Monday, January 23, 2012

Even the Mega-Rich Rent to Own their Dream Homes!

Why Do Even the Mega-Rich Often Rent to Own Their Homes? Because it Makes Sense. On many levels.

* Get to experience the home and the neighborhood before you commit to the actual purchase.

* Instead of just throwing away money on rent, which you will never get back, you can apply part -- or sometimes even ALL -- of your rent payments toward the purchase price of the home, helping you build up the down payment amount mortgage brokers and banks will require you to put down before they give you a loan. Is there any other way you are going to save up $10,000 or $20,000 or more?

Here's a Rent to Own success story about the former President of Facebook (now a mega-rich investment fund director, and founder of the newly popular music-sharing website, Spotify) and how he rented his new $20 million dollar home from some other mega-rich person before finally making the purchase,

Sean Parker, Spotify and Founder's Fund
Location: New York
Cost: $20 million
Bedrooms: 6
Bathrooms: 7 full, 1 half
Square footage: 7,500

Sean Parker disputes his bad boy portrayal by Justin Timberlake in the 2010 film "The Social Network." But the former Facebook president and Napster co-founder is certainly living it up in his new home, a $20 million West Village townhouse known as the Bacchus House.

Formerly owned by Italian liquor heir Enrico Cinzano, it includes an indoor pool and gym, garage, theater, a chef's kitchen and an elevator.

Parker, now a managing director at the Founders Fund, a San Francisco venture capital firm, and a director of Spotify, an online music service, PURCHASED THE HOME LAST YEAR, AFTER RENTING IT FOR SOME TIME, and throwing his share of over-the-top parties.

Call us at 630-697-4500 and we'll help you rent to own your dream home too!

Adam and Diane St. James

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