Our newest tenants messaged me tonight about the possibility of us doing a rent to own deal? This is the second request recently, the other being a family that has been renting from us for over 4 years.
I honestly replied that we are not interested in doing that, due to my husband being 73 and I'm turning 70 tomorrow. IOW, we'd be obligating our children to dealing with all of the real & possible ramifications of those commitments. Since our children have no desire to even deal with tenants, I'm sure they do not want to have to claim interest, or foreclose on a family!
I realize it is a dream of all young people to own their own home (not have to follow rules or let a landlord in their home) but most really are not prepared for big repairs, etc.
We are doing one that we started 7 years ago, and he has been fine but our hairdresser lost her home her father left her due to owner financing for a family that tore it all to pieces & gave it back. She did owe a mortgage & let it go.
How many of you get this request all of the time? Are many of you doing it?
We rented to our one and only land contract person for two years first & he was never late. --71.219.xx.xxx