Rent-To-Own Homes, No Down Payment, Zero Down on L.A. Lofts
REAL ESTATE NEWS – URGENT UPDATE: DOWNTOWN LOS ANGELES
For years, our real estate team has occasionally been asked by prospective home buyers if we can help them rent to own a home in the Greater Los Angeles Area. Are there any good rent-to-own properties for sale, or are there programs for moderate income and first time home buyers with no down payment? For years, the answer was usually “no”. — Until now.
Hi, it’s Corey Chambers in Los Angeles. Your Home sold GUARANTEED or I’ll Buy It*. I just finished doing another Anchor audio webcast episode about low down payments. So I wanted to talk briefly about something related to low down payment because I mentioned rent-to-own. First, some background: I’ve been aware of, since I was about 14 years old, in 1980, there was a store that had some furniture and televisions, appliances and so forth, a rent-to-own retail store. And I said, mom, uh, look at this. We can get a — I forgot what I wanted — maybe a bigger television or something for a $25 a month or whatever. I just brought up the subject to my mother. “What do you think about this, mom?” Because I knew that when you’re doing a rent to own, you end up paying a lot more money for it when all is said and done. My mother was not rich, but she knew enough not to rent to own if you can pay cash or get a good deal with regular financing. Most memorably, when my parents owned homes, we were always a lot better off than we were when we rented. And so it’s better if you just buy it.
That’s why I’m talking about rent-to-own now with the real estate. I mentioned in my Anchor audio webcast episode that I’ve gotten more than one phone call, over the past 10 years from people asking if they could rent to own real estate. Well that is possible to find those. But is it practical? Is it practically possible? No, because there are too few. There are so few of that, whoever wants them is unlikely to want to live in that particular neighborhood, in that location or in that property. So that’s why, for my team, in 10 years, we’ve never done rent to own in Los Angeles. But something has changed recently. | VIDEO
$0 DOWN PAYMENT
So what are the reasons why some people want to do a rent-to-own real estate transaction? What are they trying to accomplish? They want to own a property with a low down payment or no down payment. So, we have what is equivalent or better than rent to own right now that just became available. Many amazing properties with reduced prices and reduced payment. A 0% to 2% down home loan, which is the same as if you were going to rent a place, or cheaper than if you’re going to rent to own, because you’re going to be paying a lot less money for the property if you just buy it and put down an extremely low down payment or no down payment — LITTLE OR NO DOWN PAYMENT.
Better than rent-to-own result, much better than a rental: a real estate purchase. So, we have now something — lofts — that are far better than rent-to-own because you can often end up putting less down, sometimes nothing down. With renting, you usually need to put down a couple months of rent. So we have something that’s better than that. So I’m going to be adding more information on the LA loft blog about rent to own, and how renters are usually going to end up paying a lot more money, and they will be putting more down payment on a rent to own.
Fortunately, these prospective home buyers can instead find the right deal, such as an amazing loft for sale in downtown Los Angeles, or many other properties in California (in some other States as well). This ZERO DOWN deal was not previously available. It was not practical several years ago. But it is today. So this is news. I’m ringing the bell — real estate news alert, alert! Rent-to-own is not as good as what we have available to us right now. Instead of paying 3% to 7% more for an undesirable property, the home buyer is going to pay LESS for an amazing loft right now. And, instead of putting down two months, buyers may now put down potentially about that same — perhaps even less — sometimes zero down payment. Now, we’re helping buyers by getting the home seller to pay that 1% or 2% instead of the buyer, who can then put down zero.
So this is an urgent update about rent-to-own and nothing down on an amazing loft in downtown Los Angeles, condo or house near Los Angeles, Southern California, all over California (possibly even out of the state, if you are not in California). Check out the recent LA Loft Blog post about HUGE Price Reductions. Make sure you get in touch with me, Corey Chambers 213-880-9910 mobile. Call me if you’re thinking making a move in the next three to six months. If your lease is coming up in three to six months or so, and you’re ready to stop paying rent, now is the time to do it. There’s a time and a place for everything — and right now is the time and the place for little or no down payment. This is an exclusive program for moderate income buyers who qualify, subject to seller negotiation. I’m Corey Chambers in Los Angeles. Your Home sold GUARANTEED or I’ll Buy It*. Thank you for reading and I look forward to helping you further!
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Low down payment, first time buyer and moderate income buyer programs are subject to approval and subject to negotiation with seller. Some programs subject to funding availability and expiration dates. Apply and lock in financing early. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
