Am looking for rent w/option to buy single family home in South Lakeland. What is the best way to approach this?

Asked by lbonscher, Lakeland, FL Sat Aug 10, 2013

Should I be looking for a Realtor to help me with this process?

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Lee Saunders, Agent, Fort Meade, FL
Sun Aug 11, 2013
I would have to disagree with Mr. Moore . I have sold quit a few homes by lease option. Although the interest rate is higher than a traditional loan, it is a win/win for both parties if structured correctly. The typical lease option we do is a 2 year lease with an 18 year agreement for deed. The Buyer gets credit for a portion of the payments during the lease and the Seller continues to finance for the remaining 18 years . The Buyer can refi or payoff at any time no penalty. Or they can elect to stay with the current plan.

The only problem is finding enough Sellers willing to hold a note for 20 years . Tough but not impossible.
1 vote
Tim Moore, Agent, Kitty Hawk, NC
Sat Aug 10, 2013
The best way is to forget about it completely. These things are mainly in the imagination of people that can not get a loan, so they think there is this magic way to rent and it magically becomes yours. Nothing could be farther from fact. Just rent and buy when you can buy. To make a rent to own work you still MUST get a loan. No loan means you lose and you will lose your deposit and end up with less.
0 votes
Thanks for the heads up Tim. How do you feel about Owner Financing?
Flag Sat Aug 10, 2013
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