Rent to own property! - DodgeIntrepid.Net Forums - Dodge Intrepid, Concorde, 300m and Eagle Vision chat
 
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post #1 of 4 (permalink) Old 12-27-2008, 09:03 PM Thread Starter
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Rent to own property!

Can anyone here explain how rent to own actually works and to who's advantage is it/

My sister has her trailer home for sale $13,500 and there has been some interest as to rent to own.

My advice to them is get a line of credit as 13,500 is not a lot of money and it would be cheaper than a morgage,

Am i way off we just want to get rid of it!
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post #2 of 4 (permalink) Old 12-27-2008, 09:53 PM
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Heres a few things to consider/think about.

If they do the rent to own thing then when the person is renting from your sister and the pipes freeze who pays for that? If the trailer catches on fire who pays for that? If they trash the place and decide to jump/leave town then your sister has to fix it up again. Trailer depericate! Normally the person who owns the house/trailer would pay for repairs so your sister maybe having to play landlord and pay for alot of repairs unless stated in the contract. I personally think the only advantage for her would be the income from whomevers renting it every month but a lump sum would prolly be better if shes looking to buy a new place. Alot of places will NOT do loans on trailers so thats why the interest is so high for the rent to own. Have her contact the person who owns the trailer park and see if they would want to buy it from her, they may. Maybe contract a real estate company and maybe they can help her sell it. I would say that the person renting to own gets the biggest advantage because they dont have to pay interest.

If she has enough money she could rent it out but renting it out means a young couple could get it and trash the place and thats even more money.

I would just keep trying to sell alot of people are not in the moving mood right now due to the cold/winter so you may have better luck once spring/summer hits.

I'm sure you thought about all of this already just trying to help.


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post #3 of 4 (permalink) Old 12-27-2008, 09:55 PM
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Rent to own has the advantage to the seller......... Just like when people rent to own computers, TV's and other stuff they pay something weekly or bi-weekly. And when the year is up and it's all said and done you would have ended up paying $900 or more for a $400-$500 Computer!! or TV or whatever!!! If you really want to get it out of your hair i'd say just sell it right out and don't rent to own. But if your looking to make alittle more that the $13k the rent to own is the way to go. But with rent to own, there is risk involved like you may have to end up evicting someone!!!!!
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post #4 of 4 (permalink) Old 12-28-2008, 09:39 AM Thread Starter
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My thoughts exactly, selling would be better.

But if someone was renting, knowing that the "rent" was going towards the purchase then there would be less chance of wrecking and running!

As far as loaning for trailers thats why i was thinking the line of credit thing!
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