Tom Inglesby, Broker
RE/MAX Equity Group
ABR, CRS, CDPE, Earth Advantage Broker
I'm assuming your new to Portland. If so, welcome...
If your new to Portland, I think it's smart to rent 1st. The reason being is that it gives you time to check out all the pockets of Portland and see what fit works best for you. If you have already narrowed it down to Cully, then renting will give you a taste of Cully, without the huge financial commitment of buying.
Rent to Own? I can't say I have any personal or client experiences in this department. Be cautious, and do your homework and get educated if you choose to exercise this option..
A great resource for Newbies to learn about Portland's Neighborhoods is:
It gives you great information about Portland, and it's local.
You can contact a local Agent for Foreclosure information, and Real Estate statistics for the Cully neighborhood. Best Wishes,
East Metro Specialist
I agree with Beth that the rent-to-own deals can easily go wrong if certain things aren't done in the beginning.
A few things to make sure of if you take this route:
Make sure owner can prove mortgage is current upfront.
Pay bank directly with rental payments to avoid loan being unpaid, if possible.
Make sure the option amount you agree on upfront is close to fair market value.
Hope that helps! We also have more advice and info on our site.
It's a great idea to rent before you own, though lease with the option to buy (or rent to own) don't always work as smoothly as you would like. There are a lot of foreclosure in Portland, though banks are pricing them at about 88% of the current market value, so you don't get the screaming deals that most buyers are looking for. To learn more about the current market in NE Portland, and the rest of the city, I recommend checking out my blog below, or meeting with a Realtor, such as myself. The condo market, small home, and luxury markets all have different prognoses, and should not be lumped together. I hope this helps, and welcome to the Cully neighborhood, I am a happy resident!