Rent to Own Homes in Morgan City
Morgan City covers approximately six square miles on the shores of the Atchafalaya River in southeastern Louisiana. The city also borders Lake Palourde, Bayou Shaffer and the mouth of Flat Lake. This region is surrounded by water attractions, including Bateman Island, Brownell Memorial Park, Dog Island Pass, Duck Lake, Yellow Bayou and Grand Lake. The Gulf of Mexico is directly south of the city, and residents can reach Lafayette and Baton Rouge in less than 90 minutes without traffic.The below results are primarily rent to own homes in :
Morgan City covers approximately six square miles on the shores of the Atchafalaya River in southeastern Louisiana. The city also borders Lake Palourde, Bayou Shaffer and the mouth of Flat Lake. This region is surrounded by water attractions, including Bateman Island, Brownell Memorial Park, Dog Island Pass, Duck Lake, Yellow Bayou and Grand Lake. The Gulf of Mexico is directly south of the city, and residents can reach Lafayette and Baton Rouge in less than 90 minutes without traffic.The below results are primarily rent to own homes in :
The area that we now refer to as Morgan City was originally named Tiger Island, and then the name was changed to Brashear City. It wasn't until later that it took on the name of Morgan City, and then it was incorporated in 1860. The city is now a part of St. Mary Parish and is home to more than 12,000 residents. In 2000, the city's median income was just under $30,000 per household or just over $35,000 per family. The median income has since risen above $40,000. Some of the most prominent industries for the Morgan City economy include manufacturing, retail, construction, education and food services. Families have the option of sending their children to Central Catholic High School or Morgan City High School. Public school students are served by the St. Mary Parish School Board, which operates four elementary schools and one junior high school in addition to Morgan City High School.
Buying vs. Rent to Own Homes
To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house. That’s the basic gist of the traditional home buying process.
All the steps of the traditional home buying process are present in the rent to own process. The difference is that renting to own has an additional step between Step 2 and Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.
During Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing. Once you have financing, you can move on to Step 3.
Rent to own is a good way to prepare for buying a property. Once you do buy, you won’t have to spend money on rent any longer. So, the sooner you can buy, the better.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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