Rent to Own (by Dave [MN]) Feb 10, 2009 1:23 PM|
Rent to Own (by Gwen [NY]) Feb 10, 2009 3:02 PM
Rent to Own (by Gwen [OH]) Feb 11, 2009 7:25 AM
Rent to Own (by Lynda [TX]) Feb 11, 2009 10:51 AM
Rent to Own (by Dave [MN]) Posted on: Feb 10, 2009 1:23 PM
State Specific Question About: MINNESOTA (MN)
I am hoping someone could point in the right direction on how to go about setting up a Rent to Own agreement. Is there a place on the web that I could get an agreement or would the best option be to find a real-estate lawyer?
I have a tenant that wants to buy the house in 7 years and can put 10% down now and I would like to set an agreement up, but I also want to cover myself.
Rent to Own (by Gwen [NY]) Posted on: Feb 10, 2009 3:02 PM
If they can't get a mortgage from a bank, why do you think they will be able to pay you for the house? Do you think you have better judgment than a bank about their creditworthiness/ability to pay?
Keep things simple: if you want to rent it, rent it. If you want to sell it, sell it. --72.230.x.xxx
Rent to Own (by Gwen [OH]) Posted on: Feb 11, 2009 7:25 AM
86% of these go bad in OH before the current real estate crisis.
If he uses a down payment he has an equitalbe interest and it will not be a rent to own. You will have to foreclosue and not just evict to get him out. No doubt legal fees for that will exceed downpayment. Yes, you would need a real estate lawyer.
IF a bank would not lend to him with their resources, what makes you think you can do better with your even more limted resources? --151.213.x.xx
Rent to Own (by Lynda [TX]) Posted on: Feb 11, 2009 10:51 AM
Dave, first go up on this page and research 'Lease Options' by subject, or by author put in 'Lynda(TX)'
In fact I wrote a long answer on this subject only days ago, so you may find it by hitting Next at the bottom of the left hand collum, till you see a post like yours with my name in the response list. --140.140.xx.x