As mortgage laws become stricter and people find it increasingly difficult to qualify for their own mortgages today, rent-to-own is fast becoming an option that many people are turning to.

BUT, what makes a rent-to-own or rent-to-own program great?

Truth be told, the best and most successful rent-to-own, tenant-buyer is someone who already has a landlord mentality.

Young, old, single, married, families, divorced, self-employed or new to the country. No matter what category you fall into, rent-to-own might be a good option for you if you have been unable to obtain a traditional mortgage as a result of credit problems or a missed down payment. Renting to own will give you the opportunity to choose your own home, the time to repair your credit, and the discipline to increase your down payment while building property value, BUT it’s not an easy task for everyone. Although rent-to-own can work for many types of situations, here are the mindsets of people who will be successful in a rent-to-own:

1. Eager and motivated to be a homeowner because they understand that real estate is one of the best ways to start building your wealth.
2. Determined to fix whatever credit problems they have to deal with.
3. Understand the benefits of stock appreciation.
4. Take pride in maintaining and maintaining your home
5. You are tired of spending your hard-earned money on rent, which only enriches the landlord.

Even with the right mindset (which is half the battle), you still need to align yourself with the right leasing program or model. There are many options (renter first, where you select your home, property first where you select a home from a list of available homes, no down payment, etc.), so the best advice is always to do your due diligence with people. . or company that offers rent-to-own and rent-to-own programs available. This is the key. A great rent-to-own program can be defined by many things and is likely subjective, but for me, here are some of the things to look for:

1. A program that supports you in your credit repair efforts. Two or more heads are always better than one. Even having someone you trust to brainstorm or answer your questions sometimes makes a difference.

2. A program in which a sufficient amount of the monthly payment goes towards your down payment or option credit so that you can increase your down payment to 5% or, better yet, 10%.

3. You should select your own home. Even though it’s a “home” for your family, it should fit your needs and budget … and you should LOVE it. How likely are you to be successful if you don’t like being there or in the neighborhood?

4. Transparency. Are all the numbers provided to you in advance? Avoid surprises later by making sure you agree with the numbers before committing to the property.

5. Owner sentiment. Don’t get into a program where you are going to be “awarded.” One of the best things about rent-to-own is that you have the freedom to update the property and make it your own. You shouldn’t be micromanaged for owning a home.