Should I rent-to-own a property from my boss?
My Boss (I am one of 3 employees in her small business) has an empty house; and after I’d complained about my current landlord,she offered to rent me this home. She originally offered to rent-to-own after talking about only renting it; then sugested that we draw up a renttoown agreement. I was skeptical and uneasy about renting from my employer, and let her know that. Now she is pressuring me into buying and just today wants to shorten the time before I’m required to buy to just one year. She also wants to put a 20 year contact that the house has to be owner occupied; and it’s right down the street from a university. She very much doesn’t want to rent and have me not purchase; However I don’t know if A. I’ll have good enough credit by that time or B. will still be in the area (my fiance might be getting a new job that requires him to move)
She has also doesn’t forget those who she’s seen has “wronged” her, I’ve seen her not act fairly on past employees, and could jeapordize my future
Edit –
On the plus side she is giving me a very fair price, i will have the opportunity to live in the house before I buy to find out any problems, she’s said she will re-side the house for us, and i’d pay off $14,000 w/o intrest off of the purchase price. Plus I like the house, and I am tired of throwing away my money renting.
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Tags: Fair Price, Landlord, Small Business
rent property | , 19 Apr 10
By Mrs HarleyBrat, April 20, 2010 @ 9:43 am
don’t – just don’t – if you really want a house go get a realtor and buy on e- imagine this if you rent to own – and in that contract it hsa what ahppens if you suddenly can’t get a loan down the road or if you miss too many payments….. which USUALLY is the fact that the seller (your boss) in any of those situations could kick yer butt out and you’d lose every dime you have into the hosue (any monthly rent applied towards purchase, any down payment, any deposits etc) Now if you lost your job – since she is the unforgiving kind – imagine how much worse it could be if that happened then if you said NO now to this offer and took your chances with just keeping your job? Tell her no and that it’s only because you reviewed your finances and future and decided you just aren’t ready yet (she doesn’t have to know if you go buy something else later) Think about it (good luck) sorry for typos I’m in a hurry
By mndbox, April 21, 2010 @ 2:31 pm
rent to own is legal but very seldom will you end up owning it, she will.
By ebosgramma, April 24, 2010 @ 9:23 pm
Bad idea to rent or buy from your boss and the fact that she is pressuring you to buy is another red flag. Just tell her you don’t think it is a good idea at this time. Hopefully it won’t cause friction at work. Better to have a problem because you DON’T buy than to have you because you DO buy.
By argybargy, April 25, 2010 @ 5:46 am
Talk about putting your eggs into one basket! If you marry your bosses child, that would be icing on the cake!
I suggest you keep your work and personal lives very separate. You could be one step away from indentured servitude!
By estielmo, April 26, 2010 @ 6:21 pm
Have a firm contract that you have your lawyer look over. Treat it as a deal totally separate from your job.
If you do this I recommend you NEVER mention the house or anything about it during working hours and you NEVER mention work during your landlord/tenant time with her. If you can’t flip your mental switch like that I’d pass on it.