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    Rent to own

    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

    #2
    I think it is a great opportunity for you if the person knows all already! You have to pay rent, so if you get to slide in with a buy, that is just gravy!

    I would have a legal person look at the agreement (one of my new rules I will be following from now on).
    Filed C7 Aug 31 2008
    341 Oct 8 2008
    Discharged Dec 9 2008

    Comment


      #3
      What you are talking about is Contract for Deed. It is really a neat deal and I purchased property some time ago and I was pleased.

      Here is how it goes, you agree to pay, and if you cannot or do not wish to, you contact the owner and vacate the place, no credit no Judgment, you are not in default as that is in the contract that you will just vacate. The money and interest you paid you do not get back, and the owner can sell it again.

      If you fulfill the contract and make the last payment, you then will get a Deed and become the owner. You are still responsible for the land taxes, if that has not been written in as part of the payment.

      It's a win win. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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        #4
        broken
        Yup mine too I've learned a couple hundred bucks to have something reviewed is cheap compared to what things can end up costing.

        Yes hub that's a short version of what I am trying to do. The rent works out to just a little more then 20% of the asking price. The rest comes out to about what the taxes are. That’s for 3 years
        Chapter 7 07/30/2008
        341 09/17/2008
        Discharge 11/21/2008

        Comment


          #5
          Tew before you take any money out of your IRA check out these guys. I bought my Mexico propery ( well part of it anyway) with my IRA with them. Alot of folks dont know about this ( and attorneys) but its been around for a good long while. You can buy any property in the world within your IRA..
          Self-Directed IRAs allow you to invest in alternative assets, such as real estate, gold and private placements. Contact The Entrust Group to learn more.

          Comment


            #6
            feedback

            RTO can be good, but you gotta keep on eye on the terms and make sure they protect you.

            Comment


              #7
              Well I just got home after 4 days of house hunting. I have 2 houses now that have possibilities one is an RTO the other maybe some other type of deal. I am going ot have an attorney review what ever I do before I do it
              Chapter 7 07/30/2008
              341 09/17/2008
              Discharge 11/21/2008

              Comment

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