how does "rent to own" work for a house?
472966
Instead of getting a loan and the other person trying to sell through an agent, your monthly rent or so much of your monthly rent goes to the owner or their mortgage. Once you have paid the amount in then the title is handed off to you.
985220
Its totally up to the both of you mike,renting a place IS dead money,you are correct,its a fact--a mortgage though is a millstone around the neck--another fact,so really,you're fecked if you do,you're fecked if you dont,fecked if i know the answer to that one!!Then you have the patter of tiny feet to consider in the future,and everyone knows how costly those little feckers are...very!! Wish you all the best in whatever you decide mike,i know its not easy-decisions,decisions,decisions:-/
744057
You mean your retired and living on a government check?\n\nIf your living in private housing... They can raise the rent all they want.  Unless your local has rent control laws. \n\nIts called business.
647609
There are private homes that are rented and most often, you could see it on the newspaper ads. As for "cheap rent", I don't know how much your budget is. I have a friend who rent and for 3 bedrooms/2 bathrooms costs them $1,800.00 a month! I think it's ridiculous to rent in that amount when you could own a house and pay the same amount each month and you're investing your money in some ways and of course, you could declare it as well at the end of the year on your taxes.
419203
We qualify people all the time with the old home "retained as a rental."  You can use market rent for your area to offset the mortgage on the existing home to keep your ratios down.  You are running the risk that you will end up responsible for two mortgage payments if you can't sell your current home quickly enough.  In my area, that's not a problem because the market is hot (that's why no seller will accept a buyer's offer if it's contingent on selling the current residence... there are so many buyers out there that they don't have to.)
851696
I know I am not answering your question, but I do not know a place to send you for the information you are looking for.  I am a Landlord of 23 properties in Florida and I can answer specific questions you may have, to a limit.  Insurance you need to have homeowners Insurance and tell your agent that the house will be a rental, that way you are not paying for all items in the house, unless of course you are renting a furnished unit.  I have no special account, all the monies go into my personal account and all repairs come out of my personal account.  You will pay tax on the profit you make, I am not an accountant so I don't know what your tax implications would be, an accountant can answer that for you.  If you have any other questions please feel free to add details post another question or you can email me through Yahoo Answers.  Good Luck KG
760293
The tenant pays you to use your house.  It is his home while he pays your rent.  He can ruin it or improve it.  He can be a good neighbour or a bad one.  It should be a mutually respectful business deal.\nBut yes, get a contract and stick to it!
615701
it all depends on the landlord/management company.  Some are more forgiving, others are very strict requiring certain credit scores(or an additinal deposit).  But if you're selling your house, you should be able to use the money to take care of your financial issues.
957787
You claim the rent on your income tax and pay the taxes on it.  List it as rental income.
965179
buy your own house and then you would be the landlord :)
363047
Ask now. Why wait? Get your name in first. I did the same thing in my old building (went from a studio to a one bedroom). The circumstances were slightly different, but it was no big deal. Call them today and set it up. If you've been a good tenant, there should be no problem and they'll be glad to rent it to someone already there.
528791
Renting is a waste of your money!!! if you don't get that then just keep wasting your money on a property that you will never own, but your landlord will.
867827
If you must pay a monthly amount for living in a place, why not pay it into something that is an investment for your future.  To just pay rent to a landlord makes  him wealthy.\nGo to WWW.daveramsey.com\nhe has a great deal of advise
516506
It's not a bad thing in every situation.\n\nBut, you will probably be paying above the market value for the house.  It's similar to buying a car from a place like JD Byrider.  They know that if you could qualify on your own, you wouldn't be coming to them, so they charge you more, in most cases.\n\nIf you cannot qualify for a mortgage on your own and chose to go this route, get everything in writing.  Make sure you hold up your end of the contract.  Make your rent payments by check and make sure you have access to the cancelled checks.  You will probably need them when trying to get financed on your own later.\n\nRent to own or land contract purchases are not always a bad thing.  The owner may be anxious to sell the property and may be having a hard time finding interested buyers who are able to qualify for a mortgage.  So, they offer a land contract deal to sell the property quicker, so they can get on with their lives.  This happens quite a bit in the area I live/work.
1145436
Would credit matter? \nIt might depending on the landlord\n\nJust sign a contract saying I'll pay the monthly rent and my own utilities and that's it? \nYes, pretty much and you have to maintain the yard and such.\n\nWhat is the detailed process of renting a home after finding the one you like? \nYou said it, find one, apply and if you qualify, sign the paperwork
218073
Without a doubt, it's best to buy if you can.  Paying rent is paying someone else's mortgage for them.  Better to pay tax deductible interest to the lender than to just give money away to a landlord.  Many mortgage companies collect property taxes as part of your mortgage payment, and you can have the payment charged directly to your bank account - don't have to remember or ever be late.  Just have to make sure there's enough money for the mortgage, figure out ahead what your bills will be, such as utilities, food, car payment, etc.  Years later you probably can sell your house or condo for more than you paid, it's like having lived there for free.
569480
You have to follow the terms agreed to in your rental agreement.  Sorry there is not a better answer.