Looking for Rent to Own homes in Jacksonville

[harajuka]

Anyone know of a good source to find a Rent to Own home in the Jacksonville area?   Thanks

[Tacachale]

Don't do it, man, those things are risky. There are plenty of other ways to buy a house or condo.

[Springfield Chicken]

I have to agree.  If the home is a good home in a good location and priced right, it will sell without having to go this route, which leads me to conclude many of these homes are either over priced or bad homes or both.  A true rent to buy also requires a large option payment and a lock in on price (which isn't likely to be the real value when it comes time to buy and you could be overpaying).  And in spite of what many people will tell you, only a small portion of the rent you pay can count towards the mortgage when it comes time to talk to a lender.  Financing is still an option for a lot of people so check out your choices or rent till you are ready to buy.

[duvaldude08]

If you are looking buy, send a message to AVS. She is a realtor. Im currently working with her now

[mtraininjax]

rent to owns are NOT risky. Its more risky to work with a bank who makes you jump through hoops only to be told later that you do not qualify for the loan and no one will tell you why.  Banks are evil and greedy and got us into the last real estate mess. Don't think they are a better solution than an owner willing to offer people housing when they have a job and are good at paying their bills.

[ChriswUfGator]

rent to owns are NOT risky. Its more risky to work with a bank who makes you jump through hoops only to be told later that you do not qualify for the loan and no one will tell you why.  Banks are evil and greedy and got us into the last real estate mess. Don't think they are a better solution than an owner willing to offer people housing when they have a job and are good at paying their bills.

I have yet to see an RTO that made much sense for the buyer, they're usually far better off just getting a mortgage and paying a market price. Ultimately unless you're willing to actually hold paper for them they're going to have to get a mortgage anyway, you're just kicking the can a year or two down the road and collecting over-market rent in the meantime. I really see no reason anybody should do an RTO, and like another poster above me noted, I've found that every time I see one of these exotic transactions, e.g. RTOs, agreements for deed, land trusts to avoid a due on sale clause, the bottom line always seems to be that the property is overpriced and the deal is structured to get around the fact that it won't appraise.

I don't know your deals, maybe you're the exception to the rule, but that's just been my observation.

[fieldafm]

rent to owns are NOT risky. Its more risky to work with a bank who makes you jump through hoops only to be told later that you do not qualify for the loan and no one will tell you why.  Banks are evil and greedy and got us into the last real estate mess. Don't think they are a better solution than an owner willing to offer people housing when they have a job and are good at paying their bills.

I have yet to see an RTO that made much sense for the buyer, they're usually far better off just getting a mortgage and paying a market price. Ultimately unless you're willing to actually hold paper for them they're going to have to get a mortgage anyway, you're just kicking the can a year or two down the road and collecting over-market rent in the meantime. I really see no reason anybody should do an RTO, and like another poster above me noted, I've found that every time I see one of these exotic transactions, e.g. RTOs, agreements for deed, land trusts to avoid a due on sale clause, the bottom line always seems to be that the property is overpriced and the deal is structured to get around the fact that it won't appraise.

I don't know your deals, maybe you're the exception to the rule, but that's just been my observation.

Completely agree... from the perspecitve of both a landlord and a banker.

[mtraininjax]

I have yet to see an RTO that made much sense for the buyer, they're usually far better off just getting a mortgage and paying a market price. Ultimately unless you're willing to actually hold paper for them they're going to have to get a mortgage anyway, you're just kicking the can a year or two down the road and collecting over-market rent in the meantime. I really see no reason anybody should do an RTO, and like another poster above me noted, I've found that every time I see one of these exotic transactions, e.g. RTOs, agreements for deed, land trusts to avoid a due on sale clause, the bottom line always seems to be that the property is overpriced and the deal is structured to get around the fact that it won't appraise.

I don't know your deals, maybe you're the exception to the rule, but that's just been my observation.

Yes, my deals are the exception to the rule. Not everyone can qualify for a loan through a bank, but do have a job and can work for equity.  I set up a solution so that the all in payment, PITI is less than market rents.  The only thing higher than a normal bank loan is the interest rate, why? Because I, holding the paper, am accepting the bad credit risk from the prospect.

These are excellent solutions for people who have had foreclosures, who have a good job, just got overextended and cannot get a loan through other means. Its pretty obvious that they are good for people, there are so many investors offering them locally in Jax.