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Rent to Own by Richard on May 10, 2018 @19:41

                              
I have a tenant who wants to discuss rent to own.
What rent to own options are there?
I feel that he would need to pay extra rent and I would match for down payment or a down payment put in escrow. Or have to end up holding the mortgage note.
I have a mortgage on the property and don't really want to pay it off because of the low rate I got.
I don't mind selling the property as it's in another town that I don't travel to as much anymore.
I know I have to educate him that his rent covers many things, mortgage principal, mortgage interest, taxes, insurance, water, sewer, maintenance and etc.
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Re: Rent to Own by Anonymous on May 10, 2018 @20:05 [ Reply ]
Sell outright or don't sell at all. Why would you want to constantly deal with him? If he can't qualify for a loan, what makes you think he'll honor his rent to own agreement?
Re: Rent to Own by Anonymous on May 11, 2018 @05:54 [ Reply ]
This can work out well if you have a good contract. Usually you want a 5 or 10 thousand dollar non refundable deposit. And the T pays 200 or more in extra rent that applies to the purchase price. In most cases the T ends up bailing out over several years due to family issues job, or health. You end up keeping the property. With the extra rent and deposit. T maintains the property and all repairs.
Re: Rent to Own by anon (CA) on May 11, 2018 @12:23 [ Reply ]
Rent to own is complicated! Study up on it.
Re: Rent to Own by Lacey on May 14, 2018 @15:07 [ Reply ]
You may want to check out LPA's Purchase Option Lease agreement.
Gives you maximum control in how you set up this rent to own and be protected with a sizable security / option deposit.

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