Home Rent To Own Homes how to rent to own a house with bad credit – Rent To Own Homes with bad credit

how to rent to own a house with bad credit – Rent To Own Homes with bad credit

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how to rent to own a house with bad credit  –  Rent To Own  Homes with bad credit



how to rent to own a house with bad credit – Rent To Own
Homes with bad credit

how to rent to own a house with bad credit

As a landlord & real estate investor, I often get calls from potential tenants who say ” I want to rent to own a home rather than just pay rent to a landlord:” My first question is always: “WHY? Renting to Own a Home is always more expensive than just renting or sometimes even more than getting a mortgage!” Although there are many more good reasons to want to Rent to Own a Home (RTOH), here are what I think are 5 very good reasons.

1. “I took some bad tax advice a few years ago so now my tax account is in arrears and no bank will give me a mortgage until I clear up my tax arrears but I still want to work towards owning a home in the future.”

2. “I recently filed for divorce but I don’t want to acquire any new assets before the divorce settles but I still want to work towards owning a home in the future.”

3. “I recently had to file for bankruptcy & while I wait to be discharged, I still want to work towards owning a home in the future.”

4. “I lost my job and got behind on paying my bills & credit cards so my credit score has dropped below the level where a bank will give me a mortgage but I still want to work towards owning a home in the future.”

5. “I just started a new business but don’t have the 2 or 3 yrs of history to show to the banks but I have good cash-flow & I want to work towards owning a home in the future.”

All five reasons noted above are legitimate & common occurrences in today’s slower economic times. Now my second question is: “WHAT HAVE YOU DONE TO START FINDING A SOLUTION?”

If the answer is “NOTHING” then expect to have to complete more steps in your process to get to the place where you can be considered a “Qualified Tenant Applicant.” All Tenant Applicants are expected to complete an Application to Rent, submit to a recent credit report & current police check verification.

If you have done nothing the first thing you will need to do is to submit a complete budget showing all income & expenses for your household. You will also need to show a list of all the things that you own that have value & the dollar values as well as a list of all your current bills, debts & credit cards. You may need to submit this to a mortgage broker with whom you will work to improve your credit situation over the course of the next 1 to 5 yrs. Or to the potential landlord who must decide if he or she wants to work with you for the next 1 to 5 yrs.

If your reason for wanting to Rent to Own a Home (RTOH) is one of the 5 listed above and you have gathered together your financial information, you are a good candidate for Renting to Own a Home. Are you ready to take the step from renting to owning a home?

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