One of the hottest trends these days is the topic of rent to own homes. Why? With so many consumers fighting bad credit and recovering from the housing crisis of 2008, it has essentially become a win win situation for buyers, as well as sellers. It positively impacts buyers by allowing them to: rebuild credit, buy a home they could not otherwise afford, save money on a down payment, and much more. It helps sellers because it allows them to quickly move the property in circumstances where the house doesn’t easily sell. One of the greatest things about a rent to own home arrangement is the buyer doesn’t need perfect credit. So how do you go about finding these homes?
- Search Craigslist – Craigslist is still one of the top places online to find real estate for sale–especially rent to own homes. One thing that you have to be weary of when researching on CL is the huge amount of scams that run rampant on the site. Two scams that you need to watch out for are: a) the ad states a “too good to be true” rental price in a nice neighborhood. You reply with the best intentions and the “landlord” states you must check your credit report for free. b) Same as above, only scammers list phony housing opportunities (even houses that aren’t for rent or sale) and ask you to send payment up front. Despite these scams, there are still a wealth of rent to own listings available on the site. You can also create an ad stating you are looking for such an opportunity. Again, be weary of the scams you’ll encounter. Use your best judgement.
- Your Local Newspaper – Even though newspapers are being slowly phased out while everything moves digital, you can still find really great deals in the classifieds of your local newspapers. Many baby boomers still utilize this form of advertising and thus, its still a wonderful asset for research. Another plus is that the scams are less rampant on newspaper classifieds. So while you may not find as much volume of listings, the potential for scams is less likely.
- Put Signs Up In the Neighborhood You Want to Live In – As crazy as this sounds, it truly works. You can purchase cost effective, bright colored correplast signs with your message on it and display them all over town. Your message could state, “Rent to Own Home Wanted: Call, XXX-XXX-XXXX” It doesn’t need to be fancy. just needs to get the message across. One thing you need to be careful of when applying this strategy is your local ordinance laws. Depending on your city/county/town, this method could get you fined. Exercise your best judgement.
- Contact Realtors & Investors – Simple, yet very effective. The more realtors and investors you contact, the more opportunities you have of finding your dream rent to own home. Many listings aren’t even advertised through traditional channels. Why? Because highly networked realtors and investors already have a client list which they broadcast their deals to. They ultimately “sell” the deal as soon as they receive it. You too can get on this list just by contacting them and asking to be put on their list.
- Use an Online Rent To Own Homes Database – Possibly one of the quickest ways to find rent to own homes is to utilize an online database like that at HousingList.com. Their database is updated daily with the more homes than any other site currently on the web. If you want to reduce the chances of getting scammed, and you want to find a real opportunity, then we suggest giving HousingList.com a try.