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Thread: Rent to Own Homes

  1. #1

    Default Rent to Own Homes

    So I need to move out of my current rental property (long story). Anywho I am really sick of renting, sick of dealing with agents, sick of having people dictate how I live, who I live with, where my dogs live. I won't get a bank loan but I have previously noticed the rent to own properties and I was looking around for rentals and stumbled on one that looks ok in a decent area and will probably call up and enquire about it.

    Anyone here have any experience with R 2 B properties? What are your thoughts? What should I ask when speaking to the owner? Any advice in general?

    Thanks in advance.

  2. #2
    Join Date
    Aug 2011
    Location
    Canberra
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    4,292

    Default

    I'd never heard of it. No one does it in the ACT. How does it work?

    I've just signed up to buy my first house. A tiny off the plan house in a yet-to-be-built suburb. In an area of town where I really don't particularly want to live. But it was all I could afford. Don't yet have loan approval as the land will only be released in May, which is when I have to pay for it. It's all a bit scary!

    Once I live in my own home, I think I will quickly collect a whole zoo of animals.

  3. #3
    Join Date
    Jun 2011
    Location
    Sydney
    Posts
    1,210

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    I dont know much about it, I see it alot and it always makes me wonder. I always think what happens if you want to sell the house?

    I Found this site

    Finding "Rent To Own" Or "Rent To Buy" Or "Vendor Finance" Homes Fast and Easy | Vendor Finance | Rent to Buy | Rent to Own*-*Rent To Own | Vendor Finance | Rent To Buy | No Bank Loan | Home

    They look like they may be a third party which may give you a little more security.
    Rubylisious


  4. #4
    Join Date
    Sep 2011
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    Somewhere between here and there
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    Vendor Finance Scams

    Make SURE you find a reputable firm there are a lot of scams out there in relation to vendor finance, if you qualify for Housing Commission they have some different types of ownership options even for people that don't qualify for assistance and some of the older commission areas they sell in are becoming really good investment areas with great returns.
    ALL kittens are devil spawn wrapped in cuteness!

  5. #5

    Default

    Quote Originally Posted by Beloz View Post
    I'd never heard of it. No one does it in the ACT. How does it work?

    I've just signed up to buy my first house. A tiny off the plan house in a yet-to-be-built suburb. In an area of town where I really don't particularly want to live. But it was all I could afford. Don't yet have loan approval as the land will only be released in May, which is when I have to pay for it. It's all a bit scary!

    Once I live in my own home, I think I will quickly collect a whole zoo of animals.
    Sort of hard to explain. Google is your friend

    At least it is a start for you. Once you have the property, you can wait a little while and then sell it for more than you bought and use that to buy something better in a better area.

    Quote Originally Posted by Bulldog_Lover View Post
    I dont know much about it, I see it alot and it always makes me wonder. I always think what happens if you want to sell the house?

    I Found this site

    Finding "Rent To Own" Or "Rent To Buy" Or "Vendor Finance" Homes Fast and Easy | Vendor Finance | Rent to Buy | Rent to Own*-*Rent To Own | Vendor Finance | Rent To Buy | No Bank Loan | Home

    They look like they may be a third party which may give you a little more security.
    You don't go into it wanting to sell for a while I guess.

    Thanks

    Quote Originally Posted by kdee View Post
    Vendor Finance Scams

    Make SURE you find a reputable firm there are a lot of scams out there in relation to vendor finance, if you qualify for Housing Commission they have some different types of ownership options even for people that don't qualify for assistance and some of the older commission areas they sell in are becoming really good investment areas with great returns.

    Cheers for that. Had a read. As I said not a definite just something I was looking at to get free of bloody rentals and real estate agents. I would be super careful if it was a road I went down. I have a paralegal in the family so would have her to help me out to.

    Not eligible for govt housing I earn way too much.

  6. #6
    Join Date
    Sep 2011
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    Somewhere between here and there
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    Quote Originally Posted by Keira & Phoenix View Post
    Not eligible for govt housing I earn way too much.
    You don't have to be to buy some they just get you to sign a contract to live in the house for x amount of years before selling or renting, lol a friend has done it and he now owns nearly half the block lmao so I guess he CAN pick and choose his neighbours but he started by buying the one to live in, it cost him under 78k in an area that now 5 years later is selling for 150k +.

    But yeah just be really careful and do your homework VF can work but when they go wrong they go very wrong I would suggest asking your real estate if you trust them first for some contacts local to you, is your Para legal versed in real estate and conveyancing laws as well as property laws and caveat's, I know a couple of people that have been burnt in VF deals and they were all very well and fully represented legally but they still lost out, bankruptcy of the vendor normally wins when the buyer can't cash up the loan amount to the bank

    Personally I think we have all paid enough tax to get a free house lol I'm taking Kirribilli House for myself rofl I think I could have plenty of animals on that piece of land hmmm not so sure about the dogs and new years eve fireworks if I lived there lol
    ALL kittens are devil spawn wrapped in cuteness!

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