Have you ever Rent to own a house?

[Parnassia]

Originally Posted by Brandon Hoffman

This is correct 99 out of 100 times. Save your money, rent, and pay the bill this time around. After you establish a down payment and some credit, buy a house with a traditional mortgage if you want to own.

I've heard a few horror stories about exactly this. It sounds like such a good idea on the surface. You know what they say about something being too good to be true...if it was, you'd hear that more often too. Suspect you don't want to add this to your existing list of bad choices made OP. If it backfires, it could be one of the most expensive.

[TacoSoup]

Yeah I wouldn’t do. My brother in law in NY is doing this and the contract is shady AF. Way less forgiveness than a traditional mortgage. Both his father, my wife, and myself tried talking him out of it, but he made up his mind to do it. He too was in between a rock and a hard place at the time, and didn’t want to be patient to buy in a couple of years once he got his affairs in order. He wanted a house now.

I do hope it works out well for him, and he does have a solid job where making the payments won’t be an issue, but I have a bad feeling something will go wrong in the 23rd hour when it’s almost paid off. My father in law said the owner looked like a mafia goon.

[evening sun]

I agree with all of the above, be careful. Many dishonest sellers out there. Try & find a rental & then save some money every month for a downpayment, or to pay rent if there is another crisis & you have a problem paying your rent. Keep trying to save, put some money away out of each & every paycheck, no excuses, & don't touch that money. Pay your bills on time & your credit will go up.