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I am at a 561 looking to rent to own a house do you think this is possible

by shemeka.sesay179 from Kansas City, Missouri. Jun 1st 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Yes.. but you would most likely be getting ripped off.. Inventory levels are at an all time low right now, and every home that hit's the market is sold within days.. so if a property owner is offering a home as a "Rent to Own".. there must be a reason.. Either he has a property that he cannot sell conventionally, or he is selling it for much more than it's worth, or he might not even own the home.. it's even possible he's underwater.. trust me, I've see this scenario hundreds of times.. and these types of transactions rarely end up being a good deal for anyone except the seller.. As a 28 year real estate investor, I can tell you there's an income strategy where you offer a home as "Lease to Own", "Rent to Own", etc.. The owner collects the "Option Fee" upfront usually several thousand dollars, and the rent is usually higher than market.. This way, if the tenant is delinquent on the payment, it's an eviction, they are out in 30 days, and the owner keeps your "Option Fee", then re-lists the home and does it again.. If you don't default, then they collected higher than market rents for the term of the lease.. Also, since all of these types of transactions have a date where your option must be exercised by.. meaning, you have to buy the home, then if you get to that date and you don't buy it or cannot buy it, then again, you lose your option fee... If you have any hopes of ever owning a home, then save your money, work on getting your credit scores fixed up, and then go buy something.. but if you fall for any of these rent to own deals. you're just wasting your money.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 1st 2016
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 511 contributions

I work with a lot of first time home buyers and people who have a few bumps on their credit. Have you thought about buying a home? You can learn more about Movement Mortgage and your options at www.movement.com/sara.deere. You can also call me directly at 816-739-6279.

Jun 1st 2016
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Larry Gray (lgray_312_247)
#563 ranked lender in California - 1,127 contributions

Wow, great answer by William Acres! Sara Deere really put out the best strategy...get qualified with someone willing to work with you on your credit situation!

Jun 2nd 2016
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