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subject: Top four mistakes when buying Rent-To-Own Home [print this page]

Top four mistakes when buying Rent-To-Own Home

So you have bad credit? Or no credit, but want to get into your

home? Rent or lease of property House may be the ticket to

get that second chance to live the American dream. But do not get

so wrapped up in a dream you can not see reality.

I bought ten houses in less than six months and knew I had to

something. I bought rental houses to tenants and found

win-win for all three countries.

Then I started to hear the scam, which has been going through the investor

the world. Unknown tenants of rented houses from investors, but they were

making some big mistakes. Let's look at the top four, that are carried out every day and how you can avoid the same.

Error # 1

** ** The rent is

One of the most significant error is when a tenant gets into the house

because they can afford to pay rent or a month. And they

never find the time, I can afford the payment when I get

ready to buy a house.

Do not get locked for easy payment and forget their purpose. You want to

Own this house for one day. Go to one of free online calculators. Bankrate.com is a great one. Figure out the payment calculation

price and interest rate. Now ask yourself, can I afford to buy it

house one day, or am I just kidding myself and just rent.

Error # 2

** Price **

Are you overpaying just because you want your house? Do not be

do not be fooled and blind, I thought you might be overpaying for the house only

because you want your house? Time for research

neighborhood. Pull out flyers house to sell. Does it come

close to its price? Call a real estate agent top. Ask what is in

In this neighborhood sales. Do not pay too much, at

luxury living in your home today. You will regret it.

Error # 3

** Support **

So now you are the owner-in-training? You're taking care of

care. But when is too much? What do you read the contract?

How much maintenance you are responsible for? If the roof goes, you

has come up with $ 5,000?

That being said, it is true that many investors in rental property or lease

because they do not want to be owners. Midnight calls to unclog toilets.

No, thank you. Bottom line, make sure that your contract restrictions

care that you are responsible for.

Error # 4

Let's call this period **. **

Let's define it:

The time that you can buy a house that you rent or lease duration.

What is the problem and why is it important?

There are investors / owners, which will take you to the house, and know

after that time of year there is no way you will be able to get a loan.

You see, many times in one year is not going to be enough time to heal * **

** ** or repair your credit.

It's just not enough time.

Do not get into position, you will not be able to buy a house.

You lose your own money.

You have a contract that expires in one year. Now you can do nothing but

movement.

The landlord may ask you to leave and you have to leave. House

and then leased back for higher rent and a higher purchase price, and you

looking for near the house.

How to avoid:

Before getting into the main contract for the mortgage broker

Your town. Here you can find a paper that will be advertising to help

people with bad credit.

Let him run your credit and make sure you say that you want

their honest opinion. Are you a loan and what time of year

You need to make that happen. What will be the rate that you are

watch?

Do not let them just tell you what they think you want to hear from you. "Give it

me straight, doc. "

Let them help you with a game plan on how to improve your credit

future.

Let me summarize the error:

Avoid errors related to prices, rental

the amount of care and duration of the contract.

I hope you learned something. I know that now

You'll be taken to another house with more info.

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