I have gotten an abnormal amount of calls over the last couple of months asking if leases are available for “rent-to-own” and I still haven’t figured out the mystique.
Every time I explain my POV (point of view), this wonderful person on the other end of my BlackBerry (yes, I’m with AT&T and, no, I don’t want an iPhone), nods through the phone and picks up the logic I’m putting down.
Here are my thoughts: You’re renting, right? You want to eventually own a place, right? Those are both awesome and okay! How do we get you from one to the next? Probably not with a rent-to-own. Why?
First off, there just aren’t that many out there. In this market, most investors have already seen the tide and they’re staying on their surfboard/in their boat/whatever. They’re going to keep owning their rental so they can keep making money… High fives, them!
Second, the biggest piece of a rental is that it’s not permanent and that once you’re ready for some much-needed stability, you can find it in buying a home of your own. Why take away the flexibility of a rental and commit yourself to this home? What if you have a(nother) kid? What if you change jobs? What if you don’t like that eclectic bongo player next door anymore because you grew out of that phase?
And, lastly, where did you get this idea anyway? Are you secretly reading blogs or articles that I’m missing? I seriously read WAY too much about all things real estate (technology, politics, trends, etc.) DAILY! How’re you reading about the fabulosity of the rent-to-own yet I still want to talk you out of it? Just curious.
End of story? Just rent/lease or just own. Let’s not muddy the waters in between anymore than your Lender would want you to…
Should you have any questions about anything you’ve read here or if you’re interested in another city in Southern California (particularly the San Gabriel Valley or Inland Empire), please feel free to call your favorite REALTOR
And, I can always send you a FREE Market Analysis on your home, just ask.