rent to own homes?

Question

I am wanting to buy a home but i dont have the credit for it so i was wanting to try the rent to own thing but i dont no where to start and how it works so if there is any one on here who does please fill me in and tell me if there are any site or companys in missour that specialize in this and have good searh out comes .any and all info is greatly appreciated..thx

Answer 1

My best advice is to be careful. When you deal with investors you are involved with people that are skilled at real estate. As such if you deal with a dishonest investor they know how to easily screw you. I am an honest lease to own investor and do rent to own homes on my website at: http://www.foxyhomes.com but I only do them in las vegas and don't offer my services in your state... sorry :( I have been helping people in Vegas since 2003 and have a lot of info on my site that may help you though... hope this info helps you! Good luck. ... one last thing... make sure you have an escrow company or attorney hold the money for disbursement! DO NOT GIVE IT DIRECTLY TO THE INVESTOR!!! best of luck - Jason in Vegas

Answer 2

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Answer 3

Everything I have heard/read about rent to own homes is quite negative. I also think they are a scam.

Have you talked with a mortgage lender yet? I have less than stellar credit, but that is not the only thing they look at. Income, debt to income ratio, downpayment all play a part. You may actually be able to get a pretty decent mortgage loan if you shop around.

Good luck!

Answer 4

Rent-to-own can be a good way to build up equity that you can use for a down payment, but you do have to review the contract carefully. Contrary to the other answers, most of us do not scam others when we sell our houses. We provide a valuable service to people who would not otherwise be able to own their own house. Unfortunately, I do not have any houses left in Missouri, but one of the best ways to find one is to call the for rent ads and ask if the would be willing to give you an option to buy if you signed a long term lease. If you want more info, please email me and we can talk.

Answer 5

"rent to own" is how the flippers and other real estate sharks sell a property to people whose credit won't support a loan in any normal way.

as a possible buyer, you need to know that these sharks aren't in business to help you, but to line their pockets. And they're good at it, too.

were i in your situation and felt that I had to do a rent to own deal, I'd look for a seller who has actually lived in the house for a few years [consult property tax records, hopefully online] or a small time builder/developer who is unloading a spec house. They might not be trying to gouge you for every last dime you have.

So that's FSBOs [for sale by owner] and locals. Look in your target area in person ... stop in/by and ask folk who's selling a house in the area. {One woman I know found a deal this way by asking the local good 'ole boys in the neighborhood bar.}


GL

Answer 6

Usually the rent-to-own contracts set a portion of your rent aside for a down payment for the property. You then have to obtain a loan (mortgage), using that down payment to buy the home. Unless you're buying the home on contract with seller financing.

Answer 7

Rent to own is actually a scam, I read about it somewhere.
I would do some reasearch before diving in.