Andre Jacobs, Renter in 11580

Are there Rent-to-Own homes in Valley Stream/Elmont areas?

Asked by Andre Jacobs, 11580 Mon Aug 27, 2012

Entering into market for house rental and or rent to own. Looking for a credible list.. Home could be a fixer upper. Thanks.

Help the community by answering this question:


Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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0 votes Thank Flag Link Tue Apr 16, 2013
Thanks for all the input.. I'm reentering the single life.. I had a home in elmont, which is being sold to close out proceedings. I prefer a house to an apartment, because of space for biz interests.
0 votes Thank Flag Link Tue Aug 28, 2012
Hi Andre, If you want to, contact me and we can start to discuss your budget and criteria for a house and have you looking at houses by the weekend if you would like. Again I live in the neighborhood so I can meet up with you at your convience and we can start the process. My phone # is 516-710-4298, you can email me @ or text me @ 516-967-8470. Thanks so much and I look forward to hearing from you.

Rich Marin
Charles Rutenberg Realty
Flag Tue Aug 28, 2012
Hi Andre,

What is the particular reason why you wouldn't want to purchase right now. In this economy rentals are very costly and for the same amount of money, if not less, you can purchase your own home from the beginning. I would suggest to first get prequalified for a loan and see if you are even financially capable of purchasing a home and if so what you can afford. I grew up, live and work strictly in Valley Stream. It's a wonderful community and am glad to be raising my family where I grew up. If you need any addition advice or are interested in seeing either rentals in the area or homes for sale I would be glad to work with you. You can call me @ 516-710-4298 or email me @, or text me @ 516-967-8470. I wish you the best and look forward to hearing from you.
0 votes Thank Flag Link Tue Aug 28, 2012
Rent to own opportunities are rare in this area as most sellers prefer to sell outright. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore inform yourself well beforehand and consult with an attorney who specializes in real estate. Rather if you haven't done so yet, visit with any licensed loan officer, see if you can buy outright.
0 votes Thank Flag Link Mon Aug 27, 2012
Yes, there are rent to own properties but it is beyond me why in this market folks would be having a conversation about rent to own. At the agreed time of purchase there could be other properties on the market which are much better deals and there are no guarantees that the rent to own sale price will even be able to appraise.

If you are a serious buyer in this market I would suggest you continue to save and/or improve your credit. Rent to own is just not a first option anymore, at least not in the NY market. Does anyone agree or disagree ???????
0 votes Thank Flag Link Mon Aug 27, 2012
Consider working with an Agent or check out or for available rentals.

I hope this answered your questions.

Wishing you the best of luck,

De Vonte Williamson, LSA
Coldwell Banker Residential
Direct: (631)638-6193
Cell: (631)384-3695
Proudly Serving Long Island
" I Stand Behind Getting You Results!"
0 votes Thank Flag Link Mon Aug 27, 2012
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