http://www.carmellabingporn.com/bedroom-functions/
How exactly do “rent to own” situations work? Do they function at all?
My roommate and I are looking at a new rental, where the landlord is offering the opportunity to “rent to own” the property. It is a three unit (2 residential, 1 commercial) building. The commercial unit is a small studio/storefront. The Apartments are a one and two bedroom duplex. The property is in an ok area of town, and has a lot of potential. So, my question is about the rent to own process. How does it work? Have you ever heard of anyone actually renting to own and ending up owning the property?
You pay extra for the “own” part of your agreement.
A landlord can kick you out 5 years in the future for having a loud party or not keeping up the place.
You will lose the “own” money you put in.
Also a landlord could lose his place to foreclosure – you will be out the money.
Better idea:
Rent and save the money you would have paid out in the “own” payment in a savings account.
Do not trust anyone with your money – they could even skip town on you.
Save on your own.
You can not buy that kind of peace of mind.
Also, if you hate the place – you could just move out someday 5 or 10 years down the road.
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AAG’S BEDROOM FUNCTIONS.wmv
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