Rent-to-own in Long Island

Asked by Tuliplady, Bridgeport, CT Fri Aug 31, 2012

I would like to be in the market to buy in the near future. There is a lot of conflicting information about the pros and cons of renting to own - but I believe that education and persistance can make this a reality. Some markets are more depressed than others in Long Island - but I was curious to know if anyone knew about the possibilities of R-2-O. Is there anyone open to these types of alternatives? Where do you suggest one go to learn more and uncover these opportunities? I see many houses in various shapes of disrepair and if someone were to spit polish a property in a rent to own - would most current owners find value in that and be open to sell?

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5
Elizabeth L…, Home Buyer, Centereach, NY
Thu Jan 10, 2013
OF COURSE YOU CAN SAVE TO EVENTUALLY PURCHASE A HOME ONE DAY.THAT'S THE 1950'S WAY.HOWEVER WHO KNOWS HOW LONG SOMEONE HAS TO LIVE.GRANTED GRACE WILL KEEP US AROUND UNTIL THE SUN GOES TOTALLY DOWN.MY SUGGESTION IS TO CALL (631)278=7533 THIS GUY OFFERS HOUSING TO EVERYONE..A PART FROM HIM.CONTACT YOUR LOCAL CHURCHES.OFTEN TIMES .PARISHIONERS ARE OPEN TO SELL POTENTIALLY NEW BUYERS A HOME WITH THE OPTION TO BUY.IN REGARDS TO YOUR QUESTION. THERE IS A PROGRAM CALLED NUE-SENSE ABATEMENT OR REPAIR TO OWN.THAT IS OFFERED THUR YOUR LOCAL COUNTY OFFICES.UNDER THIS PROGRAM.AFTER FILLING OUT AN APPLICATION .THE DEAL IS YOU AGREE TO LIVE THERE FOR 2 YEARS THEN AFTERWARDS THEY WILL GIVE YOU .FIRST CHANCE AT THE PURCHASE. UNDER THIS PROGRAM YOU RECEIVE $30.000 TO FIX UP THE PROPERTY.AGAIN YOU HAVE TO LIVE IN IT FOR 2 YEARS PRIOR TO BUYING IT.GO TO YOUR LOCAL TOWN CLERK OFFICE FOR MORE DETAILS .IT IS AVAILABLE IN EVERY STATE.
1 vote
Irina Karan, Agent, Aventura, FL
Fri Aug 31, 2012
R2O (sounds like a chemical formula) - just a bit...

Well, this usually works in highly depressed markets.
It also usually works in favor of the landlord/owner.
This is because rent in this case is higher, an option (usually non-refundable) needs to be paid,
the term to buy is a year or two (short) and so most tenants end up loosing their option money and unable to save up on top of their already higher rent.

I see the R2O allure being used when a buyer really wants to rent something good that's on the market for sale but is not selling. It's a buyer's way of getting the place, but rarely a purchase comes through...

The idea that the buyer would benefit by "locking into" a lower price while saving money is a good idea, especially if the real estate market is recovering in the area. But, to make the purchase happen, you'd need to conscienciously "risk" your option funds and you'd need to be on a very disciplined saving project for the period of your option term. If you are sure that you can handle it - go for it!

Any agent can call the prospective sellers and ask about owners being willing to R2O.
However, it's a lot of work for your agent, so the houses that have been on the market for a long time (but not short sales) are better candidates for your purposes.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
1 vote
I would not move to brentwood. High crime area. Low prices for a reason.
Flag Tue Apr 15, 2014
Thank you Irina! Honestly my intention was purchasing in a decent area in Brentwood. I have driven past many streets and although the schools aren't great, there are many lovely homes there. I work in Hauppauge, so it's literally a few miles down the road - and if I want to move on after purchase I can always rent it - since Brentwood has a higher population than it's surrounding areas.

I'm currently renting in Deer Park, and see a home as a place to build from the ground up. What do you suggest - go the traditional route or try to find a rent to own?
Flag Fri Aug 31, 2012
Kathy, Renter, Oyster Bay, NY
Tue Sep 2, 2014
Could I purchase a home threw section 8
0 votes
there are section 8 programs that assist with home ownership.
Flag Wed Mar 9, 2016
No You are not allowed to take other peoples hard earned Tax money to purchase a Home. If you're on section 8 it's obvious you cant even pay a simple Rent!
Flag Sun Jan 31, 2016
Jasonconnoll…, Home Buyer, New Suffolk, NY
Wed Jan 1, 2014
What percentage of your rent goes to downpayent
0 votes
just to be sure you understand - you will be expected to pay EXTRA rent...the normal rental amount for that home, PLUS an extra amount..it's the extra amount that is applied...plus, the owner may very well expect you to have an upfront deposit in addition to the rent overage
Flag Wed Jan 1, 2014
it will be an amount of rent OVER and above the normal rent - ONLY that OVERAGE is applied towards the purchase IF you're able to buy the home!
Flag Wed Jan 1, 2014
any amount the owner wants!
Flag Wed Jan 1, 2014
Cynthia Mart…, Agent, Town of Islip, NY
Fri Aug 31, 2012
I will recommend you to keep saving money so you can buy your own home. R-2-O is very rare that a sale goes through at the end of the road nothing happens. But if you insist in rent to own is up to you. I think that term was created to tell owner you may "never sell it" its better to rent it and get it over with. But is not even true. Some times is better to wait than make a decision out of desparate.
0 votes
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