Rent to own home..

[jay838]

Anyone here went that route of rent to own program? Was consider doing it. Anyone here with experience they like to share??

[TimLacroix]

Originally posted by jay838
Anyone here went that route of rent to own program? Was consider doing it. Anyone here with experience they like to share??

Jay838 - the rent to own is and has become very difficult to get financing when the rent-to-own agreement ends. Plus 99% of agreements are flawed... and the lenders and insurers shy away from them.

Another reason why lenders shy away is rent-to-own deals are known to have more fraud.

With that said, it can still be done. There are little items to consider before proceeding.

Just be careful as the agreements protect the seller not you the renter/ buyer... non refundable deposits etc. Too many concerns to mention.

[heavyfuel]

I looked into it a little bit with a few different companies and the impression I immediately got, is that they are chicken hawks, the Money Mart, the used car salespeople of the real estate world. Real greasy and I think you're better off sucking it up renting until you can get a solid mortgage.

[roopi]

Originally posted by heavyfuel
I looked into it a little bit with a few different companies and the impression I immediately got, is that they are chicken hawks, the Money Mart, the used car salespeople of the real estate world. Real greasy and I think you're better off sucking it up renting until you can get a solid mortgage.

I've never looked into it but this is exactly what I assumed it would be like.

[Isaiah]

My parents chose this route after the 80's recession when they lost their home when oil bottomed out. Back then it worked to their advantage as they were able to rent a home and then apply the aggregate payments as a down and assumed the mortgage balance.

Having said that, it was over 25 years ago so their experience may not apply to today's low mortgage rates and credit facility.

[sabad66]

Instead of rent to own, try looking into attainable homes Calgary.

[heavyfuel]

^^ Hahaha I emailed them, I'm expecting a reply along the lines of "Well if you knew wtf you were doing, being self employed, you wouldn't need us" Lol which is very true, but whatever can't hurt to ask questions.

[bleu]

I know of a girl who did this using a substantial down payment received from a split and is living in a less than desirable neighbourhood in a development that reeks of shadiness...then again she is rather unintelligent so I suppose it goes hand in hand.

The only places I have ever seen this available as an option ooze uneasiness. I suppose as long as you are diligent it could work?

[Neil4Speed]

Originally posted by heavyfuel
^^ Hahaha I emailed them, I'm expecting a reply along the lines of "Well if you knew wtf you were doing, being self employed, you wouldn't need us" Lol which is very true, but whatever can't hurt to ask questions.

Attainable Homes is actually a pretty good program and has worked out well for many. The cons are obviosly the lack of availability, and some far out locations.

[jay838]

Ya in today market it hard to get a mtg because of all the shady peoples out here that ruined it for another. So do get a mtg 25% is the safest bet on a downpayment right?

[ercchry]

its really easy to get a mortgage... once the insurer has signed off on it. there for under 20% is your best bet... or a b lender at 35%

[jay838]

Mtg are tougher to get now aday.. And the rental market suck in calgary

[heavyfuel]

Originally posted by ercchry
its really easy to get a mortgage...

No it's not.

Owners say that, to get people's hopes up, only for them to have their credit ratings destroyed by applying everywhere to no avail, once their credit rating drops 80-90 points and there's no chance in hell for another year or more it's back to renting for sure. Landlords say this as part of an ongoing tactic to make extra sure there's plenty of renters.

How easy was YOUR first purchase? Mommy and daddy help out? Let's hear about how easy YOUR first purchase was. Go.

[A790]

Originally posted by heavyfuel
How easy was YOUR first purchase? Mommy and daddy help out? Let's hear about how easy YOUR first purchase was. Go.
Pretty easy, actually, but I was also ready to do it. It's easy enough to get a mortgage if you have a halfway decent income and some savings.

Of course, if you're self employed that's a whole other ball of wax... lol

[ExtraSlow]

Heavy, you've admitted multiple times on here that you aren't great with your money. I don't see why you are convinced that the rest of us share that trait.

First house, put ten percent down, mommy and daddy didn't help out, but I did have full time employment, as did my girlfriend.

[bleu]

Originally posted by heavyfuel


No it's not.

Owners say that, to get people's hopes up, only for them to have their credit ratings destroyed by applying everywhere to no avail, once their credit rating drops 80-90 points and there's no chance in hell for another year or more it's back to renting for sure. Landlords say this as part of an ongoing tactic to make extra sure there's plenty of renters.

How easy was YOUR first purchase? Mommy and daddy help out? Let's hear about how easy YOUR first purchase was. Go.

We got approved immediately. We both have good, stable jobs and a sizeable down payment. (No help from mommy and daddy) I could understand how it would be difficult though.

[SKR]

I got a mortgage, and I'm fucking stupid. I didn't try to get one before I was ready. I rented for nine years as I spent all my money on depreciating assets. Finally I started to grow out of that, and I paid down almost all my debt (still have one year to go on my truck, then aside from the mortgage I won't owe anybody anything), and ratholed as much money as I could for a down payment. It might take longer to get everything in place for different people depending on circumstances, but the formula is the same.

I'm sure it's very difficult to get a mortgage if you try to get one before you're in a position where anyone will give you one. That can be said of anything though. Your bank should have someone who can help with financial planning. Go talk to them, tell them what you want, and they will help you get there.

[heavyfuel]

Originally posted by ExtraSlow
Heavy, you've admitted multiple times on here that you aren't great with your money. I don't see why you are convinced that the rest of us share that trait.



Just cuz I don't understand the stock market and investing and rrsp's and all that bullshit doesn't mean I'm not financially responsible. I have a high credit score (mid 700's) 2 trucks paid free and clear lots of credit that I don't use and the small portion I do use is for running my so called business. Bills paid on time every time OK OK I owe the CRA a few bucks but I pay them every week as much as I can, and they're not hounding me because, I'm paying them regularly. I work just as hard as all of you and it's still not even on the horizon. I am convinced that with a mortgage, comes a membership to a secret society that is hell bent on keeping renters renting. I will make it my life's mission to infiltrate and destroy this secret society so every renter on Earth can own their home, and put landlords out of business permanently. Some serious Bond villain shit coming your way. Fuck.

[Hallowed_point]

Originally posted by heavyfuel


Just cuz I don't understand the stock market and investing and rrsp's and all that bullshit doesn't mean I'm not financially responsible. I have a high credit score (mid 700's) 2 trucks paid free and clear lots of credit that I don't use and the small portion I do use is for running my so called business. Bills paid on time every time OK OK I owe the CRA a few bucks but I pay them every week as much as I can, and they're not hounding me because, I'm paying them regularly. I work just as hard as all of you and it's still not even on the horizon. I am convinced that with a mortgage, comes a membership to a secret society that is hell bent on keeping renters renting. I will make it my life's mission to infiltrate and destroy this secret society so every renter on Earth can own their home, and put landlords out of business permanently. Some serious Bond villain shit coming your way. Fuck.

LOL...I think that it's more a case of: lots of people got "mommy & daddy" down payments to get started and they don't like to talk about it...it sounds so much better to say your self made, right??

[ExtraSlow]

Originally posted by heavyfuel


Just cuz I don't understand the stock market and investing and rrsp's and all that bullshit doesn't mean I'm not financially responsible. I have a high credit score (mid 700's) 2 trucks paid free and clear lots of credit that I don't use and the small portion I do use is for running my so called business. Bills paid on time every time OK OK I owe the CRA a few bucks but I pay them every week as much as I can, and they're not hounding me because, I'm paying them regularly. I work just as hard as all of you and it's still not even on the horizon. I am convinced that with a mortgage, comes a membership to a secret society that is hell bent on keeping renters renting. I will make it my life's mission to infiltrate and destroy this secret society so every renter on Earth can own their home, and put landlords out of business permanently. Some serious Bond villain shit coming your way. Fuck.
Tremendous.

[heavyfuel]

Originally posted by Hallowed_point


LOL...I think that it's more a case of: lots of people got "mommy & daddy" down payments to get started and they don't like to talk about it...it sounds so much better to say your self made, right??

I agree. What's even better than saying you're self made, is being self made. True ballers don't come onto drama-filled car forums to brag about their financial expertise.

[GTS4tw]

Originally posted by Hallowed_point


LOL...I think that it's more a case of: lots of people got "mommy & daddy" down payments to get started and they don't like to talk about it...it sounds so much better to say your self made, right??

Yup, a lot of the time I don't even think some people realize that they got more help than others. They don't consider it that way. Either by being given a job, or connections, allowed to live at home past 18, given a good car, education, etc. Not everyone realizes that is not a generic thing. Being truly "self-made" means you received none of those things and actually worked up from a zero bank account. It is still commendable to use the help to get ahead quickly, but to brag about being "self-made" at that point is laughable.

[heavyfuel]

Originally posted by ExtraSlow

Tremendous.

Are you actually using my post as your signature??? Where's the facepalm icon?

[Hallowed_point]

Originally posted by GTS4tw


Yup, a lot of the time I don't even think some people realize that they got more help than others. They don't consider it that way. Either by being given a job, or connections, allowed to live at home past 18, given a good car, education, etc. Not everyone realizes that is not a generic thing. Being truly "self-made" means you received none of those things and actually worked up from a zero bank account. It is still commendable to use the help to get ahead quickly, but to brag about being "self-made" at that point is laughable.

Exactly, I agree! People only talk about the part that makes them look good but tend to leave out the support team behind the scenes (aka mom & dad etc.) I didn't get a free car or anything like that, I got nothing more then a "good luck" when I moved here from BC. Not everyone has well to do parents or connections due to family etc. Yeah, I grew up (very) low middle class but I wouldn't change it for the world. The feeling of true self made success is a wonderful thing..not to say I'm at that stage yet haha.

[Gman.45]

How easy was YOUR first purchase? Mommy and daddy help out? Let's hear about how easy YOUR first purchase was. Go.

I got my first mortgage at 26 in 1999. I had just enough saved for a down payment to avoid CMHC on a 150$k house built new by Morrison in Cranston, a little 2 story at 1192 sq feet, which was perfect for my wife and I by ourselves then. I had good credit, had paid off a few vehicles and 4 or 5 other small loans since I was 16, so I had 10 years of good credit history.

My brother in law bought at the same time, with ok credit, nothing special, but ok. He got a mortgage fairly easy, and put down 1000$ a month for his down payment every month until he was up to about 8000$, through the builder which was an offshoot of Morrison Homes, and they even began construction prior to his paying them his full down payment. 8000 was enough for a first time home buyer back then with CMHC approval and insurance tacked on. His mortagage was more than mine, but was still only 995$ PIT every month with that tiny down payment and a 143$k new home in the same area as us.

I've since sold and moved a few times, and my latest and hopefully last home I'm now is paid for, so I hopefully never need another mortgage, but I can understand with everything that has happened in the financial world if it has gotten much harder to get approval now than ten or more years ago. I just don't know how much harder it is.

[ExtraSlow]

Originally posted by heavyfuel


Are you actually using my post as your signature??? Where's the facepalm icon? I thought adding a facepalm icon would be redundant.

[Darkane]

Is it just me or do people not even use the "how much can I afford" calculators on everybanks website? I mean seriously.

Do this, go to equifax check your credit. Save up for a downpayment. Go get a mortgage. If its harder than this your income to debt ratio is out to lunch!

[bastardchild]

Originally posted by heavyfuel


I agree. What's even better than saying you're self made, is being self made. True ballers don't come onto drama-filled car forums to brag about their financial expertise.

Amen. But then again this is beyond (and Calgary) where the self-made is frowned upon, gets talked down on, and pretty much doesn't exist.

[ercchry]

Originally posted by heavyfuel


No it's not.

Owners say that, to get people's hopes up, only for them to have their credit ratings destroyed by applying everywhere to no avail, once their credit rating drops 80-90 points and there's no chance in hell for another year or more it's back to renting for sure. Landlords say this as part of an ongoing tactic to make extra sure there's plenty of renters.

How easy was YOUR first purchase? Mommy and daddy help out? Let's hear about how easy YOUR first purchase was. Go.

You didnt read the whole thing... an insurer is the difficult part... ask my realtor about my last purchase that almost didn't happen because my stupid SO didn't pay her cc for 3 months after i paid off her entire balance for her.

I have never been given anything above and beyond a roof over my head and a hot meal every night from my parents... they offered to pay for my schooling, but i didnt go that route with my life... oh, and besides one year after getting hit by a car and unable to work. I've been on my own since i was 19

My first purchase was a breeze. Made one phone call, to Jordan. He put me in contact with a mortgage broker and two weeks later i was signing the paperwork for my first house

[A790]

Originally posted by bastardchild


Amen. But then again this is beyond (and Calgary) where the self-made is frowned upon, gets talked down on, and pretty much doesn't exist.
Disagree.

The only self-made people that get looked down on are the ones that take advantage of people, scam artists, or leeches.

And in that context it's not just beyond that looks down on them, but basically everyone.

[bastardchild]

Originally posted by A790

Disagree.

The only self-made people that get looked down on are the ones that take advantage of people, scam artists, or leeches.

And in that context it's not just beyond that looks down on them, but basically everyone.

Yea because everyone on beyond is an angel sent from heaven.

[FixedGear]

Originally posted by A790

Disagree.

The only self-made people that get looked down on are the ones that take advantage of people, scam artists, or leeches.

And in that context it's not just beyond that looks down on them, but basically everyone.

:thumbsup:

[jay838]

Tons of baller on beyond!!!

[G]

Originally posted by ercchry


You didnt read the whole thing... an insurer is the difficult part... ask my realtor about my last purchase that almost didn't happen because my stupid SO didn't pay her cc for 3 months after i paid off her entire balance for her.

I have never been given anything above and beyond a roof over my head and a hot meal every night from my parents... they offered to pay for my schooling, but i didnt go that route with my life... oh, and besides one year after getting hit by a car and unable to work. I've been on my own since i was 19

My first purchase was a breeze. Made one phone call, to Jordan. He put me in contact with a mortgage broker and two weeks later i was signing the paperwork for my first house

God only knows where you could be if you are with a SO worthy of you. Ditch the dead weight. :rolleyes: