wanted rent to own

[Greenhand]

Originally Posted by Pblais

Rent to own is still a contract to purchase.

In the US, rent to own usually means renting with an *option* to own at the end of a contract. We would refer to what the OP wants as "seller financed".

A quick check of google suggests that this would be the same in Australian real estate, at least.

[Pblais]

If the intent is not to purchase then I don't see any way this deal gets done. The intent to purchase has to be in writing else no idiot would agree to it. So while it may not be implicit in the asking it needs to be so in the writing of the contract. There has to be money down that is forfeit if the deal is not closed in a specified period of time. So I really don't see an open ended rental as any deal a right minded owner would agree to.

[Greenhand]

Originally Posted by Pblais

If the intent is not to purchase then I don't see any way this deal gets done. The intent to purchase has to be in writing else no idiot would agree to it. So while it may not be implicit in the asking it needs to be so in the writing of the contract. There has to be money down that is forfeit if the deal is not closed in a specified period of time. So I really don't see an open ended rental as any deal a right minded owner would agree to.

Yes, there is usually an "option fee" that is forfeited if the purchase is not completed. Like other transactions, it is usually enough to provide an incentive to the buyer to go through with it if they are on the fence, but barely enough for the seller to not lose anything on the deal, if they are lucky. And yes, many have already stated that it isn't likely to happen for a boat.

[StuM]

As pointed out on the other thread about this. You are actually talking about an "owner financed sale". That's a whole different ballgame. "Rent to own" leaves the current owner liable for everything to do with the boat while you live on it. With an "owner financed sale", you take over responsibility for everything to do with the boat once the deal is signed.

If I had a boat in your price range which I was having difficulty in selling, I could be talked into financing you into it fairly easily with an appropriate sale contract - but as I have said previously, there is no way I would rent it to you.

(It's amazing what a difference it makes when someone clearly spells out their true requirements/expectations).

[Blue Crab]

Originally Posted by inyadreams2008

sorry but what part of rent to OWN! don't you people understand????
...
and im not stupid! ...if people read the post, and my reply you might get it, I don't mean to sound rude but if you don't have an offer for me don't post, simple!, ... thought this site would help me, but by the look off it, it is filled with people with nothing better to do than pick on others dreams, ...

Heh.

I have to work on my self-discipline. I said to myself, "Crabby, DON'T READ THAT THREAD!!!!!!!" but dang ... I'm weak.

I'm appalled by the inevitable moment in these threads where CFers get dumped on for getting realistic with dreamers who think they already have everything figured out. Recall how angry the last guy who wanted the free boat got? And not JUST a free boat, he wanted a big blue water vessel ready for sea.

And we're the idiots?

We all say it doesn't hurt to ask. I am not certain that's true if people are offended by the asking.

[JPA Cate]

Originally Posted by Blue Crab

Heh.

I have to work on my self-discipline. I said to myself, "Crabby, DON'T READ THAT THREAD!!!!!!!" but dang ... I'm weak.

I'm appalled by the inevitable moment in these threads where CFers get dumped on for getting realistic with dreamers who think they already have everything figured out. Recall how angry the last guy who wanted the free boat got? And not JUST a free boat, he wanted a big blue water vessel ready for sea.

And we're the idiots?

We all say it doesn't hurt to ask. I am not certain that's true if people are offended by the asking.

+1, etc.

A.

[HappyMdRSailor]

Originally Posted by Blue Crab

Heh.

I have to work on my self-discipline. I said to myself, "Crabby, DON'T READ THAT THREAD!!!!!!!" but dang ... I'm weak.

I'm appalled by the inevitable moment in these threads where CFers get dumped on for getting realistic with dreamers who think they already have everything figured out. Recall how angry the last guy who wanted the free boat got? And not JUST a free boat, he wanted a big blue water vessel ready for sea.

And we're the idiots?

We all say it doesn't hurt to ask. I am not certain that's true if people are offended by the asking.

It's all 'bout what yer mamma n pappa taught ya 'bout ethics, pride n self respect...

Originally Posted by Ann T. Cate

+1, etc.

A.

Just a different configuration...
+1

[sparau]

Originally Posted by inyadreams2008

my price range is up to $45,000 if any one is interested please message me if not, keep your comments to your self, and before anyone gets a chance to say you can't buy a yacht for that price, yes I can! there are a few in Australia at present for that and cheaper, looking at 2, 60ft at the moment one for $38,000 and one for $50,000 but want money up front and fair enough too, and in 8mths I will have that,

Where are you finding these boats in near turn key condition? I don't see anything that cheap, even 30 year old <40ft in need of some work seem to be around that asking price.

[StuM]

Originally Posted by sparau

Where are you finding these boats in near turn key condition? I don't see anything that cheap, even 30 year old <40ft in need of some work seem to be around that asking price.

Guess his definition of "mast, motor, rigging and hull must be in good condition," and ours are slightly different.

[Kevin84]

Originally Posted by StuM

Guess his definition of "mast, motor, rigging and hull must be in good condition," and ours are slightly different.

No, just sounds like your typical first time buyer. Doesn't know what to look for, so won't see the huge red flags those boats have. And is so in love with the dream that he'll listen to his heart over his head on these boats. Cause I'm not buying the whole "I've got tons of experience in boat building" argument. A "turn key" 60' boat for 38k? Pics or it doesn't exist.

Sent from my SPH-L710 using Cruisers Sailing Forum mobile app

[oceannavigator]

It's a chick, guys.

[BandB]

Originally Posted by inyadreams2008

sorry but what part of rent to OWN! don't you people understand????
I don't want to rent and give it back??
I want to Buy the boat by paying it off, weekly then the boat will be mine!, with a lump sum pay out in about 8mths time when I pay my landcruiser off, my dad is a boat builder by trade! and can help keep it maintained.
the bank will give me the money, they have already told me, I can afford it, just thought id give this a go to try and get on one sooner

Well, perhaps you shouldn't bang your head as it might be impacting your thinking and causing your reaction, but first as to what part of rent to own people don't understand. The part that people are not familiar with ever being used on houses, cars or boats. Lease purchase and lease option are more common there. At least as used in the US, the term "Rent to own" generally is used to acquire small items and involves paying very high payments and exhorbitant interest rates plus paying the full balance over a 24 month period or so. And it does not have any penalty for stopping and walking away other than just loss of money paid. In addition it is almost always used by people who are not credit worthy and have no other way to acquire. So you're introducing a concept contrary to what people know it as.

and im not stupid! thankyou very much, I have been around yachts and yachties my whole life, and they have dogs,
just because one person didn't look after their dog, doesn't give you the right to call me stupid, but I forgive your pigheadedness,

And it is one thing to have dogs on a boat you own but quite another on one you're "renting." Many won't allow dogs in rental homes either. So "stupid" is unacceptable but calling someone "pigheaded" is ok? Just checking.

if people read the post, and my reply you might get it, I don't mean to sound rude but if you don't have an offer for me don't post, simple!,

Well, you do sound rude. Had you ever thought if this many people responded this way to your post then perhaps it wasn't as perfect as you though? Also, this isn't a classified ad site where only offers are posted. In fact, to my knowledge, there has never been a rent to own request made here with an offer in return. Guess what I'm saying is that posting on a public forum is likely to get responses and most would anticipate that.

thought this site would help me, but by the look off it, it is filled with people with nothing better to do than pick on others dreams,

Yes, insulting the people here and the site is really likely to increase the help you get. Right. Pick on your dreams? Maybe trying to sort fantasy from reality? Responding by saying what you've suggested isn't likely.

my price range is up to $45,000 if any one is interested please message me if not, keep your comments to your self, and before anyone gets a chance to say you can't buy a yacht for that price, yes I can! there are a few in Australia at present for that and cheaper, looking at 2, 60ft at the moment one for $38,000 and one for $50,000 but want money up front and fair enough too, and in 8mths I will have that,

Amazing how that money thing works, especially on a purchase that floats and has propulsion and can easily be absconded with and ever sold elsewhere. I'd also suggest to you that if someone was going to try to work a deal with you as you describe, they're going to first charge you more than they would on a straight sale, second charge a high rate of interest, third want a sizable down payment as a boat's value can be diminished so quickly. If you're going to have the money in 8 months there are many ways to go that are more likely to yield success. Getting a personal loan or second mortgage for the 8 months. Financing the boat on a conventional purchase type loan with the intent of paying it off in 8 months. And, waiting 8 months to buy.

Your posts show a lack of knowledge and experience in the area about which you're posting. That's fine. Many come here without knowledge and experience and are welcomed. However, your story is a moving target. Now you say pay off in 8 months. Initially you said 1 to 3 years with inspections every six to eight months. Initially you said need by October, but now if you're going to pay it off in 8 months, then all you are talking about is waiting from October to November and being able to buy it without any other issues.

There are many other issues. Just as an example, insurance is a huge one. You say you'll pay it but since you're not the owner, it will have to remain in the seller's name. Meanwhile since he's renting it out, he'll have to get a different policy than he currently has as his current policy would prohibit such. The situation gets very complicated and especially does when you're creating a method of doing business that is never done. There's no standard contract for such as you desire and finding ways to protect both parties will be very complicated. Frankly, both of you would need to get lawyers involved. When you're breaking new ground then a ton of issues have to be thought through and resolved.

And Mr. Crab, now you're trying to give him ideas that maybe wanting it free would be better than rent to own. Shame on you. And I hear there are two threads on this, so have you gone and read the other one too now?

Back to the OP, if you want real help, there are many on this site more than willing to offer it. However, if you simply want indulgence of your poorly thought out fantasies that's more limited. But also if you're looking to make this magical deal happen, this isn't where that will happen either. That is far more a Craigslist type thing. I do know one person who excels, although mostly retired now, in the type thing you're asking for and might suggest you contact and that is Monte Halparin.

[BandB]

Originally Posted by oceannavigator

It's a chick, guys.

Wifey B: No way....no freaking way.....no no no......obviously a dude.....hehe....

[Blue Crab]

And Mr. Crab, now you're trying to give him ideas that maybe wanting it free would be better than rent to own. Shame on you. And I hear there are two threads on this, so have you gone and read the other one too now?

Nope. I don't enjoy these dreamer threads.

s/v Blue Crab over and out.

[SailSummerWind]

We "rented to own" our boat to "respectable,accomplish couple in their 60s, with sail and power boat experience" done a contract and the paperwork. Got a non refundable down payment 10% ($20.000) and first couple of payments on time ($2500), than they were late for couple a days on payment, next time a week... The 3rd time no payment.
We called marina where they were staying and were informed they are out cruising , BUT also found out they are late paying for couple of months and are selling lots of staff of the boat.
To make a story short.. We repossessed the boat with help of another marina and police. When we walked on the boat I was in tears and my husband was using a language I did not even know exist.
It took lot more money to fix it up than we got from them. Damages to decks,haul, interior , the whole boat was a pig stale.
I would personally never do it again. Don't have the money, don't get a boat!! Boats cost much more than rented apartment ever will.. And that in maintenance alone.
But this is my opinion only you are entitled to yours.