Rent to own Oahu?

[whtviper1]

Of course, one would have to find this elusive "rent to own" to begin with.

[ohhboy]

rent to own is useless unless you are buying a toilet.


home price $700,000 rent is $3000.......... big whoop! $1500 or less credit to purchase price......dubble big whoop!

[pj737]

"Rent to own" schemes are unethical; owners/landlords prey on people with poor credit that have dreams and aspirations to own a home one day.

Generally, those with habitually bad credit will not improve their credit over time. Yes, it's a generalization but statistically speaking, it's a very accurate one; the owners providing these schemes are very, very aware of that. So once they've saved up enough for a down payment, they still cannot get approved for traditional financing... so they go once again to the deed holder (owner of the home) and asks for seller financing which provides another opportunity for the owner to take advantage of the rent-to-own tenant by giving them higher than market interest rates with lousy terms. It's great for the owner because the renter lives in this pipe dream world of 'owning' the house and therefore will take great care of the home. Also, the rent-to-own tenant has to pay for 100% of home repairs during the period of down payment accumulation which can be 2-5 years or more.

These schemes are extremely rare in Hawaii and that's a good thing.

[honobob]

Originally Posted by Paradise Calling

I recently noticed one of these too. It was something like a newer three bedroom house with an outdoor hot tub for $650/month.. Something told me that was a scam.

That's not a bad price for a private hot tub. Does that include electricity? How much more was the three bedroom house?

[ohhboy]

Originally Posted by honobob

That's not a bad price for a private hot tub. Does that include electricity? How much more was the three bedroom house?

very funnie.

[Mark.ca]

Originally Posted by honobob

That's not a bad price for a private hot tub. Does that include electricity? How much more was the three bedroom house?

I hear the house is free if you pay the rent on the tub 6 months in advance and wire them the money through Western Union. Sound like a good deal to me...