BEST ANSWER
I can't answer specifically about your area, but there are plenty of homes in most parts of the United States available as rent-to-own. Most aren't listed that way on the MLS, and many aren't listed at all on the MLS. So that means you have to know how to search, and how to create your own opportunities. Here are a few ways. (I've posted more info in the past on why to use these strategies; just look at some of my past postings.)
MLS
(1) Homes listed as rent-to-own or lease-options on the MLS.
(2) Homes listed both for sale or for rent on the MLS.
(3) Homes previously listed for rent and now listed for sale on the MLS.
(4) Homes previously listed for sale and now listed for rent on the MLS.
(5) Homes listed as vacant on the MLS, especially those with long days on market.
(6) Homes listed for rent on the MLS with long days on market.
Non-MLS
(1) Craigslist and similar sites for rent-to-own or lease-option.
(2) Craigslist and similar sites for properties listed both for sale and for rent.
(3) Market using flyers or postcards to specific areas. (Such as 15 mile radius from San Clemente.)
(4) Market using postcards or letters to absentee owners.
There are dozens of other ways, too. And here's a bonus tip. Look in your Sunday paper or local paper for people trying to rent out their homes. Call them and use the following script. (This is just bare-bones. You should fill it out.) "Hello. I see you have a house for rent in _____________. Can you tell me about it? ....... Wow. It sounds very nice. Would you consider renting it now, and possibly selling it to me in 3-5 years? I'd take care of all the maintenance and repairs. You wouldn't have to worry about vacancies, and I'd be willing to pay above-market rent." Even when the market was hot, about 20% of the landlords said "yes." I'd bet the number is far higher now.
For a book that covers these and other techniques, see http://bit.ly/NoNewMortgage
Hope that helps.
Wed Nov 4 2009, 11:01
Fair Housing and Equal Opportunity