I’m so glad she was able to navigate her way out of that situation, with the right kind of help. There’s too many bad people out there who value taking advantage of others. Shameful. Being a lease option seller is a niche I would love to take ownership of, and help families acquire their goals of owning a home honestly. Im truly humbled by her story.
What a mother..going through all that so your children can have a roof over their heads and a place to call "home". This world needs more mothers like you.
THE MOTHER ON A SEA - SAW IS COUNTLESS MIS - REPRESENTATION HIDE THEIR NUMBERS LACK OF KNOWLEDGE MAKE US A TARGET OF MALPRACTICE IN HOUSING SOME PAY for YEARS ASSERT THEMSELVES an INALIENABLE RIGHT GETS RETALIATION JUDGE APPROVES by " OPINION " EVICTION NOW HARM SLUM DOWN HILL NIGHTMARE UNLAWFUL VS " RIGHT TO THRIVE " ( LAW ) THESE MOTHERS NEED TO STUDY LAW AND CLASS ACTION CROOKS OUT of HOUSING " INALIENABLE RIGHTS " WE ARE DUMMIED DOWN for EXPLOITATION CONGRESS SHOULD be on PUBLIC REPORT CARD HIGH WAGE BONUS for PERFORMANCE SERVE THE PUBLIC MY SUMMARY !
It's a scam - if your name is not on the paperwork after signing everything you really are not the owner. When I bought my home in 1986 the minute i signed everything my name was on the lien/deed - I was the owner and I had to make my mortgage payments and get home owner's insurance - I was responsible for the house and property - I paid the property taxes. I did the upkeep and everything and when I paid the house off it was officially my house.
@@lbrown1192 Unfortunately not everyone has a 700+ credit score and bank rolls to drop on a home, thats the whole point of rent to own is to help the buyer with a lower level of credit and cash to get into a home and then work towards ownership by improving that credit and savings over the course of the lease.
Thanks for sharing this video. I wish I had seen it before my Rent To Own nightmare. We were renting to own our home and had a small kitchen fire that my husband and I repaired ourselves. Unfortunately, we didn't have insurance, so we had to take out an $11,000 loan to fix the kitchen. Unbeknownst to us, the landlord collected $30,000 from his insurance by claiming damages unrelated to the fire. Now, his insurance company is coming after us for the $30,000. A few months later, the landlord sold the house, and we received a notice from the new owner giving us 60 days to move out. We are still recovering and fighting the lawsuit today. It was a hard lesson learned about the importance of having homeowners or renters insurance and having a lawyer review any home ownership contracts.
There are a huge amount of renters that have gone through this same problem, whether renting to own or just unknowingly renting homes that are in foreclosure. Sad situation.
I met a ex -partners grandfather who bragged on making $$$ a small fortune on rent to own Straight predatory - if the renter missed a payment then the property went back to him then he repeated renting it out again to people who couldn’t really handle these payments or a traditional loan
“Enter ye in at the strait gate: for wide is the gate, and broad is the way, that leadeth to destruction, and many there be which go in thereat:” Matthew 7:13 KJV
$500 a month and I️ own the house in a year 👀 I’m sorry that already sounds shady as fuck, so point is get a lawyer to views these documents before signing because this is often like another language to us, everything sounds okay but we don’t actually understand. I️ was considering doing this but now I️ want to look at other options
This is great, people need to be informed by predatory deals like this where people are set up to fail. This is a great option for many people but you have to be careful and be on top of your payments so you don’t lose the house and your money invested.
I understand the purpose of this video. And unfortunately there are some shady real estate investors....just like there are shady people in every industry. These types of deals are great for some people. It is just important to do your research, get legal advise, understand your rights and READ. But it is unfortunate that some people fall victim to shady business practices.
djmac productions Her excuse was ignorance it seems. Said she needed guidance. It was her own fault. I didn't know anything about home buying options either but I just went to the library read books to learn on my own then bought a home with no issues. This was in the early 90s and their was no internet. Today you have everything you ever want to know about home buying online,at the library,and I've even seen a community college course on home buying. People are just lazy. Anyone can have kids they can't afford. Why not challenge yourself and learn things.
Rent to own is like regular renting since you do not have the deed. You are not supposed to pay for maintenance and repairs yet-only improvements. Any rent-to-own person who tries to tell you that YOU are resposible for maintenance and repairs is a SCAM-PERIOD. Rent to own simply means that you get the deed once you have paid off the ACTUAL owner for the agreed price.
CLS is not accurate on certain statements they made. R2O is same as Lease Option Agreement. The tenant-buyer has to first fulfill their part to pay "rent" First. Then, get their credit situation fixed so that they can qualify for a mortgage. Some Tenant-buyers don't do that for various reasons. It is not a guarantee that the tenant-buyer gets a mortgage. The Seller is not responsible for any part of that. Also, the lady mentioned her terms of $500 down & $500 per month. Technically. She was NOT in a True R2O agreement. Why? Becuz of providing the TB(Tenant-buyer) with an option to purchase at a later time, the Seller should have provided the TB with an NROC(Nonrefundable Option Consideration). Meaning, if TB doesn't pursue a mortgage and decides to leave at the end of the lease agreement, the NROC payment is NOT returned to the TB. IN fact, NROC payments are typically anywhere from $3-$5K. So, this seems like an unprofessional Seller as well. R2O are for people with bad credit that want to reside in a nice home/nice neighborhood and are willing to pay a "premium" to live in that home until they get to a point where they can qualify for a mortgage. Again, the option to buy is the responsibility of the TB. Also, another false statement I heard from the lady for CLS is where the TB should be given leniency if they miss rent payments. That is absolutely FALSE. Until the TB closes on that house, they are technically a renter. If they don't pay rent, u are subject to eviction. The severity varies from state to state, but those terms should be clearly specified in the Agreement.
Have to be very careful when looking for a rental, paying the 3 months worth of fees, moving in & a few months down the road have an eviction notice placed on front door. Landlord didn't notify tenants house was in foreclosure. Read several stories like this.
kinda strange to expect ownership, without the responsibility of upkeep. First thing is home inspection, you have to know what you're buying. what's disclosed by the seller is key. Easily sue if they fail to disclose problems, but every state is different. Old homes always have expensive problems, especially snowy states, many homes falling apart from the foundation.
At 4:59....$500 down and $500 a month for 1 year...? $6500 gets you a whole house? That does not add up at all. But I am glad she got some help. Impossible to fight on your own.
Its markets like that in a few major cities in the U.S. Those homes are in some pretty bad areas but they exist. I live in Michigan, there are a WHOLE LOT of homes like that here. Most are in Detroit but there are a few that are not.
The renter said she puts $500.00 down and pays $500.00 a month and then will own the home in 12 months? That doesn't make any sense unless the home is selling for $6500.00? Please clarify this for us ???
No different than getting a mortgage through a bank. High risk people are usually the ones that go this route. Lease with option agreement is a great way for one's with little to no credit or bad credit to actually have a chance at home ownership. It's a beautiful thing for lots of people.
I don't see any difference between a bank loan and rent to own to be honest.U might pay more for a rent to own in the end but then again lets be honest the price on a bank home is not the actual price u are going to pay when fully paid off.
Hi Ann, it's a big difference. The rent to own is based off what the seller what you to pay which could be way more than what it would cost you and you can't pay them off early as you can a bank.
So they are complaining about them not having to pay for repairs, water, and all that, but the thing is, when you own the home, you are going to have to do that anyways. The rent is basically mortgage you have to pay until you completely own it
No think about it like this..she pays for repairs taxes and everything..then finds out her house is up for sheriff sale..yet if she refuses to pay because of it she get taken to landlord court and evicted.. not all landlords are on the up and up
Do not mess with BrightPath mortgage in Dunwoody, Georgia. I'm truck driver and an automotive youtuber. I was closing yesterday on a $187k house and they didn't have the money at closing. The loan officer lied at lease 3 time doing the process. I have great credit but he said because I was a first time home buyer. My interest rate should be 3.875. I've been on my job 13 years and in the same apartment for 20 years. He said that didn't matter because I was not paying a mortgage. He would tell me everything was fine but then call me at the last minute and say there is a problem and need something crazy. One of those times, he call and said the appraiser report was not coming back quick enough and I had to pay an extra $100 to speed it up.
I went through a loan officer in Dunwoody, Ga and my purchase was legit without a scam to pay an extra $100. You might wanna use my loan officer.; they help me big time.
@@LeadmeGuideme777 I'm suppose to sign again tomorrow and I hope they will have their Clay David (shit) togather. ua-cam.com/video/axPzc1GoaZ0/v-deo.html
I'm an investor in Philly and I can see this video is heavily biased. You mention repairs and show a collapsing roof as if everyone does this? Really? I make sure the properties are 100% renovated and inspected by the township before I give it to the client. I want them to own it and I want to make a profit. I always recommend that use an attorney and definitely not my own
no its not its ment to be a way to pay off your property to the owner over time the fact that they need you to get a loan devoids the positives of rent to own
No, Brendon, you’re wrong. You’re mixing up rent to own/lease options with owner financing. Lease Option is just rent with an option to buy the house. The tenant buyer gets to live in the house and tie it up so the seller can’t sell the property out from under the tenant buyer. You’re expected to go and get a loan at the end of the term or move on. Owner Financing means you’re financing with the seller directly, the buyer gets title and the seller takes a note, and all monthly payments usually goes towards the purchase price until it’s paid off. However, there are times even in Owner Financing where there’s a term (time limit) and at the end of that term the seller is expecting to be cashed out completely. At that point it is the buyer’s responsibility to either get a loan for the rest or pay all cash.
They never said what exactly happened with the original situation. Did they find a way to resolve it to keep her & the others in the property and did she finish paying her payments off...?
My grandmother told me when she was a young adult, everyone did sales directly between ppl and no banks. That's how she bought her house. Maybe ppl were different in the 1930s and were not so interested in scamming people.... Id say be smart about your buying and check the houses background, bank and lean info... 500 a month and you own in one year sounds way too good to be true!
There wasn't need to scam people in a time that wages were livable. Now that minimum wage hasn't risen and cost of living is so high people are finding ways to quick money even if its scamming
The pros and cons of homeownership is critical. My thinking is you have money you have the house this is caution for me as a curious mind. Definitely want to make sure you check the deed of your home of interest like she said you could be buying your house twice and losing and never end up owning your paid property
I think this is great with this mother is doing for her children giving them some sort of a future... the thing that I am confused about what if your landlord on a rent-to-own agreement is old and dies and has no children ..who do you make mortgage payments to ...how would you get the deed..
steve mitchell In a R2O situation, the tenant-buyer is simply making rent payments not mortgage payments. In the situation you describe, if there is no predecessor to facilitate the role of a Seller if & when the TB pursues a mortgage and completes the closing transaction to transfer deed to their name or some legal entity, the initial payments would not get applied to the original Mortgage lender and in that case, the bank would foreclose on the property and the TB would eventually be evicted due to no fault of their own. Even if rent payments are made in full & on time.
Wealth Creation what does it make any sense to me I've seen a lot of properties and homes be empty for even years.. for what I feel because property owners don't want to lower the rent to a reasonable lower rate... I have heard and seen of a lot of businesses go out of business because the rent is so outrageous and then the building stays empty not for months we're Talkin years and years...
steve mitchell That is a problem with the owner not doing proper research on the avg rents in the area. If a house is too high to rent, Vacancy will become a factor.
Those are the kind of questions you have to ask your lawyer. oThat’s why you must have a legally binding agreement on file with the courthouse. A good real estate lawyer will cover all the bases but you need to make sure for yourself by asking questions. I have learned to do my own due diligence.
Bad.. Bad ideal...I lived in my house 16 year...sell price..47.000.000. I paid.. 87.000.000...I unfortunately got sick...and had to apply for disability.... wasn't able to make payments.... Seller.... took back home . Total loss.....👎
I always wondered what would happen if the owner dies b4 the transaction is completed, or if the owner uses the property as loan collateral after the agreement is initiated?
This is sort of misleading. This was a bad RTO agreement but there are some RTO that workout for everyone involved. This would be like posting a video about how horrible traditional loans are because of what banks did to causing the mortgage crisis.
Lease to Own can be your Best way to buy a Home! Banks are not lending to people without stellar credit ratings and 20-30% Cash down. So you'll have to wait until you have saved your $20,000 to $60,000 down payment in cash and have a Great Credit rating, with little or no debts. Buying on Rent to Own or Lease Option can get you into a Home with blemished Credit and less money down, however you must be follow the rules of the CONTRACT. In particular, make your payments On-Time, be responsible for your own home repairs (like with actual home ownership). You must work on fixing YOUR credit rating too during your lease period so if your credit is below average, you can fix it to qualify for the mortgage loan that you will need to buy the house at the end of the Lease or RTO period. With Rent or Lease to Own, you in essence agree to Rent now (because You don't qualify to buy a House the traditional way today), and Buy, at your Option, in the future by getting your own mortgage loan, (depends on the terms of tbe agreement, say 2 to 5 or more years of lease term etc.. This is not rocket science but sellers should make sure the buyers fully understand the agreement. (Your Option deposit to buy is similar to what a down payment would be if you were buying with a traditional mortgage. And, a fair Lease to Own agreement will give you Rent Credits for every month you pay on the lease over the term of the agreement. In today's economy, RTO/LO (rtolo.com) Home buying can be the best, sometimes, the Only way to get started buying a Home for 30% of the population. We are an Honest and Fair Rent/Lease to Own Co., we can successfully help New home buyers 'Lease to Own' homes. Waiting to Buy a Home by renting and waiting for to qualify for a Bank Loan could cost you many years of time, thousands of dollars and lost family memories. Avoid the Horror Stories! Questions on finding the Best Lease to Own Homes in your area? We can Help, just reply with your comments or ask for Free Details!
LASVEGAS GEORGE There are financial institutions that offer 100 percent financing without down payment. BUT you have to have great credit and reasonable debt to income ratio. If you have more debt than income, you will get denied.
Get the money from a bank or credit union! They will do the document checking as they will hold the title for collateral. Rent to own is just letting your land owner off the hook to fix things that break! I would not advise it!
When getting into a property always use a Realestate attorney have your name on the title. And the mortgage. Pay the mortgage directly not through a landlord. When you are a home owner you are responsible for the expenses.
I did a rent to own years ago for a condo. The market was crap and condos were hard to sell without a loss. In my rent to own I gave a set price, buyer put 5% down, they just couldn't get a mortgage. I got rent and a good price for at the time of signing. The first couple got divorced and lost their downpayment. The second couple completed the purchase in about a year and gained a little equity in that year. I think rent to own only works when there are market reasons. Not getting a purchase price up front to me is a huge problem for buyers. The concept of some part of rent is put toward a future downpayment is completely dumb. The property will likely appreciate faster than the downpayment will build. I see Divvy does rent to own and it looks like a really bad deal for buyers. The buyer puts down 1-2% up front and "get it back" if they don't purchase....minus relisting fees which are about 2%+. So they just change the label on that money from "downpayment" to "relisting fees". Here's the bottomline problem...there are many people not really very interested in learning about finance and hate math. It's work. So they don't research. That leads to making a long line of poor decisions...too expensive car, lots of credit card debit, student debt for low earning degrees, $6 cups of coffee, etc... That's how they arrive at rent to own schemes. Yup they will be preyed upon. But they're going to be preyed on but someone because they will always be looking for things that sound good without thinking much. Especially in the US people like to think of themselves as super smart and want complete freedom to do whatever they want.
Mortgages being transferred means almost nothing to you as a home buyer. Banks know how to handle these. Rent-to-Own agreements being transferred to a new owner while you rent creates ugly situations.
chaon93 Yeah it means nothing until they make mistakes. Going through four mortgage companies in less than three years is too much. And Bank of America and a few others were horrible during the Great Recession and housing crash with home mortgages. One of the reasons I was so motivated to paid off my 30yr. mortgage in less than ten years.
They don’t teach us this stuff in school for a reason. So the rich stay rich and the poor stay poor. Otherwise they would teach us these things that we all should be taught to survive and thrive in life. Everyone needs a Jennifer in their corner in my opinion.
I'm preparing a rent to own offer split 75% towards downpayment and 25% true rent, 8 month length. I'm wondering whats in your playbook to do if the owner is reluctant to make the sale or avoiding me outright in order to let the rent to own option expire, keep the 25% over the last 8 months and retain the house. Any tips on how to protect myself? Thanks.
An option agreement that is recorded on the property at the courthouse is what you need. Also, what would motivate the owner to put 75% of your rent towards the purchase price? Are you paying over market rent? You need to structure a win win agreement, and have an attorney you hire be involved.
Who's here after hearing about Jay Z Will Smith new real estate deal for minorities smh This is the America take advantage of the people that are less fortunate
I am going through this right now they are trying to sell the house right from under me forcing me to purchase right out, and the agreement was wriiten out just as you described. Now I have 8 days left, credit is not up to par need a lender its a mess
ALWAYS DO IT WITH A LAWYER.....ALWAYS PAY THE MORTAGE COMPANY/BANK...DO NOT PAY YOUR LANDLORD. ALWAYS MAKE SURE YOU CAN PAY IT OFF EARLY AND PAYMENTS XTRA GO TOWARD THE INTREST.... GET A LAWYER.
this video was created by the banksters who won't lend to people with poor credit at least we landlord's give people a chance to try Banks don't even give them that and most of us sell the homes the legal way
INVINCIBLE VISION REAL ESTATE unfortunately, the reputation others have created due to unethical decisions, has given investors a bad name. The bottom line with any kind of wealth generation should be to help others and give back to humanity. Yes, this is a business for profit just like anything else, however, said bottom line should be to help others through noble obligation.
J Davis Is is illegal for banks to loan money.The give you credit.People think credit is a loan.When you go to a bank for a loan to buy a home,you never get a check nor a loan.Ask people that got a mortgage via a bank.
When I heard that the renter had to pay for all the repairs especially when they are on a lower income I almost had a stroke! Years ago I bought a "money pit". There was always a surprise expensive repair. (Replacing the boiler, water heater, new circuit breakers, roofing,etc )
stroke? Praying for repairs , insurance, and everything is normal Do you know anybody that pays a mortgage or bank for the house ? Well guess what ms? The bank or mortgage which really are the owners are not going to come fix the furnace if it breaks in the middle of winter. (You will freeze) Nor fix your roof , if you are paying for the house. That's your problem, From the time you sign those papers you're responsible Missy. And usually. The mortgage is for 30 years. And guess what. Let me hit you with a reality check. You have to pay full cover insurance in which if anything was to happen to the house. Guess who gets the money first? (No, not you with you toddler) the bank does, yes,,,, they don't care. About you... you can be homeless. For what they care.. So that landlord did good .. which there were more Landlords like him. Cause that was a good deal
Uhmm..... rent to own is down payment put in money a few years then buy the house, not paid for in 2 years..... do your homework people dont blame your problems because of your ignorance.
If I can SUE big time I will buy some land & I will build my OWN HOME mostly under ground! You can laugh but heating /cooling bills will be mostly non existent. I won't go into the whole thing but it will be well worth it. I would never be in an apt let alone a HUD owned anything again. Forget paying a million BUCKS for a little boxie home & huge taxes.
underground...yeah the excavation cost 5x conventional, and you have to dig a ton of trench drainage routed around your underground house or youll get mold and water rot. Theres a reason small underground bunkers cost $500,000 you can rent a CAT and dig a hole and frame up some walls and backfill it, but 2 months later that house will be the death of you.
SMH! If you are dumb enough to fill out binding paperwork on a multi-thousand-dollar transaction, you deserve what you get (buyer, seller, or investor). It is a fantastic way to buy and great way to sell. Just people dealing with people. BUT YOU HAVE TO CLOSE ALL DEALS WITH AN ATTORNEY!!
Most importantly....dont make payments to the owner.....agree to make payments to a 3rd party who will pay the mortgage (a title companies) and have a Real estate attorney look over the paperwork.
If you pay on time whether its Aarons or Rent a Center. They do report to the credit agencies whether you pay on time or not. Some of these people are playing the victim. They refuse to pay on time and then look for many loop holes to being responsible. Grant it thre are people that want them to look bad, but in return are not responsible.
It’s a shame that there are scumbags out there like this. I’ve been toying with the idea of doing rent to own with my renters because it’s a way to help them build equity and hopefully get them in a home instead of perpetually renting. It’s a win win for tenant and landlord as long as people enter into it with the plan of following all the way through.
Buying a home is easy as hell people just think it's complicated because they don't understand the process first thing you need to do is go to a bank or to a mortgage company I suggest a mortgage company and get approved for a home loan I did this with a mortgage company and it cost me $50 to apply for a loan they came back and told me they couldn't give me a loan because I had certain things on my credit I needed to fix first so I went and fix those things on my credit and then they approved me and told me exactly how much I was approved for so now I knew what kind of houses to look at then when I found one I like I put a contract offer on it that took about 30 seconds to fill out that paperwork then I got a telephone call saying that the seller accepted my offer about 24 hours later then we agreed on a closing date talked with the mortgage company and when that day came I went down there and signed a bunch of papers I didn't even put any money down on the home and my first month I didn't even have to make a mortgage payment so technically I got into my house for $50 and I didn't even have to make the first month mortgage I had a good interest rate for my crappy credit and I also almost forgot had to call an insurance company and get homeowners insurance and have that put into escrow at closing it's not real hard to do
Out of all the comments on here Thus sounds the Best! I started this process n had to work on my credit score n improve my credit which I’m still working on but I’m going to get it up n try this! Thanks for the info
firestonegraywolf how can you buy a home without 3-10% down payment? imagine someone working minimum wage jobs and renting an apartment with (lets say) 2 kids. shes got rent to pay, electricity, a car note plus insurance, food, gas etc... barely making ends meet so they sure cant even get a credit card, which means low credit score, and when they finally do get a chance to save some money something always goes wrong. how the hell do you expect someone to just wake up and say im going to get a house now...? the cls lady is right, getting a home is THE hardest and most stressing thing to do in america. you cant even get a house with a 850 credit score if you dont have a down payment...
Here in Arizona, there are a few down payment assistance programs. The lender "loans" you the 3.5% down (that's the usual FHA down payment) and puts it as a silent mortgage (no interest, no payments). Live in the home between 3-5 years and the silent mortgage for the down payment amount drops off. I bought my home with a similar loan program. The lowest score you can have for this newest program is 620, the others are 660.
You shouldnt set yourself up for failure ethier.If you cant afford to save and pay for a down payment how are you to take care of the maintenance of the home or any major repairs that come up. Its not what people want to hear but you have to be realistic.
Why don't they teach us that in high school, why did I take french if i'm never going to paris!!
Facts
You learned french so you can be a translator like i am making 60k a year
They don t want us to know this man , that s why
You learn different languages to learn about different cultures.
cнεяяү вlσssσм I had to learn French, it’s useful for when I travel into Quebec .
I’m so glad she was able to navigate her way out of that situation, with the right kind of help. There’s too many bad people out there who value taking advantage of others. Shameful. Being a lease option seller is a niche I would love to take ownership of, and help families acquire their goals of owning a home honestly. Im truly humbled by her story.
What a mother..going through all that so your children can have a roof over their heads and a place to call "home". This world needs more mothers like you.
This world needs a fair and just system period.
THE MOTHER ON
A SEA - SAW
IS COUNTLESS
MIS -
REPRESENTATION
HIDE
THEIR NUMBERS
LACK OF
KNOWLEDGE MAKE
US A TARGET
OF
MALPRACTICE
IN HOUSING
SOME PAY for YEARS
ASSERT
THEMSELVES
an
INALIENABLE
RIGHT
GETS RETALIATION
JUDGE
APPROVES by
" OPINION "
EVICTION NOW
HARM
SLUM DOWN
HILL
NIGHTMARE
UNLAWFUL
VS
" RIGHT TO THRIVE "
( LAW )
THESE MOTHERS
NEED TO STUDY
LAW
AND
CLASS ACTION
CROOKS OUT
of HOUSING
" INALIENABLE
RIGHTS "
WE ARE
DUMMIED DOWN
for
EXPLOITATION
CONGRESS
SHOULD be on
PUBLIC REPORT
CARD
HIGH WAGE
BONUS for
PERFORMANCE
SERVE
THE PUBLIC
MY SUMMARY !
It's a scam - if your name is not on the paperwork after signing everything you really are not the owner. When I bought my home in 1986 the minute i signed everything my name was on the lien/deed - I was the owner and I had to make my mortgage payments and get home owner's insurance - I was responsible for the house and property - I paid the property taxes.
I did the upkeep and everything and when I paid the house off it was officially my house.
Best to get a real estate attorney to assist you through the buying process just as with a regular home purchase!
Mocha Gypsy my advice don't do rent to own
@@lbrown1192 if you dot ur eyes and cross your tees it can be a good system but you have to have a lawyer look over the papers
@@lbrown1192 Unfortunately not everyone has a 700+ credit score and bank rolls to drop on a home, thats the whole point of rent to own is to help the buyer with a lower level of credit and cash to get into a home and then work towards ownership by improving that credit and savings over the course of the lease.
@@HazardWolfCorp its easier to fix your credit and get first time homebuyer loan, closing assistance, a tax write off, mortgage insurance
Yep!
Thanks for sharing this video. I wish I had seen it before my Rent To Own nightmare. We were renting to own our home and had a small kitchen fire that my husband and I repaired ourselves. Unfortunately, we didn't have insurance, so we had to take out an $11,000 loan to fix the kitchen. Unbeknownst to us, the landlord collected $30,000 from his insurance by claiming damages unrelated to the fire. Now, his insurance company is coming after us for the $30,000. A few months later, the landlord sold the house, and we received a notice from the new owner giving us 60 days to move out. We are still recovering and fighting the lawsuit today. It was a hard lesson learned about the importance of having homeowners or renters insurance and having a lawyer review any home ownership contracts.
There are a huge amount of renters that have gone through this same problem, whether renting to own or just unknowingly renting homes that are in foreclosure. Sad situation.
Good to see that she ended up with a proper lease option / rent to own.
I hope her and her babies got their home. I am so happy I found this video.
Jennifer is amazing I usual listen to her advice on Satellite Radio. She really cares for people and works to inform them. Awesome women
I met a ex -partners grandfather who bragged on making $$$ a small fortune on rent to own
Straight predatory - if the renter missed a payment then the property went back to him then he repeated renting it out again to people who couldn’t really handle these payments or a traditional loan
“Enter ye in at the strait gate: for wide is the gate, and broad is the way, that leadeth to destruction, and many there be which go in thereat:”
Matthew 7:13 KJV
$500 a month and I️ own the house in a year 👀 I’m sorry that already sounds shady as fuck, so point is get a lawyer to views these documents before signing because this is often like another language to us, everything sounds okay but we don’t actually understand. I️ was considering doing this but now I️ want to look at other options
Don't do it.
this is why i hate dealing with real estate people in general. They all seem so shady and fast talking snake oil salesmen. Thanks for the information.
Thank you for making this video! Great info! Now we can protect yourself from all the corruption and greed!
This is great, people need to be informed by predatory deals like this where people are set up to fail. This is a great option for many people but you have to be careful and be on top of your payments so you don’t lose the house and your money invested.
I understand the purpose of this video. And unfortunately there are some shady real estate investors....just like there are shady people in every industry. These types of deals are great for some people. It is just important to do your research, get legal advise, understand your rights and READ. But it is unfortunate that some people fall victim to shady business practices.
so basically get my credit together save some money the buy the traditional way.🤔
leon glass eeeyup! 😂 but clearly this woman just didnt know better, she has kids so the only thing on her mind was getting into that house.
djmac productions
Her excuse was ignorance it seems.
Said she needed guidance.
It was her own fault.
I didn't know anything about home buying options either but I just went to the library read books to learn on my own then bought a home with no issues. This was in the early 90s and their was no internet.
Today you have everything you ever want to know about home buying online,at the library,and I've even seen a community college course on home buying.
People are just lazy.
Anyone can have kids they can't afford. Why not challenge yourself and learn things.
Rent is better for most cases, ask your Math Teacher!
LOL
Abdul Rennane
Most math teachers I know have rental property.
The math looks good when someone else pays your mortgage and personal property tax.
Rent to own is like regular renting since you do not have the deed. You are not supposed to pay for maintenance and repairs yet-only improvements. Any rent-to-own person who tries to tell you that YOU are resposible for maintenance and repairs is a SCAM-PERIOD. Rent to own simply means that you get the deed once you have paid off the ACTUAL owner for the agreed price.
Knowledge is power. This is great.
John Tibbetts right
John Tibbetts used knowledge is power. You can know things but if you don't apply what you know then it's been a waste just knowing anything
The “application” of knowledge is power
CLS is not accurate on certain statements they made. R2O is same as Lease Option Agreement. The tenant-buyer has to first fulfill their part to pay "rent" First. Then, get their credit situation fixed so that they can qualify for a mortgage. Some Tenant-buyers don't do that for various reasons. It is not a guarantee that the tenant-buyer gets a mortgage. The Seller is not responsible for any part of that. Also, the lady mentioned her terms of $500 down & $500 per month. Technically. She was NOT in a True R2O agreement. Why? Becuz of providing the TB(Tenant-buyer) with an option to purchase at a later time, the Seller should have provided the TB with an NROC(Nonrefundable Option Consideration). Meaning, if TB doesn't pursue a mortgage and decides to leave at the end of the lease agreement, the NROC payment is NOT returned to the TB. IN fact, NROC payments are typically anywhere from $3-$5K. So, this seems like an unprofessional Seller as well. R2O are for people with bad credit that want to reside in a nice home/nice neighborhood and are willing to pay a "premium" to live in that home until they get to a point where they can qualify for a mortgage. Again, the option to buy is the responsibility of the TB. Also, another false statement I heard from the lady for CLS is where the TB should be given leniency if they miss rent payments. That is absolutely FALSE. Until the TB closes on that house, they are technically a renter. If they don't pay rent, u are subject to eviction. The severity varies from state to state, but those terms should be clearly specified in the Agreement.
You are right. This seems like an add for their facility than informational video.
Have to be very careful when looking for a rental, paying the 3 months worth of fees, moving in & a few months down the road have an eviction notice placed on front door. Landlord didn't notify tenants house was in foreclosure. Read several stories like this.
The only reason i would rent to own is because you can get to know the neighborhood and your neighbors...
kinda strange to expect ownership, without the responsibility of upkeep. First thing is home inspection, you have to know what you're buying. what's disclosed by the seller is key. Easily sue if they fail to disclose problems, but every state is different. Old homes always have expensive problems, especially snowy states, many homes falling apart from the foundation.
At 4:59....$500 down and $500 a month for 1 year...? $6500 gets you a whole house? That does not add up at all.
But I am glad she got some help. Impossible to fight on your own.
MsQueen Shelle I was thinking that as well... Boy was that over affordable.... Lol
MsQueen Shelle r
If it sounds to good to be true, be on guard! !!!
MsQueen Shelle she got off pretty damn cheap
Its markets like that in a few major cities in the U.S. Those homes are in some pretty bad areas but they exist. I live in Michigan, there are a WHOLE LOT of homes like that here. Most are in Detroit but there are a few that are not.
im glad i saw this video, i was researching Divvy homes rent to own. I think i will pass, not going to do it. Thank God for internet.
There's no danger, it's just for people with bad credit. I personally bought one of the houses from for less than 11k
So its legit? I have bad credit
Help me out
Help me out
@@JeurysPadilla try NACA, credit scores don't matter with them.
yes people got to start reading and learning before they do things
You have to know your number before you rent to own, rent to own is fantastic to buy a house!
So Glad there was help out there for you! Hope everything worked out 🙏❣️🙋
*_I AM A REAL ESTATE AGENT IN MIAMI AND I WOULD NOT RECOMMEND IT TO MY CLIENTS! Rent to Own is so risky !_*
Im an investor in Philly and I think its great.
Of course an agent doesn’t recommend it. Agents aren’t involved in the process and therefore can’t nab themselves a commission.
Lease-with-option, Lease-Purchase, and Contract for Deed (CFD) are all different legal concepts and contracts.
Rent to own is just a scam to make short term renters long term rental and to pay for their own maintenance
DO YOUR HOMEWORK regardless of which path you chose
john doe
People are to lazy and emotional to learn.
The renter said she puts $500.00 down and pays $500.00 a month and then will own the home in 12 months? That doesn't make any sense unless the home is selling for $6500.00? Please clarify this for us ???
The best thing to do is BUILD YOUR OWN HOUSE.
Vauban Schwarzwald how do you go about doing that don't you need the same amount of funding or even more
Vauban Schwarzwald
That's not the best thing to do.
For potential homeowners that want to build - please do research on cost of building a home versus buying a pre-existing home. Pros & cons to each...
Why?
Lol. You still have to OWN THE LAND!!!
No different than getting a mortgage through a bank. High risk people are usually the ones that go this route. Lease with option agreement is a great way for one's with little to no credit or bad credit to actually have a chance at home ownership. It's a beautiful thing for lots of people.
very different
I don't see any difference between a bank loan and rent to own to be honest.U might pay more for a rent to own in the end but then again lets be honest the price on a bank home is not the actual price u are going to pay when fully paid off.
Yeah, it's called intrest.
Hi Ann, it's a big difference. The rent to own is based off what the seller what you to pay which could be way more than what it would cost you and you can't pay them off early as you can a bank.
It all depends on how the rent to own agreement is written. Like anything else, there are good and bad rent to own agreements.
The need to get it now, later won't do. Clout , credit or cash and or a seller willing to save as so the buyer 6% agent fees.
So they are complaining about them not having to pay for repairs, water, and all that, but the thing is, when you own the home, you are going to have to do that anyways. The rent is basically mortgage you have to pay until you completely own it
No think about it like this..she pays for repairs taxes and everything..then finds out her house is up for sheriff sale..yet if she refuses to pay because of it she get taken to landlord court and evicted.. not all landlords are on the up and up
You should NEVER have to pay for upkeep and repairs on something you do not yet own.
@@TamiaPeach tell that to car insurance
Do not mess with BrightPath mortgage in Dunwoody, Georgia. I'm truck driver and an automotive youtuber. I was closing yesterday on a $187k house and they didn't have the money at closing. The loan officer lied at lease 3 time doing the process.
I have great credit but he said because I was a first time home buyer. My interest rate should be 3.875. I've been on my job 13 years and in the same apartment for 20 years. He said that didn't matter because I was not paying a mortgage.
He would tell me everything was fine but then call me at the last minute and say there is a problem and need something crazy.
One of those times, he call and said the appraiser report was not coming back quick enough and I had to pay an extra $100 to speed it up.
I went through a loan officer in Dunwoody, Ga and my purchase was legit without a scam to pay an extra $100. You might wanna use my loan officer.; they help me big time.
@@LeadmeGuideme777 I'm suppose to sign again tomorrow and I hope they will have their Clay David (shit) togather. ua-cam.com/video/axPzc1GoaZ0/v-deo.html
Rent to own is a great way to own especially if you where crazy in your younger days with money
I'm an investor in Philly and I can see this video is heavily biased. You mention repairs and show a collapsing roof as if everyone does this? Really? I make sure the properties are 100% renovated and inspected by the township before I give it to the client. I want them to own it and I want to make a profit. I always recommend that use an attorney and definitely not my own
By law can it be rented if it hasn't been inspected?
thanks video we go rent to own but after see this guess better rent
Paying 500 for house and expecting to own it after 1 year? Do houses in Philly cost 5000?
These are great gems!!! Grateful
this is really fake 500 down 500 a month in one year you own yeah right
For real. How is that not suspicious...
Rent to own is suppose to be renting while you're waiting for mortgage approval. If you're not approved then goodbye.
Thats what I thought.
no its not its ment to be a way to pay off your property to the owner over time the fact that they need you to get a loan devoids the positives of rent to own
No, Brendon, you’re wrong. You’re mixing up rent to own/lease options with owner financing. Lease Option is just rent with an option to buy the house. The tenant buyer gets to live in the house and tie it up so the seller can’t sell the property out from under the tenant buyer. You’re expected to go and get a loan at the end of the term or move on.
Owner Financing means you’re financing with the seller directly, the buyer gets title and the seller takes a note, and all monthly payments usually goes towards the purchase price until it’s paid off. However, there are times even in Owner Financing where there’s a term (time limit) and at the end of that term the seller is expecting to be cashed out completely. At that point it is the buyer’s responsibility to either get a loan for the rest or pay all cash.
I hope that she was able to meet her goal of home ownership by 2019!
Doubt it,you are a home owner once you fully paid of your home,the ba KS owns it in the meantime
They never said what exactly happened with the original situation. Did they find a way to resolve it to keep her & the others in the property and did she finish paying her payments off...?
My grandmother told me when she was a young adult, everyone did sales directly between ppl and no banks. That's how she bought her house. Maybe ppl were different in the 1930s and were not so interested in scamming people.... Id say be smart about your buying and check the houses background, bank and lean info... 500 a month and you own in one year sounds way too good to be true!
There wasn't need to scam people in a time that wages were livable. Now that minimum wage hasn't risen and cost of living is so high people are finding ways to quick money even if its scamming
The pros and cons of homeownership is critical. My thinking is you have money you have the house this is caution for me as a curious mind. Definitely want to make sure you check the deed of your home of interest like she said you could be buying your house twice and losing and never end up owning your paid property
I think this is great with this mother is doing for her children giving them some sort of a future... the thing that I am confused about what if your landlord on a rent-to-own agreement is old and dies and has no children ..who do you make mortgage payments to ...how would you get the deed..
steve mitchell In a R2O situation, the tenant-buyer is simply making rent payments not mortgage payments. In the situation you describe, if there is no predecessor to facilitate the role of a Seller if & when the TB pursues a mortgage and completes the closing transaction to transfer deed to their name or some legal entity, the initial payments would not get applied to the original Mortgage lender and in that case, the bank would foreclose on the property and the TB would eventually be evicted due to no fault of their own. Even if rent payments are made in full & on time.
Wealth Creation what does it make any sense to me I've seen a lot of properties and homes be empty for even years.. for what I feel because property owners don't want to lower the rent to a reasonable lower rate... I have heard and seen of a lot of businesses go out of business because the rent is so outrageous and then the building stays empty not for months we're Talkin years and years...
steve mitchell That is a problem with the owner not doing proper research on the avg rents in the area. If a house is too high to rent, Vacancy will become a factor.
Put the deed in escrow and file a memorandum of the option. You want to give constructive notice.
Those are the kind of questions you have to ask your lawyer. oThat’s why you must have a legally binding agreement on file with the courthouse. A good real estate lawyer will cover all the bases but you need to make sure for yourself by asking questions. I have learned to do my own due diligence.
Bad.. Bad ideal...I lived in my house 16 year...sell price..47.000.000. I paid.. 87.000.000...I unfortunately got sick...and had to apply for disability.... wasn't able to make payments.... Seller.... took back home . Total loss.....👎
I always wondered what would happen if the owner dies b4 the transaction is completed, or if the owner uses the property as loan collateral after the agreement is initiated?
Always keep your records especially the titles and receipts. Have a printer available and your place of residence.
This is sort of misleading. This was a bad RTO agreement but there are some RTO that workout for everyone involved. This would be like posting a video about how horrible traditional loans are because of what banks did to causing the mortgage crisis.
God bless this mom🙏🏽
I'm so turned off by RTO..I'd rather rent or buy the traditional way.
Know the difference between Rent to Own, and Lease with Option to Buy.
Best to speak to a Real Estate attorney first.
Shantele buy it the traditional way
Lease to Own can be your Best way to buy a Home! Banks are not lending to people without stellar credit ratings and 20-30% Cash down. So you'll have to wait until you have saved your $20,000 to $60,000 down payment in cash and have a Great Credit rating, with little or no debts. Buying on Rent to Own or Lease Option can get you into a Home with blemished Credit and less money down, however you must be follow the rules of the CONTRACT. In particular, make your payments On-Time, be responsible for your own home repairs (like with actual home ownership). You must work on fixing YOUR credit rating too during your lease period so if your credit is below average, you can fix it to qualify for the mortgage loan that you will need to buy the house at the end of the Lease or RTO period. With Rent or Lease to Own, you in essence agree to Rent now (because You don't qualify to buy a House the traditional way today), and Buy, at your Option, in the future by getting your own mortgage loan, (depends on the terms of tbe agreement, say 2 to 5 or more years of lease term etc.. This is not rocket science but sellers should make sure the buyers fully understand the agreement. (Your Option deposit to buy is similar to what a down payment would be if you were buying with a traditional mortgage. And, a fair Lease to Own agreement will give you Rent Credits for every month you pay on the lease over the term of the agreement. In today's economy, RTO/LO (rtolo.com) Home buying can be the best, sometimes, the Only way to get started buying a Home for 30% of the population. We are an Honest and Fair Rent/Lease to Own Co., we can successfully help New home buyers 'Lease to Own' homes. Waiting to Buy a Home by renting and waiting for to qualify for a Bank Loan could cost you many years of time, thousands of dollars and lost family memories. Avoid the Horror Stories! Questions on finding the Best Lease to Own Homes in your area? We can Help, just reply with your comments or ask for Free Details!
LASVEGAS GEORGE There are financial institutions that offer 100 percent financing without down payment. BUT you have to have great credit and reasonable debt to income ratio. If you have more debt than income, you will get denied.
Josephine Mauro They are technically the exact same thing just with different names...
Get the money from a bank or credit union! They will do the document checking as they will hold the title for collateral. Rent to own is just letting your land owner off the hook to fix things that break! I would not advise it!
yeah coz its just so easy to get a loan lmao
❤ Blessings For Success!!!
Thank you for sharing - protecting others!
When getting into a property always use a Realestate attorney have your name on the title. And the mortgage.
Pay the mortgage directly not through a landlord.
When you are a home owner you are responsible for the expenses.
Bob Wolf Miiven Yates save rentals
Hate to say this if it's to good to be true it probably is🤷🤷🤔
I did a rent to own years ago for a condo. The market was crap and condos were hard to sell without a loss. In my rent to own I gave a set price, buyer put 5% down, they just couldn't get a mortgage. I got rent and a good price for at the time of signing. The first couple got divorced and lost their downpayment. The second couple completed the purchase in about a year and gained a little equity in that year.
I think rent to own only works when there are market reasons. Not getting a purchase price up front to me is a huge problem for buyers. The concept of some part of rent is put toward a future downpayment is completely dumb. The property will likely appreciate faster than the downpayment will build. I see Divvy does rent to own and it looks like a really bad deal for buyers. The buyer puts down 1-2% up front and "get it back" if they don't purchase....minus relisting fees which are about 2%+. So they just change the label on that money from "downpayment" to "relisting fees".
Here's the bottomline problem...there are many people not really very interested in learning about finance and hate math. It's work. So they don't research. That leads to making a long line of poor decisions...too expensive car, lots of credit card debit, student debt for low earning degrees, $6 cups of coffee, etc... That's how they arrive at rent to own schemes. Yup they will be preyed upon. But they're going to be preyed on but someone because they will always be looking for things that sound good without thinking much. Especially in the US people like to think of themselves as super smart and want complete freedom to do whatever they want.
my mortgage has been sold to three different banks since I've owned it what's the difference I don't see one
darren schulz 😲 sooo true!
darren schulz
Was it banks or mortgage companies?
The reason I went to a bank for a mortgage was to avoid this.
Mortgages being transferred means almost nothing to you as a home buyer. Banks know how to handle these. Rent-to-Own agreements being transferred to a new owner while you rent creates ugly situations.
chaon93
Yeah it means nothing until they make mistakes. Going through four mortgage companies in less than three years is too much.
And Bank of America and a few others were horrible during the Great Recession and housing crash with home mortgages.
One of the reasons I was so motivated to paid off my 30yr. mortgage in less than ten years.
it sucks doing it on your own. I had an attorney and HE STILL DIDNT CATCH BANK OWED TAXES..
Thank you for sharing this feature story. You have saved a lot of people from making a poor mistake.
I hope she got her house this year!
This is why negotiations are important
They don’t teach us this stuff in school for a reason. So the rich stay rich and the poor stay poor. Otherwise they would teach us these things that we all should be taught to survive and thrive in life. Everyone needs a Jennifer in their corner in my opinion.
I'm preparing a rent to own offer split 75% towards downpayment and 25% true rent, 8 month length. I'm wondering whats in your playbook to do if the owner is reluctant to make the sale or avoiding me outright in order to let the rent to own option expire, keep the 25% over the last 8 months and retain the house. Any tips on how to protect myself? Thanks.
An option agreement that is recorded on the property at the courthouse is what you need. Also, what would motivate the owner to put 75% of your rent towards the purchase price? Are you paying over market rent? You need to structure a win win agreement, and have an attorney you hire be involved.
Need to show more homes in people's areas
So how do you make sure the property doesn't foreclose during the LTO period and the scumlord doesn't bale on its mortgage responsibilities?
Also, go to a consumer credit organization and inquire about legal aid advisors.
Very informative and then I learned important aspects..thanks
So sorry to hear u got scammed.I dont think i will consider renting to own ! Thank you!!!
Why not? She ended up happy doing a proper rent to own. Did you watch the last part of the video?
And she parked right in front of a fire hydrant!!!!
This doesn't need to b that complicated. Rent is slavery
Chickasaw 963 different banks can charge higher interest.
If you think rent is slavery, stay in your parents basement or buy a home.
It really is
Paying for water heat gas and electricity too
Who's here after hearing about Jay Z Will Smith new real estate deal for minorities smh This is the America take advantage of the people that are less fortunate
but Fannie Mae and Chase Bank they do everything lawfully am I understanding that right but landlords are out to destroy the economy
darren schulz - yah, and Wells Fargo? They have been in the news a lot.
It’s now 2021!! I hope she was able to buy her home and now owns it 😭
Thank you this was very helpful and informative 👍👍
I am going through this right now they are trying to sell the house right from under me forcing me to purchase right out, and the agreement was wriiten out just as you described. Now I have 8 days left, credit is not up to par need a lender its a mess
ALWAYS DO IT WITH A LAWYER.....ALWAYS PAY THE MORTAGE COMPANY/BANK...DO NOT PAY YOUR LANDLORD. ALWAYS MAKE SURE YOU CAN PAY IT OFF EARLY AND PAYMENTS XTRA GO TOWARD THE INTREST.... GET A LAWYER.
You are right but stop shouting!! 🤣🤣🤣
this video was created by the banksters who won't lend to people with poor credit at least we landlord's give people a chance to try Banks don't even give them that and most of us sell the homes the legal way
Lending to people with poor credit caused the financial collapse of 2008
INVINCIBLE VISION REAL ESTATE unfortunately, the reputation others have created due to unethical decisions, has given investors a bad name. The bottom line with any kind of wealth generation should be to help others and give back to humanity. Yes, this is a business for profit just like anything else, however, said bottom line should be to help others through noble obligation.
BANKS DO NOT LEND MONEY
Theodore Simmons what's a loan then?
J Davis Is is illegal for banks to loan money.The give you credit.People think credit is a loan.When you go to a bank for a loan to buy a home,you never get a check nor a loan.Ask people that got a mortgage via a bank.
1:33 that voice rings my ears 👂other then that thanks great info👍🏽
Thank you so much for the video very informative 👍🏼
When I heard that the renter had to pay for all the repairs especially when they are on a lower income I almost had a stroke! Years ago I bought a "money pit". There was always a surprise expensive repair. (Replacing the boiler, water heater, new circuit breakers, roofing,etc )
stroke? Praying for repairs , insurance, and everything is normal
Do you know anybody that pays a mortgage or bank for the house ?
Well guess what ms? The bank or mortgage which really are the owners are not going to come fix the furnace if it breaks in the middle of winter. (You will freeze)
Nor fix your roof , if you are paying for the house. That's your problem,
From the time you sign those papers you're responsible Missy.
And usually. The mortgage is for 30 years. And guess what. Let me hit you with a reality check. You have to pay full cover insurance in which if anything was to happen to the house. Guess who gets the money first? (No, not you with you toddler) the bank does, yes,,,, they don't care. About you... you can be homeless. For what they care..
So that landlord did good .. which there were more Landlords like him. Cause that was a good deal
Uhmm..... rent to own is down payment put in money a few years then buy the house, not paid for in 2 years..... do your homework people dont blame your problems because of your ignorance.
If you dont know than you dont know that dont mean its ok to scam people
@@Sethlimel It’s not scamming people if you walk away think they understand the contract. You can’t make people get it.
If I can SUE big time I will buy some land & I will build my OWN HOME mostly under ground! You can laugh but heating /cooling bills will be mostly non existent.
I won't go into the whole thing but it will be well worth it. I would never be in an apt let alone a HUD owned anything again.
Forget paying a million BUCKS for a little boxie home & huge taxes.
underground...yeah the excavation cost 5x conventional, and you have to dig a ton of trench drainage routed around your underground house or youll get mold and water rot. Theres a reason small underground bunkers cost $500,000 you can rent a CAT and dig a hole and frame up some walls and backfill it, but 2 months later that house will be the death of you.
SMH! If you are dumb enough to fill out binding paperwork on a multi-thousand-dollar transaction, you deserve what you get (buyer, seller, or investor). It is a fantastic way to buy and great way to sell. Just people dealing with people. BUT YOU HAVE TO CLOSE ALL DEALS WITH AN ATTORNEY!!
@@MJ-le3yn you don’t know what you’re talking about
Most importantly....dont make payments to the owner.....agree to make payments to a 3rd party who will pay the mortgage (a title companies) and have a Real estate attorney look over the paperwork.
If you pay on time whether its Aarons or Rent a Center. They do report to the credit agencies whether you pay on time or not. Some of these people are playing the victim. They refuse to pay on time and then look for many loop holes to being responsible. Grant it thre are people that want them to look bad, but in return are not responsible.
rent to own works if they are done in an ethical way. It give some people opportunity ... of course it has to be done ethically and through a lawyer
It’s a shame that there are scumbags out there like this. I’ve been toying with the idea of doing rent to own with my renters because it’s a way to help them build equity and hopefully get them in a home instead of perpetually renting. It’s a win win for tenant and landlord as long as people enter into it with the plan of following all the way through.
Illegal surveillance
Hey I'm inspired by your story and I wanted to know did you ever end up owning the house
No because she is a paid actor lol
It’s 2019 where are they now?
Buying a home is easy as hell people just think it's complicated because they don't understand the process first thing you need to do is go to a bank or to a mortgage company I suggest a mortgage company and get approved for a home loan I did this with a mortgage company and it cost me $50 to apply for a loan they came back and told me they couldn't give me a loan because I had certain things on my credit I needed to fix first so I went and fix those things on my credit and then they approved me and told me exactly how much I was approved for so now I knew what kind of houses to look at then when I found one I like I put a contract offer on it that took about 30 seconds to fill out that paperwork then I got a telephone call saying that the seller accepted my offer about 24 hours later then we agreed on a closing date talked with the mortgage company and when that day came I went down there and signed a bunch of papers I didn't even put any money down on the home and my first month I didn't even have to make a mortgage payment so technically I got into my house for $50 and I didn't even have to make the first month mortgage I had a good interest rate for my crappy credit and I also almost forgot had to call an insurance company and get homeowners insurance and have that put into escrow at closing it's not real hard to do
Out of all the comments on here Thus sounds the Best! I started this process n had to work on my credit score n improve my credit which I’m still working on but I’m going to get it up n try this! Thanks for the info
Thanks to CLS and Jennifer for this informations.
why though??? should be able to just buy a home, END HOMELESSNESS DAMN
firestonegraywolf its not that easy
firestonegraywolf
firestonegraywolf how can you buy a home without 3-10% down payment?
imagine someone working minimum wage jobs and renting an apartment with (lets say) 2 kids. shes got rent to pay, electricity, a car note plus insurance, food, gas etc... barely making ends meet so they sure cant even get a credit card, which means low credit score, and when they finally do get a chance to save some money something always goes wrong. how the hell do you expect someone to just wake up and say im going to get a house now...? the cls lady is right, getting a home is THE hardest and most stressing thing to do in america. you cant even get a house with a 850 credit score if you dont have a down payment...
Here in Arizona, there are a few down payment assistance programs. The lender "loans" you the 3.5% down (that's the usual FHA down payment) and puts it as a silent mortgage (no interest, no payments). Live in the home between 3-5 years and the silent mortgage for the down payment amount drops off. I bought my home with a similar loan program. The lowest score you can have for this newest program is 620, the others are 660.
You shouldnt set yourself up for failure ethier.If you cant afford to save and pay for a down payment how are you to take care of the maintenance of the home or any major repairs that come up. Its not what people want to hear but you have to be realistic.
It's 2019... does she own her home? :D 7:48