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What is rent to own?


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Answered 2008-12-06 01:42:05

"Rent to own" is when you rent an condo/house, and they give you the option to buy it after you rent it for the term of the lease. They will usually give you like 10 to 20 percent of the total amount of money you paid in rent of the lease term, to take off the total cost of the condo/house. Good luck! It's cheaper to just but so weigh your options. Rent to Own and Lease to Own are very similar strategies. There is an option consideration that is paid upfront (typically between 3-5% if an investor, and 2-3 months rent if a one-time seller). This money buys your ability to purchase the house, over a set period of time (1-5 yrs typically), for a pre-negotiated price, and is almost always credited towards the purchase of the house. The Advantages to the Seller are numerous. * No real estate commission to pay (not realtors). * No maintenance problems. * Prompt payment of rent. * All the terms of the purchase are negotiated in advance. * Seller retains all tax benefits until the sale and much more. * Positive monthly cash flow to offset losses For the Buyer * Time to shop around for best financing options * Live in the house before you buy it * Meet the neighbors and neighborhood before making long term decision * Large rent credits (25-100%) for prompt payment You can get more information at www.iLease-a-House.com. They cater to buyers, sellers, and investors.

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