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| dman81 |
 Posted: Mon Jan 02, 2006 12:35 pm Post subject: Renter - Options to buy? |
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Investing Sr. Associate
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Recently married with heavy debt, I have devised a plan that should allows us to be debt free within 3 years. During that time, we plan to purchase our first home. However, it's been tough mentally  to give the landlord rent money because every time I do, I always think as to how I could use that money to build equity.
I have great credit but low income, my wife has bad credit but with higher income.
I wonder if perhaps giving a few thousand down could help us purchase a home or something of that matter, as long as it builds equity. Do I have any options? |
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| frusnak |
| Posted: Mon Jan 02, 2006 12:42 pm Post subject: |
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CFO
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You have answered your own question...See if you can find some one who will let you enter into a rent to own agreement.  |
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| dman81 |
| Posted: Mon Jan 02, 2006 12:54 pm Post subject: |
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Investing Sr. Associate
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"Rent to own agreement"?  Tell me more about this, definitely interested! |
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| frusnak |
| Posted: Mon Jan 02, 2006 1:06 pm Post subject: |
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CFO
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Look in your local newspaper classified section under realestate,see if you can find any ads with rent to own. If not maybe you can find a for sale by owner who would be interested in this kind of agreement.
You will need to talk to a realestate lawyer about a contract, I'm sure all states differ in the legalities involved with this sort of agreement.  |
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| crazymonk |
| Posted: Fri Apr 28, 2006 3:01 am Post subject: |
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Investing Sr. Associate
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| dman81 wrote: | | "Rent to own agreement"? Tell me more about this, definitely interested! |
My realtor said it's not a good idea to do so. Usually the owner is an investor, they always charging higher rate than the bank. |
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| xknicker |
| Posted: Fri Apr 28, 2006 9:57 pm Post subject: |
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Investing Associate
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I would suggest tha since you are already in Debt a rent to own agreement will drag you more into troubles.
Try to find other alternatives so you find a better stand for your debts |
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| bigdave |
| Posted: Sat Apr 29, 2006 3:25 am Post subject: |
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Investing Sr. Associate
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| try to pay down your debt unless you can get in a home for around the same amount as your rent. If you can find a home for close to same as your rent u should have no trouble getting approved even with bad credit. |
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