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Discussion Starter · #1 ·
Any of you guys with experience give me some info on this?

I live with my grandparents and they have to move(getting super old) so that means i have to stop mooching off them.

I have found an apartment for $600 a month, nice neighborhood, 1/1 and gated community.

However these forclosed homes go for $150/month downhere and most are 2/2 which i could get a roomy and make them pay more than they need to know what im paying. However it means i would be taking out a loan and owing $$ so my Credit score may go down. My CS is ~750 which means(according to the owners of some of these homes) is approval-able by their banks. They are rent to own.


What would you guys say? As an 18 year old i believe i can own a home, i pretty much took care of all responsibilities(minus financial) after my house fire and my mom gave up on life.


Thanks guys, im looking to move out ASAP.
 

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Puddin
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With forclosures you have to look out for a lot of things. Usually, the homes have some damage you will need to fix. Also, look out for properties that have liens. You will have to pay those.
 

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Discussion Starter · #4 ·
liens? im not too concerned about what ill have to fix up, because im looking at places that are already owned by someone and ill be renting to buy sorta thing which means the actual home owner will have to fix issues like busted pipes and what not along the way.
 

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Puddin
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Let's say whoever owned the hone before it was forclosed on owed the government money for taxes or something, that amount could be attached to the property. So, you might buy the house for $1500, but there could be a lien for $20,000 or worse. If you're really just renting and not buying you wouldn't have to worry as much.
 

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Dream Crusher
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Honestly, unless you're ready to settle down, I'd rent. That way everything is handled for you.
 

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Bro of Bros, Bro.
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Here's the real deal...

If you are living with your grandparents and are showing no backlog of rent, then your options are going to be very limited.

There are homes down here that are going for unbelievable rates, and believe me, I wish I could scoop some of them up. But just go to the bank and talk to them. It will be a humbling experience.

Most banks will not lend to you unless you have an outstanding credit score with a seriously steady source of income. On top of that they will want serious collateral in CDs, stocks, mutual funds, etc. And then it may take some extra work.

I hate to say it, but your only real chance here is to rent. And not even to own. The market has driven investors from buying and flipping homes to buying to rent for the long term (20+ years).
 

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Discussion Starter · #8 ·
well thats why i like the rent to own thing. lets face it ill be living down here for the rest of my life. Im 18 but im not spontaneous, i have 2 paying jobs its just i dont want to pay $600 for a box with a bed and toilet.

@helter the website that im looking at for rent to own homes has the Liens included.

i found a lot of places in the 20k-40k range for $80-$130 a month
 

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Discussion Starter · #9 ·
here are some screenshots of what they list. so if you guys could give me more advice on rent to own thatd be great
 

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ɹǝqɯǝɯ ɹɐln&#38
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These days, lots of foreclosures happen due to the economy suffering. Lots of good homes were lost such as mine 3 years ago.

Since you're living with your grandparents, may I ask how old are you, Trav? A house a one of the most serious investments in life.

There isn't just the rent. Some apt complexes may cover some utilities or, if you're lucky, free cable and internet. If you have a house, you're responsible for everything including extra city charges for trash pickup and such.

Plus, if something breaks, you will most likely have to pay out of pocket.

Not trying to make it look bad to buying a house, even if the price is nice. It's just something that's super serious and you may want to wait till you have a longtime career to rely on (if you're not already in that state).
 

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Discussion Starter · #11 ·
Is rent-to-own a scam? - MSN Real Estate here is something darren showed me

im not owning, its renting a house for a period of time and deciding if i want to buy the house or not.

Im well aware of maintenance, which i can do myself. I did help rebuild my burnt down house. Meaning drywall, A/C and electricity.

The one thing that has me leaning towards rent to buy is if i pay $600 a month for an apartment then im investing in something long term that im not going to be living in for a while and not really investing in anything for me. But if i rent to buy i am putting money towards a downpayment so that if i wanted to buy there would be something there.
 

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ɹǝqɯǝɯ ɹɐln&#38
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I'd say rent the house for the time being then, at least since the monthly has an awesome price. Sounds like a good deal but I myself wouldn't do the "rent until I decide to rent to own" option.
 

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should really be working.
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As an 18 year old i believe i can own a home
I'd say pick the option that has the least amount of long-term commitment. I don't know you Trav, but when I was 18 I didn't know what the hell I wanted (I thought I did). Keep your life as commitment-free as possible. :2cents:
 

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I'd say pick the option that has the least amount of long-term commitment. I don't know you Trav, but when I was 18 I didn't know what the hell I wanted (I thought I did). Keep your life as commitment-free as possible. :2cents:
I agree. At 18, I just wanted to :sharpie:
 
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