Rentals in Beaumont>Question Details

Katina Gilst…, Home Buyer in Charlotte, NC

Im looking for a rent to own property in Beaumont

Asked by Katina Gilstrap, Charlotte, NC Tue May 22, 2012

im looking for a 3-4bedroom 31/2 bath home would like to lease to owne

0 votes Share Flag Rentals in Beaumont

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Hello Katina,

Like any transaction, you need to do your due diligence.

I have known several people (buyers & sellers) that have successfully used rent/lease to own contracts- though in the last couple of years Jim is correct that the would be buyers haven't fared as well; but then again neither have the vast majority of traditional buyers (many of which have had losses in equity greater than $25k & $50k).

Now that most markets are starting to stabilize (and some are starting to even see increases in sales and home prices, less inventory, and increasing rents) you may find a rent to own contract a useful tool in your quest to buy a home.

Before you start looking for rent to own opportunities: I recommend that you speak to a reputable lender in your area. Find out your credit scores (get a copy of the report) and what you need to do to increase it. Find out how much of loan you will be able to qualify for & how much you need for down payment (for an FHA loan the down payment starts at 3.5%!!! & for Homepath eligible homes only 3%!) and closing costs (usually between 4-6% but some programs like FHA allows the seller to pay them for you!). If you are low to moderate income, ask if you qualify for any county or city programs (not all lenders do them so you may have to shop around).

After that you will have a good foundation to start looking at homes whether it be to buy, rent to own, or just rent.

Whatever you decide, I also recommend getting an agent that is knowledgeable in what you want to do and good at negotiating to help you achieve your goals.

Best of luck,
Trevolyn Haines
Century 21 Showcase
0 votes Thank Flag Link Wed May 23, 2012
I hope you don’t find one, I have never known a “buyer” to succeed using this method. Please don’t put up a lot of money on the front end. A lease purchase is probably not what you expect. Every single person (tenant/buyer) I have spoken to that has done one of these in the last couple of years have lost money, one guy lost $50,000 another lady $25,000 and the list goes on and on. Rent to own is probably not what you expect. I hope the info I linked below keeps you from getting hurt, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue May 22, 2012
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