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NoRepresentative5593 t1_j93vo26 wrote

In my experience, rent to own is predatory. I looked into it when I was desperate to move and buy and quickly found it was a shitty deal for buyers. Sellers want the cash and don’t want to release the title.

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nanakathleen t1_j93p6wg wrote

Overpriced stuff, poor quality and exorbitant interest rates. Very bad deal for the consumer

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leavingthecold t1_j93d2h9 wrote

You talking Rent A Center type places?

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Rickdemption OP t1_j93d95g wrote

Nope! Well sorta - rent to own for houses

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YAYAYAAAY t1_j942rwh wrote

lol you’re going to get scammed my guy

if you could rent a home for X amount of money why would you sell it to someone that can’t qualify for a legitimate mortgage?

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Mrmojorisincg t1_j953ypo wrote

Would make no sense for the landlord. All the responsibility and rent for renting an apartment, except you don’t get to keep the property after?? Why would anyone do that optionally?

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RandomChurn t1_j95fy1z wrote

👆This is the answer, for sure.

Unless it's for an absolute dog in Nowhere, Arkansas, what property owner would do this? There is no upside for them.

So, OP, if you ever were to find such an offer here in RI, it's telling you loud and clear that it's predatory or worse

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leavingthecold t1_j949s3c wrote

Oh that, i've only seen that in extremely rural or shitty areas. Mainly for trailers or mobile homes. Never seen it here but who knows it may exist.

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huh_phd t1_j95p56z wrote

For a home? Or for stuff?

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campmoreworryless t1_j962hy2 wrote

I did rent to own but not through a program. Our home was offered to us by a family friend who knew we had a baby on the way and that we were not in a safe living situation. Be very careful in investing in anything without a contract. In our case everything worked out and our home is truly beautiful. It even came furnished with gorgeous high value furniture. But it’s uncommon. We had looked into it for a few years before being offered this. Nothing was ever legitimate. To be quite honest I would recommend just buying a house through the RI first time home owners program. We had to put $25k cash down with no assistance and we closed on the house in October. You’re better off financially to take advantage of the states program. Good luck to you. If you have any questions feel free to ask.

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toorichformyblood t1_j970twh wrote

A program is probably not a good option. However this may be the time to contact a seller directly. Agree upon this years market pricing and then have them hold the mortgage until an agreed upon time you can refinance under your name. A serious seller will want a down payment and you will still need an atty to hold the closing as well as be responsible for the cost of that up front vs rolling it to a mortgage. You will also be responsible for all repairs as well as taxes/fire taxes. It’s doable I bought my own home this way at the end of the last housing crisis. Was able to refinance it into a VA mortgage when our home in Virginia finally was sold. Unfortunately as a first time buyer this year you would miss out on the great grant program that’s available right now. Work with a local mortgage broker to see if they have something that works for you it may be an option.

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Objective-Scale5455 t1_j93mb3r wrote

I've heard of this and have seen listings but I don't know if they are legitimate or not.

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mcgunga69_ t1_j93sio1 wrote

not sure, but it would be very helpful to most people, especially kids in college.

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DunDirty t1_j93wvk4 wrote

I think if you ask small landlords they will be all over this. Despite the general Reddit vibe, small landlords love win win situations.

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