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RTO rent to own

T

tychance

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Jan 23, 2019
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How to tell the good ones from the bad ones?
Looking to get in to an RTO but having trouble finding a plan that would work for us
Not wanting a long term agreement
My understanding is some lenders are not accepting the monthly payments as down payment
Want to make sure we can get get a mortgage on exit
Self employed stated income
 
Sherilynn Milson does JVs for money partners and has done quite a few RTOs. Feel free to contact her for do’s and don’ts and best practices ie how to vet potential future owners but also houses and what contracts to use.
 
I am not understanding your response are you saying they are all scams
 
I am looking to get in to a rent to own program. We currently are wanting to buy and are self employed with stated income.
We do not have the required deposit to get a mortgage and are looking at alternate options
 
I'm not suggesting they are a scam, I'm just saying they are controversial and one must have a compelling reason on why your doing it. If for example, you knew the market was about to experience high appreciation, but who does? Do you have a good reason on why you must buy now?
 
we have to vacate current residence as the owner wants to tear down. Rent is crazy, so I am looking at options
 
Matt Crowley said:
Rent to owns are the rub and tug of the real estate industry. It is for jokers.

My suggestion is to avoid borrowing money at 50% +++++ interest.
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It’s a service offered to those with bad credit. It makes sense for future buyer and current owner if terms are set properly.

Like a used car, you can overpay or get a fair deal. That doesn’t invalidate the industry or the concept !!


Thomas Beyer, Asset Manager, Investor, Community Improver, Author, Father, Mentor www.prestprop.com
 
I would appreciate any recommendations for a reputable person or company who does RTO in ontario
 
Anyone want to suggest a broker that can do stated income with less than 10% down
 
tychance said:
I am looking to get in to a rent to own program. We currently are wanting to buy and are self employed with stated income.
We do not have the required deposit to get a mortgage and are looking at alternate options
Click to expand...
Look up real estate investing insights and innovations on FB you'll get in touch with Sherilynn Milson she'll help you out or at least get you on the right path I'm sure
 
Jaypayne2019 said:
Look up real estate investing insights and innovations on FB you'll get in touch with Sherilynn Milson she'll help you out or at least get you on the right path I'm sure
Click to expand...
 

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Thanks to everyone who mentioned me. :) Sorry for joining the conversation so late.

RTO can be a great option for someone ready to buy a property but who doesn't quite qualify with the bank. It especially makes sense in a rising market where one can lock in to a price and not gamble on how high the market will go. However, it is critical to find a reputable company who will be able to work with you if the worst case scenario happens.

The first thing you should do is speak to a mortgage specialist who knows how to get RTO purchases financed. Then you'll have a better idea what roadblocks you face and how to prepare for your eventual purchase.

If you email me at [email protected] I'll give you the contact details for my banker. She works magic for our clients and is able to work across Canada. It is important to note it has become difficult for mortgage brokers to get RTO deals financed because brokers and bankers have different guidelines. That's why we stick with our magic banker. ;)

I can also suggest a few RTO specialists you could contact.
 
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