All Forum Posts by: Valerie Zutavern

not in your area, just to be clear you want to rent out your house, and give the tenant the option to buy, and apply a portion of the rent towards a down payment right?

I just had a meeting with the Residential guy at the bang i do my Commercial banking at, make sure to structure the lease in such a way that the secondary mortgage market will recognize the money allotted for down payment, the rules are quite specific, otherwise, if say on $100K home, the renter built up $3K and wanted to buy using Fannie Mae, if its not structured right, the lender will see it as a $97K purchase and the buyer will still need 3% for a down payment. I would set up a meeting with a local lender, and tell them what you want to do, and have them guide you on how to structure the RTO.

I am not sure if rent credits are allowed anymore, but yes. That is why I was hoping to find a local attorney familiar with rent to own/lease options so they could help draw up the contract.

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Originally posted by @Scott Schultz:

I know the Ramsey Method is tough, everything comes down to risk tolerance, using debt to make money to get out of debt, is a rough road, and a scary one, unless you have contingencies, and are willing to live in a van down by the river if need be. I can tell you it take a lot of money to invest, or a lot of backing, but you give up a % of your potential earnings. If you are Diligent, and Disciplined you can do it, the no money down methods are quite risky and expensive, but are an outlet if others are not available to you.

Words of wisdom, Very few contributors on here are experienced investors, most are new like you, but they have read all the books, and listened to all the pod casts, oh and they are experts, just ask them they will tell you. the other sect are 1 or 2 property owners, with some local experiences, they are generally a bit more humble. Myself I dont have a ton of rental experience, currently have 6, but have flipped 14, with #15 on the market, and have been a broker for 10 years. dont hesitate to reach out if you have questions, but i wont sugar coat it, my advice will be real, and not always pleasant. Good Luck.

Thanks, I always (at least try to) appreciate the truth! Since I am looking into rent to own/lease option, do you know any good real estate attorneys?

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Originally posted by @Scott Schultz:

Welcome,

Here is the get out of Debt Part. http://www.daveramsey.com/home/

I am not a real big fan of his method. You can only realistically live so far below your means. We only spend money on our house, insurance, food, transportation, and healthcare. We do not eat out or eat packaged/processed food, we are working on downsizing our house, and unfortunately insurance is a requirement for way too many things nowadays. Thanks for the reply though. =)

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Hello everyone! I am from Wisconsin, I am new to REI, and I am interested in learning everything I can. I just had my first child, and my husband and I would like to be more financially independent, get out of debt, and start living our lives! We are looking for a mentor in our area, how to rent to own our current house, and how to get into REI with little to no money down. I look forward to meeting and talking with you guys!

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I think people do owner financing because you can leave the agents and bank out.

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Do you mean doing a subject to deal?

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It is my understanding that some states allow a person to buy back their foreclosed upon property within a period of time, and you can buy that right from someone. Maybe you can find some more info on that?

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Hi everyone!

I am new to BP and interested in getting started in REI. My husband and I are wanting to sell our current home, but we have some questions.

How does one go about a rent to own in WI?

Are there any good contractors in my area to do some work fixing up the place?

Can I ask an agent for comps without entering into their service?

Is there anyone in my area looking for a mentee?

Thanks for your help, everyone!

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All Forum Posts by: Valerie Zutavern

Valerie Zutavern has started 2 posts and replied 9 times.

Post: Rent to Own in Wi

Post: Wisconsinite Noob

Post: Wisconsinite Noob

Post: Wisconsinite Noob

Post: Wisconsinite Noob

Post: Selling on Contract - Why would you do that?

Post: Selling on Contract - Why would you do that?

Post: Can I buy home from owner that has auction date set?

Post: Rent to Own in Wi