I entered a rent to rent in 2012, I deposited 13,000 down payment, my monthly payments was $482, I pulled Jan this year because the landlord told me that in 2016 he paid taxes in my house that would have increased my payments to $540, I could not afford to pay on a fixed income. My questions are: could the owner do it? Do I need or can I get some of my down payment back? Thank you very much!!! DR., PLEASE HELP:…. I would like to enter into a rental/option contract on a house I saw recently to rent, unfortunately the rent is high and the house is for sale at an alarming price, but I love the house and wants to buy. The price tag is $339,000 (NEW CONSTRUCTION) and the rent is indicated at $1800 per month!!! It`s been for rent for a very long time. How do I get them down on the monthly rent up to $1500.00, because I`m filing a higher down payment and signing a rental/sale agreement that included a significant down payment if the time came to buy the house? Doug, thank you for publishing a lot of useful information! While researching the real estate market for a purchase that fits our budget (we sold briefly are a family, pay high rents for 7 years and always raise funds for a d.p. after repaying debts in case of short sale). For the cheap fixer tops we look at, I`m competing with banks and flip agents for real estate. Its so competitive. Being a family in need of a home does not count. So, I look at this option to own the rent with a minimum of p.p.
I`m in NJ where foreclosures go up while rents go up (no exaggeration) while people try to rent parts of their homes so as not to sink (for prices that are usually for the whole property, watch out for rental contracts – you might be legally obliged to buy the house at the end of the lease, whether you can afford it or not. Thanks for the informative opinion, do you know honestly, as you would call it “pro-tenant” owner in the South Florida area? I check to make rent for my own lease and I would really appreciate someone who has a favorable result for both parties. Thanks again, I really enjoyed reading your review, people should really keep in mind that this article is optional never mentioned that this is the only way to go, I found it certainly informative. I am currently looking to buy a home/land by some type of property financing.