Rent to own VS buying

[Tom Fitzsimmons]

I'm leaving the rental lifestyle, and plan to buy. I have been looking into the Rent to own strategy, since it does not require such a large downpayment. I'm looking in Arlington and Alexandria VA to try this strategy.

Any Realtors / investors who have experience in the rent to own space? I'd love to pick your brain! 

[Joe Villeneuve]

Quote from @Jon Puente:

Hey Tom,

I am just going to give my opinion on this - I am NOT a fan of Rent to Own.  Yes I understand that it can be cheaper upfront to do this, however there can be so many hidden costs or problems that arise later on.  My opinion comes from horror stories from customers I have spoke with about this. 

1) What if you rent for 3 years and finally are ready to buy and find out the person you have been renting from isn't actually the one who owns the house? (You would be surprised).

2) What if 2 years into renting, "COVID" happens again and the owner takes back his promise because he is getting outrageously high offers on his house and does not want to sell to you anymore. 

3) I am sure there are many other "fine print" reasons why this could be dangerous, so my advice is to just save up a down payment or figure out a way to get the title in your name so that you own the house completely.

Great Question! 

I do this as a huge strategy both buying and selling.  None of this is an issue if you know what you're doing.  Period.  Lease Option is a great strategy.