Home Buying in Lancaster>Question Details

Josh, Home Buyer in

Any advice on rent to own properites in Elizabethtown?

Asked by Josh, Wed May 28, 2008

We are moving to the area in August and we need to wait for our house in Baltimore to sell before we can buy a new house. We are looking for short term rentals or rent-to-own houses.

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8
You need to find an agent you can trust, and that will look out for you and your family's needs. Please send me what you are looking for in this rental property and I will search high and low to meet your needs. Do you need help moving as well? We have a team of professionals in hand to help you with all your needs. Please stop by my web site or call me I am a full time real estate agent. 717-581-4460.

Steven Lee Smith, Realtor
Long & Foster Real Estate Inc.
108 Foxshire Drive
Lancaster PA 17601
Office 717-581-5392
5 votes Thank Flag Link Sun Jun 1, 2008
Hi Josh,

Joan is right about rentals. There are a good number of them available. The problem you are facing though is that many owners will expect a 12 month lease which may be more that you want.

When I advertise a rental for under $700 per month I get a flood of calls. Homes in the $800 to $1100 per month range also generage a fair number of applicants.

Rent to own homes are still pretty rare here because our market is more solid than some areas around the country. Owners in general would rather wait for an outright sale. However, you might find a very nice home to rent if you can spend a bit more per month and can show that you would be able to take good care of the property.

I recently helped an executive with a power company to rent a half million dollar home for just over $2000 per month. That might seem like a lot to pay for rent, depending on what you are used to, but it is far less than it would have cost him to purchase a similar home. (and he did not have to pay closing costs to buy and sell) Great deal for him....not so much for me. :) In those cases the owner may be more interested in finding a great caretaker for the home rather than letting it sit vacant. Cash flow might not be the primary goal. Those situations are rare and often apply to the more expensive homes.

Please do send me an email at eileen@gatewayrealtyinc.com if you want to discuss this in more detail. So much depends on the particulars of your situation.

I do know of a little cottage on the Susquehanna River that will be available for a temporary rental, but don't know pricing details yet. There are also several homes on the river that rent out by the month, or for several months at a time. Let me know if you want more info on these.

Eileen Musser, Realtor, EcoBroker, ePro
Gateway Realty Inc
serving South Central Pa
2 votes Thank Flag Link Thu May 29, 2008
Josh
Rent to own properties are tough, because while things have slowed down, they haven't taken a nose dive hee in central PA. In addittion to looking in the local papers, or Craigs list, I'd find that local realtor that you are comfortable with and see what they can stir up for you. I tthink it is helpful to use an experienced Realtor, who knows how to search the MLS for potential rent to own or lease purchase prospects that may not be advertised as such.
Hope that helps
2 votes Thank Flag Link Thu May 29, 2008
Hi Josh,
You need to obtain a Realtor you like and can trust, first. I'd be glad to be that Realtor. Have you been to Elizabethown (commonly called E-town by locals). I would be glad to provide you with info. on renting or rent-to-own properties, and any other info that would be helpful in your relocation process. Please call me or call me at sherlynharrison20@msn.com (717-682-1266).
0 votes Thank Flag Link Sun Jan 11, 2009
I think the best thing to do is rent a home ,Wait 8monthhs and when you like this area and think you can stay here for several years start searching for a house .This gives you 4 month to find and close.By that time you know the area ,the good and bad roads ,where the places are you have or like to go to, and maybe where you have friends .
Rent an apartment for a year .the market will not change that quickly.If there are major changes in interest rates or home prices you can always pay the penalty for leaving a few months early.The other possibility is to temporarely move in a house where the sellers have given up and will now try to wait for better days and rent the property out. Depending on your budget there are great deals out there ,but they are mostly in the more expensive houses.
0 votes Thank Flag Link Sun Jan 11, 2009
Hi Josh, This is an area that is still pretty strong and rent to own properties might not be the best for you, depending on your credit, etc., please contact me at 717-682-1266 and I can help you get started.
Thank you for you time.
0 votes Thank Flag Link Wed Aug 13, 2008
Why would you rent to own when rates are so low ? I have been in the business for 28 years and there are many creative ways to purchase a home. Call me toll free at 1-800-992-9692 to discuss or visit my website @ http://www.lancastercountyhomes.com

STEVE HUBER - RE/MAX ASSOCIATES OF LANCASTER
0 votes Thank Flag Link Thu May 29, 2008
Hi Josh...
Welcome to PA. Here are lots of rentals to be had all over the county, all types, but rent to own properties are a little harder to come by. Wolf Kline Property Management is a company I have used many times for clients , They run a great company and have really some of the nicest rentals in the area.You can check them out on the web. Hope this helps get you here.
If you need help finding a place now or when you home in Baltimore sells , please feel free to contact me at jbab@dejazzd.com or 538-0627.
Thanks
Joan Bomba
Long & Foster Real Estate
Lancaster
Web Reference: http://www.homeinlititz.com
0 votes Thank Flag Link Wed May 28, 2008
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