U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Colorado > Denver
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-16-2015, 11:37 AM
 
6 posts, read 4,189 times
Reputation: 17

Advertisements

My wife and I are going through an amicable divorce, we are both professionals, bringing in 65k and 85k respectively. We pulled our credit scores and because of some student loans and medical bills, I sold a business in 2008, all are now current, our credit scores are in the 550's. Horrible, I know. So we have divided incomes and we have re-financed under the making home affordable program which lowers the payment by almost $300/mo.

She is going to keep the house and pay that amount and I am out looking for an apartment to occupy our time for a year or so so we can fix our credit so she can re-finance the house in her name and I will be able to pull out my equity.

The question is this. Is anyone aware of a program where I can somehow put the monthly payments in rent into even an informal payment to buy a house? I've invested in real estate, but 2008 killed me. I don't have any BKRs or judgements, or foreclosures. I have renovated every house I've lived in, so I have those skills for a distressed property.

Any ideas? I can't imagine paying $1,500 to an apartment management company for nothing?

Thanks!
Bill
Send me an email if you would like to get in touch with me personally.
Reply With Quote Quick reply to this message

 
Old 02-16-2015, 03:31 PM
 
Location: The Berk in Denver, CO USA
13,947 posts, read 20,190,335 times
Reputation: 22564
You need to research "rent to own" or "lease with option to buy". See https://en.wikipedia.org/wiki/Rent-to-own

The monthly payment is always higher than straight rent.
Most landlords want nothing to do with this.
The market in Denver is so tight that I cannot imagine why any property owner would do this.
Reply With Quote Quick reply to this message
 
Old 02-17-2015, 07:22 AM
 
Location: Washington Park, Denver
6,903 posts, read 6,494,653 times
Reputation: 7353
Quote:
Originally Posted by davebarnes View Post
The market in Denver is so tight that I cannot imagine why any property owner would do this.
This. Only thing I would change is to say "markets" meaning BOTH the rental and sale markets.

1). If a property owner wants to sell, there is very little motivation in doing a lease to own when in today's market you can command premium prices, get 100% of the cash today, and not deal with a tenant.

2). If a property owner wants to lease out their property, they are more than likely wanting to keep it as an investment vehicle because if they wanted to sell, they would have already sold (See A). They will not be looking for a lease to own scenario. Tenants who just want a standard lease are a dime a dozen today. No need to mess with someone who wants to buy my investment.

The best hope you have of finding a scenario like this is finding someone who is asking far too much money for their property and hasn't been able to sell it even in today's hot market. In this case you will be getting a bad deal.
Reply With Quote Quick reply to this message
 
Old 02-17-2015, 09:59 AM
Status: "Celebrating 30 years as a Broker" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,307,638 times
Reputation: 7085
Real Estate Brokers are not allowed to write lease purchase or lease with option to buy contracts. You must retain a real estate attorney to write that for you.
Reply With Quote Quick reply to this message
 
Old 02-17-2015, 12:09 PM
 
695 posts, read 801,700 times
Reputation: 511
Quote:
Originally Posted by Huskerdu68 View Post
My wife and I are going through an amicable divorce, we are both professionals, bringing in 65k and 85k respectively. We pulled our credit scores and because of some student loans and medical bills, I sold a business in 2008, all are now current, our credit scores are in the 550's. Horrible, I know. So we have divided incomes and we have re-financed under the making home affordable program which lowers the payment by almost $300/mo.

She is going to keep the house and pay that amount and I am out looking for an apartment to occupy our time for a year or so so we can fix our credit so she can re-finance the house in her name and I will be able to pull out my equity.

The question is this. Is anyone aware of a program where I can somehow put the monthly payments in rent into even an informal payment to buy a house? I've invested in real estate, but 2008 killed me. I don't have any BKRs or judgements, or foreclosures. I have renovated every house I've lived in, so I have those skills for a distressed property.

Any ideas? I can't imagine paying $1,500 to an apartment management company for nothing?

Thanks!
Bill
Send me an email if you would like to get in touch with me personally.
Be careful about how much personal information you reveal on the Internet.
Reply With Quote Quick reply to this message
 
Old 02-17-2015, 12:41 PM
 
Location: In The Thin Air
12,245 posts, read 8,033,606 times
Reputation: 8900
Quote:
Originally Posted by JohnnyDenver View Post
Be careful about how much personal information you reveal on the Internet.
Why?
Reply With Quote Quick reply to this message
 
Old 02-17-2015, 12:48 PM
 
695 posts, read 801,700 times
Reputation: 511
Quote:
Originally Posted by Timmyy View Post
Why?
I won't even waste my time responding as to "why." Next time you receive an e-mail requesting bank account info, et al., go ahead and respond.
Reply With Quote Quick reply to this message
 
Old 02-17-2015, 12:51 PM
 
Location: In The Thin Air
12,245 posts, read 8,033,606 times
Reputation: 8900
Quote:
Originally Posted by JohnnyDenver View Post
I won't even waste my time responding as to "why." Next time you receive an e-mail requesting bank account info, et al., go ahead and respond.
You mean those emails I get saying that inherited $50,000,000 are not real? I need to stop sending them money then.

All joking aside I work in the IT world and I know the dangers. Teaching my family is the hard part.
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 03:24 PM
 
6 posts, read 4,189 times
Reputation: 17
Quote:
Originally Posted by JohnnyDenver View Post
Be careful about how much personal information you reveal on the Internet.
Who would need personal information for a guy with a FICO of 550...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Colorado > Denver
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 09:31 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top