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Nervous to move any advise?

Ok my dh manager at work is moving out of state and he owns a house he owes 2,000 in morgage and wants us to move in and take over payments he eventually also would 1/3 of what he paid on a rent to own basis. He wants 500 a month which is what we are paying now for a two bedroom apt. We would be moving into a 3 bedroom w/ a den that we will eventually own. The only extra bills would be water/trash/sewer and car insourance because he is also selling a truck and honda civic for 300 of which we now have no car. We already struggle to pay bills, but my dh says if we are gonna struggle it might as well be for something that will one day be ours. Should I just go with the flow. I'm not very religious but have been praying for a break could this be it? Any opinions please don't be rude or harsh.

 
hot-mama86

Asked by hot-mama86 at 1:25 AM on Jul. 17, 2009 in Home & Garden

Level 26 (29,263 Credits)
This question is closed.
Answers (8)
  • his rich dad bought him a new house, bussiness, and car. He also said if we end up tight on any month he'll work with us and if it's still morgage payoff he'll make sure it's not late and cover it with now late fees.


    ***


    If this guy has a "rich father" why didn't his father just bring him up to "current" on the mortgage, demand he SELL it-even taking a loss, to be done with it?  He's fallen behind on his mortgage, but "promises" he'll help you out?


    This guy is taking off to Cali, leaving you to manage his problem.  I would bet you do not see hyde nor hair from him once this is a done deal!  Rule #1--Never go into business or sign investment type contracts with friends!  Friends come and go, and do not owe you anything when the deal goes sour!

    LoriKeet

    Answer by LoriKeet at 12:33 PM on Jul. 17, 2009

  • be very careful with your contractual obligations in a rent to own a home situation. these are someof the most risky contracts a person can get into. the contracts usually let the homeowner have an unfair advantage and almost exclusive rights in the deal leaving the renter with nothing. if the guy is in a bad way and needs the home rented he may be doing you some good, but read the contract very carefully for what happens to all of your earnest money, deposit money and money that is accrued towards purchase IF he decides to take the house back or IF you are ever late on rent. i hope it's a win win for you guys, but seriously, THIS is the biggest scam going right now to bilk renters out of steady cash while the owner keeps his house

    and keep an eye on the taxes & mortgage he should be paying so you are not suddenly evicted because he didnt pay his part, and runs off with all of your past payments
    jewjewbee

    Answer by jewjewbee at 7:39 AM on Jul. 17, 2009

  • You also need homeowners insurance You need a real estate attorney to look over the contract before you sign. You need to pay property taxes (ours run $4400 a year), You need to have a cash reserve for repairs (how old is the roof, how old are the appliances); $5000 is a safe amount.
    rkoloms

    Answer by rkoloms at 7:47 AM on Jul. 17, 2009

  • :

    * jewjewbee
    I know what you are saying is true thank you for the advise I apreciate it. I don't think we will have do deal withat though he's my dh manager and friends. We are both sitting down to write the contract and he is leaving for cali because his rich dad bought him a new house, bussiness, and car. He also said if we end up tight on any month he'll work with us and if it's still morgage payoff he'll make sure it's not late and cover it with now late fees. He is also adding my dh to insurance on the civic and paying for a couple months until we ajust to bill change.
    I'm more concerned with the moving or taking on more than we can handle we have already moved6 times in the last year.
    hot-mama86

    Answer by hot-mama86 at 8:05 AM on Jul. 17, 2009



  • * rkoloms
    Actually he is paying taxes, home insurance, HOA, and He just had the roof down and all new appliances put in. The house intself is only about 2 yrs old
    hot-mama86

    Answer by hot-mama86 at 8:08 AM on Jul. 17, 2009

  • that's great. it sounds like an answer to prayer then. if God wants you to have it, he'll give you what you need to manage it. believe me, i understand the moving thing also. been there and want to be done with that!
    sometimes the gifts from above are not seen as gifts until its all said and done with. i'm happy for you guys!
    jewjewbee

    Answer by jewjewbee at 8:11 AM on Jul. 17, 2009

  • Thank you that gives me a little more peace of mind I really appreciate it
    hot-mama86

    Answer by hot-mama86 at 8:13 AM on Jul. 17, 2009

  • If it sounds too good to be true, it probably is. I would think very hard about getting into this situation.
    Christina807

    Answer by Christina807 at 1:07 PM on Jul. 17, 2009

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