Profile picture for rachael green

How can i get into a rent to own home in California.

I am married we have a pretty good income how ever our credit is not so good Can anyone help us Thank You. Rachael
  • February 12 - San Diego
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Answers (5)

Profile picture for SDREVets
The real estate market is changing and I'm starting to see a few honest lease-option deals start to pop up here and there. You absolutely need to hire an agent to represent you exclusively and that agent needs to have recent experience in these types of deals. To be honest, that is not me. I do know an agent that works these types of deals and I would be happy to send you their number. 

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  • March 07
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Wow what a difference of opinions. You can by all means enter into a rent to own contract, lease option, or seller carry. These transactions are now covered by the new Dodd Frank laws enforced by the CFPB. Consumer Finance Protection Bureau. Call us if you want to find out whats possible.

Terry Lewis
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  • February 25
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Hi Rachael,

Wetdawgs is 100% right. And the only way to get a mortgage with bad credit is with higher interest because you'd be a high risk borrower. You're the one that'll pay. Read Wetdawg's #3 carefully, then #2.

Rent-to-own is an investment technique, meant to make the owner/investor money. How? They bank on the fact that most people going in with bad credit will not be able to qualify for a loan at the end of the option period, which will be too short to make a difference. It takes a little time to build credit because late payments stay on your credit report for several years. On top of it, you won't get any of the upfront money you paid back. Add to that #4, a slim to none selection of homes, so trying to find one that will permit a long option period brings your chances to practically none.

Building your credit is the way to go, and believe me, you're not alone coming out of this crazy economy. l have some really good information on credit building, and actually understanding how credit is scored.  It will help you. I'm happy to give it to you, just contact me off forum.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
CalBRE Lic # 01443391
  • February 12
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Profile picture for wetdawgs
Rent to own is very risky strategy.  Why not spend some time working on your credit so you can be qualified to purchase.

If you are serious about pursuing "rent to own", consider the following:

1.  You will need a down payment of 5 to 30%, this is not refundable.

2.  You will pay more than fair market rent every month, only the difference goes to purchase.

3.  If you are not qualified at the price and time determined in the contract, you will lose all your  money and have to move.

4.  Your selection of homes will be slim to none.

  • February 12
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Hi Rachael,
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Thanks!
Sinead McAllister
  • February 12
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