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Gina, Renter in Tampa, FL

How do I find about about rent to own options?

Asked by Gina, Tampa, FL Sat Sep 7, 2013

I am new to Tampa , so I do not want to invest in an area before I know about it.

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9
I highly advise you read more about lease options or rent to owns - I've attached a link. There is often more at risk for the buyer than the seller in these situations...

Liane Jamason, REALTOR
Smith & Associates Real Estate
Top 1% of Area Realtors
813-486-4997
1 vote Thank Flag Link Sun Sep 8, 2013
Your best bet is to contact a realtor or a property management company to do a search for you. Not to may around but a property management company may asked there clients if that is something they might consider.
0 votes Thank Flag Link Fri Nov 15, 2013
Gina, If you want to learn about the neighborhoods and various lifestyles work with an agent.

Rent to owns are scarce and it's renter/buyer beware.

Lease option Two parts a lease / rental agreement. Option is part two provides tenant first right of refusal. Both tenant and Owner will have to be in agreement as to future sale price as of today's market value. Tenant will place a deposit in escrow for the option and both parties sign an agreement.

Contract for Deed the tenant contracts a sale price with the owner. The contract for deed is recorded. You make payments until an agreed amount. The balance might be a balloon amount due on a specific date. Then the deed is yours. If you default the property returns to the Seller.

Many rent to owns require that the tenant be responsible for any and all repairs to the property during occupancy. For example if the air conditioner stops, and needs to be replaced. The tenant is responsible. If the roof leaks the tenant is responsible. If the tenant decides to not exercise the option to buy then the improvements were made to someone else's property.

Rent to owns are popular during a buyer's market. We are in a Seller's market, thus, they will be hard to find.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com

Premier Tampa Bay brokerage. "Global Effort. Local Experience" Our Local Experience provides infinite benefits and produces positive communities where our clients and agents live, work and play. Our Global Effort delivers our commitment and professional knowledge to our clients. We are strategic, resourceful and determined. Visit http://www.brockrealty-inc.com where you can sign up for a FREE Listing book account which allows you to search the MLS in real time and receive morning reports on new listings, current pendings and recent solds.
0 votes Thank Flag Link Mon Sep 9, 2013
Hi Gina. I have a property manangement company with plenty of rentals available and when you're ready to buy, I can assist you with that process too. Feel free to call or email me anytime. Thanks and I look forward to hearing from you soon!

Jenn Cook
Bahia Realty Group
813-810-7454
jenn@jenncook.com
0 votes Thank Flag Link Mon Sep 9, 2013
Rent to own is not a good idea for a buyer. Find a regular rental, try to go for a 7 month lease, that should give you enough time to explore the area and decide where you want to purchase.
0 votes Thank Flag Link Mon Sep 9, 2013
You must be an "old school" realtor Antonio. I do not want to rent a home to someone for 7 months. If I did I would have to charge a much higher rent to make up for cost of turning it over.
Flag Mon Sep 9, 2013
Thank you so much for all this info! I feel that due to my situation I should not invest at this time. I would like to develop a relationship with a realtor to work with in the long term'
0 votes Thank Flag Link Sun Sep 8, 2013
If I were you Gina, I would have an agent search for what homes were available for rent that fit the criteria of what types of homes I would consider buying, and then have my agent discuss with the owners of the properties where they were at with them. Everyone would be surprised how comfortable people are telling what they would want for their home should they have an interested buyer now or in the next few years. Once we find someone open to this sort of thing with a property we know you already like, then it's all about setting the terms and following through. One thing to keep in mind though is when people are going to agree to a future sale amount they usually want a downpayment on that scenario to sort of lock you in.
0 votes Thank Flag Link Sun Sep 8, 2013
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
0 votes Thank Flag Link Sun Sep 8, 2013
RIght here, Gina.

Rent-to-own requires an investment.

All the best,
0 votes Thank Flag Link Sun Sep 8, 2013
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