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Old 12-01-2012, 11:47 PM
 
Location: 80904 West siiiiiide!
2,867 posts, read 7,117,362 times
Reputation: 1546

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I'm in a situation where I can't go conventional. I'm having a hard time finding an rent to own or owner carry houses in Colorado Springs.

I recently aqcuired 3 new family members, so I'm looking for a 4 bed house to rent anywhere north of Garden of the gods/austin bluffs. Or maybe west/southwest.

Please DM me if you are a realtor that has some listings. I'm ready to rent immediatley and I have money for a sizeable downpayment.

Thanks
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Old 12-02-2012, 03:28 PM
 
Location: Memphis, TN
255 posts, read 545,934 times
Reputation: 175
Ryan, there are several options on Craigslist I saw today. There is a 4 br near Austin Bluffs right now for $1400 (lease option.) =)
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Old 12-02-2012, 03:30 PM
 
Location: SW Missouri
15,584 posts, read 29,349,009 times
Reputation: 21440
Quote:
Originally Posted by ryanek9freak View Post
I'm in a situation where I can't go conventional. I'm having a hard time finding an rent to own or owner carry houses in Colorado Springs.

I recently aqcuired 3 new family members, so I'm looking for a 4 bed house to rent anywhere north of Garden of the gods/austin bluffs. Or maybe west/southwest.

Please DM me if you are a realtor that has some listings. I'm ready to rent immediatley and I have money for a sizeable downpayment.

Thanks
Be very cautious about this kind of arrangement. I knew of a real estate agent who would sell a home "owner finance" that they did not own. Make the seller show you their deed. I am not kidding. (by the way, he is in jail now for fraud).

20yrsinBranson
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Old 12-02-2012, 09:31 PM
 
Location: 80904 West siiiiiide!
2,867 posts, read 7,117,362 times
Reputation: 1546
Wow, yea that could get ugly. And CK, I saw the very ad you're speaking of, I actually talked to that guy, but he seemed like a total jerk.

I'm looking to find someone that is having a hard time selling their house, They can help me, and I'll help them.

I'm self employed at the moment, and no bank on earth will lend to me right now, even though I've got enough for a 10% downpayment (you'd think they'd be jumping all over me, but...)

Anyway, I haven't had much luck, every time I find one, it's already under contract. Rental market is super tight right now, that's why I wanted to talk to an agent, maybe they have some clients that have had a house sitting on the market for years.

Last edited by Mike from back east; 12-03-2012 at 01:00 PM..
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Old 12-03-2012, 08:54 AM
 
Location: Memphis, TN
255 posts, read 545,934 times
Reputation: 175
Check out rentbeforeowning.com. They seem to have a TON of homes in COS. Some are foreclosures, but they look like they would be willing to work with someone with nontraditional circumstances. Maybe foreclosures WOULD be a good option for you, actually. Not sure how it all works, but it would seem like a bank would be happy to unload a property.
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Old 12-03-2012, 09:05 AM
 
Location: Memphis, TN
255 posts, read 545,934 times
Reputation: 175
Grrr... just noticed that you have to sign up for a $1 7 day membership and then pay $40 something dollars afterward. Nevermind...
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Old 12-04-2012, 06:48 AM
 
Location: 80904 West siiiiiide!
2,867 posts, read 7,117,362 times
Reputation: 1546
Yea there's a lot of those websites out there, and it's a giant rip off.
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Old 12-04-2012, 03:29 PM
 
Location: SW Missouri
15,584 posts, read 29,349,009 times
Reputation: 21440
Quote:
Originally Posted by ryanek9freak View Post
I'm in a situation where I can't go conventional. I'm having a hard time finding an rent to own or owner carry houses in Colorado Springs.

I recently aqcuired 3 new family members, so I'm looking for a 4 bed house to rent anywhere north of Garden of the gods/austin bluffs. Or maybe west/southwest.

Please DM me if you are a realtor that has some listings. I'm ready to rent immediatley and I have money for a sizeable downpayment.

Thanks
Just call up a realtor there and tell her/him what you want. It should be pretty easy for them to find what you are looking for. Last I checked, home sales in Colorado wasn't breaking any records.

20yrsinBranson
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Old 12-04-2012, 09:42 PM
 
Location: 80904 West siiiiiide!
2,867 posts, read 7,117,362 times
Reputation: 1546
You'd think so, but I've been working with several of them, and they all say the same thing, the market is super tight and what rentals we do have, are going to stay just that. The owners have no intention of selling and just want you to continue paying their mortgage.

It's really frustrating, because I'm self employed, and the banks have really tightened their lending standards. They want 3 years of banks statements and all kinds of other stuff that I can't give them, even though I've got enough saved up for a 15-20% downpayment.

I'm just sickened at how much money I've wasted already. Just last year, I paid over $14,000 in rent ($1300 month, it adds up)

That's money I could be using to pay down principal on a home. Sigh.
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Old 12-05-2012, 11:15 AM
 
3,493 posts, read 4,728,080 times
Reputation: 5358
I know the feeling Ryan. I have been self employed for years and when the mortgage company asked what I did I told them "I sit on my *** and generate absolutely no money that you'll be able to verify, so lets just say I'm an unemployed student." Fortunately I married a nurse and her income qualified us for the mortgage. The money I made helped with having enough for a down payment, but the banks are surprisingly hesitant to loan. Even if you have a big down payment they make a huge deal of out "verifying" that you can pay the bill.

You might try to find someone to buy a house with. I agree that the rentals won't turn into sales. If I had a rental property, I'd have no interest in selling it. I'd want positive cash flow while paying off the mortgage. The current market is very favorable for owners. Our principal, interest, taxes, insurance, and pmi combined is less than you're paying in rent and we only put 5% down on a 2600 square foot house with a great view. If you're going to stay put for a long time, you need to get creative about getting a home. (If we had put 20% down, we'd be paying under a grand per month. We didn't, because careful calculations showed that federal student loan debt was a higher priority.)
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