Updated over 9 years ago on . Most recent reply
Rent to own
So my wife and I are planning on house hacking a multifamily unit. Right now we live in a basic single family 3/2 house.
I would like to do a rent to own option on my current house. Any one have any experience with this in Colorado?
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I think Brandon wants to be the occupied buyer in a rent-to-own deal. Just make sure some of your rent is credited to the purchase price, pay on time for more than a year. Then, you can apply for a loan, you can do some legal raz a taz and end up owning the property, getting all your money back and might have more left over. That is if you can find some fool landlord to sell it to you that way.
Now, you don't want to be that fool landlord down the road, so understand you need an attorney familiar with Dodd-Frank requirements.
Better see an attorney and a CPA to do options now, things changed this year.
Same with any installment purchase contract where a seller provides or arranges financing to any occupying buyer, selling to investors is different. Good luck :)