Читать книгу Rent-to-Own: How to Find Rent-to-Own Homes NOW While Rebuilding Your Credit - Wendy Patton - Страница 4

Let me paint a picture for you. You either owned a home previously or you are a first time buyer. If you owned a home previously you might have lost it to foreclosure, shortsale, either due to a job loss, divorce or your mortgage rate adjusting upwards.

Now is the time to buy! For most of us, home ownership is our single, biggest source of wealth. It not only puts a roof over our heads that we can call our own, but it also builds security for our futures by paying down the mortgage and building up equity. For most people, their home is their single greatest asset.

Probably the first thing you did was to start looking on the Internet or checking the local newspaper for homes for sale. After that, you called a Realtor® and he told you that he would love to help you, but you needed to get approved for a mortgage first. Ugh…you know you don’t have the best of credit and you are not sure if you should even call a mortgage lender.

You decide to make the call to a mortgage lender. You know what the outcome will most likely be in advance, because of your financial situation, but you do it anyway. After gathering tons of information from you all the way down to how many times a week you floss, he finally tells you that based on your current credit, income, down payment, inadequate amount of time spent brushing after meals, etc. you aren’t currently qualified to get a mortgage. Well, duh! You could have told him that in the first place. Do not despair.

Whether you owned a home before that was foreclosed on, you were a renter or you are a first-time buyer, chances are if you are reading this you have already experienced the above scenario, or at least something close to it.

The problem is that at the same time, rents are high in many areas of the country as the demand for rentals has increased. How much money do you want to continue forking over each month in rent only to pay the landlord’s mortgage? You want to BUY a home. That’s why you’ve been looking, and why you are reading this book.

Most people would give up here, despite the increasing rents. After all, if you can’t get a mortgage, you can’t buy a home, right? But we both know you aren’t most people. You have taken the step to educate yourself by buying this book. The banks want you to forget that there are ways to buy homes other than just getting a mortgage – you DO have options. Heck, even if you CAN qualify for a mortgage right now, you might be looking for another option just to give yourself some leeway in this difficult housing market. This book is all about giving you another option, a way to get into your new home now, even if you can’t qualify for the loan yet.

What this is, of course, is a guide for buying your next home without having to have a mortgage right away, without having to have perfect credit and without having to have a large down payment. This is a guide to a creative home buying technique known as “rent-to-own” or “lease-option.”

You might be thinking that because you can’t qualify for a mortgage right now you will only be able to get a rent-to-own home from the most desperate sellers with the ugliest, most over-priced house. While it’s true that those are going to be some of the homes available on a rent-to-own basis, you’ll be happy to know that they are far from being the only ones. It’s also possible to buy homes in excellent condition, even fully renovated homes or new construction, on a rent-to-own basis - and still pay fair market price! Remember, it’s a buyer’s market in most of the country and that’s going to help offset the fact that you can’t qualify for a mortgage right now.

As I said, renting to own has become a little less commonplace, but it’s time to dust it off and put it back into mainstream practice. In the upcoming chapters I will teach you what rent-to-own is, how it works and lots of other tips and tricks for buying your next home without qualifying for a mortgage or having a huge down payment.

Before we jump into all of the details though, you are probably wondering how hard this is going to be. You are probably wondering if this is something you can do on your own or if buying this book is going to be a big waste of money. Since you’ve been patient enough to read through this whole introduction, I’m going to reward you with that answer. If you happen to have skipped ahead right to the end of the introduction, you sneaky devil you, you’re in luck - you’ll get the answer too…

Seriously though, I have been doing rent-to-own deals for more than 25 years. That’s right, I was doing them before the bankers convinced all of the sellers that only buyers with conventional loans should get homes. Yes, I still did them while the banks were trying to fulfill their goal of eliminating all renters on the planet by digging themselves into the subprime pit of doom. Fortunately for me, I outlived a lot of these banks. Not only have I been doing rent-to-own transactions through all of this, but I’ve also been teaching others to do them as well. I have taught more than 20,000 people from all walks of life, and I can assure you that I wouldn’t still be teaching if it couldn’t be learned.

So if you’ve already bought this book, go ahead and get comfortable in your favorite chair, put your feet up and we’ll get started. If you haven’t bought the book yet, but you want to buy your next home, trust me, this book will come in VERY handy. In fact, given the current credit crunch, it just may be the only way you’ll get to buy your home right now. Go ahead and proceed to the cashier and fork over your credit card. You will not regret it!

To Your Success

Wendy Patton