able to just transfer for my job or go back to my previous job in TN. We lived in Sevierville for 8 months from 2010 to 2011 and miss the area very much. I am wondering if anyone has done or is doing the rent to own or owner financing thing for their house? Anyone have any thoughts on the value of this way of purchasing or know of people that have done this? It seems like a good deal for some of the listings we have seen outside of Knoxville. I would much rather pay a monthly "rent" for something we will eventually own than just paying regular rent. Thanks in advance for any advice or examples!
First of all, how ironic. Hubby and I are very seriously thinking of selling our TN house so we can move to Maine. It's something we've been kicking around for years and we're getting closer to saying yes to the idea!

Anyway, both of my daughters are doing rent to own. The oldest and her husband bought their home from a family member, so things have gone smoothly. So far. Who knows what the future holds. The youngest and her husband bought from a local guy that was selling his mother's house after she passed away. Because they wanted to pay it off as soon as they could they gave him a $10,000 down payment instead of $3000 and have been making two payments per month and plan on giving him another $5000 chunk each year so the house would be paid for in six years instead of 15. The problem is, now that they've given him so much money he's turned very difficult. He tried to evict them because they removed the blinds in the dining room and put up curtains. Told them it's still his mother's house and they're not to change anything. It's been stupid petty things like this for the last few months. They have to make the homeowners insurance payments and he changed the policy which increased the payments by 50% and told them they can't change anything, won't allow them to have a copy of the policy, etc. They're calling companies and an attorney on Monday to see if they can get their own policy in their name and just pay that instead of his. It's just one battle after another.

It is possible to do owner finance successfully but it's tough unless it's family. I do wish you luck though.
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Old 08-19-2013, 06:21 AM
 
6,343 posts, read 11,540,651 times
Reputation: 6312
My advice is to work on cleaning up your credit. As a landlord I won't rent to people who don't have their finances under control. It doesn't have to be perfect but I want to see progress clearing up old debt. I understand about high medical bills as our country's insurance system is a mess - but if someone doesn't bother to pay a $54 medical bill that is a sign of bad faith.

IMO, most of the rent to own schemes are predatory. And they prey on people with bad credit. It wouldn't surprise me if the daughter's landlord wasn't being ornery on purpose. He might want to get them out of there and look for another victim. There are a few, like mmule, that are on the level but they are in the minority.

$800 is a good rent if it includes utilities. Hang in there and get your savings built up and start chipping away at those debts.
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