Legitimate For Sale/Rent by Owner Websites? (Madras, Richland: low income, balloon payment)

[oregonchickfan]

Hi All,

Besides Zillow, Trulia, and Craigslist (which is known for scams), are there any legitimate sites to search for homes for sale and/or for rent by owner? Rent-to-own options? I recently came across a rent-to-own option which would have been perfect, but I came across it too late (via Craigslist), and thought I would check into the option a little more. I've heard horror stories about rent-to-own, at the same time, I have relatives that bought a really nice house via rent-to-own. I think it's worth looking into.

Thanks in advance!

Update to add why I'm looking at this option: I left Oregon over a decade ago due to domestic violence. I'm now in a place where I feel I will be safe returning, however, the prices of rentals and homes have gone through the roof since I've been gone. I will be staying with a relative (with any luck, not for long), and going to school full-time (at least initially). I will have what I make from the sale of my house, and great credit. I feel I will have better luck dealing with an owner rather than a property management company.

[oregonwoodsmoke]

There is no reason for rent-to-own or for rent by owner would be any cheaper. In fact, rent-to-own houses are always priced noticeably over market value because typically the buyer has no other options, being unable to obtain a standard mortgage.

In a real estate market where houses sell really quickly, the is no motivation to offer a rent-to-own, unless the seller intends to take the buyer's money and not really sell the house.

There are lots of rentals by owner. They advertise where they advertise, mostly on Craigslist but there is no reason to put into an ad that it is a rental by owner. In fact, there is a disincentive to advertise that it is a rental by owner, due to the tenant belief that it is easy to trick an owner/ landlord into accepting people with evictions, bankruptcies, low income, or bad references. If you advertise that you are a private landlord it brings out every loser and scammer in the three county area.

But for either option that you are seeking, you just have to keep watching the Craigslist and Zillow ads.

While we are on the subject, for those who don't know, FSBO (For Sale By Owner) does not mean the same thing as "owner carry" or rent-to-own. All it means is that an agent is not involved. It doesn't mean the seller will provide a private mortgage for you.

[oregonchickfan]

Thank you, OWS.

[StealthRabbit]

If you have connections in the area, have them 'network' for you.

I NEVER advertise 'Rentals', they only go to personal referrals.

Too big of a risk to advertise and show a rental. Besides... if you wait till it's empty, you lose at minimum a month's income. The banks don't take kindly to that. It really reduces your ability to resell if you have a long vacancy and less revenue.


If you don't have connections, then 'network' where you are able. I refer people to friends who rent guest homes and apartments in their Garage / shop.

[oregonwoodsmoke]

Incidentally, I just drove by a "for sale by owner" sign that was going through a "for sale by owner" website. There are at least three of those websites with nationwide coverage, if you want to google.

[oregonchickfan]

Originally Posted by StealthRabbit

If you have connections in the area, have them 'network' for you.

I NEVER advertise 'Rentals', they only go to personal referrals.

Too big of a risk to advertise and show a rental. Besides... if you wait till it's empty, you lose at minimum a month's income. The banks don't take kindly to that. It really reduces your ability to resell if you have a long vacancy and less revenue.


If you don't have connections, then 'network' where you are able. I refer people to friends who rent guest homes and apartments in their Garage / shop.

I'll be staying with a relative outside of Madras. I do have people in the area keeping an ear to the ground. The last one I heard about was gone by the time my friend got back into town (a weekater, which seems to be the new norm).

[oregonchickfan]

Thanks again, OWS. I'll do just that.

[Larry Caldwell]

Originally Posted by oregonwoodsmoke

There is no reason for rent-to-own or for rent by owner would be any cheaper. In fact, rent-to-own houses are always priced noticeably over market value because typically the buyer has no other options, being unable to obtain a standard mortgage.

In a real estate market where houses sell really quickly, the is no motivation to offer a rent-to-own, unless the seller intends to take the buyer's money and not really sell the house.

There are lots of rentals by owner. They advertise where they advertise, mostly on Craigslist but there is no reason to put into an ad that it is a rental by owner. In fact, there is a disincentive to advertise that it is a rental by owner, due to the tenant belief that it is easy to trick an owner/ landlord into accepting people with evictions, bankruptcies, low income, or bad references. If you advertise that you are a private landlord it brings out every loser and scammer in the three county area.

But for either option that you are seeking, you just have to keep watching the Craigslist and Zillow ads.

While we are on the subject, for those who don't know, FSBO (For Sale By Owner) does not mean the same thing as "owner carry" or rent-to-own. All it means is that an agent is not involved. It doesn't mean the seller will provide a private mortgage for you.

Rent to own is a great deal for the seller. There are two ways to scam the buyer. The first way is to require 10% down. They have bad credit or they would be borrowing from a bank. When they get behind on payments, just evict them and pocket the cash. The other angle is to require larger rent and a balloon payment at the end, typically after 5 or 10 years. If they succeed in getting conventional financing, you get your money. If they fail, you pocket their extra rent payments and do it again. I know a guy who has sold the same house five times, and recouped 80% of what he paid for the place.

The person to talk to about owner financing is a lawyer. If the owner wants to provide a trust deed and note (mortgage) that's fine. Otherwise, keep looking. A simple purchase contract gives you no more rights than a renter.

[StealthRabbit]

for rentals, look at Padmapper.

By 'networking' you will find stuff that will come vacant in 1-2 months.

Once it is advertised, it is GONE.

If I do have a vacancy, I put out a sign on the road. It will be gone in <one day. (has been that way for 30 yrs in PNW) Never enough time to "publish" in the paper.

[oregonchickfan]

Originally Posted by StealthRabbit

for rentals, look at Padmapper.

By 'networking' you will find stuff that will come vacant in 1-2 months.

Once it is advertised, it is GONE.

If I do have a vacancy, I put out a sign on the road. It will be gone in <one day. (has been that way for 30 yrs in PNW) Never enough time to "publish" in the paper.

I've been gone for just over a decade, and prior to moving, I owned my house, so I haven't had to deal with this since '99. Lol. I'm a bit out of the loop.

I'm also looking at Richland, WA and Nampa, ID. Nampa seems to be more affordable, but I wouldn't be any closer (milage wise) to my family than what I'm leaving in Nevada.