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Updated about 2 years ago, 10/04/2022
How do/Should I find a Rent to Own opportunity in Nashville?
Hey all. I am just starting out, and have been looking to do a househack. The problem is my loan options are pretty limited since I am a full time student. A lender/friend of mine told me one method I should look into is a rent to own, which I also read about in Brandon's book. If I did this, it would simply be to acquire a rental property, not something I want to live in long term. I have a few questions, if anyone has some insight that would be awesome.
1. What is the best way to go about finding a landlord willing to set up one of these agreements?
2. If I could get a family member on board to put down the $ for a down payment [lend it to me to put down for some equity share], and get some kind of loan that is looser on the income requirements, would a traditional househack be a better option than the rent to own?
3. Has anyone tried a rent to own deal, and how did it go for you?
4. Is it typical for rent to own agreements to allow the rental payment to count towards the purchase price/down payment of the home?
5. For a rent to own, would multifamily 2-4 units be better to look for than single family, so that I can lease out the other unit/s while living there, or should I focus on cashflow after moving out [i.e. the long term].
6. I have also heard of doing one of these agreements but not living in it - I guess it's called arbitrage? Something tells me it would be a bit more difficult to find one of those deals, but has anyone had experience with something like that?
Thank you!