Lease to own question

[mountain muscle]

For those of you in the know, would now be a good time to enter into a lease to own with the market as it is?

Talked to my landlord about it and we will be meeting later this week to talk about that and some improvements I will be making to the house and the cost being deducted from the rent.

The house is going to be appraised later this week as the owner wants to refinance.

Can someone break down pros and cons for me. I know nothing about this.

 

[Lumberg]

Pros--cash flow

Cons--if you plan to own it soon anyway, the it'll cost you more in the long run.

Make your check payable to my wife's plat membershit.

 

[jnevin]

For those of you in the know, would now be a good time to enter into a lease to own with the market as it is?

Talked to my landlord about it and we will be meeting later this week to talk about that and some improvements I will be making to the house and the cost being deducted from the rent.

The house is going to be appraised later this week as the owner wants to refinance.

Can someone break down pros and cons for me. I know nothing about this.

There are a lot of things you need to look at if you do something like that. You can PM me your scenario and I'll be happy to help yo u out.

 

[heatherrae]

There are different ways to structure the deal -- land contracts, options, leases, etc.

Then there is speculation whether this is the bottom of the market, what percentage of your payment would go toward the purchase price if it is a lease, etc.

There probably is a way that you could structure the deal to come out with a win - win for both of you.

We need specifics, though.

 

[BIGBUCK$]

Cons--if you plan to own it soon anyway, the it'll cost you more in the long run..

COST ALOT MORE IN THE LONG RUN

 

[heatherrae]

COST ALOT MORE IN THE LONG RUN

depends on how it is structured. Not necessarily.

 

[BIGBUCK$]

depends on how it is structured. Not necessarily.

Believe me i deal with this a dozen times a day.

 

[heatherrae]

Believe me i deal with this a dozen times a day.

I'm a real estate attorney. I do, too.

 

[BIGBUCK$]

I'm a real estate attorney. I do, too.

how the hell are you on this board 24/7 then lol jk

 

[Jon79]

how much of your rent will be going towards paying on the home?

 

[heatherrae]

how the hell are you on this board 24/7 then lol jk

good question...lol.

I gotta get back to work...lol.

 

[myway]

She hearts us.

 

[heatherrae]

She hearts us.

I heart U's to pieces.

 

[BIGBUCK$]

good question...lol.

I gotta get back to work...lol.

i hear ya
15 mins left for me =\

 

[myway]

I heart U's to pieces.

Have u found a way to do some work from home or do u gotta go in to an office every single day? I was just wondering how much time u gotta be away from the lil' one.

 

[jnevin]

how much of your rent will be going towards paying on the home?

Usually not much at all. It might cover a third to half of the closing costs.

 

[BIGBUCK$]

its also really depends on how eager the person is to sell their property. by me in nyc lease to own is threw the roof! people want money you cant blame them.

 

[heatherrae]

Have u found a way to do some work from home or do u gotta go in to an office every single day? I was just wondering how much time u gotta be away from the lil' one.

I come in about 7 am and leave at about 5:30 every day. I wouldn't get anything done if I worked at home with the little one. It just isn't feasible.

 

[BIGBUCK$]

I come in about 7 am and leave at about 5:30 every day. I wouldn't get anything done if I worked at home with the little one. It just isn't feasible.

damn im 11-5

 

[BIGBUCK$]

damn im 11-5

just for today actually lol

 

[myway]

I come in about 7 am and leave at about 5:30 every day. I wouldn't get anything done if I worked at home with the little one. It just isn't feasible.

O-yea. I bet u wouldn't get anything done with the baby around. I don't know how I failed to think of that considering I have the same problem.
I was just thinking about how my dad has been saying he would soon start consulting from home. He started saying that at 58 and now he's 66. I don't think it's gonna happen. I guess he's just addicted.

 

[heatherrae]

O-yea. I bet u wouldn't get anything done with the baby around. I don't know how I failed to think of that considering I have the same problem.
I was just thinking about how my dad has been saying he would soon start consulting from home. He started saying that at 58 and now he's 66. I don't think it's gonna happen. I guess he's just addicted.

lol...law is a cruel mistress.

 

[myway]

lol...law is a cruel mistress.

Exactly. People don't understand.

 

[mountain muscle]

Usually not much at all. It might cover a third to half of the closing costs.

I have been reading it is usually applied for down payment.

I don't have any details yet, he just mentioned it when we were on the phone and since I know absolutely nothing I was just trolling for info so I had an idea when we talk.

Just figured in the current market here I might be able to get a deal on a future purchase and have time to repair my credit. I will hollar at you when I get more info.

nice hijack btw Heather. I am going to sue you.

 

[heatherrae]

I have been reading it is usually applied for down payment.

I don't have any details yet, he just mentioned it when we were on the phone and since I know absolutely nothing I was just trolling for info so I had an idea when we talk.

Just figured in the current market here I might be able to get a deal on a future purchase and have time to repair my credit. I will hollar at you when I get more info.

nice hijack btw Heather. I am going to sue you.

I'll counterclaim and then ask for my attorney fees for the defense to be paid by you...lol...plus punitives.

 

[mountain muscle]

I'll counterclaim and then ask for my attorney fees for the defense to be paid by you...lol...plus punitives.

I'll kick you in the shins.

 

[heatherrae]

I'll kick you in the shins.

lol...triple damages. I'll never have to work again. lol.

 

[mountain muscle]

lol...triple damages. I'll never have to work again. lol.

I'd suffocate you with your baby flubber and and never pay.

Then kick you in the shins again.

 

[jnevin]

I have been reading it is usually applied for down payment.

I don't have any details yet, he just mentioned it when we were on the phone and since I know absolutely nothing I was just trolling for info so I had an idea when we talk.

Just figured in the current market here I might be able to get a deal on a future purchase and have time to repair my credit. I will hollar at you when I get more info.

nice hijack btw Heather. I am going to sue you.

There are a number of ways to structure it. Get it sorted out and hit me up if you have questions. I'll be happy to help.

 

[heatherrae]

I'd suffocate you with your baby flubber and and never pay.

Then kick you in the shins again.

My baby flubber is nearly all gone. I'm looking pretty, oh so pretty...lol.

 

[Lumberg]

I'm only familiar with leasing for computer equipment--it can be a pretty attractive option since the expected lifetime of computers is 3 years and it's 5 for a tax basis.