I rented to own a cabin. No big problem. But yeah it would save more money if the cabin had been paid off sooner. Even the last few months, the administrative fees are still high.
It’s actually not. Like you said do it short term to keep it off of your credit. I love rent to own. We rent to own our house. Small down payment payment for six months then owner finances it. No huge down payments no dti, no credit checks. Etc etc.
Purchasing via rent to own isn’t a scam but it is necessary for the purchaser to know up front exactly how the payments are calculated and how much of the payment is going towards paying off the building. Purchasing rent to own will guarantee that when the building is paid off, or the contract is fulfilled, you will own the building. Unlike just renting a storage unit that you will never own.
Still cheaper than apartment rent.
I rented to own a cabin. No big problem. But yeah it would save more money if the cabin had been paid off sooner. Even the last few months, the administrative fees are still high.
It’s actually not. Like you said do it short term to keep it off of your credit. I love rent to own. We rent to own our house. Small down payment payment for six months then owner finances it. No huge down payments no dti, no credit checks. Etc etc.
Rent to owns are from what I have seen an absolute scam. You end up paying double or st best a very high rate of interest.
Purchasing via rent to own isn’t a scam but it is necessary for the purchaser to know up front exactly how the payments are calculated and how much of the payment is going towards paying off the building. Purchasing rent to own will guarantee that when the building is paid off, or the contract is fulfilled, you will own the building. Unlike just renting a storage unit that you will never own.