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You Rent It, You Own It

Wednesday, December 10, 2008

Klara Madlin, president of Klara Madlin Real Estate, talks about rent-to-own real estate deals, and renter Jill Vegas on her experience of entering into one of these deals in Williamsburg, Brooklyn.

Guests:

Klara Madlin and Jill Vegas

Comments [11]

asd

Janet -- seriously, how is that bad?

That you have to pay the 199, you mean?

Dec. 10 2008 04:26 PM
Janet Stites from Harlem

Please warn your listeners. While listening to the show I searched "rent to own new york city". A site called RentalAds.com came up. Under NYC it has some listings which seemed incomprehensible: 3 bedroom on 10th St., 2 baths, "cute" mud room, washer dryer, two parking spaces, $1650. Another one bedroom 2300 sq feet, Columbus Circle $1700 pre month. Suspicious, I made a call and got a firm called Next Generation Real Estate. The guy told me that for a one-time fee of $199 they would send me a list of foreclosures in my area and I could contact the owner directly to arrange a walk-thru. The price was low b/c owners just want someone to take over their payment.PLEEEZE...http://www.rentalads.com/listings/18500/18518/condo.htm

Dec. 10 2008 11:18 AM
adsf

(In our neighborhood there are absolute dumps for rent and rent-to-buy for over 4 and 5K. Sad but they must go...AND THE GOVERNMENT NEEDS TO BUTT OUT...for the market to do its thing with integrity!)

Dec. 10 2008 11:00 AM
adsf

There is still a layer of suckers who paid double what their properties are worth. Some of those people are interested in renting to cover the mortgage. Personally I would not get involved w this kind of scheme until those people have moved on!!

Dec. 10 2008 10:58 AM
RIchard from Clinton Hill

How about rent-to-own for people like me who will never qualify for a mortgage because of moderate income and bad credit as a result of predatory credit card companies? I would be happy to do my part for the economy by entering into a sensible agreement that would help me find a home I can't be evicted from.

Dec. 10 2008 10:58 AM
Ed from westchester

rent to own is a free option for the renter if the rent amount is consistent with the current market. if home prices are lower at the end of the period they can renegotiate a lower price. if prices are higher than when they locked in they end up buying it below the market. no brainer.

Dec. 10 2008 10:57 AM
Tony from San Jose, CA

Banks are very restricted and are usually not allowed to own properties under any circumstances.

Dec. 10 2008 10:56 AM
MattyMac from Cobble Hill

Is the Mortgage rate locked in?

Dec. 10 2008 10:55 AM
MattyMac from Cobble Hill

Northside was probably started after many of those projects, just better funded.

Dec. 10 2008 10:54 AM
adsf

are such renters locked in to a price?

For potential buyers who believe the market has MUCH further to drop, that's a lousy deal.

Dec. 10 2008 10:52 AM
Ben from Brooklyn

Why rent to own? Why not just rent?

New York prices are falling, and anyone who tells you otherwise is either a real estate agent or didn't live here from 1989 to 1992.

Things will get MUCH worse over the coming three years and in any such market, owning or setting a price now makes ZERO sense if you can avoid it.

Dec. 10 2008 10:51 AM

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