There is a method to the madness with me. I stand by what I say about rent to own.. And for me they do not exist. Maybe my answer is not the preferred answer, but it will give some insight at some point even if in a devilâ€™s advocate sense..
I do not like the one line answers that some realtors give with the " I know of these, call me" line just to get someone to call them. I feel that if the person asked a question.. then answer it. Not just try to get them to call you. This is a Q&A site...and although I am one of the first to put his contact information for clients to call, I try to answer with what I know as well as my opinion.
Good answer Don, Thumbs up to you!
Although rent-to-own properties do exist.. they are pretty much imaginary animals. They exist because people want them to exist and are usually not a good deal. Typically directed at people that have little , no , or poor credit.
What does that mean? Most people that call me want a rent to own and say they want a rent to own and expect the rental funds to be driven towards a negotiated sales price. Well, usually the sale price of the house is pretty high for the current market and usually the buyer will pay rent plus an additional sum of money towards the down payment of the property. If the person does not follow through, they forfeit all the funds they paid towards the house.
Yes, there are a lot on craigslist, not that they are, but I see them as a way for a landlord to get a tenant in to a property and never really have the intention of selling. I have not ever heard of one rent to own transaction ever going through.
I know, there are many people that will say I am wrong, many will say they did it.. But I donâ€™t really believe it. I looked at that website and it is associated with the word scam and credit repairâ€¦ you make the decision.
Most realtors do not work with rent-to-own properties as there are many issues that can arise. Continue your due diligence.. and If I hear of one that is a good deal, I will pass it on..
So they do exist. And they do exist in Edison.
Here's a blog I wrote on how to find lease-options: http://bit.ly/findaleaseoption Some involve using a Realtor. Yes, there are some techniques that involve Realtors, and for which Realtors can be very helpful. Other techniques don't involve Realtors.
Here are a couple of Craigslist searches (one of the techniques I suggest) that produced some possibilities. The first will bring up some lease-options in Central New Jersey: http://cnj.craigslist.org/search/apa?query=option&catAbb
The second brings up a smaller number specifically marked as being in Edison: http://cnj.craigslist.org/search/rea?query=edison+option&
Just glancing at those, some appear to be legitimate. Others may not be scams (I doubt that they really are), but they're meant just to get you calling; I'd be surprised if some of them actually exist. So definitely be careful. I strongly urge you to work with a Realtor who understands lease-options and lease-purchases. If not that, make sure you're working with a good lawyer.
Hope that helps.
I do have a home rental that has 4 bedrooms in North Edison. This is not a rent to own property. but if you are interested we can definitely work something together. Feel free to give me a call at 908-342-5888