With the high cost of houses in Los Angeles, I have been wondering about the "rent to own" option. Does anyone have experience in this?
2007-06-25 13:46:56 · 2 answers · asked by Joanna B 1 in Business & Finance ➔ Renting & Real Estate
I have never done it. But, I am old and have been around a very long time. I know many people who have done it.
It is not a good path. Almost everyone regrets it, it never works out as planned.
Houses are high, but you are better off starting small and working your way up. Maybe a duplex, that way you have some rent money to help make the mortgage payments.
2007-06-25 13:56:21 · answer #1 · answered by Landlord 7 · 0⤊ 0⤋
I don't recommend it. Usually you pay and pay, and then when the time comes to buy it you can't afford it. And all your money is lost.
You would do better to seek out special programs that can help you. Try to find a no-money-down program. Or move to a cheaper location in order to get a starter home.
The lease-option house idea is also not good. You can lose a lot of money.
2007-06-25 13:52:43 · answer #2 · answered by moondrop000 5 · 0⤊ 0⤋
Im not as old as landlord (just kidding landlord) but I've been in the business over 30 years and here in NM we do them all the time. If you work with a knowledgeable agent who knows what they are doing all parties gain by it.
2007-06-25 15:00:12 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋