How to Buy a House Using a Lease Option

If you're ready to buy the home of your dreams, but your credit or savings isn't quite ready yet, a lease with option to buy (often simply called a "lease option" or, somewhat inaccurately, "rent to own") may help you move in. Lease options, in which you lease (rent) a property and have the option to buy the property at the end of the lease term, can allow you to control a home that you want even if you don't have enough money for a down payment yet. A lease option may also be helpful if you need some time to improve your credit before you can get a good mortgage rate.

1

Determine if a lease option is a good option for you. Lease options can be useful home-buying tools, but they're not for everybody. In fact, the majority of lease options do not end with the lessee (the renter or prospective buyer) purchasing the home, and while that's sometimes for a good reason, it's often just a waste of money. Ask yourself a few questions before you decide to pursue a lease option in general or before you sign one on a particular house..

• Can you afford the option money? The option money or option fee is required for a lease option contract to be valid. This upfront payment may be quite small (equal to one or two month's rent, for example), or it may be 3-5% of the purchase price. All of this money should go toward the purchase price or down payment on the home if you decide to buy the house at the end of the lease term, but unlike a security deposit, you don't get the option money back at the end of the lease if you can't purchase the house or decide not to.
• Do you plan to stay in the area? Since a lease option typically costs more than simply renting, you should be fairly certain that you want to buy the house at the end of the term. If you don't, you lose your upfront option money and any additional money in excess of the fair rental value that you've paid in your monthly payments.
• Will you be able to secure financing at the end of the lease term? In some cases the seller will finance the purchase of the home after the lease option. Most of the time, however, the buyer will need to find his or her own financing by applying for a loan. A lease option can help you get a more favorable loan than you otherwise would be able to, but it's no guarantee, so you'll want to be reasonably sure that you'll be able to qualify for a loan at the end of the term. Check with a mortgage broker or loan officer to examine your situation.
• Can you afford the monthly payments on the lease. Typically (but not always) the monthly payments on a lease will include the fair rental value plus option money that will go toward the purchase of the home. Thus, the monthly payments under a lease option will usually be more than you would pay if you were renting the same house.
• Will you be able to make the monthly payments on the home and meet other expenses of ownership? Even if you're able to get the loan, it won't do you any good if you can't afford to keep up with the expenses of owning the home. Be sure to factor in not only the mortgage payments, but also property taxes, insurance, and maintenance costs, all of which renters don't have to pay.

2

Find a house you want to buy. Keeping the above considerations in mind, look for a house that you like and that you can afford. There are some companies that specialize in lease options, and there in some places government programs will buy a house for you and then offer you a lease option. More typically, however, you can just find a house for sale and see if the owner will consider a lease option.

3

Discuss the lease option with the owner. Some homeowners have never heard of a lease option, and many are suspicious of them. In addition, some sellers need a lot of cash fast, and so there's no way they can do a lease option. Still, if you're lucky, you or your real estate agent may be able to convince the seller to work with you.

4

Get a home inspection. Once you've found a suitable house with an agreeable seller, it's time to get the home inspected. Get an independent professional home inspector to do a full inspection so you can become aware of any problems the house may have. In most jurisdictions the seller is also required to give you a seller's property disclosure attesting to the condition of the home, but an independent inspection is still important. If there are problems, make sure they're not issues that will prevent you from getting a loan, and make sure the contract specifies who is responsible for making repairs. The lessor may also offer an allowance off the purchase price to enable the lessee to make the repairs if the option to buy is exercised.

Image titled Buy a House Using a Lease Option Step 5

5

Negotiate the terms of the lease option. The purchase price, term of the lease (usually anywhere from 6-24 months), the amount of initial option money, and the amount of the monthly payments that will go toward the purchase price will all be negotiable. While you can find lease option contracts online, it's best to get one from a local real estate agent or attorney, since laws concerning lease options vary from state to state, and there may even be local regulations. A real estate agent or attorney can help you draft the contract and negotiate the terms, and it's important for both the buyer and the seller (lessee and lessor) that the contract be well written.

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10 Places to Find Free Computer Networking Tutorials on the Web

Free online courses in networking are offered by some real schools. Learn which networking courses are available, what topics they cover and which ones lead to real college credit.

Online Computer Networking Courses for Credit

Students interested in computer networking can find a variety of free courses available online, but these options generally don't lead to college credit. Students who want to earn credit for the classes they take might want to look for online options that charge a small fee in exchange for access to online lessons. These fee-based courses help students earn alternative forms of college credit.

Study.com offers this style of distance learning through its short, engaging video lessons and self-assessment quizzes. There are also free transcripts available. Both the transcripts and the video lessons can be used to earn college credit. Students interested in this path to college credit might find this Business 104: Information Systems and Computer Applications course useful. Some of the chapters in this course include:

• Information Systems in Organizations - Topics include components of information systems, networks and hardware, software and business strategies.
• Network Systems Technology - Learn about telecommunications system components, client/server and mainframe systems, network operating systems and wireless communications.
• Systems Development - Subjects in this chapter include the software development process, graphical user interfaces, sourcing and project management.
• Data Management - Study database elements, purpose of a management system, database management system models and data types.

Free Online Non-Credited Computer Networking Courses

The Computer Technology Documentation Project

• CTDP Protocol Summary
• Networking Tutorial

The Computer Technology Documentation Project offers free networking tutorials for those interested in learning more about computer networking. The tutorials can be accessed from a Web page and are separated by chapters. However, the tutorials do not lead to college credit. The CTDP Protocol Summary provides students with a guide of protocols used for network routing, network management and host management. TheNetworking Tutorial provides information regarding TCP/IP network protocols, network architectures and other topics. Experience with networks is not needed. Students also are given references for additional information regarding networking.

Laynetworks

• Subnetting

Based in India, Laynetworks is a non-profit organization that provides free information for students related to computer science, including specific topics on networking. The tutorials do not lead to credit, but students can access the information online for free on a Web page. The Subnetting tutorial provides background information on IP (Internet protocol) addresses and networking.

Massachusetts Institute of Technology

• Network and Computer Security

Massachusetts Institute of Technology allows students access to courses covering a variety of computer-related subjects. While taking these classes do not lead to credit, real course material is available, including assignments, exams, lecture notes and projects for free online. The availability of certain material may vary, however, because of the course. The Network and Computer Security course provides students with information regarding risk assessment, software protection, computer security and secure operating systems.

National Programme on Technology Enhanced Learning

• Computer Networks

The National Programme on Technology Enhanced Learning (NPTEL) is based in India and provides video lessons that can be streamed, downloaded or viewed on YouTube. NPTEL materials do not lead to college credit. The Computer Networks course consists of 40 videos, including topics such as network management, satellite communication, routing, wireless networks, cellular networks and network topology.

The Open University

• Network Security

The Open University offers courses that do not lead to credit. Classes are broken down into multiple lessons. Information from the Network Security course is offered through 10 lessions and covers network security, network vulnerabilities, firewalls, authentication, encryption and other subjects.

Rensselaer Polytechnic Institute

• Computer Communication Networks
• Broadband and Optical Networks

Rensselaer Polytechnic Institute provides free non-credit online courses for students in a variety of networking topics. Students can learn from class notes, slides, homework, streaming video and exams. By takingComputer Communication Networks, students can learn about routing, internetworking, network layers and other topics. Broadband and Optical Networks includes lessons in traffic engineering, optical transport networks and routing.

Teracom Training Institute

• Tutorial: Dynamic IP Addresses and DHCP

Teracom Training Institute specializes in providing free online course previews on telecommunication for students who are not engineers. The site's online tutorials offer free instruction, as well as serve as previews for more extensive courses that are provided for a fee. In Tutorial: Dynamic IP Addresses and DHCP, students can learn about IP addresses and their uses.

Universiti Teknologi Malaysia

• Telecommunications and Networking

This free OpenCourseWare course in networking and telecommunication features lessons in PDF format. While not earning credits, students can still access instruction in network topology, Web programming, communication systems, Web-based learning and other topics.

University of Michigan

• Networked Computing: Storage, Communication, and Processing

The University of Michigan offers this free online course with materials available for download. The course does not lead to credit, and students may not be able to access all features from the original course syllabus. In the Networked Computing: Storage, Communication, and Processing class, students can gain sound knowledge in areas sucn as data modeling, technologies on the Web, service-oriented architecture and information systems security.

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Word perfect: how to become a freelance writer

If you're a graduate wanting to start your career in writing or journalism, freelancing could be for you. Here is some advice on finding opportunities, and building your portfolio.

There are more graduates than ever entering an increasingly diminished job market. With opportunities in the arts and media as scarce as they've ever been, graduates are having to be more creative in the ways they earn money and gain experience in their chosen field. Although for many, freelancing is synonymous with living in your pyjamas and rejoicing you're not stuck in a 9-5 job, this wears off pretty swiftly, usually around rent day. However, for those with a flair for the written word, freelance writing can be worthwhile.

Everyone's path to getting freelance work is different, but as long as it leads to money in the bank, they're all just as viable. When starting out, many people turn to websites such as Freelancer, Elance or oDesk where you can bid for work. These can be great for building experience and a portfolio while getting paid for it. Just make sure the employers are verified to avoid getting into a situation where you've spent hours on work for them to conveniently disappear.

When looking to get work for magazines and newspapers, keep pitches short, sweet and interesting. Even if you're sending your fifth in a row of rejected pitches, be polite and professional. If your writing and ideas are interesting and relevant, then you will eventually get a response.

Whichever way you get into freelancing, the absolute key to success is persistence. Chances are you'll get knocked back a fair bit but keeping going is the only way to ensure that you get noticed. Once you've managed to get your foot in the door with a good idea, things should get a little bit easier and more work should start coming your way. Building contacts and maintaining a good relationship is important in any profession but when you're responsible for finding your own work everyday this is even more essential.

The pros

The positives of freelancing as a graduate are numerous. It's incredibly satisfying to be working for yourself and having the responsibility of determining your own workload. Making a living doing what you love is hugely rewarding, and of course it's extremely flexible work. New graduates are generally used to working unusual hours thanks to energy drinks and 24/7 library opening hours. So, if you're most comfortable working late at night or at the weekend, then freelancing may be the way to go. Depending on how much work you manage to get, which can vary wildly, especially when you're just starting out, it also leaves open the possibility of working part-time in something which might pay you a steadier wage.

The cons

It is not steady and it is not always a money maker. Graduate writers are notorious for always working for free, and it's because there are so many people willing to do it that companies simply choose not to pay. This is often wrapped up as a "great opportunity" but it's important to be wise about what's an opportunity to get some great experience, and what's an opportunity for them to get some work done for free. Websites and magazines which don't make a profit but have a wide audience are usually worthwhile writing for, as you're likely to get bigger exposure for your piece than on your own blog or online platform. However, any commercial publication worth its salt should be paying professional writers, just like they pay their designers, printers and publishers.

Freelancing is probably not for people who lack self-motivation. If you don't go looking for work, spending your days shooting off emails and writing pitches, then it is very unlikely the work will come to you. For most people, freelancing does not provide regular work at the beginning. So if you find it stressful not having a steady income then it's worth looking at other options, or indeed getting a second paid job for some initial security.

Graduates should not be afraid of freelancing, in the field of writing it's a fantastic option. It may take a while to break into but this world isn't as closed as you might initially think. The key is to write constantly, pitch all your ideas clearly and concisely to the appropriate publications and don't give up when you get knocked back. Rejection will become like water off a duck's back, which is pretty handy in all areas of your life, and when your work does get the green light, it will all be worth it.

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*Y0u d0n't have to be a graduate. Get the course requirements and read. Approach the smaller news companies and throw your hat in the rink.