PROBLEM : Need 60k for property worth 147k. RENT TO OWN

[Freddie Williams]

My problem is I rehabbed the property with my own funds. Purchasing the property on rent to own contract (3 years) . Work completed and rented out for 900 a month.

Now that property is complete. Problem is lenders asking me to put down 20% to close it in my name. No one will consider my contract as a refinance which is what I desperately need.

Any advice or help would be greatly appreciated..

[Bill Gulley]

Sorry, that's the best advice for you, sell it now!

Real estate operators make this mistake everyday, improve property they don't own in title. 

The issue is they don't understand financing requirements, types of loans, loan seasoning requirements or how to establish loanable equity for future financing. 

I'd guess that 90% of all rent to own stuff fails, pretty much why Dodd Frank included this selling strategy to at least hammer sellers selling to owner occupants. For investors or commercial transactions, the regulatory attitude is, you should know better and understand what you're getting into.

Unless someone bails you out with a check, (unlikely) the best or only way for you to get your money back and have any hope of realizing any of that equity is to sell it! Get what you can before you default and lose it, chalk it up to an education and don't repeat that trip again. Good luck :)