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Re: problems of lease to own
by Jake
on January 11, 2011 @16:40
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From time to time you will get a tenant with the fantasy that they can buy a home by simply paying rent. I have never known one of any of these tenants to actually acquire a home in this manner. They do not have credit for conventional loans and their lives and employment are so unstable that they can not make long term payments anyway. But if you have a place you are eager to unload and no institution will make a loan on it this may be the way to go. Jack the price up, charge 10% interest and get at least 10,000 down. Make out a contract to sale that does not give any vested interest until the sale price is paid off. Make sure they pay the taxes and carry mortgage insurance.
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