A rent to own is an option (to buy) for which the prospective buyer pays (a premium) to buy (execute) a property on or before a certain day for a predetermined value (actual or appraised value). The premium shoul be held in an escrow account with terms for withdraw agreed by both parties. RTO fails due to Buyers poor credentials (fail to perform) or the seller changing their mind. Buyers get premium back (possibly with additional compensation) if owner does not perform. Since 1996 my team of Attorneys, Home Inspectors and Lenders have successfully closed all my transactions with the exception of specific non performance (backing out) by a principle.... more
Yes, it's absolutely possible to rent a single-family home. The rent runs around $1200-$1500...just a ballpark figure. Of course, it's important to have a good credit history. I'd be glad to help if you'd like. You can check out rentals on my website.
Please feel free to contact me privately for more assistance.
Lisa Giller, Realtor
Gillette Real Estae
Here at Keller Williams we call 2012 "The Year of the Investor'. I don't know about Connecticut but in New Jersey there is a fire sale on multi-family short sales. I would explore that idea with a local realtor if I were in your shoes. Rents are going up, prices are going down, interest rates are at an all time low. Wise? It's a no-brainer!... more
I am familiar with the property you're referring to. The value depends on what you're intending to use it for. If you keep it the way it is - a medical office and one apartment - the value would be one thing versus converting it to two apartments or converting it all to office space if it's allowable.
First, check with WH to make sure you can what you want with the property, if you want to change the use at all. Then, I'd hire an appraiser.... more
This could all be negotiable on type of rental that you have, such as a 4-plex or condo. Obviously a Manager will have more to look after and more liability in a single family house. A condo especially one maintained by an association is much less stress than the usual home. I managed over 700 rentals for 3 years and personally would just negotiate with each client. You may also look for a discount in bulk, multiple units=lower percentage. Newer homes are less of a worry producing less tennent/ upkeep problems as well.... more
Hartford is like every other major New England city right now. The industries that drove it are moving out and being replaced by smaller upstart corporations. Hartford has seen a rebirth of sorts in the last 10 years however. Obviously the insurance industry isn't what it used to be, but the academic and medical communities always bring new people, and I would think the market for 6 families would be good for the younger, more transient buyers/renters. Let us know if you have more specific questions.... more