how can i get a rent to own?

Asked by Pinky0095, New York, NY Mon Dec 27, 2010

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9
Rhonda Holt, Agent, New York, NY
Fri Jan 21, 2011
There are many legal mumbo jumbo involved in renting to own. The fact is, alot can go wrong during the rental process that can effect the right to own in the end.

But if you decide to do this type of transaction you should go to a real estate attorney to draw up the agreement so you are fully protected.
Web Reference:  http://www.RhondaHolt.com
0 votes
Rob, , New York, NY
Fri Jan 21, 2011
Hi Pinky,

The system my firm uses to search the market for property allows us to build a comprehensive list of rent-to-own properties that meet our clients' price and location needs - then email them to you with any available floor plans and photos of the property. If you'd like me to run a search for you just click on my name and give me a call or shoot me an email.

Cheers,
Rob
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Dec 28, 2010
Rent to own situations in the NYC area are rare; many sellers prefer to sell outright rather than entertain such a scenario--if you haven't visited with any qualified loan officer(s), yet, consider doing so, maybe you can qualify for a mortgage, and buy outright--keep in mind that many potential pitfalls do exist in a rent to own situation--therefore inform yourself well beforehand, should you stumble across such a scenario.
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Jenet Levy, Agent, New York, NY
Tue Dec 28, 2010
Hi, Pinky0095.

Here's the thing with "rent to own" - there has to be a reason why the owner would want to do that rather than get their money out. Most individual sellers are selling because they need to get their money out for another purchase, or are relocating and don't want to still be tied to that property. When and where it was happening a lot in NYC was in new developments, particularly in the Financial District, last year before the market picked up. The sponsors were willing to do anything to stop bleeding cash. But now that the market picked up so much in NYC in 2010, those are way harder to find. Generally this is not something that is advertised. A good experienced agent will know where to sniff them out.

Hope this helps.

Best,
Jenet Levy
Halstead Property, LLC
212 381-4268
jlevy@halstead.com
http://jenetlevy.halstead.com
0 votes
Fern Hamberg…, Agent, New York, NY
Tue Dec 28, 2010
There aren't many rent to own in Manhattan... And in many cases it will be advertised as such: "Rent to own".
In some cases, and only some, you may be able to negotiate this option...But that does not happen too often...
Good Luck!!
Fern Hamberger
Sr. Asso Broker
fhamberger@citi-habitats.com
646-660-0060
0 votes
Mudar Humaim…, Agent, NY,
Mon Dec 27, 2010
The property would have to be advertised as such. Premium rent + option fee will be forfeited if buyer (you) doesn't go through with the purchase after set term has expired. Check out <a href=
0 votes
Leasing To O…, , Dallas, TX
Mon Dec 27, 2010
Hey there Pinky....

Not too long ago, I wrote on my blog about ways to find a lease-to-own house with or without the help of a Real Estate Agent. Here is the link:

http://www.trulia.com/blog/hhi_investing_llc/2010/04/what_wa…

Don't be too surprised if you see a lack of Agents lining up to assist you when it comes to finding a lease-to-own house. Many of them are "debbie downers" when it comes to thinking out of the box & structuring a deal. They will instantly starting telling you about all those "horror stories" about how they "heard" that this....or that....etc when it comes to these type transactions. Many more don't know how to put one together correctly and the ones that do, would rather not bother because they will have to wait to get paid their commission (not in THEIR best interest).

The key is to educate yourself about the whole process and if it is something you'd like to pursue, find a professional who is familiar with lease-to-own transactions and who has successfully completed some. This includes Attorney's, Agents, and Title companies. These deals aren't for everyone, but they can be a great alternative for buying or selling a home.

Best wishes & Laus Deo,

Darin Ray
Lease-to-Own Professional
Independent Consultant
0 votes
Mudar Humaim…, Agent, NY,
Mon Dec 27, 2010
The property would have to be advertised as such. Premium rent + option fee will be forfeited if buyer (you) doesn't go through with the purchase after set term has expired. Check out aptbillboard.com for any possible leads. It's a real estate classifieds site.
0 votes
Carlyn Chapp…, Agent, New York, NY
Mon Dec 27, 2010
Hello Pinky,

They are far and few between in NYC and it also depends on where you are looking to live. You also have to be willing to move to the area which is offering that option.

Please contact me for further information:
cchappelle@bondnewyork.com
0 votes
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