Browse Rent To Own Homes in Miami, FL
Are you looking for a rent to own house in Miami? If so, then browse the featured listings on this page, or signup to access our complete guide and listings for all lease to own properties in the Miami area.
Click the link below to access the listings!
Featured Rent To Buy Houses in Miami, Florida
Browse the following featured properties in the Miami, Florida area, or click the link on this page to get access to the complete listings for Miami rent to own houses.
How Rent To Own Real Estate Works
Also known as a lease option, rent to buy homes are a type of owner financing tor real estate properties.
While the terms of the agreements can vary from house to house, the typical scenario is one in which the owner is looking to sell the property but is willing to accept payment over a period of time, rather than an up front settlement.
In this case, the buyer and seller both agree on the selling price of the home, and the terms of the purchase agreement, specifying things such as payment terms, interest, and length of the agreement.
Usually, owner-financed properties are paid off much sooner than a traditional bank mortgage, but by allowing the renter time to accrue equity in the house, the renter can often roll over that equity into a traditional mortgage after 1-3 years, if the need arises.
Every month the renter/buyer makes a payment to the seller. Typically, part of this payment is credited as rent, while a second part is credited towards the interest on the loan and/or equity in the home. Over time, the renter can then buy out the seller, even if the renter didn’t originally have a large downpayment or the credit needed to qualify for a traditional mortgage.
Miami Lease Purchase Homes and Houses
While there are many advantages to lease option, or lease to purchase homes, one of the main difficulties can be in locating the currently available properties.
Many rent to own listings are never uploaded to national or local databases, since it is common for sellers to work independently and not go through a real estate agent for these transactions. It is also common for sellers of owner financed, rent to buy properties to sell their homes casually, meaning that they are interested in selling, but are in no hurry to do so, meaning the listings are not widely publicized.
To find the full list of rent to buy properties in your area, you need to sign up for a dedicated listing service, which works to identify all of the relevant opportunities within your target geographical area.
Without a reputable listing agency, finding these properties can be extremely difficult!
Sign up below to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in Miami, Florida
Miami, Florida is known the world over for its beautiful beaches, scantily clad women, and thriving social scene. While most people think of it as a great spot to vacation, especially during those cold winter months, it’s also an incredible place to live.
After having lived in Miami for several years, I can tell you that the stereotype of the city barely cracks the surface. While there definitely are plenty of clubs and beach resorts where you can go to party and find any type of nightlife you can dream of, there are also lots of quieter ways to enjoy the city.
The city has several distinct neighborhoods, which range from the downtown district where the majority of the skyscrapers and businesses call home, to suburban neighborhoods with pristinely manicured lawns and gated communities, to, of course the beaches.
Not only that, but you’re only minutes away from the Everglades and The Keys. Key Biscayne, for example, is literally just across the bridge, and is actually within the Miami city limits.
All of those factors combine to make this one of America’s hottest cities, both literally and figuratively. It’s a great place to own a home. If you don’t qualify for a traditional mortgage, or are just looking to stay away from larger institutions for whatever reason, or are trying to save your cash and invest in real estate on credit, then you’re going to be able to find some great deals by looking at the rent to own homes in Miami.
It’s true that the South Florida real estate market was hit hard during the Great Recession, but that means that it’s still a great opportunity to buy in while prices are still comparatively low.
It also means that there are many investors who are simply looking to get out of their investment, and are eager to sell a house, condo, or apartment to you on your terms, which may include seller financing or rent to buy deals.
If that’s something that sounds appealing to you, then your best course of action is to start to browse the Miami rent to own listings, which can be found through an online service provider. These services compile all of the listings available for your area, and can actually be more helpful than working with a realtor or real estate buying agent, since realtors are often unaware of lease option properties that are for sale by owner, all of which adds up to a great opportunity for you, with plenty of hidden gems to be found!
Sign up today to get started, and you could be in your dream home before you know it!