Lease Option

[Katherine Earle]

So my hubby and I made the tough decision to move back to his home town in MI while continuing his flourishing business remotely here in CA so we can jump into this Real Estate game quicker. I need to bring up my credit score just a bit and reduce our consumer debt a bit so we can qualify for an FHA loan and house hack our way into a MFH. I am considering doing a lease option in the meantime. Anything I need to watch out for or suggestions to take into consideration when looking at a Rent-to-Own situation?

[Josh Caldwell]

@Katherine Earle You are not going to get rent to own houses out of a credit repair company as you have already figured out.  I do a lot of owner finance when i sell and when i buy, I also repair people's credit, so I understand this game.  

If you want a good rent to own, you may have to negotiate it yourself. My favorite methods of finding owners who will sell that way, are by looking at the for rent ads and asking if they will sell; I also track expired listings through an agent friend and pitch them on a full price deal but on my terms.  My terms are, "I will buy your house for X per month until paid.  I keep it pretty simple. 

I hope this helps

Josh