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I had an aquarium full of aquatic plants. Had house plants and four cats. I got evicted and lost two cats. And all my accumulated belongings. I managed to keep my paintings. Rent was 560$. I make that and more every week. But I just started making that after struggling through covid.
This is my fourth eviction--- each eviction has been due to work. Changes in jobs and broken promises from employers. Poor choices and the lack of opportunities.
Anyway I'm looking to rent to own a home for me and my remaining cats. I'm not sure which way to go. Have any of you been successful at a lease purchase program? Are rent to own scams?
They say 0 down and they can have you in the home renting until you come up with the money. My FICO score is 620 today and going up. When I started working a job with substantial pay I started working on my credit to get it to 580. For a FHA loan but though I'm improving my credit I seem to be getting nowhere with these rent to own people.
I had an aquarium full of aquatic plants. Had house plants and four cats. I got evicted and lost two cats. And all my accumulated belongings. I managed to keep my paintings. Rent was 560$. I make that and more every week. But I just started making that after struggling through covid.
This is my fourth eviction--- each eviction has been due to work. Changes in jobs and broken promises from employers. Poor choices and the lack of opportunities.
Anyway I'm looking to rent to own a home for me and my remaining cats. I'm not sure which way to go. Have any of you been successful at a lease purchase program? Are rent to own scams?
They say 0 down and they can have you in the home renting until you come up with the money. My FICO score is 620 today and going up. When I started working a job with substantial pay I started working on my credit to get it to 580. For a FHA loan but though I'm improving my credit I seem to be getting nowhere with these rent to own people.
It can be predatory....might be better to look for owner financing.. At least you would have a deed, but you would need a down payment of 10k+ even in the cheapest of markets, and even if it is a train wreck....
Dirty Secret: They don't expect people to actually buy these properties.
If they WANTED to sell them, COULD sell them (condition etc), they would be sold already.
Dirty Secret: They don't expect people to actually buy these properties.
If they WANTED to sell them, COULD sell them (condition etc), they would be sold already.
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.
It is hard to find a rental when you have pets, mainly because of careless pet owners who have come before you. So it is a predicament. But my readings have found that with rent to own your rent is higher than it would normally be in order to offset the fact that you don’t have a down payment. Then there will be an eventual reason the landlord can’t sell to you. Often a scam.
Just keep looking for a rental even an apartment. Keep saving while you look for a better situation. Improve your credit. You’ll get there.
It can be predatory....might be better to look for owner financing.. At least you would have a deed, but you would need a down payment of 10k+ even in the cheapest of markets, and even if it is a train wreck....
Owner financing can be predatory, too. With any type of owner financing, they could lose everything invested if the owner foreclosed. In this market, it seems that the only Sellers who would be offering owner financing would be those with substandard or overpriced houses--or those seeking to sell, foreclose, and repeat.
I can foresee someone in a precarious financial state defaulting on a rent to own house, losing the house, losing equity and becoming homeless.
This reminds me of what I read a while back about those buy here, pay here car resale shops that prey on working-class individuals with poor credit. Those who are unable to purchase a car through traditional channels are "fresh fish" to these companies. This was a big story in the LAT (I think) a few years ago. As far as I know nothing has changed.
Almost everyone who gets a car from them can't keep up the payments and gets repo'd. The dealer keeps every cent the customer paid in, then preps the car for the next sucker. This churn is their business model.
Be very careful before entering into a financial arrangement of this kind. I'd double down on saving for a big downpayment and improving my credit score to buy a house.
Dirty Secret: They don't expect people to actually buy these properties.
If they WANTED to sell them, COULD sell them (condition etc), they would be sold already.
My Aunt was one of those who could buy the property - but the owner fiddled around and got out of it.
I doubt that the rent to own people will take you.
Quite often the rent to own sellers have no intention of their buyer actually paying off the house and getting title. They just squeeze as much money out of the buyer as they can get and then take the house back.
Perhaps you can get a room in a rooming house. The people with rooming houses can get bad tenants out quite easily so they aren't so strict about who gets in.
You need to fix your employment issues before you think about purchasing a home through any means (rent to own, seller financing, traditional financing). Hold down a solid job for a few years and prove you can pay the bills and save some money.
Buy the house you want when you've done the work and are ready to buy. Don't buy the rent to own house you settled on because it was the best you could find with your current circumstances.
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