Since our last attempt at getting fianced fell short we’re looking in rent-to-own places but all you get is sites with pictures with a "sign up for info "box where agree to get spammed by credit repair places and the like or credit card info
I wondered if anyone knows of a legit site ?
Do you mean rent-to-own furniture, rent-to-own dwellings, or rent-to-own cars?
Where in the world are you? Many of the legit companies in these industries are regional, not national or international.
duh… I can’t believe i didn’t put houses .let me see if I can get a title change
You could try finding an individual willing to do this.
Being wary of unscrupulous landlords who have done this to many folks with the same property. Over and over.
Yeah. When we were renting a house to a young man, after a few months he indicated an interest in buying it. We worked out a contract where he could accomplish that. I don’t recall the details, but my point is find a landlord who has a house you like and approach the with the idea.
Don’t proceed with ANYTHING unless you have a lawyer reviewing all the paperwork.
Even if everyone is honest (no guarantee that’ll be true) the usual rent-to-own contracts leave a lot to be desired. Like if you the renter have to bail out early for any reason, you forfeit what you paid in.
Given that folks in rent-to-own situations are usually on economic thin(-ish) ice, that amounts to a bet that nothing big will go wrong with your income or health or life for a period of a decade or more. All to often that’s a bet people make and then lose.
That doesn’t mean our OP shuold never consider an RTO deal. But that he should enter these waters with a lot of caution.
I wonder if an owner carried loan would be better for the OP? We sold our last place and carried the loan ourselves. Of course we went through official channels to be sure that if the buyer defaulted we would be able to get our property back, it wasn’t just a hand-shake deal. We made money doing that, but not a lot of owners are willing to do that with this housing market.
This, big time. There’s really no incentive for someone with property to carry the paperwork unless they plan on catching the very first minor default and tossing the renter/purchaser. I’ve known several people who got into a rent-to-own on a home. None ended up with a home.
That’s certainly one common ploy.
But an owner / seller carrying the paperwork can generate an above-market return compared to cashing out and buying a bond with the same money. It’s a hunk of concentrated counterparty risk, and evicting deadbeats is not without it’s own challenges. But depending on how real estate savvy the seller is, this might be a decent form of diversification within their larger portfolio.
So I would not go so far as to say there’s never a non-scammy incentive for seller-financed mortgages or rent-to-own deals. But I agree w your overall point that this is major league caveat emptor territory