Buying or Selling a Home/Lease To Own

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Question
I am wondering if Lease To Own property investment is a viable option or just a scam.  I currently pay $1400.00 a month in rent but can't qualify for a conventional Bank loan because of credit issues. I feel I am just wasting $1400.00 a month on rent. Is the Rent To own option something worth checking or are they mostly scams? I have never heard of something doing Rent to own and having it work out.

Answer
Hi Mark...

Yes to both... it all depends... The typical person willing to do a Lease Option can't qualify for a conventional loan... or FHA loan... due to income or credit... but keep in mind once the option comes around you still have to get that loan or loose all the money you put towards the option...

So in general I don't like them... buy what you can afford

Do what you have to do to get your credit in line

And SAVE what you need to save to Buy something...

Don't over extend...

Good luck

PS... it is not Rent to Own - that is for a TV or Fridge... it is a Lease with Option to Buy

Buying or Selling a Home

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Connie Wildasinn-Broker,GRI,CPRES,RealtorŪ

Expertise

Broker,CPRES,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why "Not to listen to your friends and even your family members", Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.WGroupRealtors.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

Experience

4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales,Certified in Probate Sales (one of a handful!), Pre-Foreclosure, Regular and Short Sales there is little that I have not seen come across my desk over the decades!

Organizations
NAR, CAR, CPRES, WCR, ABR, e-Pro, GRI, BKBIA, CHNA,SSG

Publications
USProbateServices.org Member, Broker Agent Magazine, Long Beach Business Journal, Long Beach Press Telegram, Signal Hill Tribune, Grunion Gazette, All Experts, Zillow - Lead Agent - Advise Expert, Truila - Advise Expert,

Education/Credentials
Broker-owner, CPRES - Certified Probate Real Estate Specialist, RealtorŪ, GRI,e-Pro, SSG-Short Sale Certified

Awards and Honors
Managing Broker for WGroup Realtors 19 years running top selling agent in Long Beach, South Bay area California. Top Producer 11 years straight Re/Max - Lifetime Achievement Award Winner, C21, Realtyworld.

Past/Present Clients
upon request = or check out our website www.WGroupRealtors.com and check the Testimonials section!

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