Rent to Own

Hey guys!

My boyfriend and I are looking for a house to rent in the Nashville area and we keep seeing signs to "rent to own" homes. Can anyone advise me on this? I would LOVE to have my rent go towards a downpayment for the house and not just get wasted into thin air. Let mw know if you have any thoughts or opinions

xoxo,
Jenina

Complete con, if you ask me. Your rent is not going toward a down payment. Instead, your rent is artificially inflated, and a portion goes to a down payment. Better to just go with a normal rental, and save the money for your down payment separate to that.

If you do decide to go for the rent-to-own (and I honestly hope you don't) then for God's sake read the contract carefully. Many will include clauses that you basically surrender the money paid to the down payment if you breach the contract in any way - most often a late rent payment. That's where they get people. It's a scam to charge obscene rents to people who are probably not in a financial position to ever own a home, and probably not savvy enough to properly read the contract.

We did this thru a realtor and the people who owned it and just made sure to do it thru an actual Closing Company. That way we actually have the deed to the place it just isn't completely owned till we pay it all off. I would go thru a closing company where both parties sign paperwork and stuff and you have a contract and go with a realtor also and that way you don't have to worry about it.