Info about leasing an apartment?

Question

My fiance and i are moving out of our townhome in october.

We don't have good enough credit to buy a home so we were looking to rent a house.

We came across this beautiful duplex .. one side of the duplex said "Buy Or Lease".

What steps do we have to go through to lease this?
Harder to lease then to rent a home?
Is it pretty much like renting except the money goes towards buying it?

Any info would be great, thank you.

Answer 1

Lease to own properties can be tricky and their are cases of fraud occasionally. first, A lease is just a rental spelled out for a period of time that both parties agree to.
You will find that if you buy small income property that it is easier than buying a single family home. The income derived from the rental of your second unit counts as your income so it helps you to qualify for a higher loan position. If this is a lease option you can protect yourself by opening an escrow on the property at the inception of the lease. That way if the property increases in value and the seller wants to raise your price or duck out of the whole deal, you have a legal leg to stand on and the backing of the Escrow companies legal department. Most lease to own purchases that fail are due to the parties not drawing up the proper paper work. Deal with a pro here to be sure you have protection. The small amount of money that you will spend on an Escrow company will pay big dividends.

Answer 2

A lease is just a rental agreement unless its a lease to own, which is a bad deal don't get caught up in it, If you just rent you can help repair your credit and then look at buying a house. If your credit is not that great do everything to repair it don't rush into a house just to have it, make sure it's affordable for you.