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Rent to own experiences

Looking for info/experiences on a rent to own house.

From what I understand our monthly rent payments would count as the down payment.

Any insight/ experiences, what we should be aware of would be appreciated!

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  1. Joel Whipple Joel Whipple says:

    If you lack the financial discipline to save a down payment, you are in no way, shape or form ready to own a house.

  2. If you’re doing rent to own make sure you have a lawyer draw you up a contract so it’s fair for the both of you and no unexpected surprises

  3. Rent to own is basically a scam and most properties here don’t qualify for it …don’t get into a fake contract to later find out the property is being illegally rented to own

  4. If your rent is 1500/mo maybe 1000 goes to rent and 500 to your down payment (and that’s being generous)
    You NEED the rent to own contract drawn up by a lawyer or the bank won’t accept it when it comes time to get a mortgage. Someone I know just went through this and the bank wouldn’t take their rent payments as a down payment on the house.

  5. not so true how it works most time is you pay a % higer than the set rent , that % more is used in the down payment not the entire rent . after all you still have to live somewhere .the amount of extra rent used in the down is agreed apon between you an the owner.

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