Home Buying in 29456>Question Details

Anthony Smith, Renter in Summerville, SC

I am looking for a list of homes that are rent to own in the Summerville SC area. Can anyone provide me with any assistance? Thank you in advance.

Asked by Anthony Smith, Summerville, SC Fri Jan 14, 2011

Rent to own/lease to own homes.

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For Rent to Purchase, Rent with Purchase Options, Rent, and For Sale properties, visit http://www.schomesellers.com, fill out the VIP Buyers questionnaire, it remains confidential and you'll know what's available in Summerville.
0 votes Thank Flag Link Tue Jan 31, 2012
Hey there Anthony....

Rarely will you find a "list". Lease-to-Own deals are created...more than they are found. I wrote an article in my blog about ways you can find a Lease-to-Own property with or without an Agent.

http://www.trulia.com/blog/hhi_investing_llc/2010/04/what_wa…

I do, however, suggest using a PROFESSIONAL Attorney who is familiar with and HAS successfully COMPLETED this type of paperwork/transaction before. The LAST thing you want to do is get into a situation where some things aren't spelled out well or to have a Real Estate Agent or Property Mgmt Company person say...... "Sure, I'm sure we can figure out how to put something like that together for you." <---doesn't really instill a whole lot of confidence for sure.

Best wishes & Laus Deo,

Darin Ray
Lease-to-Own Professional
Independent Consultant
0 votes Thank Flag Link Fri Jan 14, 2011
Anthony, please explain what you mean by "Rent to Own". Many people have a misconception about that program. They often think that all the rent goes towards the purchase of the house. However, that is not correct. The part of the rent that is over the market value is what goes towards the purchase. i.e., house normally rents for $1000 per month, tenant pays $1200 per month, $200 per month goes towards the purchase price.

If a landlord applies all the rent tot he purchase, they then have to pay double taxes. They have to pay on the rent they "should have" recieved (calculated by the IRS), and then taxes on the sale price. (This is a simplified explanation, it is much more complicated, but you get the idea)

In addition, having all the rent go towards the purchase means there is no rent, it is just payments on the purchase price, so the tenant is really getting free living space.

These are just some of the misconceptions about "renting to own". If you are interested in legitimate "rent to own" property, then contact your Property Management company, or any of the Professional Property Managers locally and they will have some of their inventory that will qualify for such a program.

Good Luck,

Rachel Lindsay - 1 Sterling Place, Ltd. Property Management
0 votes Thank Flag Link Fri Jan 14, 2011
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