Rentals in Des Moines>Question Details

Tammy, Home Buyer in Fairmont Park, Des M...

how do i get a rent to own home?

Asked by Tammy, Fairmont Park, Des Moines, IA Mon Dec 17, 2012

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5
Do you totally understand what a rent to own is or do you just think it is a good deal because it sounds like a good deal? They are train wrecks waiting to take your money and rarely ever work out. They are hard to find because they are such disasters that sellers avoid them and that should tell you something about them. I suggest avoiding that mistake and saving and renting now, buy when you really can buy and avoid this idea.
1 vote Thank Flag Link Mon Dec 17, 2012
My wife and I purchased a rent w/ option to buy duplex in Dublin, Ca ... coming from Des Moines we never thought we could afford to purchase a property in Ca ...three years later we exercised the option, with $12,000 of accumulated rent credit and three years of serious savings we bought it.....20 years later it represents a major portion of our retirement income bringing in $4200 per month of income ... our advice is to look in the rental market,, propose it to every one who is offering there home for rent and don't stop till you find what you are looking for ....Have fun while you are doing it!!!
Flag Sat May 25, 2013
There are a few true rent to own homes, unfortunately there are many many more that are scams that offer them though! Be careful that the home is not already behind in mortgage payments as well as not already in foreclosure since those processes can today take 3 year's or more while you're paying the true owner is not and the sheriff will come with a eviction even though you're current the mortgage is not you must then move. You will need a down payment have a attorney do a title opinion and make sure the city knows it's a rental with proper inspection certificate in place before you invest in your dream. If I can help please contact me 515-669-7355 or remaxslw@aol.com thanks Steve wolvers
1 vote Thank Flag Link Mon Dec 17, 2012
Rent to own can be a viable option for an owner and a buyer with less than stellar credit and little down.
A percentage of the rent is taken off the purchase price and the buyers have time to repair their credit so they can purchase a home. It is an option, the renters can always walk away if the terms aren't satisfactory and they have restored their credit. I have a home that I would work out a rent to own with the right people.
0 votes Thank Flag Link Sat Apr 12, 2014
You definitely should contact a realtor who knows the market and has contacts within the community. There may be a homeowner who does not have their home on the market, yet may be willing to consider a contract. Realtors also know investors. They are more likely than a homeowner to carry a contract. Another option would be to check with mortgage lenders to see if they may have some ideas as they have contact with a wide variety of people.

Either way, it is very likely you will need to have some cash available for a down payment. It could be a few thousand dollars to a larger sum. You could be fortunate enough to have someone who would accept a larger rent payment with part of that going towards the purchase.

Every scenario is different. Just be persistent and explore your options. Best of luck!
0 votes Thank Flag Link Thu Dec 20, 2012
Since rent to own properties may not be listed as such, work with an agent of your own who can approach the seller on your behalf; be aware that rent to own can be risky and one could stand to lose a bit of money, therefore do inform youself well beforehand, also consult with an attorney for all related paperwork.
0 votes Thank Flag Link Mon Dec 17, 2012
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