Please let me know why you want to do a "rent to buy". I have been involved in many "rent to own" opportunities and very few work out. Let me know what your goal is and why, I can give you the guidance that you seek.
Sohail A. Salahuddin | Group Founder
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Locally Known, Globally Recognized"
Most people in Chicago either rent or buy, not both in the same agreement. If your goal is to own and you are retired, what is preventing you from buying now while both interest rate and values are low?
All the best,
Hope that you are having a good day. Sorry that your having these issues, I am not going to go and bash your idea because it is a really good alternative for what you are looking to do. Part of the reason you are finding this option so hard to use is because you are speaking to the wrong people. Most of my colleges who have answered have only worked the conventional side of things and have either closed minds about doing anything that strays from the normal way or if they are open minded may have seen one and figured that is how everything is done. You really should look for real estate investors and talk to them to help you out. I am an investor, however I do not work in that area of town. I can check with some of my associates who may cover that area to see what they may have available if you want. Please either call or text 708-942-7039 so I can find out a little more of what your looking for and be better able to assist you. If you don't contact me I wish you the best of luck in your search and hope that you find what your looking for soon.
I feel the broker who said you are desperate was being a little harsh not knowing the specific reason you want a rent to own. You specifically asked about zip codes 60613 and 60640 these two zip codes are desired areas to live in and if a Realtor and owner have done a good job they have priced the property at price that it will sell in a reasonable amount of time. Therefore, owners in these zip codes really have no need or incentive to do owner financing.
Since you have excellent credit why wouldnâ€™t you simply purchase the property when interest rates are at an all time low? Owner financing will generally be at higher rate because they are incurring all the risk.
I am just keeping my answer simple.
Best of Luck,
Manuel Brown, Broker
Seriously, rent to buy, in most respects, are generally found in areas where many prospective buyers might have difficulty getting financing, which is to say, not the majority of the Northside.
On top of that, for every solid deal you hear that is a rent to buy, you'll hear five times as many horror stories. You need to do a lot (you can capitalize that) of due diligence to ensure you are involved in a straight forward transaction (get a good real estate attorney).
Based on where I think you might want to live, check out the abundance of relatively cheap condos on the Lake, north of Foster running up toward Devon, along Sheridan. Just buy the thing outright. The prices are so cheap you'd expect to find them in 'rent to buy' neighborhoods!
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
On the Northside, the properties that you would want to live in usually sell or rent conventionally. The rent to buy option is available, but you may not find the right place, right location that is also a good deal. In a buyer's market you are usually meeting the seller's terms to put a deal like this together.
If you are really committed to rent to buy, widen your search and settle on something outside of your "box". From your comments, it looks like you are pretty dialed in on what you want. Living expense will either be rent or loan payment; find a place to call home and keep the rent to buy as a low percentage option.
Good luck - please let me know if I can help further.
RpV Realty LLC
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!